Kansas City journal. [volume] (Kansas City, Mo.) 1897-1928, 1899-11-15
tion which prevents a citizen of one state
from suing another state.

Judge Horizons Statement.
Judge Horton said in his opening state
ment:
The Stock Yards Company is a private corporation
In Kansas corporations are created only under
general laws. The legislature cannot pass any spe-
eial act comforting corporate powers
The company has no legal monopoly. no power
10 exercise the right of eminent domain no special
privileges conferred by the state The business is
open to all oomers. The state has simply author
zed the company to transact the business described
IN MS charter. That and nothing more.
The Stock Yards Company. since it became the
owner OF its yards. has secured to locate in the
persistent and continued efforts and the payment
OF so9LsU.10. great beef. pork and mutton pack
hg sstaeIshments. with large capacity for the
s.aughtertng Of live stock. amounting in 1886 TO
Ss7 cattle. S. asl calves eass hogs and ss5
sheep. "a 3assresating $50, 7ss head of stock;
VIII be noticed from his report that the master
valued the naked land. then valued the improve
ents separate and apart therefrom and then valued
the personal property separate and apart from the
improvements and the land He did not value
the property Of the Stock Yards Company used as
unit. taxing into consideration the to which it
s put ano All the elements making up its aggre-
gate value He did not include in the reasonable
value OF the property the proportionate part of
means by which the Stock Yards Company's business
Is carried on-a value existing TO an appreciable
throushout the entire domain of its operation
,ea. me statutory rates prescribed by the act of
issI had been in force in 1885, then the total net
income would have been only s1s5.54.73. which is
ApptoAimstey 1r - per cent upon the stock
The act OF March 3d. 1887 does not attempt tn
regulate all OF the sources of income The NET in
come from the sources regulated is reduced a frsc-
tion over IS per cent, so that in arriving a, the
proper result the entire net income should be con-
sras, as reduced 40 per cent. and the remainder
ueated as the true test of the act
Applying this rule to the business of 1896 the
sh,, ne. income .1so so reduced would have
ss.ee0.o0o. and L. per cent on $40 900 oo0.
Class Lesi.Iation.
Then Judge Horton gave several reasons
why the law should be knocked out.
The first point made was that the law
he said: H
1t is true that the act in controversy does not
specincaiiy name the Kansas City Stock Yards Com
pany. yet the proceedings of the house and senate
oil the legislature OF the state of Kansas on Feb
ruary and TO- 1887 as the act itself so re.
Ter and describe the Kansas City stock yards that
there can be no question with regard to the app,ica
tion of the law to those yards and those only: and
this is substantially the same naming the COM
pany. =
The second point made was that the act
gives the state extra territorial force in
that 1t attempts to regulate rates charged
In missouri as well Kansas.
The third point raised was that the court
below erred in not fixing the value on it
as nVing and going concern, instead of
as a dead concern.
= The fourth point made was that the real
value OF the property is between s.. .500O 600
and S10,0o0,O0o To sustain this point the
evidence of the expert witnesses put on the
stand by the company are given. 1t is
also contended that the market value of
the stock is the real value.
The intangible property Of corporation" said
he. and Its franchises exercised in connection with
the tangible property which It holds. create a sub
stantive matter of value II the rule established by
the supreme court be applied to the present value
OF the property Of the stock yards company then
the court must hnd its value TO have been. during
the year 1886. sl0o2o.4 $50. because at that time
there outstanding 81, 3ss, coo stock the
share
of sl00 par value. There has been change since
January !. 1897. in the amount OF the business.
physical conditions. connections efficiency OF the
plant of the stock yards company. considered an
entirety and going concern