The Birmingham age-herald., 1911-12-28
MERGER FAILED THROUGH
 LACK OF NECESSARY FUNDS
CONTINUED FROM PAGE D

 gazing in the packing business for a term of 15 years after the date of the sale.
 MT. Yeeder produced a copy of the agreement dated November IS, 1902, made by the pool promoting the merger for a loan of s90,ooo.00O from Kuhn. Loeb & Go. of New York by Jacob H. Schiff, their manager.
 When it came time to close up and get the S90 900, 600, MT. Schiff scented the panic, MT. Veeder declared adding:
 This came year later and the whole deal was cancelled
 Witness described the organization of the National Packing company in 1903 with capital of $15.OOO,OOO which the gov ernment says was part of the pool. The contract was produced and minutely ex- amned by government counsel.
 Albert H. Veeder, attorney for Swift & Co., meat packers, continued his story of the operations of the packers prior to 1905, when the trial of the 10 Chicago packers, indicted for criminal violation of the Sherman law, was resumed today.
 Special Counsel Pierce Butler, repre- senting the government, expected to con- clude the direct examination of the wit ness before the close of the day, and 1t is said the next witness called by the government will be Ferdinand Sulzberger, Ch Schwarzschild & Sulzberger, which was absorbed in the reorganization of the packers combine.
 Judge Carpenter may rule today on the motion of the defense to exclude all ref erence to the Packers transactions prior to the period covered by the indictment under the immunity plea.
 Gary's Name Mentioned
 The name of E. H. Gary of the United States Steel corporation was mentioned also. Government counsel read nota- ton at the close of the contract for the financing Of the big merger authorizing Attorneys Veeder and Kranthoff to exc cute the contract for Armour, Swift, MOT ris SS Cudahy with E. H. Gary as legal representative of Kuhn, Loeb & Co.,, and the syndicates. Contracts under which | the packers purchased the six competi- | tors mentioned by Veeder were read then l to the jury.
 | Mir Veeder continued his recital on the witness stand of the inside history of the packers combination when court con vened.
 | The only name by which the old pack | CTS pool which held secret meetings prior 1 to 1903 was known Postoffice Box No | PAT, according to governmental counsel. 1 This mysterious fact which was brought out the government alleges was meth cd devised to defraud the government III pooling prices, but MT. Veeder men | tioned no names and could remember l none.
 1 Further secrets of the combination with it's s5O6,OOO, ,0OO capitalization, which was baked through the failure of east ern bankers to loan $90,00O000 were ex- pected to develop through the testimony of MT. Veeder otherwise sensational facts
 Some Interesting Facts l One section of the contract provided fol the selection of the following officers oi | the proposed merger:
 President-Gustavus F. Swift.
 Vice Presidents-Edward Morris and Michael Cudahy.
 Chairman Executive and Financia Committees-J. Ogden Armour. The appraised value of the tangible as sets and the annual earnings of the foul promoters of the proposed big company on August 2 1902, was given in state ment attached to the contract as follows
 Value of tang Annual ! ible assets. earnings Swift ............. $S5,00000O $500, 00 Armour G Co. ..... 73,OOoO0o 7,9oO,00 Morris & Go. ...... 24,C00,00O 100000 Cudahy & Coz. 15,500,O0O 1,175,00
 "After the merger plan had failed Michael Cudahy dropped out of the part nership with Armour. Swift and Morris and at his request was released from al