The Washington times., 1918-03-20

cat?" the answer is: Joseph 7. Cot
ton. Esquire, chief Of the meat di-
vision of the Food Administration.
The cat" in the case is the Chicago
Meat Trust. of course. And If 1t is
belled, Mr.. Cotton did 1t. But he him
self seems to have doubts. He thinks
tie way he is limiting" the trust IS
the first time anybody ever took
anything away from a packer" but
he adds: Il admit | haven't got II
yet"
This was one of number OF SINH
lar admissions he made before the
Senate Committee on Agriculture. II
had invited him to tell in full just
what he had done to the "Robber
Trust" and how lie did it. He made
good beginning, and the story will
be continued.
The point is that he limited the
packers in their "Pre-War Normal
Profit" by forbidding them to clear
more than 9 per cent on the money
and other capital mot securitles)
used D handling their meat business,
or more than Is per cent on their by
products which are supposed to aver
age about a third Of their enormous
business in meats.
There Is a nice point in the 9 per
cent arrangement. The question the
Senators wished answered was Nine
per cent OF WHAT" AS far as the
answer appears il Is Q per cent OF tle
value Of their plant" as estimated
by some one, plus all the money they
get from the public. and plus all
they have on hand. and plus all they
borrow from the banks.
In connection with this last item,
certain Senators seem to suspect
that an demonstrations Meat Baron
with the Know How might borrow
say five or ten millions at say 10
6 per cent and hold it for use IN
actual business" long enough to put
over a good thing on a coniding Gov
eminent at per cent Mr.. Cotton
admitted that there were many pos
sibilities. but explained that the = per
cent was figured on money which
must be actually used in business,
no matter what it came from.
Then there was another question
of what a "pre-war normal profit
means as the proper thing for a
hacker who is having something
taken away from him for the first
time. 1t was explained as the. nor
NAL or usual profit made by the
packers on their averages before
the beginning of the war in Europe.
As this was in 1914. people who
care to use their memories may
seem to recall in a vague, tar-ofi
way that in the presidential year
1912, and on the average of a peri
cd of ten years before, some of US
spent much breath we might better
have saved, perhaps, in denounclng
trust prices" as outrageous eX-
tortion and high-handed robbery. 1t
was about this time that a number
of the most eminent statesmen en-
gagged in making the country safe
for Democracy were promising the
magnates of the ''robber trusts
well-furnished cells in comfortable
tails. Perhaps Mr.. Cotton may
have remembered something of the
kind. He said, at any rate, that
he did not make the "pre-war nor
NAL profit" the standard. Asked
who did. he said it was done by the
Presidents proclamation.
e He testified also to the great care
he had taken to prevent prices
from being slashed to death and
to encourage the food producer.
When members of the committee
approved this. but feared that timid
producers might have lost heart
through long waiting, he said: "lf
any action of mine brings in its
train such a result. it will be fool
ish and deplorable result"
What the committee wishes TO in
sure the finid Droducer is prices of