united: states 165 



companies, all the big -packing-houses, the cattle loan com-' 

 panies, stockyard banks, rendering works, and similar institu-': 

 tions found at stockyards, are owned and controlled by four 

 or five individuals ; and as these stockyards are what establish 

 the price of live-stock in the United States, it follows quite 

 naturally that these few individuals who own these institutions 

 are in a position to control. For a number of years these: 

 individuals — and it is no harm to mention their names,' for 

 they are so familiar to all of us that they come into our minds 

 immediately, namely, Armour, Swift, Morris, Cudahy — were 

 satisfied with the packing-house business, and limited their 

 operations to slaughtering and selling meat animals and their 

 products; however, within the past dozen years they have 

 been acquiring the stockyard companies, establishing cattle 

 loan companies, and other market enterprises that, as a matter 

 of fact, are distinct and' separate from the slaughtering business. 

 They own stockyards -at Kansas City, South Omaha. East 

 St. Louis, St. Joseph,' Sioux City, St. Paul, Oklahoma, Fort 

 Worth, Portland and' Denver. 



"'It seems reasonable . that the company buying your 

 product on the open -market should not be the owner of the 

 facilities you use to preparethe same for its purchase ; or that 

 the man who sells your:product should not be indebted and 

 under obligations to the man who buys it ; or that a stockman 

 who borrows money should not borrow money for feeding from 

 the man he must sell to." 



' For controlling prices and increasing the power of price- 

 making, the ownership of a stockyard by a packing-house is 

 one of the most complete means. 



'If the owners of the 'yard company are the same people 

 who buy the cattle everyday from the commission company,' 

 and who finance the' commission firm through a cattle-loan 

 company or bank, the^ situation becomes very different, for the 

 commission merchant must be on good terms with the people 

 who buy from him, and he fears if he is not friendly with them 

 that they may discriminate against him. 



' This is just an explanation of one situation that to-day 

 exists at most of the markets in the United States, and it is 

 realised not only by the commission men and buyers in the 



