OCR Interpretation

The day book. (Chicago, Ill.) 1911-1917, December 29, 1911, Image 3

Image and text provided by University of Illinois at Urbana-Champaign Library, Urbana, IL

Persistent link: http://chroniclingamerica.loc.gov/lccn/sn83045487/1911-12-29/ed-1/seq-3/

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- -..-- -viiyr"Js"
7 T-W-v
Co., of -New" York for assistance
in floating a pool'.
Veeder- explained that on Jan
uary 10, 1903, when the packers
were consulting: with representa
tives !of 'the FirstJational Bank'
of New York (StandardfQil) and
Jacoh Schiff, manager cf'Kuhn,
Loeb & Go., the First ,National
held their notes for $8,000,000.
It was then brought ou that
Schiff straightened out the finan
"cial troubles of the "packers, and
securedrfor them the loa"n of $15,
000,000 which' brought the Na:
tional Packing Company into ex
istence. Copies of notes signed by Mor
ris, Armour and Swift for this
money were introduced and iden
tified. ,
Veeder's testimony leads to
, ward, the belief that fear of a
world combine-of the Britfsh in
dustries jwas the first thing that
caused' the, packers seridusly to
entertain notions of a billion-tioLj
far trus.t wtih 70 per cenf 'water,
in it. r
British agents were already on
the ground here when Lord Pan
mure Gordon spoke to Gustavus
Swift; it. appears. Gordon was,
only "feeling" out" Swift, and
Swiff "became frightened. -
He.didn'tX become so awfully
frightened, however, because the
buying of the Fowler and Ham
mond interests, gave the packers
control of Mitchell's company-,
limited, and. Kill ett's, , limited,
both of which did an immense
business in" Great Britain, while
the purchase of the Anglo-American
covered the Canadian field.
According to the government
attorneys, only the enmity roused
among British capitalists .by the
Chicago Beef Barons prevented
Armour, Swift arid company from
gaining a monopoly in the British
.,' !
.. ,
"We share profits vith our employes' "says the steel'trust. Yoi
do, eh ? How tnuch;? ' v
." "Why, the great sum of $1,200,000 a year," is the answer. )uite
a pile, isn't it? But lrito how many parts is that "money sliced ?
Oh, about 200,000!' That iV$6.00 a year, 50 cents amonth, 2 cents
a day forjhe individual workman! '
And hqw much did Mr. Morgan get. for his brief job in -organs
izing the "steel trust? About $20,000,000! And how much surplus
profit has the trust pjled up ip addition to dividends profit repre
sented by betterments made with earningsand by surplus cash hi
the treasury? About $50,000,000. ,
Biit it's, all right they give' their workmen a bonus of 2 cents
a day. That's "snaring profits!"

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