Show p A KER 5 S SY SAY Y FEDER L. L V TRADE COMMISSIONS COMMISSION'S INQUIRY W S UNFAIR W ASHINGTON Jan 29 While While Louis F. F Swift president of Swift Cowns Co V Y was being being- examined cross today before the thc Senate agricultural committee corn com cpin- cpin as to whether the five big packers had combined to control meat prices and markets Edward A A. Cudahy president of the Cudahy Packing Packing- company and T I E. E Wilson president of Co told the House interstate commerce corn com merce committee that pending legislation to regulate the meat packing in in was unnecessary I Both Mr Ir Cudahy and Mr tr Wilson sal said I the tIme investigation atlon of ot thc the Industry conducted con- con ducted b by the tho federal l trade commission was unfair and biased and that It should not bo ho boI I used ed as the thc basis for Cor action acion action ac ac- ac- ac tion ion h by o Congress Congre s. s The They Thoy declared that If it a a. complete and antI Impartial Investigation a. tion had been ma made e the commission would have havo Coun found that there thero was no need for tor legislation Mr Ir Wilson said sahl he ho lId did not riot criticise the Investigators because they probably Were sincere but ho added that thc they started oft off with a fixed Idea regarding regard regard- ing lag the packers and were unable to get rid of ot It H Publicity I Is A anted Mr Ir Cudahy declared the tho packers would woul favor complete completo and better publicity publicity pub pub- and said that If IC licit of ot tho the facts this were ware coupled with friendly coOPeration cooperation op co far Car better results would bo be attained than by more legislatiOn Both presidents declared d that the hi high h efficiency of ot the packing packing- Industry would bo be destroyed If ir controlled or Thc They regulated by the government government- sal said hald individual Initiative and experience was essential to tho the success of or tho the busi bust I ness Francis J J. J Honey Hone chief chic counsil for forthe forthe the tho trade trado commission In the Investigation Investigation tion of t t time tho hc packers packer again agal n conducted the questioning cross of ot Mr Ir Swift to today today to to- da day before tho the Senate committee Ho lie I Inquired Into speculative transactions Into al alleged at- at In Swift stocks as al well as aM attempts of oC the big packing concerns con- con corns cerns to control prices and markets Com Competition petit hl l produced a number of ot letters let let- Mr Ir Honey Hone tore passing bet between representatives 8 of rf Swift Co and those thoo of or other packIng racking rack pack Ing Ins companies regarding prices and other matters an anti and asked Mr tr Swift to construction on them own place his The witness said Hald that the fact tact that evidence evi tho the letters had been beOn exchanged was dence donee that there was as competition be between between bo- bo I tween the companies But wa wasn't mt the purpose to prevent whatever er competition there might have havo been asked Mr jr Hene I I 1 dont don't think so Mr Ir Swift re- re Plied You know salesmen resort to all ali sorts of ot practices to fool tool the tho other othor C fellow fello In one ono of tho the letters loiters read by Mr Honey a n representative e of or Swift Co warned an agent qt Wilson Co that unless tho the latter In concern stop stopped tI Its efforts to sell meat moat in Fresno Cal the tho Los Angeles An An- Swift Co would enter geles goles market markel Threat I I hi Denied tI that a a. threat to l keep Wilson Wil- Wil him son aon out ut of ot Fresno and prevent pre from entering Swift fc Coos CoH territory Mr Ir honey asked ed the were competing com corn It simply means meana that they replied Mr Ir Swift small country Mr h rr Wilson that dealers do could buy meat macat from rein the packers pack Juck- ers era and anel sell Hell It cheaper than if It the tl on en 3 PACKERS SAY fEDERAl INQUIRY WAS UNfAIR I Continued from page 1 were killed Jellied locally Profit of or his company for or tho the last fiscal year he said sail Wf fI oa 06 per cent on tho the sales Bales anti and would have bee been loss except for largo large profits on products by-products lie It I testified that his salary was I a a. year rear find and that ho and his family faintly owned shares of ot Wilson Co stock Profits of ot the five bl big packers on products controlled b by tho food ad adI administration administration ad- ad ministration averaged 16 per cent orthe of or I the total sales and ond jG 56 G on Invested capital during tho the year eor ending October Octo Octo- h her ber r 31 last Mr Wilson told the committee committee com corn I mUtes lie He submitted a record of ot the I sales' sales compiled by the administration from the monthly statements submitted submit submit- I ted tell to it by the packers Huge In e Investment ment Sh Shown v n The total Investment of or the packers represented 71 tho the record showed whilo the profits amounted to The sales totaled 2 2200 00 i Mr Wilson stated these tI figurea figures fig fig- ures urea represented practically the entire business of ot the packers as aR the tho food oven even controlled the tho price of or products by-products 1 up Ip p to the tho first market point Mr Ir Wilson Ilson advised ael against government government govern govern- ment control or ownership of or stockyards stock stock- yards and anti refrigerator cars Under present circumstances competition competition com corn petition and efficiency o of stockyards I Iare are assured he said There Thero I 1 Is no discrimination In favor of ot the large larg I packers packer one buyer having as much access to tho the market and getting as ns asgood asgood good a a. price as another lar largo large c or small What hat the tho condition under g government control would be Is a question Commandeering of or the refrigerator cars carR owned b by the tho packers would be unjust Mr Wilson Ilson said adding that it would bo be more equitable for th tho government government gov gov- to build a additional cars and anel ende endeavor or to mal make o up Ul tho the present deI de ele- de- de I ci e n cy Branch Ilou ti n Loer Mr Wilson said his company entered tho the canning industry because Its branch houses were cre operating at a a. 10 loss lose 8 and nud It was necessary to tako take on other products to Increase tho the volume sales Explaining his part In the tho organization tion of or Wilson Co Mr Ir Wilson said bankers elS holding the company compan stocks offered him a year l of common stock and an option on worth more at 10 a 1 sharo share to take tako over th the company compan lie said he agreed and left leCt Morris it Co of or which he lie was dent The amount of or stock of or Wilson Co now held by the original banking group who refinanced tho business was I I neU negligible he said Chairman Sims asked Mr Wilson if lf r I ho lie believed he was worth tho the I a 3 year the company paid him I Since I 1 have taken the tho company compan over the stock has hag Increased from 5 a n share sharo to above par Mr Wilson replied replied re- re plied and It has become one of or the five ive largest packers packer Mr Ir Sims said he was wag opposed to large arga salaries In general because ho he believed they were vere looked upon with suspicion b by the laboring classes wad Tid might causo cause unrest st st. But in your our ca case e he added I 1 fc It j- j lieve the large larsa salary is Justified 0 t |