Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1920-09-16
Bookkeeper on Stand Says
Figures Sent Out Meant
Nothing.
AFFIDAVIT s.JUST
SOME FIGURES"
Witness Says Assets at One Time
Wore Boosted Several Thou.and
Dollars on Order Of President Fris-a
by With No Other Authority Than
Slip of Yellow Scratch Paper-The
Twin Companies.
Special to Times-Republican.

Speclai TO Times -Repu blican.
Des Moines. Sept. Is. B. f.
Cheshire, employed as bookkeeper
Tor Associated Packing Company,
testified in the hearing in Judge Nc
Calls court today that a statement
of assets showing the Company worth
$a,6472s6, published with an affi-
davit to which his name was at
tached, did not mean anything. When.
shown a COPY Of the statement he
said:
That isn't = financial statement"
ne said. It's just some ffgures. They.
don't mean anything
He testified that he had not pre-
pared the statement and had not
signed the AFFIDAVIT attached to it.
He said further that another time he
had increased the assets Of the ccrn-
pany several thousands OF dollars rp-
on order of President Frisbvs and
with no other authority than a f,tp
OF yellow scratch paper given him by
President Frisby.
The Twin Companies.
Chesire's early testimony was ec-,-
nned mostly to Identification of pacs.-
ing company reports, but he ,.,d
braeay OF the relations Between. s.e
Des Moines Union Stockyards Corr
pany and the Associated s:rl.. !
Company, and named the rayios 2. Z
promotion expense which each yoie
The stoekyards company. he 81
was capitalized at $500 coo and the.
packing company at $1,000 .ooo. and
The former was to stand one-ti1ira or.
she promotion expense.
Ihe witness inferred that the funds
OF the companies wcrsl ret kept a.y
carefully separated as he taorlglit
they should have been, and said that
money was paid out of one company,s
tund some times when be thought 1T
should have come from. the other
company's funds.
II. c. Wallace Disapproved.
Henry c. Wallace, editor Of VAL
lace's Farmer. was called to the stand
after the noon recess Yesterday TO
tell of correspondence he had with
the officers of the Associated Pack
Ing Company in regard to the latter's
financial condition. He admitted
such correspondence, and said that
1T was to learn of the company's
stability in order that he might ad.
wise subscribers who wrote to him to
inquire about the wisdom of invest
ing in the company.
He said he inquired entirely by
correspondence into the company's
affairs. and that he had no personal
interviews with any OF the packing
company officials.
Letters from him to his subscribers
advising them>as to the purchase Of
stock in the company-introduce in
10 the trial as exhibits by the state
were typical, Wallace said, of those
he sent out to. subscribers who sought
counsel from him
Wallaces' Farmer has advisad
against the purchase Of packing COM
pany stock in its editorial columns
and has not enthused over the likeli-
hood of Des Moines growing into q
great packing center.
A Suspense" Account.
An account credited to "suspense''.
and other items in FrisRy's and Nc
Douglas expense accounts were
found in the probe Of the Associated
Packing Company's books this morn
ing in Judge McCall's court.
: In connection with the investiga-
tion of these accounts, Cheshire was
cross examined this morning.
In explaining the item of "sus-
pense" Cheshire said it was a check
for $3.50 sent to a country bank for
collection that was never heard from
again. He did not remember what
bank and nothing in the books
showed it's name.
There were also items of stock be-
ing issued and no record Of collec-