Kansas City journal. [volume] (Kansas City, Mo.) 1897-1928, 1897-07-20
STOCK YARDS ARGUMENT.
Topeka Testerday-win Con-
tinue Several Days.

Topeka, Kas.. July 19-(Special0 Associ-
ate Justice Brewer, of the United States su-
preme court, in deciding the Adams Ex-
press Company suit recently, held that the
value of the stock OF a corporation repre-
sented the value of its property. The attor-
neys for the stockholders of the Kansas
City Stock Yards Company say that this
decision really settles the case which grew
out Of the passage of the Jaquins law re-
ducing charges at the yards at Kansas City.
They claim that the stock of that company
for the year previous to the passage of the
law sold for an average of 1876; that, taking
this as a basis, the property of the company
is worth SlO02l, 1854; that the prices fixed in
the new law will not enable the company
to earn reasonable return on its capital
and il is therefore unconstitutional. The at
torneys for the state contend that the new
law will enable the company to earn rea-
sonable dividend on its capital. and cite the
fact that. despite the allegations in the 1il
of complaint filed to set aside the law,
charging that the compliance with its pro-
visions would utterly destroy the value Of
stock the stock is selling at par now and
has never been below that figure since the
law was passed. They claim that when
stock sells at par it is an indication that it
is earning reasonable dividend.
The special master began the hearing OF
argument on the case in the federal court
to-day. Each side has filed its findings
with the master and IL is upon these that
the argument is being made Judge Hor-
stock yards company. talked all the fore
noon. and an adjournment was then taken
until tomorrow. He asks the master to
make thirty-eight findings, but when the
court adjourned at noon he had argued only
eight of them. Neither side IS permitted to
know what the other asks in the way OF
findings, and as consequence the states
attorneys to-day followed Judge Horton
very closely and took many notes.
Judge Horton claimed that the actual cost
of the yards was S. 499. .02i, and that there
had been a cash outlay OF A.200O0O for
stock: that the capital stock is 1853. 80.
valued at SlOO21, 1854 or 1856 per cent. He said
that "A foreign syndicate had offered 125 for
all the stock of the concern, but that offer
was refused. The actual value of the plant
as IL stands exclusive Of the stock dona-
tIons made to packing houses and good will,
aggregated s9.4SS,01.
In his argument he contended that the
state had gone about 1t in the wrong way
to get at the value Of the plant. He
claimed that the property should be taken
fixed and not by sections. lie said that il
was Just as absurd to try to get at the val
ue OF the property by saying how much
this building cost. how much that lot cost
and how much that fence cost, as IL would
be TO fix the price OF horse by saying his
hind leg was worth so much, his eye so
much and his tail so much. The stock yards
company was one big structure and should
be valued as such.
II will take from three to four days 20
the argument. Judge Clark has
not limited the attorneys in the time to be
consumed and they will discuss the differ
ent features very elaborately. The attor-
neys will not make any argument before
the special master as to the law points in
VOWED: they will simply argue the facts.
The argument on law points Will be made