The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1895-08-14
West Indianapolis Council, in Special
Session, Grants a Permit That
Settles the Location.
BACKERS OF THE PLANT
KIyGAN & co. AND OUTSIDE MILLION.
AIRES INTERESTED.
Forty Acres Adjoining Old Yards
BOuSht-Buildfngs Costing Over
$4,000 to Be Erected at Once.

yards company was about to be organized.
The organization has now been perfected.
and articles of Incorporation will be filed
to-day or tomorrow. The principal stock
holders are Kingan & Co.. OF this city,
Tarleton Embry, Of Cincinnati, and Henry
F. Embry. of Louisville. The Embrys are
well-known and very wealthy investors in
stock-yards property. They are millionaire
packers of beef and hogs in their respec-
tive cities. The financial character of the
Indianapolis packers Is well known. The
new yards are expected to be in operation
in the course of sixty days Work on the
new plant will begin this week. The yards
will be located on the property sold to the
company by Nicholas McCarty, which lies
south of the old Indianapolis car works,
and west of the Union Stock Yards. The
track of the Indianapolis & vincennes road
will divide the two yards. and last night
the City Council of West indianapolis
passed an ordinance giving the new COM
pany the right to lay switch across Ken
lucky avenue and over streets and alleys
to Howard street. The grant was made to
James Cunning, his heirs and assigns.
Mr.. Cunning is connected with Kingan &
Co. The motion for the adoption of the
ordinance, which was passed under suspen-
sion of the rules, was made by Council
man Dickson. There were present Council
men Wheeler, Wantland Dickson, Gish
and Mccain Mayor Tolin was in the
chair. The ordinance was introduced and
was referred at once to the committee on
ordinances, of which Mr.. Dickson is chair
man. The committee considered it at once
and made a favorable report. 1t was an
nounced in the discussion that the purpose
Of the grantee was to build a new beef
packing house. The information was cor
rect as far as it went. 1t is probable that
little else OF the intention Of the grantee
was known, for the entire matter has been
kept very quiet. The promoters of the en-
terprise did not care to be known in the
undertaking until the whole project was
past all danger points There is no doubt
that the scheme will be carried out as
designed. The controlling interest, 1t is
said. is held by the Kingans. 1t is their
intention to build packing house for the
canning of beef, which will be slaughtered
on the ground. There will be cold-ster-
age apartment. and a lard refinery viii
be built. Yards for the reception and care
of cattle and other stock will be con-
structed.
The Embrys were in town yesterday and
were enthusiastic over the promised sue
cess of the enterprise. Very much de-
pended on the securing of the right Of
way for the switches and sidetracks and
these were provided for in the ordinance
passed last night. The ground selected for
fasorab!y @ says for the the" purposes intended. The
purchase was made through the firm OF
futile & Seguin. The tract extends from
be room for other manufacturing enter
prises and there Is talk of a bicycle fac
tory being located on this, or on adjacent
to real estate in that end Of the city. The
purchase price Is said to be $4,000. there
being forty acres in the tract.
MUCH CAPITAL TO COME.
The new yards will, it is believed, great
ly increase the Importance of this city
as a stock market. 1t is believed that
the business will develop before a year
SO that frcm three hundred to five hum
dred cattle will be slaughtered every day.
This will mean the employment of sew
eral hundred men and will make the yards
a very busy place. The matter of largest
interest perhaps to the city generally in
the new venture Is the great amount Of
capital that will be brought here and set
in circulation. The organization, as it at
present appears, is said to be only fore
runner of great things yet TO come In
that locality through the nucleus that is
thus established. The stockmen, farmers,
raissrs of stock and the commission men
say that they welcome the competition
pei a lowering of the rates charged TOR
handling stock. Kingan & Co. have
charged in the past that their plant has
been the victim of discriminating rates in
the matter OF yardage and switchage and
this venture will relieve them OF all de-
pendence upon the old company II is very
certain that the feeling between kingan &
CO. and the old company is such that Ii
the ordinance had not been passed last
night by the West Indianapolis Council
there would have been a hard ngnt TO
prevent the suburb extending the privilege.
AS il was, there was no opposition to the
passage of the ordinance.
II is not known where all the stock OF
the Union company is held. but 1t is be-
lieved that some Of the citizens OF West
Indianapolis have some of it, The stock
for sale at that The dividends have
amounted to a large return on the invest
ment owing TO the lack of competition.
w J. Iiams is president of the Union COM
pany. it has been organized and in opera
ton since October. 1877, and has made its
owners very wealthy. It draws large
Belt Railroad Company. There are twelve
large commission firms doing business
with the old yards. There are number
of these commission firms who had an ink
ling of the new organization yesterday and
were quietly talking about it, They gen.
orally said that they would welcome the
ket. Citizens of West Indianapolis said
last night that it would be a good thing for
the city because of the large number OF
men that would be employed. 1t is esti-
mated that 300 men will be required before
the yards are in operation year. There
will also be a great deal OF work cessary
in the construction OF the plant. The
new buildings TO be erected are ex-
pected to cost from $4,000 to 100000.
The Union Stock Yards Company, 1t is re-
called was considered quite venture in
financial investment when IL was started in
1877 Ii was then that the city, in connec-
tion with the Belt railroad undertaking.
was asked TO lend ITS credit 10 the enter
prse TO the amount of 100000. There is no
longer any doubt of the commercial i'm
of the new yards FEEL Ii is said, that their
money will be well invested in the new
plant There are large stories told of the
earnings of the Union yards. The charge
for weighing each car of stock IS 81, for
which one man Is paid so month. and
hundreds of cars are weighed. The cost
OF the scales has, 1t is said. been realized
out of the earnings time and time again.
There are a number of other sources of in
come from the stock yards The capital
stock OF the Union company was at first
$500 00O but ii has been twice increased by
the same amount 1t pays, IL is said.
interest OF 6 per cent. sem.-annuaily on the
increased stock. The stock Of the company
has always been classed on the stock ex-
changes as '.gilt-edged." and fancy pr.ces
have been paid for that small portion OF II
in New York exchanges There are two
classes OF the stock. common and pre-
ferred. and there WAS some speculation yes