Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1919-01-30
Heney Continues. to Peck at
Swift, Produces Trade Let
ters Which Keep Company
President Busy Answering.
SALARY OF WILSON is
$125,000, IS STATEMENT
Government Control of Meat
Industry Would Be Bad for
Both Producers and Con-
Sumers, FjnancierS Assert.

NV AosNiaa JOURNAL srsc,AL ItA-Ep ~,sul
Washington, Jan. 29.--While I.ouis
F. Swift, president of Swift & Co.
was being cross examined today be-
fore the senate agricultural commit
tee as TO whether the five big pack
ers had combined to control meat
prices and markets, Edward f. Cud-
any, president of the Cudahy Packing
company, and r, +. Wilson. president
OF Wilson Il Co. told the house inter-
state commerce committee that pend
ms Legislation to regulate the meat
packing industry was unnecessary
Both Mr.. Cudahy and Mr. Wilson
said the investigation of the industry
conducted by the federal trade COM
mission was unfair and biased and
that II should not he used as the basis
for action by congress, They de-
clared that If a complete and impair
tial investigation 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 prob
ably were sincere, but 20 added that
they started off with a fixed idea re-
garding the packers and were unable
to get rid of it,
Favors Complete Publicity
Mr. Cudahy declared the packers
would favor complete and better
publicity of the facts" and said that il
this We're coupled with friendly CO.
operation far better results would be
attained than by more legislation.
Both presidents declared that the
high efficiency of the packing indus
try would be destroyed ii controlled
pt. IA cd ht+t hn
said individual initiative and expert
e-int tas tssentiatl ta@SI.e s.taeGss OF
the business
Francis j. Heney. chief counsel for
the trade commission in the investi-
cations of the packers, again conduct
ed the cross questioning of Mr.. Swift
today before the senate committee
He inquired into speculative transac-
tlons in Swift stocks as well as into
alleged attempts of the big packing
concerns to control prices and markets.
Reads Trade letters.
Mr., Heney produced number of
letters passing between representa-
tives of Swift & Co. and those of other
and other matters, and asked Mr.
Swift to place his own construction
on them The witness said the fact
that the letters had been exchanged
was evidence there was competition
between the companies.
But wasn't the purpose to prevent
whatever competition there might
have been? ?" asked NJ Heney.
II don't think so" Mr.. Swift re-
piled. you know statesmen resort to
all sorts Of practices to fool the other
fellow"
In one of the letters read by M.
.t,&t
warned an agent of Wilson & Co. that
unless that lattsr concern stopped it's
efforts to sell meat in Fresno. Calf,
Swift & Co. would enter the Los An
geles market.
Wasn't that threat to keep Will
son out of Fresno and prevent him
from entering Swift and Company's
territory" Mr.. Heney asked.
1T simply means that they were
competing" replied MIR. Swift
Before the house committee, Mr..
Wilson advised against government
control or ownership of stoekyards
and refrigerators cars.
Under present circumstances COM
petition and efficiency of stock yards
are assured" he said. There is no
discrimination in favor of the large
packers. one buyer having as much
access to the market and getting as
good a price as another large or
small. What the condition under gov
ernment control would be is Il ques-
ton"
Communicating of the refrigerator
cars owned by the packers would be
unjust, Mr. Wilson said, adding that
1t would be more equitable for the
government to build additional cars
and endeavor to make up the present
deficiency.
Mr. Wilson said his company enter
ed the canning industry because its
branch houses were operating at
loss and it was necessary to take on
other products to increase the volume
of sales.
IL Paid Huge salary.
Explaining his part in the organ
tzation of Wilson and Company, Mr..
Wilson said bankers holding the
SchwarZsch hild and Sulzberger COM
pany stocks offered him $125, 600
year, 81, 500, 900 of common stock and
an option on sS,500000 worth more
at $40 a share to take over the COM
pany, He said he agreed and left
Morris and Company of which he was
president. The amount of stock of
Wilson and Company now held by the
original banking group who re-
financed the business was negligible,
he said
Chairman Sims asked Mr. Wilson il
he believed he was worth the $125,-
0O0 IA year the company paid him.
Since ! have taken the company
over, the stock has ipcreased from S.
a share to above par, <Mr Wilson re-
piled. and 1t has become one of the
five largest packers"
MIR. Sims said he was opposed to
large salaries In general because he
believed they were looked upon with
suspicion by the laboring classes and
might cause unres..
But in your case, he added II be.
lievc the LARGE salary Is Justified"