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 pack- 
ing 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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