STUDIES IN SECURITIES

least 7% dividends since 1899 and turned $84,000,000 remaining
earnings to surplus.

Comparison of gross sales and net earnings of Swift in 1926 with
some of the other largest American corporations follows:

Sales
Swill & C0... vee .-..% 950,000,000
U. 8. Steel Corp......... .. 1,508,000,000
American Tel. & Tel. Co... 823,000,000
Pennsylvania R. R....... 710,000,000
General Motors Corp....... *,058,000,000
Standard Oil Co. of N. J..- 1,283,000,000

Net

$ 15,645,000
116,667,000
155,061,000
67,568,000
176,085,000
117,652,000

The place of Swift & Co. among leading industrials is further
borne out by an inventory of property which includes: 30 packing
 plants, 70 dairy plants, over 500 branch houses and sales
agencies, 600 car routes with 7,000 refrigerator cars to supply
fresh meats to 10,000 smaller cities and towns, and 80 foreign
offices placing Swift products on sale in every civilized country.

By five year stages up to 1924, and then the two years 1925 and
1926, the financial record follows:
Total Dividends
1900-04...  ....$ 8,398,000
1905-09... «vo 16,712,000
1910-14.......... 24,937,000
1915-19.......... 40,501,000
1920-24.......... 60,000,000
1925-26 . 24,000,000

On $150,000,000 capital stock, the earnings have been as below
against 8% dividend each year:
1926... .........104% 1923... 0... 000
1925... ........10.3 B020 ry crassa
1924 . Eb 1027 1088... i vi 5.2

Net return from by-products including hides diminished from
over $18 per head of cattle in 1915 and 1916 to less than $12 within
ten years. Considering that Swift in 1926 slaughtered 16,970,000
animals (including sheep and hogs besides cattle) the importance
of conditions in fertilizer and leather industries is clear.
Funded debt and bank loans, exceeding $200,000,000 beginning
1920 when inventories were inflated, steadily declined to $86,973,-000
 as of November 6, 1926, ahead of $150,000,000 capital stock.
Book value of the latter was $149 after reserves.
As of November 6, 1926, current liabilities were $31,951,000 and
current assets $203,969,000, of which cash was $11,026,000.
With a 42-year unbroken dividend record (7% 1899-1915 and 8%
and extras since) under continuous family management, Swift &
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