Encyclopedia Dubuque
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CORN BELT PACKING COMPANY: Difference between revisions
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The sale of stock went quickly. The [[DUBUQUE REALTY COMPANY]] purchased the first block of stock in 1917 for $50,000. It was stated at that time that an effort would be made to "scatter" the stock in the counties and towns surrounding Dubuque with sales in the city made later. (2) By December 26, 1918, $1.8 of the $3 million in stock had been sold with eighty-five percent being held by farmers of eastern Iowa. It was strongly endorsed by the Telegraph-Herald which cited Dubuque's indifference in the past "putting up difficulties innumerable in the way of establishing here an industry creditable to the city..."(3) The company opened for business on October 15, 1919. | The sale of stock went quickly. The [[DUBUQUE REALTY COMPANY]] purchased the first block of stock in 1917 for $50,000. It was stated at that time that an effort would be made to "scatter" the stock in the counties and towns surrounding Dubuque with sales in the city made later. (2) By December 26, 1918, $1.8 of the $3 million in stock had been sold with eighty-five percent being held by farmers of eastern Iowa. It was strongly endorsed by the Telegraph-Herald which cited Dubuque's indifference in the past "putting up difficulties innumerable in the way of establishing here an industry creditable to the city..."(3) The company opened for business on October 15, 1919. | ||
On November 3, 1919 representatives of J. R. Poole Company of New York and Boston, one of the largest brokerage firms in the United States handling edible food food products, after a visit to the plant praised its efficiency and announced that products of all kinds of the company in large quantities would be handled by the company in the eastern United States and Europe. (4) | On November 3, 1919 representatives of J. R. Poole Company of New York and Boston, one of the largest brokerage firms in the United States handling edible food food products, after a visit to the plant praised its efficiency and announced that products of all kinds of the company in large quantities would be handled by the company in the eastern United States and Europe. (4) The same year an agreement was signed between the [[AMALGAMATED MEAT CUTTERS AND BUTCHERS WORKMEN'S UNION LOCAL NO. 150]] and the company acknowledging the existence of the union and agreement to work together. This did not prevent trouble in 1920 when several workers were dismissed without contacting the union. (5) | ||
A. B. McCue announced his resignation as president of the company on October 27, 1920 and was succeeded by Fred Kretschmer. It was after this occurred that alleged financial irregularities were discovered while determining the cause of the company's financial problems. (6) It was charged in a suit that Ernest C. Devine and Henry J. Folts contracted with the company on August 5, 1919 to take over and underwrite stock on a commission of approximately 40%. This would have been in violation of several statutes. The packing company also supplied office space to the two men and provided them with gas, heal and light free of charge. In September, 1919 the two men sold $500,000 in stock of which Corn Belt should have received $300,000. It received $100,000. It was further charged in the suit that the $200,000 was loaned to the company when it became to have financial trouble. (7) | |||
In July, 1923 after months of being closed due to the financial problems, Corn Belt Packing Company officials announced the firm would reopen. Under the new articles of incorporation, the company was capitalized at $1,700,000. It was stated that being a new firm, it had been forced to close by the general business depression after the war. (8) Nothing was said of the results of the suit. | |||
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4. "Poole Co. To Sell Corn Belt Meats," ''Dubuque Telegraph-Herald'', November 3, 1919, p. 10 | 4. "Poole Co. To Sell Corn Belt Meats," ''Dubuque Telegraph-Herald'', November 3, 1919, p. 10 | ||
5. " | 5. "Corn Belt Co. and Union at Odds," ''Dubuque Telegraph-Herald'', August 3, 1920, p. 7 | ||
6. Ibid. | 6. "Accounting of $250,000 Asked by Dubuquers," ''Telegraph-Herald'', April 9, 1922, p. 1 | ||
7. Ibid. | |||
8. "Operations to be Started at Plant Soon, Statement," ''Telegraph-Herald'', July 8, 1923, p. 25 | |||
Revision as of 04:49, 26 January 2018
CORN BELT PACKING COMPANY. The organization of the company was announced on September 2, 1917. (1) In 1918 the property once belonging to the DUBUQUE BREWING AND MALTING COMPANY was sold on option to the Syndicate Trust Bank of Chicago, Illinois. Its local representative was H. C. Niblock.
The sale of stock went quickly. The DUBUQUE REALTY COMPANY purchased the first block of stock in 1917 for $50,000. It was stated at that time that an effort would be made to "scatter" the stock in the counties and towns surrounding Dubuque with sales in the city made later. (2) By December 26, 1918, $1.8 of the $3 million in stock had been sold with eighty-five percent being held by farmers of eastern Iowa. It was strongly endorsed by the Telegraph-Herald which cited Dubuque's indifference in the past "putting up difficulties innumerable in the way of establishing here an industry creditable to the city..."(3) The company opened for business on October 15, 1919.
On November 3, 1919 representatives of J. R. Poole Company of New York and Boston, one of the largest brokerage firms in the United States handling edible food food products, after a visit to the plant praised its efficiency and announced that products of all kinds of the company in large quantities would be handled by the company in the eastern United States and Europe. (4) The same year an agreement was signed between the AMALGAMATED MEAT CUTTERS AND BUTCHERS WORKMEN'S UNION LOCAL NO. 150 and the company acknowledging the existence of the union and agreement to work together. This did not prevent trouble in 1920 when several workers were dismissed without contacting the union. (5)
A. B. McCue announced his resignation as president of the company on October 27, 1920 and was succeeded by Fred Kretschmer. It was after this occurred that alleged financial irregularities were discovered while determining the cause of the company's financial problems. (6) It was charged in a suit that Ernest C. Devine and Henry J. Folts contracted with the company on August 5, 1919 to take over and underwrite stock on a commission of approximately 40%. This would have been in violation of several statutes. The packing company also supplied office space to the two men and provided them with gas, heal and light free of charge. In September, 1919 the two men sold $500,000 in stock of which Corn Belt should have received $300,000. It received $100,000. It was further charged in the suit that the $200,000 was loaned to the company when it became to have financial trouble. (7)
In July, 1923 after months of being closed due to the financial problems, Corn Belt Packing Company officials announced the firm would reopen. Under the new articles of incorporation, the company was capitalized at $1,700,000. It was stated that being a new firm, it had been forced to close by the general business depression after the war. (8) Nothing was said of the results of the suit.
The 1923 Dubuque City Directory listed the corner of 30th and Washington.
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Source:
1. "Announcement," Telegraph-Herald, September 2, 1917, p. 26
2. "Dubuque Realty Company Takes Big Block of Stock," Telegraph-Herald, September 16, 1917, p. 9
3. "Day-by-Day," Dubuque Telegraph-Herald, December 26, 1918, p. 12
4. "Poole Co. To Sell Corn Belt Meats," Dubuque Telegraph-Herald, November 3, 1919, p. 10
5. "Corn Belt Co. and Union at Odds," Dubuque Telegraph-Herald, August 3, 1920, p. 7
6. "Accounting of $250,000 Asked by Dubuquers," Telegraph-Herald, April 9, 1922, p. 1
7. Ibid.
8. "Operations to be Started at Plant Soon, Statement," Telegraph-Herald, July 8, 1923, p. 25