Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1915-01-23

leaves of q ledger Of the A. e. ShorthiN
Company that $211. 025.s3 had gone into
the Perry plant, and that for the ma
chinery. merchandise, ETC., of the local
plant the A. f. Shorthill Company had
received the equivalent of $106,319.s4.
II suppose Boardman said, this
statement represents. theoretically at
least, all the money that has gone into
that plant. The checking of this ac-
count ought to show where the money
has gone. Whether it will or no, l
don't know. 1t seems to me that an ex-
pert accountant is needed
DO the books show all of the debts?'
Northup questioned.
IF they do I have been unable to
find Them" Boardman answered.
Shows Lawrence Paid 1924
Boardman left in the court a state
ment prepared by G. w. Lawrence OF
money he Lawrence. had paid out for
the Shorthill companies. 1t was
for $4,000 or $4,000 Of this amount
that the local plant of the company
was decided to Lawrence.
His statement which covered per-
iod from September. 1918, to Jan. IA,
this year. showed that ne had paid out
S29l41.3O. This. however. included an
item of $4,000 of a mortgage carried by
Mrs. Elizabeth Lawrence on the ADAM
doned plant of the Marshalltown Drop
Forge Company. $4,000 paid to o. L..
lngledue. and $500 paid to A. NJ.
Friend. in addition to large sums paid
for the up'5eep of the buildings. taxes.
paving and other items. OF the total
~, Oh, no. hpan
advanced for the pay rolls for the local
plant and the Perry plant in 1913.
Were Stockholders Paid?
Special inquiry was made of Board
man regarding the items of $4,000 paid
1914 The report showed these sums
included interest at per cent from
July 10 1918, to date OF payment
The questions asked Indicated that
the lawyers who asked them believed
that these sums represented the
amounts that had been paid Ingledue
and Friend to take UP their stock.
Boardman said he understood both
amounts We're payment on notes.
Court Suggests Accountant.
There was much discussion as to the
best method of procedure
ToNmy mind there is only one way
to manage this thing" said Judge Will
lett" and that is to get a competent
accountant and go thru the affairs and
accounts of this company There is
the question OF pay for the accountant
that must he considered
The receiver has not been able to
find much money In the assets of this
company He reported with good deal
Of relish that now and then he was
able 10 collect bills of as much as s195,
and altogether he collected only about
sl3S. L the general creditors want to
pool interests AMI get at the true con-
dition OF this company ii looks to me
like it was the proper thing to do.
Wants Another Receiver
After that has been done" continued
tine court then If anyone wanted TO
assail any of these transactions the
court could appoint another receiver. Y
don't take it that there is any desire
here TO object to this receiver"
I'm objecting to him." spoke up
Bradford. My clients are objecting to
him. It vas clearly brought ont that
he is an outside man for the First Ma
tional bank This receiver looks like
too much bank for one thing and an
other thing is, he is not competent"
Van Law made the statement that
! Shoemaker being a stakeholder of the
! First National bank would be placed in
/ a very embarrassing position if he was
directed to bring suit against the bank
, for the creditors TO recover any Of the
assets of the A. E Shorthill Company.
Following the hearing in court the
attorneys for the creditors went into
conference. After ii was over ii was
said that it was possible that steps
might be taken TO have another re-
ceiver appointed to succeed Shoemaker
I Judge Willett indicated that he could
return week from Monday to take W
the question again if it was necessary