Evening star. [volume] (Washington, D.C.) 1854-1972, 1917-12-25
!. 0. ARMOUR DENIES
CONCEA[|NG STOCK
Records Show Interest IN
Stockyards Was Reported,
He Asserts.

CHICAGO. December 25.-J. Ogden
Armour says the statement made by
counsel for the Federal Trade Commits
sion. which is investigating packing
plants. to the effect that Armour
& Co. did not disclose it's owner
ship OF interest in the Chicago
stockyards until federal agents seized
between F. II. Prince
of Boston and Mr.. Armour was contro-
verted by the records. Mr.. Armour
said:
Our records show that on October
80 we delivered to an examiner for the
Federal Trade Commission. Hravttz
by name, written statement. COM
piled at his request Under the head
was included the specific item showing
that we had acquired by purchase one
NTH Of the capital stock of the Chica-
go Stockyards Company
Mr.. Armour said that the charge that
Armour & Co. had been able TO in
crease Its stock from s20.000,0o0 to
500. 100000 as a result of its invest
ment in the stockyards company was
not true. In 1910. the time the stock
yards was purchased. he said. the COM
blned capital and surplus of Armour
& Co. was ss3.sS3.313.
Answers Their Charges.
Mr.. Armour answered two other
| charges previously made at the hear
| ing in Washington, saying:
"It is charged that our dealing in but
ter. eggs. poultry, cheese. fruits, fish and
vegetables is an attempt ut alleged
monopolies of these products. I deny
that our engaging in these kindred lines
has had the effect of increasing the cost
of meat. and unaualifedly state that our
aim and result in entering these lines OF
business were to decrease the cost Of dis
| tribution and marketing OF meat.
The charge that an attempt had been
| made by Armour & Co. to conceal true
| ownership in subsidiary and auxiliary
companies by having the stock in such
concerns held in the name OF individuals.
Mr.. Armour said. was untrue. He ex-
planned that the laws of Illinois forbade
| an Illinois corporation to own stock in
other corporations. although almost all
other states did not forbid such owner
| ship.
Investigation Is Welcomed.
"It has therefore become necessary"
added Mr.. Armour. that we permit such
| stock to be held by individuals for the
benefit of our corporation. and in doing
| this we have done what we believe IL
| the practice of every large corporation
Incorporated under the laws of Illinois.
whose business is other than local within
the state. 1t was not done to conceal the
| facts from the government or the public.
The only alternative would be to with
| draw from the state Loyalty to Chicago
| and Illinois. in which reside. has always
\ caused me to feel that Armour e. Co.
should remain an Illinois corporation.
| We welcomed this investigation,
feeling that it would give the public
| information to which II is entitled.
showing the legitimate reasons for the
| present high cost of meat. and we have
| thrown open to the commission our
books and records and stand ready to
aid them in every way possible along
constructive lines"
| Arrangements for resumption of the
Federal Trade Commissions investiga-
tion of the packers at Boston Thursday
afternoon were completed after a re-
quest by long-distance telephone had
| obtained the use of the Federal build
! ing there. Francis J. Heney. counsel
| for the commission, will conduct the
hearing. At least one member of the
| commission will be present The list
| of witnesses has not been announced