Wilson vs. Swift

After a stockholders' meeting that lasted from 3 in the afternoon to 12:30 at night, stockholders of Wilson & Co., famed packers, refused to adopt a plan of financing which called for the issuance of 250,000 shares of prior preference stock. Opposition to the plan was headed by the New York Stock Exchange firm of Tucker, Bartholomew & Co. which represented existing preferred stockholders, among who are included a few members of the Swift family, also famed packers.

Thomas E. Wilson, in a special letter to the stockholders, assailed the Swift interests as competitors and opponents of his financial plans. He stated that a majority of the common stockholders, who were most affected by his scheme of financing, were in favor of it. He could not, however, secure the needed two-thirds vote, and his plan consequently fell through. Partly to conserve working capital and partly perhaps as a tit-for-tat with the rebellious preferred stockholders, the 'dividend on the latter issue was passed.

Said Mr. Wilson: "It is most unfortunate that interests in charge of one of the company's largest competitors should thus have been able to block the plan which was recommended to the stockholders for favorable action by those in closest touch with the company's affairs and having its interests most at heart."