Show Packers Net 51 M Million in Year ear Meets September 29 1 A Y 11 MILLION IN I AXES Profit on Each Steer Stee r is s Summer Senators Senator I by Representative Swift Company an By Dy A- A rr Tress Press s W i Aug 23 Fed Fed Federal eral erill trade commission charges against the five lending leading packers on which winch th j Kenyon and Kendrick rick bills prop proposing sing license regulation of tho the industry are based were denied today before the Sen Senate tc a agriculture committee in in behalf nl of f Swift m 1 Co L. L D D. D H. H W Weld manager of the department department department de de- of business research for the Swift company was the only witness actually on the stand but his statements statements state state- ments were supplemented occasionally occasional occasional- l ly lt b by Henry Yee feeder er as general counsel coun coun- counsel sel for the company an and b by John Chaplin its general au auditor Statistical analysis of ot Swift Cos beef operations presented b by Mr Weld fixed the cost price of ot fresh beef beer to the company compan in 1911 at t HO 70 0 a n. hundredweight hundredweight hundredweight hun hun- and the selling price at atIn l Ol In InS 1018 the cost cost price had jumped per con cent t. t or to 1081 I OS 1 and the Belling selling price had increased 47 H per cent or to 1777 Prices Price During the four weeks en ending ln August Aug August Aug- Aug 16 live JI stock Mr lr Welds Weld's charts chant cost Swift 1056 a head and were slaughtered and shipped at t an expense o of 1282 15 a head Tho The beef beet In In each cuch animal brought an average of oC and hides and arid b products by-products 1196 The rho profit deduced from this was 28 23 cents a hUndred hundredweight Mr Ir Weld eld denied that an any profits not shown were concealed in the tho byproduct prod by byproduct I dh distribution and v when hen committee o members pre pressed the point Mr Ir Veeder I i I I declared that thal the tho books of or th company compau I and all It Its subsidiaries were upon open to i Its examination for verification I. I Denial was also made b by Weld Veld that 1 combined profits of oC the tho packers during durins- 1918 under under food administration control control control con con- I were as stated by Federal Trade Colver I one Fifty Jill lion Profits Tho facts fact said Mr Ir Weld are that In n 1918 the five companies earned and that after federal taxes were deducted the they earned net Under the food tood commission regulation reSu regu- atlon lation the profits were much lower than they were In 1917 In 1916 the packers packers' profits praCHt were equivalent to 1527 per cent on capital and surplus In 1917 the tho were 1828 per percent cent ent and In 1918 1915 1012 per cent I Beef Deet sales during 1918 had been lars largely at a u. lo loss he said 1 because Jo cc ot of the price fixed II by the Die food administration administration adminis- adminis ration on arm army and allied purchases You wore permitted to make more Inore under the regulations of or the food ad- ad than you OU did dil Gronna said ald Why didn't you oU do so se so Othero conditions condition did not allow It U t Mr Ir Weld responded Describes Institute The Tho Institute of or American Meat eat Packers ackers Mr dr r. r Weld eld said sad had h been beon en organized or- or nl g ed to defend the Industry ami anu was vas supported h by an assessment or half haIr cent a head on cattle callie killed b by members At one point he aid nid that l Senator Capper Caliper I Republican Kan Kansas and Sentor Sen- Sen tor C tor Kendrick Democrat Wyoming md hall Induced the tho agricultural depart depart- cI department part part- tent ment to change publicity lt statements concerning live 11 stock prices priceR In such a 1 away away wa way way as u to to bo ho unfair to the packers packer When hen the two committee m members entered den Is he explained that h his hI s statement had hall boon been based on a 0 speech made In the House and added that he accepted the denials as 08 a n. correct interpretation In- In of or tho tiro fact tact |