Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1917-12-22
EVIDENCE SHOWS THEY soUEEz-
ED SMALL FRY FROM STOCK
YARDS COMPANY
immense PROFITS FROM
FINANCIAL MANIPULATION
Trade Commission Bringing Out Sen.
sational Developments Showing Stock
Manipulation Whereby Packers Got
Dividends Both Going and Coming
Trade Secrets Brought Out in Hearing

washington, Dec. 22.-More features
Of high financing and melon cutting
by the Chicago packers, which are al
legged to account in part for the high
price Of meat. were described today in
tha testimony submitted to the federal
trade commission.
So interesting are the revelations
pronounced that the commission now
intends to inquire thoroughly into the
charges that Armour, Swift, and Nor
ris control the price Of meat from the
cattleman's range to the consumers
tables and are largely responsible for
the increased cost of living.
Francis j. Heney, counsel for the
commission, submitted documentary
evidence and elected testimony from
witnesses which he asserted estab-
lished his contention that the packers
secretly control the stock yards COM
pany and the terminal railway, that
they cut melon Of $3,a80,0o0 in reor-
ganizing the corporation, and that since
then they have drawn large dividends
in place of the secret rebates they for
merly exacted.
tTeQeIlCk w. STOll, lISaSuASA Va -
mour & Co., was placed on the stand
to tell what he knows of Armours Sc
cret ownership Of 1880 shares In the
Chicago Stock Yards Company and
$500 shares in the Chicago Junction
railway.
Does Armour & Co. own any inter-
est in the Chicago Stock Yards Com
pany?" asked Mr.. Heney.
Eyes" replied Mr.. Croll, 1890
shares"
Mr.. Croll then stated that Mr.. Ar
mour originally also had $500 shares
Of stock in the Chicago Junction rail-
way and Union Stock Yard Company;
that IL had been obtained for him by
F. H. Prince, of Boston. but 1t was
never put in Mr.. Armours name. he
sa,d that he did not know whose name
It was carried in, Mr.. Prince CONDUCT
ing the entire transaction.
Continuing with the affairs OF the
Chicago Stock Yards Company, MT.
croll said that he did not have any
correspondence with Moseley & Co.,
BOSTON bankers, while the stock was
being ACQUIRED. stating that Prince at
tended to this end Of the matter. Later,
Mr.. Croll said, Armour & Co. became
the owner Of stock Of the Chicago
stock Yards Company, the holding
company.
an what way did Armour & Co. be-
come the. owner Of this stock OF the
Chicago Stock Yards Company" Mt.
Heney asked
~. Ogden Armour" Mr.. Croll replied,
turned over the investment to Armour
& Co. so that the other stockholders
might get the benefit Of It."
Mr.. Croll said that J. Ogden Armour
owned 20 per cent of the stock OF Ar
mour & CO., the other 80 per cent being
owned by Charles w. Armour, A. Wat
son Armour, Lawrence III. Armour,
Philip d. Armour III. Mrs. P. A. Val
entine, widow of Philip D, Armour H..
Mrs. Juliana A. Ferguson, daughter Of
n. o. Armour, brother Of Philip D.
Armour T., Mrs. Mary Armour Dunn.
sister of A. Watson Armour, and an
other whose name he said he could not
recall.
did Mr.. Armour turn over to Ar
mour & Co. his interest in the $500
shares OF stock owned in the Chicago
Junction railway and Union Stock
Yards Company?"