The Richmond Virginian. (Richmond, Va.) 1910-1920, 1920-01-10
Ah HBFI llII6

Chicago. ILL.,, Jan. o.---SharehoIders OF
Swift and company resent any impJi-
cation Of prohteering. according to
President Louis +. Swift in his address
At ths annual m Atiag Of -tha- company
yesterday afternoon. because the
company were urged to get in debt for
the company's securities or something
else worth while and when they got
out of debt to get In agsin. Announces
ment Of the retirement Of r. 3. Hay
ward, secretary Of the company, was
made. An employees relations DEPART
ment. with John Calder as Its head.
las been established to cultivate the
human element In the personnel of the
packing business. Willingness Of Swift
and company to divorce Itself from
holdings in public stockyards. stock
yard terminal railroads and stockyard
newspapers was expressed. In his ad-
dress, Mr.. swift said:
Every shareholder of Swift and
company naturally resents criticism OF
the company and he resents more than
anything else the implication Of prof
iteering.' Swift and company n not
Il have said before to employees of
Swift and company Get in debt. I.
has turned out to be a good thing.
Many employees have told me that go
ing into debt to buy Swift and com
pany stock was the best thing they
ever did financially. that III has beet,
the means of their acquiring a perma-
nent investment returning a reasonable
income that they otherwise would not
have had. l say agair---get In debt. not
for clothing or for Injuries. but Tor
some investment of intrinsic value
that is worth saving for. As soon as
you get one thing paid up buy some.
thing else and get in debt again.
I'VE hope that all the employees who
purchase Swift and company stock will
hold 1t as an investment. and l feel
sure that they will find 1t worth their
while.
There will be change in the Of
fee of the sec rotary of Swift and
company. r. s. Hayward who has
been secretary since 1911 is retiring
from business. He Is one of our oldest
employees. having started with the COM
pany thirty years ago as auditor at
Kansas City and having been success
siyely a plant manager. general office
manager at Chicago and secretary. We
are sorry to lose him, but he has
earned the rest which he lis DESTROYS
Of taking and In leaving he has the
friendship and best wishes of all his
former associates.
1--WE have recently established a de-
partment of employees relations under
the direction of John Calder. IT VIII
be our Abject through this department
TO cultivate and further the human ell
ement in our business. We now have
5000 employees who have shown
their interest in the company by
subscribing for its shares. With our
Employees Benefit Association, which
last year took care of 300 persons
and paid benefits amounting OF $685.
600, and our Pension Fund and vari-
Gus social activities. we feel that
Swift and companyfi2 q good concern
to be associated with and we are try
ing to make il better.
Your directors have for some time.
as evidenced by the segregations that
have been made, had in mind to con-
fine the business of Swift and COM
pany to the activities directly related
to the slaughter OF meat animals and
the products therfrom and to the
handling Of what ia called produce.
namely, poultry. butter. eggs and
cheese.
while we have felt that we have
had a perfect right both morally and
LOCALLY to be engaged in any related
lines that we could manufacture and
distribute economically, there Seems
to have been a certain amount Of
public sentiment against one packing
concern being engaged in many diff
ferent lines of business. Orr fntrer-
est in thes businesses has been per-
fectly legitimate from every point Of
view but We Rave nevertheless though
Ii best to dispose Of the more remotely
connected enterprises.
Swift & Company therefore ex-
presses willingness to dispose OF It's
interest In Public Stockyards. Stock
Yard Terminal Railroads. Stock Yard
Newspapers. II q legal way can be
found. and to discontinue to handle
various lines. principally canned goods
and few minor articles which have
been sold In small quantities but
which do not aggregate more than
per cent of our total business
I'VE trust that the public will real
ize that we have raads these con-
operate in al'avin~ thn agitation
sions with a~sincere desire to CO.
to the public at large.
I'VE called your attention last year
to the high inventory prices and to
the fact that shrinking in values
would be bound to occur sooner or
lateE Such q shriHkage has occurred
and has produced drop in earnings.
as our figures viii show.
Considering the decline which In
consequence of the withdrawal Of for
eign buyers from the market last fall
and the low price of foreign exchange
affecting our exports we have done
fairly we'll, having paid per cent
dividends aad carried $3.s86.72134 TO
surplus account.
Our total Gales were over $780,
100000. Our profit was equivalent
to LIS cents on each dollar of sales
of all kinds OF products
The present Wholesale price Of
meats ar\ much lower than they were
year ago and are lower in proper
ton than other food products.'