The sun., 1919-01-30
THREE Big PACKERS
OPPOSE REGULATION
Swift Appears Before Senate
Committee and Cudahy and
Wilson Before House.
CLAIM HIGH EFFICIENCY
Two Assert That Government
Control Would Destroy
the Industry.

WASHINGTON, Jan. 29-While Louis
F. Swift. president of Swift & Co, was
being cross-examined to-day before the
Senate Agricultural Committee as to
whether the fve big packers had COM
b,ned to control meat prices and mar
kets Edward a. Cudahy, president OF
the Cudahy Packing Company, and 7.
f. Wilson, president Of Wilson & Co..
told the House Interstate Commerce
Committee that pending legislation to
regulate the meat packing industry was
unnecessary.
Both Mr.. Cudahy and Mr.. Wilson said
the investigation Of the industry con-
Quoted by the Federal Trade Commits
sion was unfair and biassed and that II
should not be used as the basis for &C
ton by Congress. They declared that
IL a complete and impartial investlga-
| ton had been made the commission
would have found that there was no
| need for legislation.
Mr. Wilson said he did not criticise
the investigators. because they probably
were sincere. but he added that they
started off with a fixed idea regarding
the packers and were unable to get rid
of It,"
Mr.. Cudahy declared the packers
| would favor complete and better pub
| licty OF the facts" and said that IL this
were coupled with friendly cooperation
far better results would be attained
| than by more legislation"
Fear Loss of Efficiency.
Both presidents declared that the high
efilcency OF the packing industry would
| be destroyed II controlled or regulated
by the Government They said indl-
ridual initiative and experience were es-
sential TO the success OF the business
| Francis j. Heney. chief counsel for
the Trade Commission in the investga-
ton of the packers, conducted the cross
questioning OF Mr.. Swift.
| Senator Norris OF Nebraska read a
newspaper account TO show there was q
N4o.31o.oo0 gain In market value in
stocks OF Swift 4 Co. Swift Interna.
| tional and Libby. Mcneil & Libby from
November. 1917, to November. 1918.
I'VE had no idea there vas going TO
be such an advance when we separated
our three concerns" said Mr.. Swift.
Swift & Co. didn't profit by the trans
action, but the $4,000 stockholders"
| But while you say Swift & Co.'S earn
ings showed a falling off last year" re-
piled Senator Norris "as matter OF
fact the three Swift companies show an
enormous increase, in the opinion OF
| stock buyers"
Mr.. Swift said he personally had not
dealt IN Swift stocks to affect the mar
ket
Have you ever bought any" asked
Mr.. Heney.
when Swift & Co. shares were selling
at so I wanted TO buy some. but didn't
have the money" said the packer.
| Uepey'a nuastiors :,
an employee OF Swift & Co. engaged in
buying and selling Swift shares for en-
ployees who paid for them on an install
ment plan.
DO any of,cials or employees buy
stock 10 run pricAs up or down." Mr.
Eerey asked
They might buy some when the mar
ket was low" said Mr.. swift
Don't you recommend to employees
TO buy stock" continued Mr. 1ieney.
when the price is favorable. espe-
cially when We issue new stock
swffts Held Is Per Cent.
Mt Swift testified that his family had
owned only about s5 per cent. of the
companys stock for the last twenty
years
Mr.. Heney produced a number of let
tiers passing among representatives OF
Swift & Co and those % other packing
companies regarding prices and other
matters and asked Mr.. Swift 20 place his
own construction on them Tho witness
said the fact that the letters had been
exchanged was evidence that there was
competition among the companies.
In one Of the letters read by Mr.. Heney
a representative OF Swift & Co warned
an agent OF Wilson 4 Co, that unless Tho
latter concern stopped Its efforts TO sell
meat in Fresno, Cal. Swift & Co would
enter the Los Angeles market
wasn't that a threat TO keep Wilson
out of Fresno and prevent him from en-
terine Swift q Co.'S territory" Mr.
Heney asked.
"It simply means that they were COM
" Gu,IF