The retirement of Armour and Company from all lines of production and distribution not directly associated with meats and livestock by-products, was in response to these disturbed elements of public opinion. But these restrictions of packer activities in no way affect the relations of mutual confidence and dependence between Armour and Company and the livestock producers. The fundamental things remain, and they are these: The livestock industry must continue to exist and expand; producers must be rewarded with fair profits; livestock markets must be maintained and made more convenient; and the markets for meat products must be enlarged and extended. To these basic facts Armour and Company have pinned their business faith, and upon them shaped their policy. Ninety per cent of the profits of the Company have been re-invested in the business and are represented today by great packing plants at sixteen market centers, and many branch houses throughout the country, together with refrigerator car lines connecting the livestock markets with the consuming centers of the nation. It requires no argument to show the livestock producer that his interests and profits are inseparably associated with these properties, and it is quite as plain that the necessities and conveniences of the consuming public are dependent upon and served by them. America and the world will continue to demand more and more meat and other products from livestock. Agriculture will not successfully continue without the production of meat animals. So the future reveals no reason why Armour and Company should not continue the policy of re-investing their earnings in the business that gives the most direct and substantial support to the basic industry of animal husbandry. [Illustration: The packer must, with utmost carefulness, balance his daily purchases against his daily sales.] Aspects of Big Business Explained THE simple recital of an ordinary day’s doings of Armour and Company’s beef department will make plain a number of things that may appear mysterious to a casual observer. Each day, at the opening of the market, the manager of the beef department must carefully weigh the possibilities of his sales and shipments of beef carcasses against the receipts of cattle of the quality demanded by his trade. And he must buy accordingly. The prevailing idea that, because of cold storage facilities at the packing centers, unlimited numbers of cattle of all grades and qualities can be absorbed and slaughtered, is wrong. For even though cold storage capacity were unlimited, beef cannot be held. Each day’s kill must find room in chill and storage rooms by the shipment of about an equal number of carcasses _out_ of storage to Armour’s branch houses located in all parts of the country.