New-York tribune., 1920-10-27
Packers Offer
Modified Plan
OF Segregation
Swift and Armour Pro.
pose to Turn Over Ter
minals, Yards and Mar
ket Papers to Syndicate
Aim to Meet =. S. Ideas
Court to Supervise Execu-
ton of Agreements and
All Stock Transactions

WASHINGTON, Oct. 26.-The Swift
and Armour packing companies to-day
filed in the District of Columbia Su-
preme Court new plan for disposing
of their interest in stockyards, termi-
nal railroads and market newspapers,
under which +. H. Prince & Co., Bos-
ton bankers, would organize a synd-
cate to buy the stock in those enter
prises.
This proposal is substitute for a
plan filed in the court several months
ago, under which F. H. Prince & Co.
we're to have organized a holding COM
pany to take over the yards Of the
big five packers. The Department of
Justice opposed that plan, and the pro-
posal filed to-day is an effort, in which
three of the packers did not join, to
find new way of separating them
selves from the enterprises.
The Department of Justice was given
until November by the court TO file
objections to the new proposal. and
November 16 was set as the date for
the argument of the plan. Morris &
Co. and the Cudahy Packing Company
were given until the last named date
to negotate for admittance TO the new
proposal or for the sale otherwise Of
their stockyards holdings. 1t is un-
derstood that Wilson e. Co. agreed to
the new proposal, although they took
no part in the application.
Yards to Be Offered to Public
Under the proposal, T. H. Prince &
Co. would organize the United Stock
Yards, Inc, under the laws of Maine
to take over the stock in the principal
yards held by the packers, while the
other yards not named in the agree
ment would be offered for sale by the
packers to the public
The common stock of this syndicate
alone would have voting power and il
would be issued or transferred to five
trustees to be named by the District
Of Columbia Supreme Court which
would supervise the carrying out OF
leases or operating agreements entered
into between the United Stock Yards
Inc, and the Chicago Stock Yards. Inc
or others to whom would be given the
actual operations of the yards
The United Stock Yards, Inc, woulc
pc cdpltdIlIeu Dy issues OF IlrSt pre-
ferred shares, second preferred share:
and common shares Of stock and bS
notes. Livestock growers and com.
mission men would have preference il
the purchase of the shares of the new
company.
"As full compensation Hereunder,
says the proposal, "and for its guar
anty Of the notes Of the holding com
pany and for its services in .inancin,
additions and betterments from tim,
to time during the said period tn
United Stock Yards, Inc. will pay o
cause to be paid to the Chicago Stocl
Yards Company 100000 per annum
The said leases or operating agree
ments shall provide that there shall b,
no restraint of free and open competi
ton in respect to the purchase ant
sale Of livestock in the yards. or an,
of them, nor any combination III re
straint of trade, and that no packe
shall exercise directly or indirectly an.
control or influence over the operation
Of said yards, or any of them"
While offering no specific objection
to the new plan. the Department OF
Justice announced that it would insis'
upon certain provisions in the decree
of the court APPROVING the plan