Show LEGION PAYS OFF BIG DEBTS organization disposes of claims and interest amounting to during month of april longstanding long standing debts aggregating and accrued interest amounting to were paid off by ilia american legion luring during the month of april ne according cordIng to A ty state i ti ment recently issued zw by robert hubert 11 II tyndall tinly tonal treasurer 0 of the tion tile the statement tat ement which seta eta forth the financial R H TYNDALL ALL status of tile the legion ns as of april 80 1920 marks an important stop in the lie history of the 15 months old body I 1 it t stands as conclusive evidence that tile ho initial expenditure of conlo which the legion borrowed prior to tile the minneapolis convention for use in building up it a solid permanent organization on a alrin basis was wisely made when the idea of a legion was fart conceived and its founders began gan putting into execution their plans for making it tho the vast reality it now IV Is said mr aar tyndall they found they needed money just as in the case 0 of t 11 any 11 y n new 0 w association or enterprise all businessmen business men merl know that every new enterprise must sustain an initial lost loss to be liquidated later inter over a period of time after lio ito body becomes 11 success to initiate tile the plan some 2 friends of the ilia legion andl individually guaranteed 02 separate loans aggregating secured by their personal notes tito the money was borrowed on these rias notes throughout tile tho country on a basis of apportionment according to federal reserve bank districts tho the loan Is a legal debt acknowledged by the legion tit at its national convention and constitutes an or ordinary Il flary normal business transaction tiie the notes bear interest oil anil every behn penny of interest tin and principal will bo be paid olt oft just as fast as our present stable resources warrant toiny today the best evidence lint tile tho money monay wits was wisby expended la found in the lie fact eliat the he american legion lg Is definitely established ns AS a n completely organized body that active management of its affairs la is in the hands of a national executive committee composed of representatives from every state in tho the union shows that the organization Is a sound one itis it Is duo no entirely to the ho able efforts or of those in charge of ilia early or organization gaill work who raised tile money and expended expanded it in a businesslike business like way that tho ilia legion Is now able to pay oft off these debts in substantial bums built national headquarters of the le glon receives no support except from dues and solo sale of emblems excluding of course the trust fund given to the legion by ilia Y bf 0 A tills money which probably will ile bo increased to after the ilia final aundt auit of tile the Y IT SI bt 0 A canteen ace account aunt will bo be invested in safe securities pending tho the formal appointment of tile pletcher american national bank of indianapolis as trustee tile th executive committee of tho the lesion legion having decided that the sum be held in trust for n period of five years the principal under this plan Is to be invested and reinvested invested re the lie income fri coine to be used for the benefit of disabled ex service men or for work in n connection with the ilie national americanism commission of lie ho american legion the he donors having expressed this preference |