Show 1 rho he can o ion 0 Copy for tor This Department Supplied by byI National Headquarter Headquarters of fit the I American Legion LEGION PAYS OFF BIG DEBTS Organization Disposes of Claims and Interest Amounting to During Month of April Long st Long debts aggregating aid accrued Interest amounting amount amount- ing lag to were paid off ocr by bythe bythe bythe the American Legion Legion Le Le- Le- Le gion glon during the month of April Y according to a financial statement statement state state- ment recently Is Issued Issued Is- Is f sued b by Robert nobert Robertv v H. H Tyndall national na an treasurer asur r k of the lion tion The statement which sets forth the tin financial a n c I a 1 R. R H H. H TYNDALL status of ot the Legion Legion Le- Le gion glon as of April oO fc o 1920 1020 marks an Important step In the history of the tile 15 old 15 old body It stands as conclusive evidence e that the Initial expenditure of some Which the Legion borrowed prior to the Minneapolis convention for use I Ir n building up solid a-solid a. a solid permanent organization organization on a firm finn basis was was' wisely made When the idea of a Legion was first conceived and its founders began began began be be- gan putting Into execution their plans for or making It the Vast ast reality it now Is said Mr Tyndall they found they needed money Just as In the case of any new association or enterprise All business men know that every ery new enterprise must sustain an initial loss to be liquidated later over a period of time after the body becomes a success suc suc- cess To Initiate the organization plan some friends of the Legion Individually individually indi Indi- individually guaranteed 92 02 2 separate loans aggregating secured by their personal notes The money WR was borrowed borrowed bor bor- rowed on these notes throughout the country on a basis of apportionment according to federal reserve resene bank dis The loan lonn Is a legal debt acknowledged acknowledged ac ac- aC 1 by the Legion at Its national national national na na- convention and constitutes an ordinary normal business transaction The The notes bear interest and every penny of Interest and principal will willbe be paid off Just as fast as our present stable resources warrant Today the best evidence e that the money was wisely expended Is found In the fact that the American Legion Is definitely established as a n completely complete complete- ly iy organized body That active management management management man man- of its affairs Is In the hands handsor of or a n national executive committee composed of representatives from every every every ev ev- ery state in the Union shows that the organization Is a sound one I It is due entirely to th the able efforts of ot those In charge of the early organization organization organization work who raised the money and expended It in Ina a like business-like way that the Legion Is now able to pay off oft these debts In substantial sums National headquarters of the Legion Legion Le Le- Legion gion receives recel no financial support except except except ex ex- from dues and sale of ot emblems excluding of course the trust fund given to the Legion by the Y Y IL M. M C. C A. A This money which probably will be Increased to after the final audit of the Y M M. 0 O. A A. A canteen account will be invested In safe securItIes securities securities pending the formal appointment of the Fletcher American National Bank of Indianapolis as trustee the executive committee of the Legion having haw have ing lag decided that the sum be held In trust for a period of five years The principal under this plan Is to be bo Invested and re-invested re the Income to be used for the benefit of disabled service ex-service men or for work In connection connection con con- connection with the National Americanism Commission of the American Legion the donors ha having haIng Ing expressed this |