The next witness was called to the stand. [Editor's note: The testimonies given here were made at the trial of A. C. Hesing, who was alleged to have attempted to defraud the Government. As these procedures are available in the court records, they were not re-translated here.]

Charles F. Pietsch, secretary of the Illinois Staats-Zeitung since July 1, 1867, declared that he was in charge of financial matters of the Illinois Staats-Zeitung Company. He said further: "The capital stock of the Company at the time of the Chicago Fire was worth between $104,000 and $106,000; on May 6, 1872, it was increased to $179,000. The 170 bonds given to the 2Germania Insurance Company as security would be equal to 267 bonds of the new capital.

"In April, 1872, a dividend of twenty-five per cent was declared on the old capitalization; in January, 1873, fifteen per cent; and, in 1874 a dividend of twenty per cent was declared on the new capitalization.....

"The net profit of the Illinois Staats-Zeitung in 1872, was $82,000; in 1873, $60,210.92. The stock on April 20, 1874, was worth about 133, and the bonds about $35,000....."

Other[less important]witnesses follow.....

Joseph Medill was the next witness; he said: "The proper way to estimate the value of a newspaper's stock is to consider the average income for a number of years." He did not know what the value of the Illinois Staats-Zeitung was in 1874, but thought that if the land where the plant is located was 3bought for $80,000, and the building and machinery cost an additional $260,000, and, assuming there were no debts, then the bonds would be fully worth the quoted value.....[Translator's note: Other items, not bearing directly on the financial status of the paper, have been omitted.]

In answer to Knott's question, Mr. A. L. Patterson, the business manager of the Times for the last eight years, said that, in so far as he knew, the Illinois Staats-Zeitung was the most influential, and the largest German newspaper of the Northwest; that it was political as well as general in text....

Calvin T. Wheeler, president of the Union National Bank for fourteen to fifteen years said....that the capital stock of the Illinois Staats-Zeitung Company was worth $400,000.