The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-02-21
BIDDING CHEERS
MORAY FARM
STOCKHOLDERS
Additional Dividends May
Result From Protective
Groups Action.

Stockholders in the Orchard Lake
Realty Company, in which the de-
funct Meyer-Kiser bank held a
$4,000 bond interest, are likely to
share several thousand dollars in adj
ditional dividends as the result of
activity Of a protective committee of
preferred stockholders at the re-
ownership sale in Kentland, Ind,
yesterday.
The realty company, formed sew
eral years ago to finance the re-
turn into the business world Of
former Governor Warren T. Nc
Cray. on his release from federal
prison after conviction on a mail
fraud charge, was a 100000 organ
ization and the Meyer-Kiser bank
sold all but $4,000 of the stock.
1t was because of this stock held
by the bank as an asset that
Thomas (. Garvin, receiver. main
tanned an interest in the Orchard
Realty Company. and notified the
preferred stockholders when John
Norman. Knox. Ind, former Off
cial in Mr.. McCrays statehouse ad-
ministration. was named receiver by
the federal court in South Bend.
$500 Acres Included
The McCray farms consist of $500
acres in and near Kentland. Mr..
Garvin and his attorney, Walter
Myers, said they learned that Mr..
McCray had petitioned the federal
farm loan board for a loan of
. SIS, 900 on approximately 1920 acres
of the farm and that Mr.. McCray
was going to use this money to bid
on the farm at the receiver sale last
Saturday.
Subsequently. they interested
Arthur r. Baxter president of the
Keyless Lock Company here, in the
farm and he attend the sale Satur-
day After Mr. McCray opened the
bidding, Mr.. Baxter raised it to
S70,250 Mr.. McCray pleaded for
time and the sale was postponed I'M
til yesterday afternoon.
When the sale opened yesterday,
Mr. McCray offered a bid for him
self and Della McCray, his wife, of
S70,500 and he and Mr.. Baxter kept
raising it in $3.50 jumps until it
reached $4,000.
At this point lie Roy H. Dorsey,
Chicago, a surprise bidder who owns
other land in the vicinity, stepped
in and in a spirited bidding contest
with Mr. Baxter. jumped it in $1,000
steps until it reached $4,000, and
Mr.. McCray again pleaded for time
Resume Sale Saturday
The receiver again favored him
and set II a. m. Saturday for re-
sumption of the bidding Mr.. Myers
and Mr. Garvin said today they
have information that other land
in that vicinity brought 500 an
acre recently and the land still is
far below what it should bring.
Further, they charge that if the
sale is Consummated and not to
their liking, they will file motion
in the federal court to strike. the
entire proceeding from the record,
charging that it was illegal in that
appraisal for the guidance of court
never was made.
Powerful influences we're used be-
tween Saturday and yesterday to
persuade Mr.. Baxter to withdraw
from the bidding. it is reported,
and some of this came from a
group of local citizens who pooled
a large sum of money for Mr.. Nc
Cray's defense when he was charged
in federal court.
Poor DepOsitOrs Protected
1t is said that part of the plans
are for Mr.. McCray to gain posses
sion of the entire 2.600-acre farm
with the money he obtains from the
federal board and then give this
group a mortgage on the remaining
1.400 acres in the form of a payment
on that S15O000 pool
Mr.. Baxter. according to Mr.
Myers, maintains that the loss to
the many poor depoSitors in the
Meyer-KiSer bank is more severe
than the loss to this group of men
of financial means who formed the
pool.
Mr. Garvin stated that Mr.. Nc
Cray had failed to make any bond
reductions, interest payments or
show earnings since the bank closed.