Indianapolis Times, Volume 42, Number 164, Indianapolis, Marion County, 18 November 1930 — Page 5

NOV. 18, 1930-

CITY TRACTION VALUE IS FIXED AT514,159,059 Figure Set by Appraisers Is $4,537,941 Less Than Securities. Indianapolis Street Railway Company properties are valued at $14,159.059, according to an appraisers* report on file today with Circuit Judge Harry O. Chamberlin. The appraisal figure, resulting from receivership action started April 18, 1930, is $4,537,941 less than the face value of outstanding securities. Appraisers were Harry O. Garman and Earl L. Carter, former chief engineers for the Indiana public service commission, and John C. McClcrkcy, real estate appraiser, who compiled the valuation as of the April receivership date. Depreciation Is Shown Depreciation of $13,840,941 in thirteen years is shown with the 1917 valuation by the company's officers of $28,000,000. The appraised petition was declared to be necessary for use by the receiver and by the court in any negotiations for sale. Under a single purchase offer made thus far, sponsored by a group of security holders, plans are laid for an exchange of securities of two proposed corporations for the present outstanding securities. Expenditure of $9,000,000 of new capital for rehabilitation of physical properties of the company is provided under the plan, It was said. Figures Classified George C. Forrey, president of the Fletcher American Company, receiver, has indicated a financial rehabilitation of the company will permit improvements and prevent further deterioration of properties. Appraisal figures are classified as follows: Right of way and other land, $3,545,231; track and rail apparatus, $3,215,950; special repair work, $941,299; paving, $1,421,890; telegraph lines and underground conduits, $1,277,337. shops, car houses ,and miscellaneous buildings, $1,337,'580; car and sex-vice equipment, sl,726,713; machinery and tolls, $119,605; furniture and fixtures, $70,875, and material and substation equipment, $702,579. Terminal Included Realty holding of the company, Including the downtown tract bounded by Illinois, Ohio and Market streets and Capitol avenue, exclusive of the Traction Terminal building proper, is $1,913,280. Remaining assets held by the company include car barns and substation sites, loops and lots. The Terminal building constitutes additional assets of $703,000, according to the appraisers’ report. Value of $1,555,430 was placed on 442 passenger and combination cars, $71,520 on twenty-eight motor busses and $99,765 on 116 pieces of miscellaneous transportation equipment. CARS DIVE OFF ROAD: TWO SOLDIERS HURT Autos Lock, Careen Off Pike, Striking Men Standing Off Pavement • Two soldiers from Ft. Benjamin Harrison were recovering in the past hospital today from injuries sustained when two cars locked and careened off Pendleton pike, striking them, Monday night. Private John Branham, 21. suffered a fractured leg, and Private Clarence Loomis, 19, was cut and bruised. Private Milo H. Hamblen, 28, en route to the post, made a left turn across Pendleton pike and his car collided with a machine driven by Mrs. Irene Maurer of Ottawa, 0., who was attempting to pass him from behind. The cars hit the two soldiers, standing off the pavement about four feet. There were no arrests. Two unidentified men were cut and bruised when an auto crashed through a ditch and overturned at 6500 Rockville road Monday. PROBLEMS OF 1850 SIMILAR TO PRESENT Constitutional Convention Issues of Past Told by Niblack. Issues of the 1850 constitutional convention would have had their parallels in a convention called at the present time, State Senator John L. Niblack told the Indiana university club at a meeting at the Columbia Club Monday. Niblack declared that among the paramount issues at the 1850 convention were removal of the tax burden from land, the liquor question, reorganization of the supreme court, state support of schools, crime and public debt, control of special interests, limitations of the Governor's pardoning power and the number of public officers to be elected. Evidence tlxat an Alaskan salmon swam 1.300 miles in forty-four days indicates the distance that certain species of fish travel.

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Ogden to Speak at Sigma Chi Meeting Here

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James M. Ogden Three hundred active and alumni members of Cigma Chi, college fraternity, will attend a tri-province conference at the Columbia Club Dec. 13 and 14, Wilspn Dailey, sec-retary-treasurer of the Indianapolis alumni chapter of the fraternity, said today. Business sessions will be held Friday and Saturday, with a banquet Friday night, and a dance in the club Saturday night. William Henry McLean of Bloomington, Xi chapter, De Pauw university, ’lO, will be principal speaker at the banquet. Attorney-Gen-eral James M. Ogden, Xi chapter, ’94, also will speak, and Boyd Gurley, editor of The Times, Alpha Gamma chapter, Ohio Wesleyan university, will be toastmaster. Chapters in the three provinces to be represented at the conference are in Indiana, Ohio, Illinois, Michigan and Wisconsin universities and colleges. Five are in Indiana, at Indiana, Purdue, De Pauw and Butler universities, and Wabash collage. Officers of the local alumni chapter, besides Dailey are J. Fremont Frisinger, Lambda chapter, Indiana university, T 4, president, and Donaldson J. Trone, Rho chapter, Butler, ’ls. Dailey is an alumnus of Rho chapter, 1927. * Train Kills Woman By United Press JAMESTOWN, Ind.,. Nov. 18.— Mrs. Mary Jones, 78, was struck and killed by a freight train here. It is believed impaired hearing prevented her hearing the warning whistle of the train.

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C. H. ROTTGER RECEIVER FOR CITY TRUST CO, Bell Telephone Chief to Handle Bank Position Without Pay. Liquidation of assets of the City Trust Company, closed voluntarily Oct. 23, is expected to begin immediately,' with the appointment of Curtis H. Rottger. chairman of the board of the Ixxdiana Bell Telephone Company, as receiver. Rottger was appointed Monday by Circuit Judge Harry O. Chamberlin under the express agreement that he is to receive no pay for his services. Chamberlin made the appointment unexpectedly, diverging from a plan to continue the receiversnip hearing Nov. 20, when appraisers were to submit a statement of the bank’s assets. Chamberlin said the Thursday hearing was abandoned and the receiver appointed to facilitate immediate liquidation of certain securities held by a Chicago firm. * Incident with the appointment Monday, Superior Judge William S. McMaster heard evidence in a petition for appointment of a receiver for the Postal Station State bank, MOTION PICTURES

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THE INDIANAPOLIS TIMES

a subsidiary of the City Trust Company, closed voluntarily with ita parent organization. McMaster found the Postal subsidiary insolvent after hearing Luther F. Symons, state bank examiner, and three witnesses familiar with the smaller bank's affairs Dick Miller, president of the two Institutions, stated informally that the Postal Station bank may be reorganized under receivership. Any reorganization prior to appointment of a receiver was found impossible, Miller stated. Liabilities of the smaller bank were listed at $415,913, with assets $62,000 less than liabilities. Deposits totalled $340,003, Symons testified. Accepting receivership of the City Trust Company, Rottger stated today he accepted the appointment without compensation “to show his appreciation for the kindliness of Indianapolis people” toward him. “People of this city have been mighty nice to me, so I thought acceptance of this post would give me an opportunity to show them my appreciation of this kindness. I have always felt that depositors of a defunct bank should receive every dollar that it is possible to give them, and my services will help to keep down some of the expenses which otherwise would be incurred to the financial disadvantages of depositors,” he said.

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G. 0. P. MOVES TO BLOCK ITS PARTYREBELS Two Plans Are Under Way to Prevent Special Congress Session. By United Press WASHINGTON, Nov. 18.—Administration leaders are alarmed by Progressive Republican leanings toward a special session of the seven-ty-second congress and today have two projects under way to block any insurgent move. Regular Republican strategy is predicted on the belief the demand for further farm relief is the most powerful of all incentives for an extra session after March 4. This conclusion is understood to have contributed to the farm board’s decision to send the grain stabilization cofporation back to the wheat market with orders to buy. The second movement to head eff

farm relief proposals was made by Chairman McNary of the senate agriculture committee. The day after McNary conferred with President Hoover and announced a legislative program which excluded farm relief and all else but appropriation bills from the short session, the senator called his committee to meet here Nov. 24. He invited L. J. Tabor, master of the National Grange; C. E. Huff of the Farmer's Union, and S. H. Thompson of the American Farm Bureau to meet with the committee, Secretary of Agriculture Hyde and Chairan Legge of the farm board. McNary said in his telegraphic invitation he thought the meeting “probably would determine whether we should press forward with additional legislation.” He described the situation of American farmers as “distressful.” If this meeting should decide against further farm legislation at this time, the administration at least would have the weight of National Grange. Farmers' Union and

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[ Farm Bureau opinion in support of its opposition to introducing so controversial a matter into the short session. If the decision were the other way, the administration could advances its own program in opposition to the export debenture scheme of disposing of farm surpluses. The idea is to get support of the three big agricultural organizations for whichever move seems appropriate after the conference. In effect, this is the administra-

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tion's reply to the threat of progressive Republicans to insist . upon further farm relief thi* winter. Senator Borah (Rep., Ida..) refused to speak for his progressive colleagues until he has had an opportunity to confer with them, but he says he will introduce the export debenture proposal. Warren Woman Dies WARREN. Ind.. Nov. 18.—Funeral services were held today for Mrs. Corelia Christman. 77, a lifelong resident of Warren, who died of blood poisoning.