Ottumwa semi-weekly courier. [volume] (Ottumwa, Iowa) 1916-1918, 1917-12-21
QUIZ BARES TRIBUTE
TO PACKERS KING
CONTINUED From Page Il

ROAA Ok1xO1I0 AAO2ADO AA
TO PACKERS KING
CONTINUED From Page L.
to show that the company was organ
lied to keep the packing plants from
being moved away, q letter signed BY
S. H. Fessenden, Boston broker,
who assisted in the organization, was
read, saying the proceedings we're
merely to legalize rebates to packers
SO they might have 80 portion of the
plunder" and might have their "pdck-
inss."
OWNS SHARES ION PAPER"
Efforts of the commission to dis
cover the real ownership Of the
Chicago Stock Yards and terminal
railroads began today with IN inquiry
into corporate relations between the
Chicago Stock Yards company, the
Union Stock Yards and Transit com
pany, the Chicago Junction Railways
the Chicago Junction railway.
Frank R. Pegram. treasurer Of the
Chicago Stock Yards company and
cashier for F. H. Prince Of Boston,
testified that he held 1880 shares Of
the Chicago Stock Yards company as
trustee but that he had never had
them in his possession.
loWNERs AoUT WEST"
The stock was held. he said, sub.
jet to bearer warrants, but that he
did not know where these warrants
were, though be thought most Of them
were in the safe deposit boxes Of Mr..
and Mrs. Prince.
"Where were the othe1?' asked
Francis J. Heney, conducting the in
quiry.
"Out west" was the reply.
When Mr.. Heney insisted on his
being moro specific. PeEram replied
that he thought Mr. Prince had told
him that the warrants were held IN
the west.
ARMoUR's NAME CROPS OUT.
( did he say ont west or In Chi
cago?" asked Mr.. Heney.
Il think he said Chicago"
did he ever tell you that Armour
had them?"
Never" was the reply.
Other witnesses summoned to tee.
tify include w. NJ. Walden, former
treasurer for the Chicago Stock Yards
company; c. C. Chase, auditor for the
Chicago Stock Yards and Transit
company and. F. w. Croll, confidential
secretary to J. Ogden Armour.
RICH; DIDN'T KNOW IT.
Certified minutes of the first meet.
ing Of the Chicago Stock Yards COM
pany, September "a, 1911, were intro
duced TO give details of an agreement
between Pegram and the company.
The minutes recited that Pegram had
the assent of the holders Of
$4,000 shares of the common stock of
the Chicago Junction Railways and
Union Stock Yards company TO plan
by a committee headed by
Richard Obey as chairman.
1t was said the plan assures to the
Chicago Junction railways and Union
Stock Yards company the continu-
Rnce Of the business now carried on
by the packers upon permanent basis
and . great increase in profits and the
value of the shares Of stock" Pegram
was recorded as having given the plan
and axsents and $1,000, 900 In cash to
the company for $S.0oo, 900 in common
stock. Pegram, who previously had
testified that his salary was $2,500 a
year testified that he knew nothing
cf the agreement - set forth In the
= ss
JARED MOVE BY ARMOUR.
Mr.. Hart told the commission the
plan was devised because there SEEM
ed great danger of the business being
driven away from Chicago to places
further west. Shareholders IN the
stock yards and terminal railways
who lived in New England we're out
Of touch with their principal clients.
the packers. and were afraid they
were going to be left with the yards
and railways. but no cattle business.
Therefore, he said, company was or
ganized to assume the risk. Asked
how the formation Of new company
was expected to assure the continu-
ance Of the packing industry in Chi
cago, Mr.. Hart said that Mr.. Prince
knew Mr.. Armour personally and that
his influence was expected to have
some effect in retaining the packing
houses in Chicago.
Did you know that the Chicago
Junction Railway was paying per
cent dividend and had 100000 sur
plus!" asked Mr.. Heney. "Why was
an effort made to induce the common
to come in on a plan
guaranteeing only per cent and with
nothing back of it but probability"
HENEY WAKES SARCASTIC.
81 don't see why not" the witness
replied. You don't seem to grasp the
business situation"
Possibly not" Mr.. Honey inter
jected.
There 10 NO good in assent unless
there Is business" Mr.. Hart contin-
ued." II the clients left, the property
would be worthless. II Mr.. Princes
influence failed, the shareholders
would have been no worse OF. u
don't consider that the price asked