The Mitchell capital. (Mitchell, Dakota [S.D.]) 1879-1918, 1911-12-28

ganization of thirty thousand men
and nearly 100 million dollars of
money invested, working for him
gathering up from the Mississippi
Valley, an animal. slaughtering and
converting that animal into fresh
meat, transporting it in r%efrigera-
tor cars to the town where the mar
lives. handling and selling 1t there
to the retail meat dealers, from
whom John Smith buys beef, ana
that the total compensation which
John Smith has paid to that great
aGensy to do that work in dess than
n fourth OF one cent per pound up
on the dressed beef; and that, COM
puted on the live weight of the cat
tie handled, it has been less than
one-eighth of one cent per pound.
Instead OF being Il public enemy
by eNacting enormous prices and
profits from the people of this coun-
try, on a commodity necessary to the
preservation of life, these packing
concerns, in fact, are the most eff
Client agency, and the most %reasona-
Bile agency. in point of profits for
their service, that exists in the eco
nomic fabric of our national life TO-
for rendering a great service to the
people of this land.
The evidence will show further
that the entire profit resulting to
Swift & Company upon its great
capital and surplus. derived from ev-
cry possible source, during the same
period, has been less than 10 per
cent annually upon its invested capt.
tai ana surplus, and less than > per
cent upon its turn over"
Great Merger Was Planned.
Chicaso.-Dctails for the plan OF
q 100000, 900 merger of the Ar
mour. Swift and Morris interests In
1902, in which the government con-
tends it was sought to merge the
meat interests of the country, were
revealed in the trial of the ten Chi
packers before the United States
district judge, George a. Carpenter.
The contract which was dated May
81, 1902, was read to the jury and
offered as evidence by counsel for the
government.
The original agreement was pro-
ruccd in court by Albert II. Needer.
attorney for Swift q Co., who was
by the government counsel.
Attorney Needer testified that the
plans for the giant merger were
and that in March, 1908,
the National Packing company was
organized to operate certain indepen-
dent packing companies purchased
with a view of including them In the
company.
Under the terms OF the agreement
The three large packing corporations
and their subsidiary companies, to-
with recently acquired indc-
pendent companies were to be merged
n giant concern; Armour,
Swift and Morris to receive bonds
and preferred stock Of the new com.
pany IN payment for the value of
tangible property. In addition
% this the promoters were to receive
s25. 900, 600 worth Of the company's
stock for intangible property
and Il large block of M stock
for their good will, this amount to
be liked by the earnings of the diff
plants during the first year
Of the new merger.
The promoters planned to borrow
ae,000,000 to finance the great cor
poration. The appraised valuation OF
Armour, Swift, Morris and their sub
.idiary companies was given at $780,
100000. Each of the three promot-
ers deposited $1,000, 900 with u Chi
,ago bank as evidence of good faith
but they We're compelled to drop the
plan on account OF the failure OF GER
tain New York capitalists to furnish
The funds needed.