Show PROFITEERING 0 E w PE A DENIED D' D f r B BY SWIFT 1 Pr President of Concern Ded De be De Declares d dares clares ares Shareholders R Resent Re Re- sent Unfair Charge Charse I c CJ CAU Jan an 14 Shareholders 14 Shareholders o of Swi S Co Ca resent any implication o of ITO pro prof Jeering according to President Louis F. F Swift la itt his address at the annual meeting of the company because the ebl charge g. g is untrue n lo of the company were urged to it In debt for tIle the company companY's a something else worthwhile worth and whether wh ef got out of of debt to get in ago A Announcement K ounce ent of ther the r retirement of F F. F S jayward ayward secretary of the company we de A Afif relation department with Job Joh Calder as it its head has been es- es tab ell to cultivate the human ele ele- me i ng in iti the personnel of the p packing bus bull s a of Swift A k Co to divorce itse 1 from holdings In public stock stock- stockyard terminal railroads and newspapers was as ex expressed rd d. d CRITICISMS RESENTED lI In his address Mr Swift said Every very shareholder of Swift Co nat uraI resents criticism s of tho company ter he resents regents s more than h anything til else th the Implication Uon of profiteering Swift Co is Is not a a. profiteer t Q 1 have pave said ald before to of or orio Swift Co Get In debt It has baa turned out outto io to be a good l thing Many litany t m employee have hare told me the that going into debt to buy bUT Swift Co stock was the best thing thin they he ever eier did financially that It has b been en the means of their acquiring acquiring- a permanent per per- manent ma ent Investment returning a reason reason- ahl abl Income that the they otherwise would not ave ve had bad I say again get again get in debt or clothing or for luxuries but for son eoma Investment of Intrinsic value that thatis is worth forth saving 63 for As All soon as you get ret en tn paid up buy something els else and get get in n debt again VYa We hope that all the who wh pur purchase ue aee Swift Co stock will hold it its as s an investment and I t feel e sure that Je Jee they wilt find mitno it worth o their while There ere will be a change in the office of If the tte secretary of Swift C Co F F. S. S Harvard Ha who has haa been secretary since 1911 1111 Is 18 retiring from Business J He Is la one of our oldest having started with the company thirty years agoras iLs auditor at Kansas lanNS City and having been beeri successively a plant manager genc genera gen gen- era manager at Chicago and sec sec- We are sorry to lose him but buthe buthe buthe he has earned the rest which he is de desir desirous de- de sirous sir of taking and in leaving he has the friendship and best wishes of air all his former fonner associates eve W We have recently established a department de department department de- de of relations tinder the of John Calder It will be ours our ou t through h this department to cultivate and further develop the human buman ele element ent In our business We now have 3 who have shown their interest in the company by subscribing for Its shares With our Benefit Benefit Benefit Bene Bene- fit association which last year took care of persons and paid benefits amounting to and our pension fund and various social activities we fee feel that Swift Co is a 8 good concern to b be associated with and w we ar are trying to make it better RESTRICT RESTRICT- BUSINESS I tour our directors have for some time as evi evidenced by the segregations that have been made had bad it t tsi si in mind to c confine the bu ess of Swift Co to the activities dir directly cUy related to the slaughter of meat animals and nd the products and to U the e handling of what Is called produce namely poultry butter eggs and cheese Wile While le we have hava felt that thal we have haVel had hada a 8 perfect right both morally and legally legal legal- ly t to b be engaged In any related lines that we could manufacture and distribute economically eco there seems to have been beena a a. certain amount of public sentiment a one t packing concern being en enga engaged en- en ga Ed d in many different lines lined of or business Our interest In these businesses has been pert perfectly legitimate from every point of view vie but we have nevertheless thought it best em to dispose of the more remotely connected col enterprises Swift Co there there- for expressed a willingness to dispose of orUa Ms Interests In public stockyards sst ard d terminal railroads stockyard newspapers if It a 8 legal way can be Ie found and to discontinue handling various lines principally canned goods and a few minor artl have bave been sold in small qua ti es s s. s but which do not aggregate mott mor than 3 per cent of our total busl- busl n ne neW W W T TO COOPERATE oe e trust that the the public pUblic will realize tha we have bave made these concessions wit a sincere desire to cooperate In aay al allay al- al lay laying ay mg g the agitation which is harmful 1 0 to ur r business business' and to the public a at We e called your attention last y year ar arto to 10 t the e high inventory prices and to the tac fac that a shrinkage In values would be bo bound d to occur sooner occur sooner or later Such a ash sh kage has occurred and has produced a op 01 in earnings as our figures will win sh eh e considering the decline In values in eo co of ef f the withdrawal of foreign bU buy Irs rs ns from front the market last fall and andI I het Chet low ow price of foreign exchange affect affect- Ingi Ing pur ur exports we have done fairly well ha paid 8 g per cent dividends and car car- 14 to surplus account Our nur ur total sales Biles were over Ou was equivalent to cents on car dol dollar r of sales saleS' of all kinds of product prod prod- in inThe The line he present whole wholesale aIe prices of meats are ate nuch uch lower than they were a year ag and are ara lower In fn proportion than ol B lt f food d products |