The daily morning journal and courier., 1904-01-12
SWIFT & CO.'S NEW STOCK.
ONE HUNDRED THOUSAND SHARES TO BE SOLD.

Dolngs as fhe Annual Meeting Held In
 Chicago Lass Thursday-Proceeds of Sale to be Used in Purchasing Freigh
 Cars and Branch Rouses-No Packing
 Houses I'm New England Owned by
 swift & Co.
 The annual meeting of the stockhold- CTS of Swift and Company was held in the elaborate new office building of the company in Chicago on Thursday last. Of the 250,OO0 shares of stock, there were 2S0,000 shares represented at the meeting, and everything was of the most harmonious character.
 One of the principal matters consid- cred was that of authorizing the issu- ance of one hundred thousand shares of new stock, with which to purchase the 6,5O0 freight cars owned by the Swift Transportation Company Lines" and also of numerous branch houses which are controlled but now owned by Swift and Company at the present time. This vote was without a dissension.
 The treasurer of the company, L. A. Carton, of Chicago, read his annual re- port which was in part as follows: T am tempted to enumerate some of the distant places that we have 'nerved and sustained during the last twelve months The four quarters of the globe: Europe, Asia, Africa, as well as this hemisphere; the islands of the sea; from Norway to South Africa; from China to Brazil, wherever traffic blows or sgoodship goes, horns, tallow, hides or meat from our farmers; herds or ffocks are in demand in like form, and not infrequently are returned to us again in attractive makeup and meet a ready market, not far from where they started, as foreign novelties and deli catessen.'
 .sThe tonnage aggregated in round numbers $500, 100000 pounds, requiring the capacity of 175,0O0 cars of 10000 pounds each, or an average equipment during the twelve months of over 6,500 cars to handle the product from the packing house to the branch house or seaboard, as occasion required To dispose of this product we controlled 841 separate branch houses at home and abroad. Of these we own 189 in this country, and own or control sixty in foreign countries.
 .The car equipment used by us is Swift Transportation Company Lines, and consists of cars especially built and equipped with reference to our require mems. The agencies or branch houses used in this country other than those we own. are those we now seek to re- quire, and consist of ninety two houses in New England, New York state and the state of New Jersey. The Car Line and these Branch Houses the owners are now willing to sell to Swift and Company at their fair inventory value, and your directors. Messrs. Clarke, Redfield, Barnes and Carton, appointed to negotiate with the owners, recommend that the offer be accepted by Swift and Company, and that you vote to-day to authorize the purchase, and for the proposed issue of one hum dored thousand shares of new stock. The proceeds of this stock will be used in part to pay for properties mentioned and the remainder will be added to the working capital of the company.
 Your directors feel very confident of the permanent character of your busi- ness and of it's earning assets. If in a year like that from October 1902, to Oc- tober, 1908, we could earn 5000, 900, we certainly feel warranted in saying that we can do better during the coming year. To refer back, the year com menced and continued through more than half it's duration with abnormally high prices for live stock, and with the temper of the public largely antagonis- tic on account of the high price of meat This was followed by great disturbance in the money market of the country and depression, which extended to the val ues of rates at time when packers had accumulated stocks for summer trade Unprecedented floods in our western rivers did large amount of damage to your property in some places and him. dered it's operation for many weeks All of the conditions were met, the loss es overcome, and have since been wiped out I have not here enumerated labor conditions. Sufficient to say that they were probably the most trying ever known in the country.
 "We paid you one and three-auarters per cent. quarterly on your stock, or ar aggregate of per cent, equivalent te s1,75o,000, and added per cent, equiv alent to s1,25000o, to your surplus, mak. ing the book value of your stock ovel S125,0e0 per share
 With this showing it seems hardly necessary to suggest that each stock. holder should take the opportunity af forded to subscribe for his share of the proposed issue and preserve his rights