Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1920-12-01
MAY SEIZE sTockYARDs.
Government Begins Suit Asking For
Trustee For Properties,

ITuSNco TOR TFoPSTticSs
Washington, Dec. 1.-The govern
ment today petitioned the district
supreme court to appoint trustee
to take possession of and sell the
stock yards properties of the big
five packers.
The petition said that the packers
had failed to present suitable plan.
altho nine months had elapsed since
| they undertook to do so.
The government petition said that
on December Ia counsel would move
that decree be entered appointing
some suitable person or persons as
trustee to take possession Of and
hold, subject to the order Of the
court, all stocks, bonds or other
securities owned by any Of the de-
PENDANTS representing ownership Of
or interest in any public stock yard
market company in the United States
or any stock yard terminal railroad
In the United States or in any stock
yard market newspaper or stock yard
market journal published In the
United States, and that said trustee
or trustees, under such regulations
as the court may prescribe, be dir
eeted TO forthwith proceed TO sell and
dispose Of such interests in such a
manner as the court may direct, suit
able provisions being made in said
decree for notice to the defendants
and opportunity to be heard before
any sale by the trustees shall be con-
firmed by the court"
Tho rartnI gon Co. 49,
ment to file objections to the revised
plans presented by the packers
elapsed today.
Formal protest was made against
the joint proposal of the Armour and
Swift compnn1es in modification of
the original project of all the packers
for holding company for the stock
yards properties to be organized by
r H. Price & Go. or Boston.
The government also objected to
the separate plan presented by the
Morris Company, but secured a
weeks extension ito Tile its views as
to the Cudahy Company's plan, the
last to be presented to the court.
Opposition to the Prince holding
company scheme was based on the
contention that it would prevent
operation of the properties under
separate interests, such as stock
raisers and feeders. G4
The packers, according to the plan,
would participate in the syndicate to
the extent of two thirds, which the
government commended gave them
control, and finally the government
hat 4 all L. ~ T..
violation of the Sherman antitrust
law.
TO the Morris plan, which provides
that the company assign all its stock
to a trust company named by the
court, the government objected on
the ground that it was not in accord
with the decree requirement that the
packers. divest themselves Of their
stock yard properties.
The government also argued that
Morris & Co. would retain the right
to fix the price of securities to be
issued by the trust company, not per-
hitting the court to determine a fair
price.
The government also asserted that
not sufficient assurance was given
that the Morris Company's relation
to their stock yard properties, would
| be entirely broken off thru the re-
moval Of officers and employees.
The report Of the federal trade
commission, attched to the govern
| ments brief, recommended appoint
ment Of trustees to take over and sell
the stock yards properties. Oppor-
tunity to purchase the stock of each
yard company separately should be
given, the commission urged, sug.
costing means to accomplish that re
suit.