) . / £b nji UNITED STATES DEPARTMENT OF AGRICULTURE Bureau of Agricultural Economics DOLLAR SALES, CAPITALIZATION AND EARNINGS OF LEADING FOOD AND TOBACCO CORPORATIONS By A. C. Hoffman, Agricultural Economist Washington, D. C. February 1938 1 ^UNIV. OF FL LIB. DOCUMENTS D^PT 1 - - 1 U.S. DE DRY r DOLLAR SALES, CAPITALIZATION AND EARNINGS OF LEADING FOOD AND TOBACCO CORPORATIONS By A. C. Hoffman, zl Agricultural Economist Contents Page Introduction 1 Dollar sales of leading food corporations 2 Grocery chains 3 Dairy companies 3 Meat packers 4 Flour millers 4 Fruit and vegetable canners 5 Miscellaneous food corporations 5 Capitalization . . . . „ 6 Earnings 7 Ratios of earnings fo capitalization 7 Margins of profit 8 Introduction Large-scale corporations have become increasingly important in the processing and distribution of farm products during the last 20 years. This development is exemplified by the growth of the national chain-store systems, dairy corporations, baking companies, and similar- sized organizations in nearly all branches of the food and tobacco industries. Basic to this development has been the application of new methods of processing, manufacturing, and distributing farm products. Some of these methods could be used to advantage only by large concerns. Other factors have been the improved means of transportation and com- munication which have made it possible to conduct business enterprise on a wider scale. As a result of this development, new marketing methods and new channels of distribution have grown up alongside of the old. 1/ The writer wishes to acknowledge his indebtedness to John F. McShea, principal fiscal accountant, Field Investigation Section, Agricultural Adjustment Administration, who assisted with the accounting phases of this study; and to Joseph F. Herrick, Jr. who did the computations. - 2 - American farmers have an interest in this subject for two reasons: first, they want the distributing mechanism for their prod- ucts to be as efficient as possible; and, second, they realize that as the marketing system becomes concentrated into fewer hands there is an increasing need for public scrutiny and regulation in order to prevent unfair trade practices and monopolistic gains at the expense of farmers or the consuming public. The first part of this report summarizes trends in the amounts of business done by leading food corporations and compares these amounts with the totals for their respective lines of industry. The second part deals with the earnings of these corporations. The statistics of the corporations were compiled mainly from their consolidated balance sheets and income accounts as reported in Moody's Manual of "Investments. For the years since 1934, the data were checked with the financial reports filed by the corporations with the Securities and Exchange Commission. The methods used in handling the "data are explained later in the text and in the table footnotes. It should be emphasized that the earnings ratios and profit margins shown in tables 10 and 11 cannot be used t^ indicate that profits in any particular industry are either reasonable or unreason- able at any given time. Moreover, comparisons of these ratios for different industry groups will not serve as an accurate measure of the relative rates of return on invested capital in such groups. The figures as to earnings shown in this report are mainly for the purpose of indicating relative changes in profitability from year to year, for which purpose they are thought to be reasonably satisfactory. Dollar S ales of Leading Food Corporations The annual dollar sales of 21 leading food corporations, by industry groups, for the period 1919 to 1936, are shown in figures 1 to 6. The industry groups include (1) grocery chains, (2) dairy companies, (3) meat packers, (4) flour millers, (5) fruit and vegetable canners, and (6) miscellaneous food corporations. There are other large companies in other branches of the food and tobacco industries, but their sales could not be shown because they do not report them in their financial statements. Sales of the leading corporations in each of the above groups are compared with the total volume of business done by all handlers engaged in the same type of enterprise, as indicated by census figures. (See heavy line at top of charts. ) These comparisons can- not be used in all cases to show the exact percentages of the total business done by the corporations, but they provide a good indication of the relative growth of such corporations during the last 15 years. -•3 - Grocery chains Dollar sales of the five leading grocery chains for the period 1919-36 are given in figure 1. The chart also shows an estimate of the total sales of all grocery and combination (that is, groceries and meats) stores, based on the Census of Distribution. The scale of the chart is logarithmic so that the slope of the lines indicates the per- centage change in dollar sales. All of the five chains shoxved a tremendous growth in volume of business during the 1920's, most of them having increased it at least five-fold. But this rapid expansion was halted at least temporarily by the depression. Since that time the dollar sales of the grocery chains have fluctuated approximately in proportion to changes in food prices. In terms of physical volume of food products handled, their business has shown comparatively little growth since 1929. The combined sales of these five chains amounted, in 1929, to about $1,805, 000, 0C0, or almost 25 percent of the total business done in all grocery and combination stores, §/ as reported by the U. S. Census of Distribution. Their percentage in 1935 was approximately the same as that of 1929. The Great Atlantic & Pacific Tea Company, largest of the chains, showed sales in excess of $1,00^,000,000 in 1929, which was about 14 percent of the total business of all grocery and combina- tion stores as reported for that year. Dairy companies In the dairy industry the two most important corporations are the National Dairy Products Corporation and The Borden Company. Both control extensive facilities for manufacturing dairy products and for distributing fluid milk. The National Dairy Products Corporation was incorporated in 1923 and rapidly acquired control of fluid milk facili- ties in most of the larger cities of the country. In 1930 it purchased the properties and assets of the Kraft Phenix Cheese Corporation, which gave it control of extensive facilities for the processing and distri- bution of cheese and related products. The Borden Company is about the same size as the National Dairy Products Corporation and engages in the same general type of business. The sales of the four leading dairy corporations, as compared with an estimate of the total sales value of all dairy products, are shown in figure 2. The Borden Company more than trebled its sales from 1921 to 1929, while the National Dairy Products Corporation expanded its business from about $20,000,000 in 1924 to almost $375,000,000 in 1930. Two smaller dairy companies, the Beatrice Creamery Company and the Fairmont Creamery Company, have remained 2/ Does not include sales of fruit markets, delicatessen stores, meat shops, and miscellaneous food retailers. - 4 - largely in the field of butter manufacture and produce distribution. They are sizable companies and operate on a national basis, but they have not shown the growth of the first two conpani- . A comparison of the sales of the four leading dair -anies with t timated value of all dairy products is not entirely satis- factory because the dairy companies handle some* things other than milk products. It is evident, however, that th<=> proportion of the dairy products handled by such companies has increased greatly durir. \ ~ ~ last 10 years. As of 1925, the combined sales of these four companies represented 15 percent of the estimated value of dairy products as given by census figures; in 1929, 35 percent; and in 1935, 39 percent. Large-scale handling of dairy products is not confined to the above-mentioned dair.. anies. The meat packers have for years been important factors in the distribution of butter and cheese. The two big packers (Swift and Armour) rank next to the National Dairy Prod- ucts Corporation and The Borden Company in volume of milk products handled. Mention should also be made of the Carnation Company and the Pet Milk Company, the two largest manufacturers of condensed and evaporated milk. Next to thei 1 V.' Li bouse Milk Company, sub- sidiary of the Great Atlantic and pacific Tea Co: keat packers Meat packing is an industry which for many years has been large- ly centralized in the hands of a few large packing corporations. The last 15 years have therefore not witnessed the changes that have taken place in most of the other food industries. During and immediately following the Jforld War there was some tendency toward decentralization in meat packing as small interior packers sprang up throughout the Corn Belt. More recently, however, the lar ; c packers have acquired some of these interior plants, so that control is again tending slightly toward centralization, although slaughter still remains partially decentralized. The sales of the four leading packers since 1919 are she. figure 3. The position of these com s, both in relation to each other and to the industry as a whole, has no- atly in the last 15 years. Swift and Armour did a business of around a billion dollars in 1929, as compared with 310 million dollars for Wilson and 268 million for Cudahy. T i hined sales of Swift and Armour were 64 percent of the total value of packing house products in 1921, 55 per- cent in 1929, and ' it in 1935. The proportion of meat products handled by these two firms is not sc ; as the above percentage would Lcate, for their dollar sales includ "oducts ether than meats. Flour : 1 rs Flour millin xires considerable Ltal and for years has been c arr i b d n by local firms of fair size. It was not until the - D - last 15 or 20 years, however, that these firms have been consolidated into organizations of national scope. The largo st corporation engaged in flour milling is General Mills, incorporated. This corporation was formed in 1920 for the purpose of acquiring the business and properties of a number of exist- in:;; companies which were sizable enterprises in themselves. Net sales of General Mills for the year 193 6 were about 160 million dollars. The next largest company is the Pillsbury Flour Mills Company, whose sales in 1936 were about 69 million dollars. Third in size is th^ Oomnander-Larabee Corporation, control of which passed to the Archer-Baniels-Midland Company in 1930. The flour sales of these three companies amounted in 1935 to 29 percent of the total flour sales for the United States in that year. 3/ Fruity and veget able c ann er s . .. Although the bulk of the fruit and vegetable pack is still put up by small, independent canne'rs, there has been a notable trend in the direction of large-scale organization in this industry since the World War. The two largest canning films are the California Packing Corpora- tion and Libby, McNeill and Libby, The former was incorporated in 1916 to consolidate the properties of several packing firms in California. Most of its canning operations are on the Pacific Coast, but it also has some plants in the Middle West. Libby, McNeill and Libby was at one time operated as a subsidiary of Swift and Company, but this rela- tionship was ordered to be broken by the terms of the Packers' Consent Decree. In addition to these two firms, there are a half-dozen or more companies with a volume of business roughly comparable to that of the Minnesota Valley Canning Company, whose sales are shown in figure 5 along with those of the California Packing Corporation and Libby, McNeill and Libby. Most of these canning corporations have been organ- ized since the World War and represent a definite change in an industry formerly comprised almost entirely of small firms. Miscellaneous food corporations Two of the most ramified food companies are the General Foods Corporation and Standard Brands, Inc. During the 1920' s these two companies acquired the plant facilities and the patent rights of a large number of food products. For the most part these products are made under special patented processes and are highly-advertised. 3_/ Federal Trade Commission, Agricultural Income Inquiry, Vol. 2, Chapter IV, page 576. (Unpublished. ) - 6 - The General Foods Corporation was incorporated in 1922 as the Post urn Cereal Company, this name having been changed to the prese. title in 1929. The organization manufactures and sells more than a score of food products, some of which are well-known cereals, jello, chocolate products, cake flour, tapioca, and coffees. General Foods D controls patents for the quick-freezing of food products. Standard Brands, Inc. is a slightly smaller organization of e type as General Foods. Among its products are a nationally advertised coffee, bailing powder, yeast, and other products. Dollar sales of both these corporations increased tremendously during the 1920 's as new products were added under their expansion program (fig. 6). At the outset of the depression this prorram was brought to a stop at least temporarily. There have been few important acquisitions by either of the companies since that time. Capitalization The total capitalization of 30 leading food and tobacco -c: - panies for the years 1921-36 is shown in table 7. The capitalization of each corporation represents the sum of its outstanding sto~k, surplus, surplus reserves, and long term debt, minus any intangible items such as patents and goodwill. The figures thus provide a rough measure of the total tangible investments of the various companies, except in so far as they may have changed their capitalization through a revaluation of their assets. Some of the companies had investments in securities and fixed assets that were not used in conneution with their principal business enterprises. In most cases these could not be separated satisfactorily on the basis of the published financial statements and were therefore not deducted from the capitalization as shown. A change in the capitalization of a corporation may represent either or both of two things: (1) a change in investment due tc t growth of the business; and (2) a revaluation of the assets (either up or down). Most of the increase in the capitalization of the various corporations prior to 1930 represents an increase in investment due to expansion of the business enterprise, although some of it may also have been due to a writing-up of their asset values. Wherever the amount of such appreciation was reflected in the published financial state- ments - and usually it was not - a deduction for it was made from the capitalization as described above. The increase in capitalization prior to 1930 is shown in table 7 to have been most marked in the case of the grocer; ins and the dairy companies. It will be recalled from the previous discussion (page 3) that it was in these fields of food distribution that sane of the most striking large-scale developments occurred during the 1920's. Only the big meat packers, whose preeminent position in the industry - 7 - is of years standing, failed to show a substantial capital growth from 1921 to 1930. Following 1930 the capitalization of many of the corporations showed a decrease. This decrease is due mainly to a scaling down of asset values rather than to a decrease in the actual size of the business enterprise. Earnings Table 8 gives the earnings of the same corporations whose capi- talization was shown in table 7. These earnings usually represent gross sales, minus cost of sales, operating expenses, and depreciation. In other words, they are the amount of money available for interest on bonded debt, stock dividends, and federal income taxes. In some cases the income from the outside investments of the corporations was included and in others it was not, depending on the accounting practice followed in making up the financial statement. In all cases , however , the same . measure of earnings for each company was used for_ the entire period , so that c omparisons are valid as betwee n different years . In all eight of the food and tobacco groups shown in table 8, earnings of the corporations fell off sharply as a result of the depression, but have turned up again during the last several years. The drop was particularly 'marked in the case of the meat packers and vegetable canners, some of which showed an operating deficit because of the decline in prices of inventory stocks. Earnings of the tobacco companies held, up through 1952, but dropped off nearly 50 percent in 1933. The grocery chains followed a somewhat different pattern from that of most other corporations in that their earnings declined steadily, but not precipitously, until 1936. The combined earnings of all the corporations shown in table 8 ranged from as high as 349 million dollars in 1930 to as low as 222 million in 1933 and 220 million in 1935. In 1936, the last year for which figures are available, their earnings were approximately 262 million dollars. For several industry groups (notably the chain stores, dairy companies and tobacco companies) the volume of earnings increased steadily in the years prior to 1930. This was due almost entirely to the growth of the companies involved rather than to an increasing rate of return on the invested capital. Ratios of Earnings to Capitalization The profitability of a corporate enterprise is measured by its rate of return on invested capital. It is not possible to ascertain from the balance sheets of most corporations exactly what their capital investment is. Total capitalization as described earlier will usually provide a close approximation to the amount of capital invested in the - 8 - business,-/ but in using this figure the previously-mentioned qualifi- cations as to over-capitalization and revaluation of assets should be kept in mind. Table 10 shows the ratios of earnings to capitalization for the 30 food and tobacco corporations. For reasons already pointed out the ratios shown in this table cannot be used to indicate that the profits of the corporations in any of the industry groups are reasonable or unreasonable at any given time. The significance of the ratios lies mainly in the changes that have taken place within ea?r. ' industry grou p f r om year to ; 'ear . For all the corporations taken together the ratio of earnings to capitalization varied from 15.20 percent in 1929 to as low as 9.48 >percent in 1933. (Table 10.) Beginning with 1934, the ratio turned upward and stood in 1936 at 11.89 percent. These figures indicate that despite a substantial increase in earnings during the last three years, the profitability of these corporations is still somewhat below what it was in 1929 and 1930. In the case of the grocery chains, the ratio of earnings to capitalization tended to decrease steadily during the whole period 1926-35, and in 1936 it was less than half what it had been 10 years earlier. Somewhat the same situation existed with other rapidly- growing corporations in other branches of the food industry. The meat packers and the canners were the only groups in which the ratio of earnings to capitalization had regained pre-depression levels by 1936. Margins of Profit ( Ratios of e arnings to dollar sales ) The margins of profit for the leading grocery chains, dairy companies, and meat packers are shown in table 11. These margins were computed by dividing the earnings by the dollar sales of the companies in each of these groups. The percentages thus obtained are not to be confused with the rate of profit or invested capital. What they represent is the percentage of the corporations' sales (or gross income) retained for the payment of interest, dividends, and federal income taxes. Because of differences in the type of enterprise and 4/ The Federal Trade Commission, in its recent inquiry on agricultural income, has investigated the rate of return on invested capital for many of the corporations engaged in handling food and tobacco products. The rates of return as found by the Commission (table 9) compare very closely with the ratio of earnings to capitalization as shown in this report (table 10). Such differences as there are in the two sets of figures are to be accounted for mainly by differences in accounting practice, in accounting dates, and in the number of corporations in- cluded in each industry group. - 9 - the volume of business done with a given capital investment, not much significance can be attached to a comparison of profit margins for the different industry groups. The margins are useful mainly as an indi- cation of change from year to year. For the grocery chains the margin of profit has trended down- ward almost continuously since 1926. This is true for each of the five chain systems as well as for the average of all of them. It indicates that the percentage of the consumer's dollar retained by the chains for interest and dividends is lower than it formerly was, although this does not necessarily mean that their rate of profit on invested capital is correspondingly lower. In the case of the dairy companies, profit margins averaged from 6 to 7 percent prior to the depression, dropped as low as 3.21 percent in 1934, and were 4.4 percent in 1936. The meat packers, after showing an operating deficit in 1931, have since had profit margins as high or higher than in pre-depression years. Profit margins for other food and tobacco groups could not be calculated because dollar sales were not reported in earlier years by many of the corporations. 10 SALES OF FIVE LEADING GROCERY CHAINS COMPARED WITH ESTIMATED TOTAL SALES OF ALL GROCERY STORES DOLLARS (MILLIONS) 6.000 <+.000 2.000 1.000 800 600 WO 200 100 80 60 <+0 20 10 '\$2\ 1919 US DEPARTMENT OF AGRICULTURE Data from table 1. 1923 1927 1929 1931 1933 1935 1937 NEG 32112 BUREAU OF AGRICULTURAL ECONOMICS Figure I - 11 - Table 1.- Sales of five leading grocery chains compared with estimated total food sales of all grocery and combination stores, 1919- 5-56 Year 1919 1920 1921 19 22 19 23 19 24 19 25 19 26 19 27 19 28 19 29 1930 1931 1932 1933 1934 1935 1936 Estimated total food sales all stores jy 1 , 000 do llars 6,470,456 7,132,207 5,441,065 5,735,177 6,249,372 6,249,37 2 6,543,984 6,935,151 6,985,151 7,352,791 7,352,791 3 . 543 , 984 5,955,761 5,294,010 5,35! Sales of T2T The Great :The Kroger Atlantic :Grocery & & Pacific : Baking Tea Co. ■ : Co. ?hi 1 , 000 do Hers 194 , 647 235,303 202,434 246,9^1 302,333 352,093 440,023 574,037 751,403 972,799 1,053,693 1.065,307 1,008,325 354,048 319,517 342,016 372,2<±4 907,371 1 , ooo dollars 50 44 53 74 90 116 146 151 207 285 267 244 213 205 221 229 242 705 351 754 339 125 235 009 261 373 611 094 371 160 692 175 908 273 American Stores Co. 1 , o°'0 dollars 7 6,402 103,059 36,068 35,866 94,580 98,179 108,386 116,902 120,665 137,312 143,346 142,770 135 , 226 115,454 109,337 114,365 115,867 113,388 Safeway Stores, Inc. 1,000 dollars 12,468 19,947 28,532 58,692 50,537 69 , 574 103,304 213,496 219 , 285 246,734 229,173 220,157 242,966 294,598 346,173 First "National Stores, Inc. 1 , ooo dollars 9,873 9,625 10,491 11,477 12,499 43,977 59,032 64,446 75,885 107,635 103,197 107,634 100,893 105,813 111,323 119,575 120,633 1/ Total net sales of food in grocery and combination stores for the years 1929 and 1935 were compiled from the U. S. Census of Distribution for these years. For other years sales in such stores were estimated by means of an index number based on estimated consumers' expenditures for food. (Doane, Robt. R. The Measurement of American Wealth. Table XXI 1 1 . ) 2/ Moody's Manual of Investments: Industrials. 1936 data for The Great Atlantic and Pacific Tea Co. and First National Stores, Inc., compiled from reports published in Commercial and Financial Chronicle. 12 SALES OF FOUR LEADING DAIRY COMPANIES COMPARED WITH ESTIMATED TOTAL SALES VALUE OF DAIRY PRODUCTS ( SALES OF INDIVIDUAL COMPANIES INCLUDE SOME PRODUCTS THAT ARE NOT DAIRY PRODUCTS ) DOLLARS (MILLIONS) 6.000 4.000 2.000 .000 800 600 400 200 100 80 60 40 20 1919 1921 US DEPARTMENT OF AGRICULTURE Data from tat)le 2. 1923 1925 1927 1929 1931 NEG 32111 1933 1935 1937 BUREAU OF AGRICULTURAL ECONOMICS Figure 2 j - 13 - Table 2.- Sa.U s of four leading dairy companies compared with estimated total saleo value of dairy nrcducts, 1919-36 Estimated total spies Se Los of - r'J National Fairmont Y r value of Dai ry Boa; rice The Por^en Creamery all dairy Product? Creamery Company Company products l/ Corp. Conroany CPei. ) 37 l.cnn 1 , A 00 1 , "00 i . O'" o 1 no "* d pilars dollars dollars dollars i^oil^rs 1919 1 22 , 234 1920 1 20 , 294 19 21 1,605,345 99,830 26,399 1922 : 92,059 28,565 1923 ' 1,363,333 13,569 100,245 33,521 1924 20,131 109.6 57 33,027 1925 : 1,963,933 105,277 35,051 123.253 35 , 574 1928 : 134.550 33,974 124,912 37 , 504 19 27 2,105,292 145,230 52,744 13 2 , 047 39,323 19 23 ' 212,632 53,2^7 130,850 4/ 19 2S : 2,198,575 300,021 83,682 323,467 47,747 1930 ' 374 , 558 82,311 545,423 57 51,586 1931 : 1,624,00 3 320,738 64 , 052 284,537 36,295 193 2 : 252,654 46,264 21 2 , 349 29,031 1933 : 1,311,995 221,197 44,263 18 6,201 33 , 517 1934 267, -±15 54 , 883 215,724 40,371 1935 ' 1,501,215 290,441 57,117 222.233 42,995 1936 329.172 59,667 233 ., 845 46,005 ._ ■ , . - _ _ _ . .. . l/ '"he value of fluid milk and cream sales in 1929 has 'been obtained from the 1930 Census of Distribution which shows sales by retail and wholesale distributors. For years other than 1929, Gales have been estimated on the basis of the United States retail price of fluid milk as compiled by the Bureau of Labor Statistics and the estimated consumotion of fluid milk and cream as reported by the Bureau of Agricultural Economics. These estimates of the value of fluid milk and cream sales are intended only to show the trend from year to year. 2/ Moody's Manual of Investments: Industrials. 3/ Before 1929 was known as Fairmont Creamery Co. ( Nebraska. ) 4/ Not available. 5/ Fourteen-month oeriod. 14 Sales of four leading packers compared with total value of meat products ( SALES OF MEAT PACKERS INCLUOE SOME PRODUCTS OTHER THAN MEATS ) DOLLARS (MILLIONS) 8,000 6,000 <+,000 2,000 .000 800 600 U00 200 1 L Total value of meat products as i rpnnrted bu census nf manufactures \ S* S* / L^ - \ k / » , Swift t I Co. \ V X/ ^**""*"* V^ A rmour<&. CO.S f \\ / *" ■*•""» ^^^ V/ <• Wilson 295,000 251,155 g^O QflQ 19 29 3,434,654 1,000,000 310,000 267,9 60 900,^00 1930 900,000 270,000 231,407 90^,000 1931 2,130,323 710,000 212,136 131,432 668,000 1932 539,000 145,400 133,314 468,0^0 1933 1,490,035 500,000 141,093 124,273 452, (VV) 1934 619 ,000 179,821 151,391 564,000 1935 2,362,369 767,227 223,013 130,213 683,000 1936 331,672 253,226 201,606 748,935 l/ Sales of meat packers include other nroducts than meat and meat products, and are therefore not strictly comparable with the figures shown in column 1. 2/ U. S. Piennial Census of Manufactures. 3/ Moody's Manual of Investments: Industrials. 4/ Eight-month period. 5_7 Adjusted for a twelve-month period. 16 Sales of Three leading flour milling corporations compared with total value of flour and other grain-mill products DOLLARS (MILLIONS) 6.000 \ > \ \ \ \ ! I I 4 / / / / / / > I i \ * 1 1919 1921 U. S. DEPARTMENT OF AGRICULTURE 1923 1925 1927 1929 1931 1933 1935 1937 NEG. 34066 BUREAU OF AGRICULTURAL ECONOMICS Data from tablo 5. Figure 5 - 19 - Table 5.- Sales of three leading fruit and vegetable earners compared with total value of canned and dried fruits, vegetables, jellies, etc. , 1919-36 Year 1919 1920 1921 1922 1923 19 24 19 25 1926 1927 19 28 1929 1930 1931 1932 1933 1934 1935 1936 Total value, canned and dried fruits, vegetables jellies, etc. l/ ~T7ooo dollars 543 , 023 365,717 515,316 616,071 572,346 750,342 513,001 439,938 649 , 644 Sates of - Q ■~?r California Packing Company 1,000 dollars 69 , 221 47,516 57,775 Libby , McNeill and Libby 1,000 dollars Minnesota Valley Canning Company I7o~o~~ dollars 57 ,440 477 59 , 635 789 64,420 990 69,776 1,100 1,154 1,591 2,352 3,423 3,647 2,476 40 316 2,166 47 459 2,875 54,336 56 142 1,699 58,188 59 875 61,750 74 392 l/ U. S. Biennial Census of Manufactures. 2/ Moody's Manual of Investments: Industrials; also Poor's Industrials. 20 SALES OF GENERAL FOODS CORPORATION AND STANDARD BRANDS, INC, 1919-30 DOLLARS (millions) 100 80 60 »0 20 ( Genera/ Foods Corp. ^ # Stan dard Brai ids, Inc.- >**— 1 \ i 1 \ 1 1 1 1 1919 1921 1923 1925 1927 1929 1931 1933 1935 1937 US. DEPARTMENT Of AGRICULTURE IUREAU Of AGAICULTlWAl. ECONOMICS Figure 6 Table 6.- Sales of General Poods Corporation and Standard Brands, Inc., 1919-36 Sales of - 1/ : : Year Sales of -y Year : General : Standard : General Standard Foods Corp. : Brands. Inc. : Foods Coro. Brands. Inc. 1,000 dollars 1,000 dollars : 1,000 dollars 1.000 dollars 1919 21,046 31,952 : : 1928 101 . 037 64,004 1920 : 21,910 32,687 : 1929 128,037 1921 : 17,774 37,194 : : 1930 117,464 89,760 1922 ' 17,877 38,507 : : 1931 88,272 1923 ' 22,205 41 , 233 : : 1932 83,535 1924 ' 24,248 46,443 : : 1933 83,281 1925 27,387 56,646 : : 1934 100,449 1926 46,896 62,952 : : 1935 109,161 102,040 1927 57,288 64,668 : : 1936 122,462 114,976 \J Moody's Manual of Investments: Industrials, not shown. Sales not given for dates a u o p- u o o o o o crf □ o -p ■P\ d rHl crf vjo ■P r^v O I o o Jj rH d •rH rp CO CC Ph (D p rH O Ph o CD CO rQ W O Sm cc Ph O cd ■POOH CD d CO o u O erf O rH - rH rH O ■d CD Ph Ph CD d CD ^ h O H LCi ,£3 rH rH Eh r^ijd- o - c\j ctn rH cp cx.vo M h- r^ -Y OPvo N-mroo o~ o K^ C\J LP rH LP,p" .H O O ftJ^D J- r—OJ" to CM O Of\jj-^-J- r-P CM r\jc\j CMCMCMCMCMCMCM'M'M LP LT\ J- rH VD jH- LPVD r— CO ,~t VD h— t-P.p- r— CM ITi O ^ tU ITi LP LP. 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