The Bridgeport times and evening farmer., 1919-08-05
Five Packers Control And
 Restrict Meat Of Nation
Report is Made of Their Influence Over Live Stock Market Prices Dominion Over Manufacture and Distribution and Ownership of Immense Stockyards.

Washiu Eton, Aug. 4-Part III of t1le Federal Trade Commissions report on tho meat packers is entitled Meth Uds of the Five Packers in controlling the meat packing industry and deals with the big packers control of the stockyaG-Gs and their related facilities, their influence over live stock market prices. their dominion over the man. ufacturc and distribution of meat products with particular reference to their branch house and cold storage systems
 Incidental 70 the tracing of the onwnerships and controls of th's pack CTS in siockyards, the Commission uncovered the remarkable financial devi-c known as the Bearer War rant and devotes considerable at tention to 1t.
 The Commission says that the Bearer Warrant device is such that 1t might be used not only to complete ly hide true ownership but is equally effective in making possible the eva sion of income. corporation and sur taxes if 1t came into more general use.
 Briefly a Bearer Warrant" is a re- ccivit for q stock certificate. The certificate itself runs to the treasurer of ths corporation and he issues a re- ceipt or warrant for it. The warrant runs to "bearer" and the dividends can be collected and the stock actual ly voted without even the officers of the corporation knowing who the stockholder is.
 The device was discovered by the Commission in its search for the true ownership of certain Chicago stock yard interests and it prevented the Comnissi on from fully determining the identity of the real stockholders.
 The Chicago yards. yard railways and adjacent real estate development, are operated by companies whose stock Is owned by the Chicago June ton Railways and Union Stock Yards Co. of New Jersey, which in turn is controlled by the Chicago Stock Yards Co. of Maine. Bearer War rants' for 19.4 per cent. of the Maine company stock have been identified as belonging to J. ogden Armouh, president of Armour S CO.
 In the sS,0OO,0O0 deal superimpos- ing the Maine corporation over con troI of the Chicago yards-and in which in 1911. S7,0OO.0O0 of stock was exchanged for a ty-pewrit ten document known as "The Plan" and the original capitalization of s1,- 0OO, 900 increased to SS,0OO,OOO with out additional cash investment-J. ogden Armour. the Commission found paid in s19, ,OOO in cash, receiving s1,- 552.oO0 of stock in the Maine com pany. On this stock he had drawn in dividends $162,96o more than his investm ent; and he will continue to draw his 1924 per cent. of all the earnings the Maine company is able to realize on it's control of the New Jersey corpora ton
 How the Big Five packers, Swift S5 Co, Armour & O., Wilson & Co.,, Morris G O.. and the Cudahy Pack ing Co., control the American meat products; their dominion over the dis tribution of products through their refrigerator cars, branch houses and cold storage plaints-is set out in the report today.
 The five great packers have used their numerous stock yards to increase l their control over the livestock mar l loet and the meat packing industry as | a whole, the Commission believes, and | it summarizes their control as fol | lows:
 "1- Although there are 50 stock | yards in the United States at which