Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1916-09-12
MEN WHO PROMOTED IOWA MER-
CAMILLE COMPANY PAID WELL
FOR STOCK SALES.
RECEIVED 80 AND IS
PER CENT FOR DEALS
Court Orders Promoters to Turn Notes.
Automobiles and Other Property
Over to Receiver - Stock Sales
Amount to Between $4,000 and
$4,000.

Cedar Rapids. Sept 12.-The exam
and Tom r. Wilder, who were cited to
appear before Judge Milo Z. SMITH
Monday. was finished at o'clock and
they were ordered to turn over to the
court reporter notes. automobiles and
other property disclosed in the exam
nation, that might later be shown to
belong to the Iowa Mercantile Co.
This examination has nothing to do
with the motion to discharge the re-
ceiver and had nothing to do with dis
closing the financial condition OF the
Iowa Mercantile Company. 1t was SIM
ply an examination to discover Wheth-
er the three defendants might have IN
their possession or under their controi
property belonging to the company that
should be in the hands of the receiver
Financial statements of the Iowa
Mercantile Company used by the part
ners in selling stock were produced in
court but they were old statements
and included in the list of assets S34,OUO
paid out as sales commissions. Cole
told of two autos owned by Cole &
Rrowring and said that one went into
a ditch last Friday and lost II wheel.
He failed to remember where it was or
in what town south of Cedar Rapids.
4 garage man had been told TO go after
it He also said he had safety de-
post box at Monticello but he did not
remember whether anything remained
in it.
#
pany since it's organization, and for
several years general manager and
also manager of the stock sales de-
partment, was next called to the wit
ness stand He told of a stock sales
contract being assigned to him by ;.
T. knudsOn in the fall of 1914 or 1915.
He claimed that there was contract
by which he was to receive commits
sion Of 35 per cent on the sale OF the
first $1,000 worth of stock and 80 per
cert commission on all additional stock
sold.
Wilder Got 5000 a Month.
Wilder also testified that commence
ing in August or september. 1915, he
commenced to draw a salary from the
company of $500 per month. con-
tract drawn up by and for Cole,
Browning. Cole and Wilder, he said,
covered their agreements as to- the
sale OF stock by Cole & Browning, but
this contract he averred, he had not
seen for three months and did not
know where it was. Cole & Browning.
under this contract, he said, We're to
receive SIS per share of stock sold and
were to pay their own expenses and
stand all discounts. and they We're en-
ployed by Wilder personally as head of
the stock sales department.
Wilder said stock sales had amount
ed to from $4,000 to 100000, of
which about $4,000 was received in
cash and the balance in notes. He as
serted that every bit of this money was
put into the business, and that the
notes or receipts for them are all held
by the Iowa Mercantile Company tho
thew were not turned over TO the treas
urer of the company. Some were
placed as collateral on loans and some
are in the office safe, while about ST.
900 or $4,000 worth of notes were car
ried by Wilder in his pocket when he
turned them over to the court.
Wilder Makes Statement.
At the conclusion OF the examina-
ton Wilder rose from his chair and
dramatically asked the courts permits
sion to make a statement, and at the
same time he asked that all the at
torneys remain to hear it. He said,
mo one here need fear that a man
connected with this will run away. We
will all be here for full and complete
hearing and everything will be proved
Judge Smith ordered Cole & Brown
ing to produce in court today the notes
and papers in their possession and
the automobiles or tickets from garage
men showing where the autos are. He
also set the hearing on the motion for
the removal of the receiver for Thurs
day and at that time it is probable that
testimony will be introduced showing
the financial condition of the company
| the manner Of its operation under the
recent officers of the company, and the
| need or lack of need of receiver