The Cecil Whig. [volume] (Elkton, Md.) 1841-current, 1912-02-10


the future time when they are sold. His
fresh beef must be sold instantly, and in
order to have a basis for accounting, and
for comparison Of results, he must have
measuring stick" showing the esti-
mated cost of the beef. This can only
be done by ESTIMATING the value Of
the by-products. For this reason, the
cost system" evolved itself out of
business necessity, and not for an illegal
purpoes, as alleged by the Indictment
Third. Each city branch house is in
direct competition with do ems of others
no less than 1900 in the eastern States
and the buyers are dealers who are go
ing from one to the other shopping"
The conditions are competitive to a high
degree, and it is impossible to fix prices
from Chicago, or from anywhere. Each
sale is on independent judgment No
request price is a DIRECTION, because
the underlying direct instruction is to
sell the perishable product before Sat-
urday, and not carry it ovar, and prices
must be made, as the market develops.
Prices are not fixed and controlled, from
Chicago.
Here the speaker came to what he call
ed the vitals OF the case
The Sherman Act, ike all other laws,
has not only letter, but spirit. 1t
was designed to correct an evil.
1t is PUBLIC INJU~Y which the act
seeks to prevent. Therefore this indct-
ment alleges that the supposed acts of
defendants HAVE RESULTED IN THE
FIXIN AND CONTROLLING OF PRICES
FOR FRESH MEATS BY THESE ne
PENDANTS; and not only this, but have
resulted in the fixing of ARTIFICALLY
HIGH AND INFLATED PRICES FOR
FRESH MEATS. On this issue the most
substantial proof that could exist, would
be evidence of that result which always
follows when persons have, and exer-
else, THE POWER to fix and control
prices. In the case, passed upon the
greed of human nature, there is always
present the fixing of HIGH AND EXOR-
BITANT PRICES.
The best evidence of the existence of
such a combination as is alleged and of
its successful workings, would be the
procuring of EXCESSIVE PRICES, which
would be INFLATED, as the indictment
alleges they are, and which would there
fore give to the parties to that COM
bination an EXTRAORDINARY INFLAT-
ED AND UNUSUAL PROFIT TO THEM
SELVES.
1t is with this that the public is con-
cerned. This Indictment has no standing
in this court, or anywhere else, except
upon the basic underlying proposition
THAT THE PUBLIC HAS BEEN IN
! nd hot
which prevails in the land, has been
brought about by EXCESSIVE PRICES,
and consequent EXCESSIVE PROFITS,
demanded and eXacted from the public,
by these defendants, through their al
legged unlawful combination. This is the
underlying complaint which stands be-
fore this court in this Indictment The
very best evidence that a combination
controlled and fixed prices, and was able
to, and did so fix and control them,
would be found in the excessive profits
that accrue from that combination; and
the best evidence to disprove the exist
ence of such control and fixing of prices
would be the correlative fact THAT
THERE ARE NO SUCH $..FLATED
J RICES, AND NO SUCH INFLATED
PROFITS. The one great question which
in my mind is the most vital in this con-
tention is, HAS THE PUBLIC BEEN IN
Swift & Company is corporation hav-
ing capital stock of S75,00O,O 900 and a
surplus of $24,OOO,OO0. Its volume of bust
ness during the period covered by this
indictment approXmates $2500OO,OOO per
annum. These operations are carried on
by an army of approximately 10000 peo-
pie.
The books and records recording all
of these facts, kept by dozens of people,
are open and accessible, and they neces-
sarily truly record the result of these
operations. The evidence will show the
prices that have been paid by Swift C
Company for the live stock which they
have purchased from day to day; the
prices which they have realized from
their sales of fresh meat from day to
day: the cost Of operating that business
from day to day. also there will be fur
nished to you the complete and final re-
suits and profits. 1t will be laid before
you in exact figures, precisely what Swift
4, ba