Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1889-02-22
NOT EXACTLY HOGS.
Standard Oil Magnates Reaching for
Another Mammoth Monopoly.
THEY GO INTO DRESSED BEEF,
Backed by $25,OOO,OOO Capital. About
100000 Acres of Land, and
AN UNLIMITED QUANTITY OF NERVE.
Cattle to be razed in Mexico and New Mexico, Killed.
and Sold Everywhere.

A gigantic Dressed Meat Trust is the
latest sideshow to the great and only Stand
ard show in the main tent. Standard Oil
and Cottonseed Oil people have organized a
company with $4,000, 900 capital, ranches
in New Mexico already owned by the men,
bers of the monopoly have been pooled, to
the number of 81. 900 acres, and nearly
100000 acres of table land in Mexico
added, for grazing purposes. Slaughtering
is to be done at Kansas City. after the cattle
have been fattened 30 miles from there.
Even retail markets in the East are in
cluded as part of the mammoth scheme.
ESPECIAL TELEGRAM TO THE DIsPATCH.l
NEW YORK, February 21.-It was an
nounced yesterday that the establishment of
dressed meat company, in which Standard
oil and cotton seed oil people are interested,
would soon be made known. This was said
in speaking of the present strong tendency
of both investors and Spectators to seek
other fields than railroad securities. The
company is called the American Meat Com
pany. Over year ago John II, Davis &
Co., bankers. perceived the growing distrust
of railroad securities among their customers,
and sent committee to Mexico and New
Mexico, of whose work this company is the.
result. In the prospectus the firm gives
these reasons for recommending the enter
prise:
First-The overbuilding and consequent fierce
competition Of railroads has caused general
reduction of dividends. which in turn has led
many capitalists and investors to hold aloof
from their usual Investment in railway securi-
ties. -.
second-The distrust of railway stocks has di-
verted tie attention of many others from shares
to bonds that the supply of the latter is getting
low, and tirst-class bonds are SO high in price
as to yield but small return upon cost.
Third-Further railroad building will be large
ly restricted this year, and there will be but few
issues of desirable new bonds, to which invest
ors have usually looked for the most profitable
returns.
AN ARRAY OF wELL-KNowN NAMES.
The projectors and hackers of the scheme
are chiefly j. II. Flagler, President; j. o.
Moss, Vice President; Charles E.
Coon, Secretary; Jenning S. Cox,
Treasurer; Ormond Hammond, Jr., General
Manager; Alexander Green and Robert G..
Ingersoll, counsel; John H. Davis & Co.,
bankers; S. V. White, Stephen W. Dorsey,
Colonel Joseph W. Dwyer, Governor
Hoadly and E. S. Converse. All of these
except Messrs. Coon, Cox, Alexander,
Green and Davis, and with the addition of
Mr.. Dorsey's sister-in-law, Mrs. Peck,
owned ranches in Grant and Colfax coun-
ties, New Mexico, upon the Mexican border.
They pooled their property, amounting to
81, 900 acres, and have purchased 1928,
acres of table land, across the river in the
State of Chihuahua, Mexico.
The pooled property went in at from S12
to $40 an acre, and the Mexican property
was obtained, the projectors say. on too
good terms to tell about. 1t consisted en-
tirely of ranches whose owners have been
stockholders. Ormond Hammond, Jr., en-
tered by pooling the Western Dressed Beet
Company's slaughter houses at Kansas
City, 1000 acres and II markets in Balti-
more
Fifty miles from Kansas City 10000
acres of grazing land have been purchased
The idea is to ship the cattle to the grazing
City, where they will be slaughtered. and
cars to Eastern markets. The scheme
doesn't end there, since it contemplates the
establishment of markets in the Eastern
cities and the sale of meat direct to the con-
sumer.
BIG MONEY IN 1T.
The prospectus sets forth the capitaliza-
ton at S25, 200, 900, divided into 25O,O 900
shares, at S100 share. But Mr.. Flagler
modifes this statement as follows: The
present actual capitalization is SIS, 900, 900.
of which $1,000, 900 have been subscribed
for at IS. Of the balance of $S,OOO,-
900 one-half will soon be put on |
the market also at 75. The authority to add |
SIC, ,000, 900 more to the capital stock was
asked of the Legislature of New Mexico in |
view of the possibilities of further growth |
suggested by the expressed desire of ranch |
men for many miles around the Mexican |
property to come in.
The projectors declare that not share of |
stock has gone for less than Is; that the
American ranches have gone in below their
value, and that the Mexican property and |
live stock have been purchased at astonish-
ingly low prices The former dismal failure