The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1892-03-01
ANOTHER Big COMBINE.
Beef, Mutton and Canned
Meats the Subject of
the Deal.
GEN. ALBEIT READY FOR BATTLE.
But the Chicago Junction Railway
and Union Stock Yard Ex-
tension Went Through
With a Rush.

The Chicago Junction Railways and
Union Stock Yards Company on January
80 sent out a notice to the effect that
meeting would be held today in the Office
of General W. F. Albeit to vote on
a proposition to change the company's
business by adding to the objects OF The
company, as specified in It's certincate Oh
organization the following
"To establish, maintain and operate at
or near the stock yards of the Union
Stock Yard and Transit Company at the
city of Chicago. warehouses, docks and
other improvements, to aid said Union
Stock Yard and Transit Company
in improving, developing, protecting and
preserving its prosperity and business;
and to acquire lands suitable for either OF
said purposes, at or in proximity 10 tne
City of Chicago. or elsewhere"
WHO is IN IT.
The notice set forth that certain con-
tract made between the company ana
Philip d. Armour, Nelson Morris, Gus
tavus F. Swift and others, under and oy
virtue of which this company has agreed
to make and issue $1,000 900 of its fifteen
wear five per cent. non-cumu ulatlve income
bonds.
Another notice stated that Armour;
Swift g. Morris of Chicago had purchased
4. 900 acres of land at Tolleston. Ind, on
which it was proposed TO remove the pack
ing establishment and stock yards, and that
the removal of this business would 1nJ ure
the business of the Chicago Junction
Company. For that reason the directors
contracted with Armour and his
the business of slaughtering.
packing or canning plants and establish
ments at Packingtown, Chicago. That
the Chicago Company shall handle all OF
the live stock and receive the usual yard
age and charges. That the Chicago Com
pany shall be guaranteed oaat nnat
tor yardage, ETC., S2,OO0.0 900, to convey to
the Chicago company the property known
as the Central Stock Yards. To discon-
tinue all the suits pending and to carry
out other provisions.
The Chicago junction Company agreed
to issue to Armour. Swift and Morris
Sc, 600 600 of fifteen year income oonds
at not more than five per
cent. interest as the net
surplus income of the company shall sur
fee to pay after providing for and paving
the present fixed charges on the SlO,OOo.-
900 issue of Collateral Trust Bonds the
current expenses of the company, and the
ak per cent. cumulative DIVIDENDS on the
| Sc. SOC, 900 of preferred stock.
READY FOR A FIGHT.
Today broad shouldered policeman
was sent for by Gsneral Abbett and he
was stationed on the first floor of the
Fuller Building and told to remain
there until sent for. General Albeit an
ticipated trouble at the meeting. IL was
to be fight between the little dealers
and the big ones. and the General was
prepared for the battle. Among those
who entered his Office were T. w. Wins
ton. and Frederick H. Price of Chi
cago. E. j. Phelps of this State. and
John A. Adams, of New York, repre-
senting the big dealers and the directors
of the company. Lawyer Norawitz OF
the firm of Seward. Gutherie & Nora
witz, of New York, was also present.
He represented the persons before men-
toned.
General William f. Albeit was on
hand in his capacity OF counsel to the
company in this State.
Marcus Mayer. of Chicago, and his law
yer, William p. Whitehead, were also at
the meeting, and bitterly opposed the
action of the directors in the
settlement with the packers and the pro-
posed ext>usion of the corporations pow
ers. When vote was taken the Direc-
tors were sustained by vote of SO, 465
shares of stock against 2,056 shares held
by Mayer through proxies.