Tulsa daily world. [volume] (Tulsa, Indian Territory [Okla.]) 1905-1919, 1911-12-27
Details of Organization.

witness.
Details of Organization.
Attorney Veeder testified that the
plans for the giant merger We're aban-
doned and that in March, 1908, the
National Packing company was or
ganized to operate certain independ-
ent packing companies purchased
with a view of including them in the
big company.
Under the terms of the big agree
ment, the three large packing COM
panies and their subsidiary compa-
MES with those recently acquired in
dependent companies were to be
merged into one concern, and Armour.
Swift and Morris were to receive
bonds and preferred stock of the new
company in payment for the value
of their tangible property. In addi-
tiOn TO this, the promoters were to
receive $25,000,000 worth of the new
company's stock for intangible prop
erty and a large block of common
stock for their good Will this amount
to be fixed by the earnings of the in
dependent plants during the first year
of the new merger.
Plan to Secure Big Loan.
The promoters planned to borrow
$50, 100000 to finance the giant corr
poration. The appraised valuation OF
Armour. Swift. Morris and their sub.
sidary companies was given at $780,
100000. Each of the three promoters
deposited s1,000,OO0 with Chicago
bank as an evidence of good faith, but
they were compelled to drop the plan
because of the failure of certain New
York capitalists to furnish the funds
needed.
Veeder was on the witness stand
throughout the day and will continue
his testimony tomorrow.
Previous to calling Veeder to the
stand the defense made an unsuccess-
full attempt to have excluded from
the governments case all transactions
prior to 1905, on the ground that the
immunity plea which freed the pack
ers when they were indicted several
years ago, should apply to that Pc
riOd.
Judge Reserves Ruling.
Counsel for the packers put their
motion in writing, but Judge Carpen-
ter. while reserving his decision to
give the government time 10 reply, in
dicated that he would deny the mo-
ton.
Veeder at the beginning OF his de
rect examination admitted that the
packers had some sort OF an organ.
ization which met every Tuesday aft
ernoon In the Councilman building,
Chicago, on the fifth floor. and that
his son, Henry Veeder, acted as sec
rotary in 1900, 1901 and 1902.
lie did not know the name or the
association, as 1t was not on the door
Of the office, and he did not know
what business was transacted at the
meetings. -.
The government contends it was all
these meetings that the price of meat
was fixed and plans discussed for the
suppression of competition.
veeder Processes Ignorance.
Veeder was closely questioned re-
garding the Kenwood company and
the Aetpa Trading company, but he
nrofessed ignorance of their business.
He admitted the Kenwood company
was organized in his office but said
he was not present at the time.
The witness said he had heard that
at the pool meetings the defendant
companies and the territory allotted
t. them were designated by letters.
He said territory A was north of the
Ohio river and east Of the Missouri
river.
He said the association Of packers
was dissolved in 1908. The witness
said he first became attorney for GUS
tayus F. Swift In 1895. and that on
different occasinns he had served as
q director for Swift & Co.. and sew
eral subsidiary companies.