Indianapolis Times, Volume 45, Number 253, Indianapolis, Marion County, 2 March 1934 — Page 21

MARCH 2, 1931

BONDS BOUGHT FOR VETERANS PROVECOSTLY Securities Purchased in 1930 for 111 Ex-Soldiers Now in Default. (Continued From Page One) necessitated the appointment of a receiver. ' After examination of the books of *he Grant county recorder s office, guardianship hies in the court clerk's office, and a probe report made by John E. Buenting, associate attorney of the veterans bureau in Indianapolis, to his superior, B W. Breedlove, it is revealed that Grant’s red-letter days might be divided into two classes. First—On Sept. 25 the county recorder’s office shows that fifty-four mortgages were assigned to trust estates and that the majority of those trust assignments were made to World war veterans under guardianship to the Grant Trust. Second—On Sept. 30. 1930. approximately forty-six petitions to invest funds of wards of the court in bonds, mortgages, were filed in the circuit court and approved by Judge O. D. Clawson. Bought Back in 1927 From an examination of the ledger of the Grant Trust by veterans’ bureau attorneys it appears further that some of the mortgages assigned on Sept. 25, 1330, were bought for the veterans account as far back as 1927 without a proper court order. Additional search by The Times and comparison with court records and veterans’ bureau reports show that petitions for investment of thousands of dollars in securities were filed on Sept. 30, 1930, and that those securities in many instances had been purchased for the veterans’ estates prior to Sept. 30, and even prior to 1930. Heavy on the list of the securities, for which investment petitions are shown in the veterans' trusts, is that of the Chateau apartments, 1501 Maple road boulevard, Indianapolis. The Chateau bonds were distributed to the extent of $37,500 in the guardianships of insane veterans in the Grant Trust. Scan Statehouse Records The 1929-1930 Marion city directory lists Robert J. Spencer Sr. as chairman of the Grant Trust's board of directors, and R. J. Spencer Jr., as president; R P. Kiley, present Marion beer importer!, as treasurer, and Marshall Williams as secretary. Records at the statehouse at Indianapolis show that Robert J. Spencer Jr. is listed as one of the incorporators of the Chateau apartments and that a Robert J. Spencer, is president. The regional office of the veterans' bureau in a report states “the Chateau (apartment) Bonds are secured by a first mortgage on an eighteen-apartment house in Indianapolis and the apartment was originally built by Dr. Harrold and R J. Spencer Sr. in 1927.” “It was the original plan,” continues the veterans’ bureau report, “to sell the apartments to individuals on the co-operative plan. The original flotation of these bonds was in the sum of SIOO,OOO and were issued by the Marion Title and Loan Company as trustee. Income Around $l,lOO “At this time,” continues the report issued in July, 1933. “there are bonds in the sum of $78,300 outstanding. The bonds which became due November, 1932, and May, 1933, were defaulted, as well as the interest on same, due May 1. 1933 -The monthly income from rentals ris approximately $l,lOO gross” Mr. Buenting's report to his superior. Mr. Breedlove, chief attorney for the regional office of the veterans’ bureau, continues with: “In connection with this investment I contacted Dr. Harrold and asked him whether he knew any instances where Mr. Spencer had ordered bonds owned by him. or by the bank, placed in the veterans' guardianships and he stated that he did not. but had been informed that some of these bonds had been placed in trust estates held by the Grant Trust and Savings Company. “He further stated that at all times up to 1930 he regarded thes6 bonds as a very high class invest-

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CUP AND USE THIS NEW RECIPE

MAKE up a supply of E-Z-BAKE Ice Box Dough —and use at your convenience to make delicious Ice Box Rolls, Cinnamon Rolls, Coffee Cake, Raisin Bread, Apple Cake —or any yeast-dough, breakfast-type cake. For perfect results always use E-Z-BAKE Flour. Made here in Indianapolis. In no other flour ± U- A secret blend Is the ali-purpnxe of selected feature per- wheats —a blend fected as it is In carefully devel-E-Z-BAKE. oped from over Triple - tested K 110 years of pro4aily for baking y gressive milling, tualities. Hm perfect Blemi for Every BakJa* Peryeee

VAUDEVILLE SOLOIST

Sr f * oM§| $ Jm lilt

Mooreflcld Photo.

Muss Janet Dora, soloist, will appear with the De Molay orchestra in the De Molay vaudeville Monday night in the De Molay chapter house. Jimmy McClure, state ping pong champion, will give a demonstration as a part of the program. %

ment. It is his opinion that if there is not litigation there will be only about 20 per cent loss.” The Times, upon checking the alleged bond purchases for the veterans trusts, found that approximately $12,000 of the $37,500 in Chateau Bonds in the veterans’ estates were bought after Jan, 1, 1930, the deadline set by Dr. Harrold as the time when the investment would be “very high class.” The Marion Title and Loan Company, as trustee of the Chateau Bonds, was officered in 1929-1930 by R. P. Riley, president; John A. Rhue, vice-president; and Robert J. Spencer, secretary, it is shown by records at the statehouse. Mr- Kiley and Mr. Spencer also were officers in the Grant Trust and Savings bank. Securities petitioned for investment on Sept. 30, 1930, by the Grant Trust and Savings and purchased before the petition was filed and in many cases before the filing of an earlier petition to invest in March, 1030, and their status as of July. 1933, follow: Harding building bonds. Chicago. Bonds in default. Central Cold Storage bonds. Chicago. Defaulted. Mayflower hotel bonds. Washington. D. C. Dafaulted and bonds deposited for protection of bond-holders. Lvle building bonds, Chicago. Defaulted. National Properties Company. Interest defaulted, company builds warehouses leased to Sears-Roebuck. Tourainc hotel, Chicago. Defaulted. Lautro Nitrate bonds, marketed by National City bank of New York, secured by nitrate fields in Chili. Little value. Midland National bank. Defaulted. Cosmopolitan Office building:, Washington, D. C. Defaulted. Five Thousand East End Avenue bonds. Chicago. Defaulted. Belmont hotel. Reported in receivership Chateau apartments. Possible partial recovery, defaulted interest May, 1933. Manghelli Bros, bonds. Secured by property valued at between SIS.(HK) and SIB,OOO at present time, in hands of receiver in 1933, estimated almost total loss. The entire list above figures as the principal loss factors in the estates of legally insane veterans, coupled with realty mortgages on depreciated properties. (Next: “Safe” Securities and How They Sapped the Estates of Veterans.)

CAPITOL POULTRY CO. 1018 S. Meridian St. Saturday Specials ONLY Stpartlv fresh Direct from EGGS IJICDoz. >elert in C Jirton | Q Dozen 1 1/ C Fryers OO i'."i lIC \u Boostinc and mmmm ItakinE Wm Chickens ll >' | y)c Ir" Dressing—F reeltoTTvery Inrluded. Call— Drexel 3030 Capitol Poultry Cos.

LABOR ATTACKS PLAN TO TRAIN NEWWORKERS 1,000 Garment Makers Now Jobless in Kokomo, Unions Say. Although the state education | board backed Kokomo school commissioners in their stand to train garment workers at public expense 1 for work in anew factory in that city, it is unlikely that the program will be carried out, it was reported at the statehouse today. ' The whole idea has been bitterly opposed by organized labor at Kokomo on grounds that there are 1.000 skilled garment makers in that city among the unemployed. Owners of the new factory asserted that these persons are not skilled enough to meet the speed required for them to make profits under the NRA code, so the school board planned on training a new' set. Z. M. Smith, state director of vocation training, worked with the

10c Buys Strained Vegetables 3t Their Ossl kq-w^ba J Mothers who used to pay 15c i zMmSst ;i; a can or even more for strained ■ sTPA.Hto foods are enthusiastic over the ; ST ' A ; NeO ij ! peas Jj economy and quality of the new kCARROTSJ KO-WE-BA Strained Vegetables ~ which sell for only 10c a regular * KO'wFba Prepared from the finest FRESH rjJglXl i j vegetables, cooked and strained | p ] just Tight for easy digestion. 1I ; High in vitamin value and min- Jf 4 | L" 'i ‘V eral content; full of natural ! ; T g^ D £ a s flavor. Packed in enamel-lined LTomatoes cans by “KO-WE-BA*'—the home -^=3=^ of pure folds for 45 years Accepted by the American Medical Association. Ideal for infants or KO-WE-BA adults on a smooth diet. Ask jj || j; your doctor about them! jj I [ami I iCpWEIjA . rt c. !-• ar. a . %f- s 4 D y Firi. at 9:30

Recipe for E-Z-BAKE Ice Box Dcugh 1/2 Cup sugar 7 Cups E-Z-BAKE 2 Teaspoons salt Flour 3 Tablespoons 2 Cakes compressed shortening yeast 2 Cups water 2 Eggs Combine sugar, salt and shortening and m cups boiling water. Let cool until lukewarm; add yeast previously dissolved in cup lukewarm water. Stir in beaten eggs; stir in 4 cups E-Z-BAKE Flour, beat well. Add three cups of E-Z-BAKE Flour, stir until thoroughly mixed. Cover and place in refrigerator until next day or longer. How to Use for Delicious Rolls Form into parkerhouse, pocketbook, cloverieaf or pan rolls. Place in a greased pan, put in a warm olace and let rise until double in size (about 2 hours.. Bake in hot own *425 ) 15 minutes. Remove and brush tops with melted butter. If glazed top is desired, brush tops with well beaten egg before baking. This recipe will make approximately 48 small rolls. Each roll should weigh one ounce before baking. To bake rolls same day as dough is made, let dough rise in warm place until double in size (about 3 hours), then knead well, form into rolls, let them rise in warm place until double in size (about 2 hours): bake.

THE INDIANAPOLIS TIMES

■ board in developing the plan whereI by workers would be trained in the 1 factory with cost being met by city, state arid federal funds. This idea was approved by the state board at its last meeting, but j j now Mr. Smith reports that the Kokomo labor unions have aroused j so much opposition to it that it is. ! unlikely that it will be carried out; here. Another garment factory in tS< city trains its own workers at its own expense, he said. The new factory has 800 power sewing machines and only 350 per- . sens whom they consider fast ! enough to operate them, according to Mr. Smith. So the school board and Chamber of Commerce came to the rescue. Under the plan they worked out the new factory would let them use the machines for training purposes, j materials would be furnished by the ; township trustees and products given to those on poor relief. The trainer would be rewarded with a job in the factory, if she learned to speed up fast enough to meet production requirements, Mr Smith explained. After protest came from the central trades council the matter was laid before the state education board. With the state board approval, the city, state and federal govern-

ments would bear expense of paying instructors for such training at the ratio of one, five and six, in the order named. SEEK TOWNSHIP POSTS Two Democratic Candidates for Nomination Announce. New candidates for the Democratic nomination for ‘w\ township offices were announced yesterday. Mrs. Mary A. Stout, Wayne township assessor, will seek to succeed herself in that position. She was appointed to the office to replace her husband. Walter Stout, who died shortly after his election. William H. Montgomery, candidate for Democratic nomination for state senator two years ago, will seek the nomination for Center township justice of the peace.

Like finding S* * money! Os course buying fine foods at such low prices as these /// f really isn’t like finding money, hut the result is the same. For example .. . perhaps there’s something you have been j n \ . ~ r wanting. All right ... why not decide now to buy it with //J \ \ V I the money you can save by buying at Kroger’s low prices. J/J 1l >v Begin this very week-end by taking advantage of these f/ J V / outstanding values. J Diir* JEWEL3 c °b ff “ 9 l7^ FRENCH BRAND LB., 21c COUNTRY CLUB Lb., 24c MAXWELL HOUSE LB., 27c BEECHNUT LB. 27c CHASE & SANBORN'S Lb 25c PLUMS MLuxE is c l; ” lfe 24c COUNTRY CLUB EGGS’ “St* °l7c corn Whole Grain or Golden Bantam GUEST BRAND MALT 2 -79 c *• “ ”* * ~ w ~ STANDARD PACK If P AIIT PACKER'S T ORr 3 NO. 2 cans 19c I LABEL Cans STANDARD PACK SNOW WHITE COTTON SOFT BATHROOM TISSUE TOMATOES Seminole 45525 3 ™ 23c U. S. No. 1 ROUND WHITE standard pack Potatoes 10 23c 3" \\ c BUTTER ...*26 c COUNTRY CLUB, ‘.-LB, PRINTS, LB., 27c J—BREAD co S t b rv l :,“f 6c MARGATE TEA y 4 10c WALDORF -•" 5c SANKA COFFEE soc OXYDOL POWDER Jil 23c LORNA 000NES s; E > 31c CHOCOLATE u>- 19c S’JGAR WAFERS 225 c SOCIAL MIX < >v,„ ~, |Sc DOUBLE SQUARES 3r°-lOc BUTTERFINGERS 3.0 10c CIGARETTES p.JVTqne, • 95c DEVIL’S FOOD LAYER ^.whole 30c I MACARONI SPAOmill ' yonDlTS Sj. 5c ROUND—CHERRY ICED | PURITAN BRAND ROME BEALTT bwsl jttstii, bis ■ ■ k ■gm pa ADD! EC PORK LOINS HH 1 Lb.lSc A rrLU BEEF and PORK Lb 12'/ 2 c _ SWISS STEAK Sh “ c "', d " lb ' 17c C HADDOCK FILLET c “"'“ Lb , 15c CABBAGE T *s. 3 1M 10c CHIICk ROdSt Lb. 1 3 V2C GRAPEFRUIT no,n. 314 c SLICED BACON *• R1 "' 1 lb 19c CAULIFLOWER B ioasom. Each 15c FRESH PICXICS an Lb 12c LETTT T CE choice 2 for 12r 1 ' L^liUL 1 l6c FRANKFURTERS •Juicy Lb. 12 c 1 FRESH FLORIDA cjinrun SMOKED—Armour s Sugar Cured Strawberries 2-25 c PICNICS Shankless Lb. 12y 2 c These prices effective only in Indianapolis, Greenwood, Plainfield, Zionsville, Mooresville, Morristown, Brownsburg and Kroger's Two Drive-In Markets, 46th and College and 10th and Drexel. ■

WALLACE WILL GET REPORT ON MILKHEARING Production and Distribution Regulation Favored by Dairy Men. Results of the milk sale conference concluded here yesterday will be presented to Agriculture Secretary Henry A. Wallace for action. The secretary will decide whether an administrator will be named for

the Indianapolis area to have charge of production and distribution of milk. Organization of a strong, central co-operative association to regulate producing and distribution of milk was favored by dairymen testifying at the hearing vetserday. Almost every one of the producers testifying asserted he favored federal intervention in this area and appointment of a federal administrator. Producers charge co-operative organizations here have been dominated and controlled by distributors. Different interests represented at the hearing were given until March 12 to submit briefs to the secretary to strengthen their positions in the hearing. Hunting wild swans in the United States is prohibited at all times by federal law.

PAGE 21

G. 0. P. CLUB TO MEET Sixteenth and Seventeeth Ward Group to Hear Morgan. Leland C. Morgan will speak at a meeting of the ,tilth and Seventeenth Ward Republican Club at 8 tomorrow night in the home of Ollie Mays, 805 Spruce street. A card party will follow the address. WARREN G. 0. pT MEETS Vinson Manifold to Speak at Session Tonight. Warren Township Republican Club will hold a special meeting in the Cumberland Community house at 8 tonight. Vinson H. Manifold, former grand jury deputy prosecutor. will be principal speaker. President Homer Lewis will preside.