Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1920-08-21
ALLEN MAKES PLEA
FOR STOCKHOLDERS
NEW HEAD OF ASSOCIATED
PACKING COMPANY REVIEWS
CONDITIONS.
DECLARES COMPANY HAS
SUFFICIENT ASSETS
insists Legitimate Investors Be Civ
en- Protection Against Attacks of
Attorney General-Adn,its There
Were Questionable Methods in
Sale Of Some Of Stocks.
Special to Times Republican.

Allen, state senator from Pocahontas
county for five consecutive sessions
Of the legislature, who accepted the
presidency Of the Associated Packing
Company the latter part of June, this
year, Is out with a statement con-
corning his plan for q reorganization
OF the company. He says:
AT the outset want my connec-
ton with the corporation clearly un-
derstood. First 1 never had dollar
invested in the corporation until June
%, 1920, when was elected presi-
dent. {,
Second, / never had Il dollar In
vested in any corporation ans way
connected with this enterprise. and
never sold or assisted III the sale of
q dollars worth OF lstoth. in any OF
these corporations and have never
received a dollar In compensation
from said corporation or any of the
aforesaid corporations.
II became interested in the AS
ISOLATED Packing Company at the ur-
gent request Of Hon. w. B. Quarton.
the board Of directors. and many
business men Of Des Moines. with the
distinct understanding that the stock
selling contract should also be set
tied. All Of these are In . fair way
of settlement on terms favorable to
the stockholders.
Ass president take It to be my
duty at the present time to assist
the receiver in the matter Of pre-
serving; the assets for tho benefit OF
creditors and to help him, guard the
interests of the stockholders in re-
organizing its affairs.
Il am bold enough to assume that
the receivers duties under the ordef
OF the court are the sarne.
Says Assets Arc Abundant.
ssThere never has beer a doubt
about there being an abundance of
assets with which to pay the credit
ors in full. The receivers report
shows that the corporation is solvent
and has plenty of money with which
to meet its obligations. There re-
mains only the interests Of the
stockholders to consider. The stock
holders naturally divide themselves
into groups which for the purpose
OF this article will designate as fol-
laws: 50.
FIRST, those who hone llyy invested
IN the corporation. either paying for
sthei stock in cash or giving note
which they expected to pay in due
course when due. &
Second, those who purchased more
than they could reasonably expect to
ray fol. when due, or the cversold an
weston. s ,3
Third, those who purchased large
blocks Of stock upon RESALE con-
tracts with the statesmen or officers
OF the selling corporation. These lat
ter expected toSunload, their stock on
their neighbors with handsome pro-
fits to themselves.
Raps Stock Gamblers.
"Of these thee classes Of stock
holders, my sympathy goes, out to the
/ first and second, while the third
would place close beside the stock
selling corporation.
Il ..The men that ! am for and am
ready to fight this thing thru for are
the stockholders that put their
honest to God, money in the enter
prise for the purpose of building up
q legitimate business in our city,
whom am serving without compen-
sation.
neThis dust In the press about poll
teal corruption and crimes and
wrongs committed agains'. these men
has but one purpose at this time,
namely, to cloud the real issue and
the effect will be to still further
plumber the honest stockholders.
s...As far as am concerned, and ]
am sure / speak for the present
stockholders committee, Quarton,
Antrim, Linden and the present
directors OF the Associated Packing
Company. will be glad to see the
attorney general round UP every one
who has committed crime in con-
nection with this business and give
him his full desserts. ! protest.
however, against further Furnishing
this vast body OF stockholders who
bought their stock in the corporation
with honest purposes and who still
want to go on. with the enterprise.
ITO compel these men TO pay their
money into the receivers hands and
charge them for collecting I'll and
then distributing these funds back
Ato these men and charge them for
re-distributing It, is a gross waste OF
their money. The plan devised at
the stockholders meeting known as
the 35-85 PLAN In my Judgment is q
much speedier, wiser. safer and more
economical plan"
TRIES TO ABOLISH OWN OFFICE
Former ohosmaksr, Now Governor
Says office Not Needed.
BY Associated Press.
Me1ioo City. Aug. 6.-Celestino
0asca, former shoemaker. now gov
sernor OF the federal district which
,comprises Mexico City. is trying, to
abolish his own office.
Senior GascA contends that his
work is not necessary. since there is
q city council in existence well able
TO handle the municipal affairs Of
the capital.
Pointing out tho frequent conflicts
Of authority resulting from the pres
emit dual system Of administering the
affairs Of tho capital, Governor
Gasca said:
II am planning to submit to the
president Of the republic q legal pro-
ject for the abolition OF the federal
district government. I believe it to
be supernuous."
When the news OF Governor
Gasca's plan spread to the employees
OF the federal district, di:,may is re-
ported to have ensued. 1t is point
ed out, however. that mcst OF these
employees can be retained, under the
city countil system.