The Chattanooga news. [volume] (Chattanooga, Tenn.) 1891-1939, 1919-01-29
FROM OFFICE
TO PRESIDENT
Romantic Story Of Rise of
One Of Big Five
Packers.
De MES COMBINATION
Testimony of Thomas Wilson
Shows Typical American
Business Career.

Business Career.
Washington, Jan. 29.---The Ave big
packers cleaned up profits aggregat-
ing $40,695,935 in the year ended
Oct. 81, 1918, or Sc per cent. on a
total investment of s714.6S7204. Total
sales Of the big five" for that period
amounted to 81. .400.0 900. 600, with a net
profit Of 1.6 per cent on sales.
Thomas f. Wilson. of Chicago.
president of Wilson & Co., disclosed
these figures today when he appeared
before the house interstate commerce
commission in opposition to proposed
packing house legislation.
Washington, Jan. 29.--Twenty-
eight years ago Thomas e. Wilson
was a clerk in a minor capacity in
the employ of Morris & Co. Today
he is the principal figure In Thomas
F.. Wilson & Co., ranking fourth of
the "big five" packers. The roman
tic story Of his rise---a typical Amer
lean business career--was today un-
folded before the members of the
house interstate commerce committee.
who are holding packers hearing
preparatory to reporting out packer
legislation.
Wilson rose to be president of
Morris & Co.. he told the committee
members, and "the business was
prosperous, my relations pleasant
and altogether, had I been so in
clined. ! could have rested on my
laurels. so to speak, but when the
proposition was presented to me by
the bankers, / saw an opportunity of
taking hold of a property which was
offered me to reconstruct and to
build up and put on it's feet big
business in line was familiar with.
I had no assurance other than con-
fidence in myself and optimism as to
the future that the change was
about to make would be a good one
for myself. The point wish to make
Is that the plan, which afterwards
worked out successfully to the graft
fication of myself, was more from the
standpoint of success than the money
involved and was to a certain extent
In the beginning a gamble. and | am
glad to be here and have the oppor-
tuntty OF justifying my conduct of
Wilson & Co., as well as my relation
to the packing industry as whole.
Holds Control.
First" he continued, IT wish to
say that the controlling interest in
Wilson & Co. is held by myself and
my friends. In fact. contrary to the
statements, made, a very negligible
anisunt istieid by the original bank
ness when took charge.
He stated that in his opinion, ex-
listing control was enough--that of
the bureau Of animal industry of the
department Of agriculture in the
nF hn b,,
reau Of markets in the stockyards.
"T will qualify this further" Will
son added. "by saying that the actual
ownership of the yards as demon
strated in our case has no bearing
upon the success of the packing in
dustry except insofar as I have pre-
viously stated. am convinced that
efficient management under private
control is more assured and efficient
management Of stockyards is second
only to efficiency in the packing
house industry.
Benefits Shipper.
"Under the present plan Of con-
centrated markets. the shipper Is as
sured Of a demand for whatever kind
and whatever numbers of stocks he
ships in. AS before stated, / am
ination in the purchase---one buyer
having as much access and getting
as good a price as any ohtre buyer,
be he large or small. This Is evil
denced by the fact that right in Chi
cagQ there are a great many medium
and small size killing plants, whose
growth within the past few years
speaks for itself, and 1 am quite frank
n ~ I haA
OF them would say he has been ham
pered or discriminated against in
the purchase OF livestock"
Denies Comb alton.
Wilson, as did all other packers.
who preceded him. flatly denied the
assertions of the federal trade COM
mission that there was combina-
ton between the big five" and said
that no significance should be at
tached to isolated letters taken from
their files showing that all the pack
ers were familiar more or less with
each Others moves, saying that this
was business and that their profit,
being on such volume of business.
and the rapidity with which their
product must move, made this
knowledge necessary If severe loses
were not to be entailed.
Wilson then told of how the SulZ-
berger firm had got into financial diff
ficulties and led up to the time OF its
reorganization as Wilson & Com
pany. with himself at the head. He
denied that he or any other packers,
so far as he knew, had co-operated as
TO crush the Albert Lea Packing COM
pany, of Albert Lea, MINI, and the
HORNED Platt, at Austin. MINI, and
stated that Wilson & Company's oper-
ations had always been along the lines
of legitimate business competition. Re-
ferring to several failures Of co-opera-
tive packers. charged to him by Fran
els ]. Heney, special counsel for the
federal trade commission, Wilson said
that upon investigation every failure
would have been found due to lack OF
adequate capital or inefficient manage
ment.
His company, he said. had no interest
in Chicago or any other western
stockyards, and its purchases OF live
stock are made principally in yards