, If a vf three prrrvEt a nrut'i numrrnua rntic prW . A. three - The butinna jirwt
VVC8TON LEADER " " ... . V ' ... . j i ..it n tm-km to
. - . . . aaJra ( llult r emTTinj inr iimr n n(M h pur wtwm w. www , .... - - "
TW Year-
Ni Moalha
t m tUmOm
" ' 9 j n OmI i4 the Mni I-rWr, by km e-f the fotrrtunrflt.
Ibe way Veritable piratical rnli-r- '
The hi nackcra m&lr l"iniil t rampairninc
tbm art- mr; buiww- - inrlud- me in Irancr. ujv1.tt1-J tttr (v- Kaorr Hill Ik cheerful J cumnicroal tutvmk hown-ahem one
riMf. Mir i.
rvMuni of hari kart.
'MM ft WW
MrAk Ain't ntui l ! run-
. tmmej, to be eurr, tmi n a mrf .
On aw mv i)rif tmnnl vol- ' much journalo emrtry to micM. areing a bw no frre rk-
ttmr ef buMBoa nd Jtid orpii- urr thai it aupprnw thr puMic. eme Ihr way of ountr) rdiKirv
Tbry do buinr i a P M-mrt l-'i m-iarKO
It u rather an intcmtmg quca
tkm a to whether Hrrr Kurhlmann
Sine a ion f iirfKT, but b a pan or panned German."
n riH full of rve; nor iwnarka the esteemed Evening Tel.
i I Sir any brandy to flavor the efrara.
mince lc. ao
i .1.11, li lu rrfrrenrr to the ar aa
Uc lluni are tmAing )it4hrtic "fnwrlrts bkwdhrd' U tar nrar
(4a-ro. hile lite onra are et the Autr-ilun(artaa gurrn-
if thr devil ia
MttlTONN IATC it!.
Rtyatar. nr incfc par t irtba He frurtKm of a cent per pound of
Truatw, ftMft hrrtoa w purt, handrd. and if Ihrr rre
Ucala, rer toa par tna.ittaw KrWr pM
If 7 nnt U liri the Kair. rt mrrrnnrnt pmre the pr-J.
wiJI help to practice on War Sav- U U
in, Stamps. wW -d jnrread
c bb e-rat prkea to the rooMjmrr. Momner,
Cndr Sam eontiaoea ta kick the their profiu are not wasted, but
w rMi nmr.. tmut larfely r k
i. Ma ia order to enable tbein to merely fnukin
ccz9eB9E9r eoduct their operationa on the en- fnrtf - tho i4.
It dorm't w to t that a err- ormooa acale requirrd by war rt- "' " 1 ' 'a
taia col lection of dornicks on Water ditkma. It ia prvbabW that the A McAk i running about r-
tMii Me t in4meti with rovernmeet in-stintori do not try thin ele. we wouldn't mind
- in thrir eleetH atlertu4rjt
nw-diunu f. Ihr eUliai of
thrir eap.
nrawww
TV Hum hae lf un lu find
Ihe fwn( earr in lb dirert of
IWelin.
wmwaai i mi i
rop jrour tun, Mr. Hun -
You are done!
Bettrr run. Mr. Hun- -
We'e begun!
If you do nut you will awell
And emit a aicry amell
And your place will aurr be bell
In the tun!
The German appear to have
ment haa ever come to rrfrettinx be, M into errur in auptuwing
its worae than arnteleaa demalwla that their was a military natinn.
Utwa Serbia. mJum
torral Kixh haa takeo uer the
iwdleton'a Wottrf day na 110
and Wfn'i only 102. n "
of many food reaaona ahy ti
unfortunate county aratera ourhl
to m"e up here rn nuure.
We are rrmin.W aain of me.
Unly'a hni to tht fmeral rffr. t
that the KaiT didn't raur Im
Croww prince to be aoldier.
We are moved to remind you.
KaUrr Bill, that "prkW forth I
f.e a fall and a haurhty ipint
befur det ruction."
aBwwnnwmHBavs
HarUn T. I'ell. 17 yeara old. ah-t
himaelf in the tempt with an au
tomatic pitol at IVndlcton yter
day, and died om afterward.
Qurntin Roojevelt dcl in a man- ot of running- the German army
i cither a oarful or an understand the probkina of the tprninf thia abtrt over to him while nrr brfittin a brave knieht of the an-l w ill try to are that it doef t
ornamental purpoaa. packer any more than the pntre- we f to tne mountain lor a apeii. air ana ru;uuu frmjeman. s
Die Wratfalt haa rrturned from
Portland, having compared Wealim
with the mrtropota ' ,np l'rr'
diaadvantage-
Hiw f tale. Herbert Uakrr.
Aw the aekepe ??eSteg??
Plain Facts About the Meat Business
The Federal Trade Commission in its recent report on
war profits stated that the five large meat packers have
been profiteering and that they have a monopoly of the
market
These conclusions, if fair and just, are matters of serious
concern not only to those engaged in the meat packing
business but to every other citizen of our country.
The figures given on profits are misleading and the state
ment that the packers have a monopoly is unsupported
by the facts.
The packers mentioned in the report stand ready to
prove their profits reasonable and necessary.
The meat business is one of the largest American indus
tries. Any citizen who would familiarize himself with
its details must be prepared for large totals.
The report states that the aggregate profits of four large
packers were $140,000,000 for the three war years.
This sum is compared with $19,000,000 as the average
annual profit for, the three years before the war, making
it appear that the war profit was $121,000,000 greater
than the pre-war profit
This compares a three-year profit with a one-year profit
a manifestly unfair method of comparison. It is not
only misleading, but the Federal Trade Commission ap
parently has made a mistake in the figures themselves.
The aggregate three-year profit of $140,000,000 was 1
earned on, sales of over four and a half billion dollars.
It means about three cents on each dollar of sales or a
mere fraction of a cent per pound of product
Packers' profits are a negligible factor in prices of live
Etock and meats. No other large business is conducted
on such small margins of profit
Furthermore and this is very important only a small
portion of this profit has been paid in dividends. The
balance has been put back into the businesses. It had to
be as you realize when you consider the problems the
packers have had to solve and solve quickly during
these war years.
To conduct this business in war times, with higher costs
and the necessity of paying two or three times the former
pices for livestock, has required the use of two or three
times the ordinary amount of working capital The ad
ditional profit makes only a fair return on this, and as
has been stated, the larger portion of the profits earned
has been used to finance huge stocks of goods and to pro
vide additions and improvements made necessary by the
enormous demands of our army and navy and the Allies.
If you are a business man you will appreciate the signifi
cance of these facts. If you are unacquainted w ith bus
iness, talk this matter over with some business acquaint
ancewith your banker, say and ask him to compare
pofits of the packing industry with those of any other
large industry at the present time.
No evidence is offered by the Federal Trade Commission
in support of the statement that the large packers have
a monopoly. The Commission's own reort shows the
large number and importance of other packers.
NThe packers mentioned in the statement stand ready to
prove to any fair minded person that they are in keen
competition with each other, and that they have no power
to manipulate prices.
If this were not true they would not dare to make this
positive statement
Furthermore, government figures show that the five
large packers mentioned in the report account for only
about one-third of the meat business of the country.
They wish it were possible to interest you in the details of
their business. Of how, for instance, they can sell dress
ed beef for less than the cost of the live animal, owing to
utilization of by-products, and of the wonderful
story of the methods of distribution throughout this
broad land, as well as in other countries.
The five packers mentioned feel justified in cooperating
with each other to the extent of together presenting this
public statement , ,
They have been able to do a big job for your government
in its time of need; they have met all the war time de
mands promptly and completely and they are willing to
trust their case to the fair-mindedness of the American
people with the facts before them.
Armour and Company
Cudahy Packing Co.
Morris & Company
Swift & Company
Wilson & Company