The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1918-06-30
sTInordinate Greed and Bare
Faced Fraud" Is Way Re-
ports Refer to Some Acts.
LARGE PROFITS
IN MANY LINES
Investigations Carefully Con-
Quoted Have Led to
Such Conclusions.

WASHINGTON, June 29.-Investi-
cations carefully conducted have led tc
the conclusion that proffteering exists
among American industries at the
present time, due in part to advant-
age being taken of war pressure for
heavy production" and in part to in
ordinate greed and bare-faced fraud, .
the federal trade comission announced
today in report sent to the senate
Outstanding features of the report
are:
THE heavy profit made by the low
cost concern under a government fixed
price for the whole country.
The heavy freight made by the meat
packers and allied industries and by
the -four nillers.
III o. lrade tendency to increase and
mainlain prices againsht the forces of
competition.
The report is based on cost findings
by the commission for the war indus
tries board. the food administration,
the fuel administration and other exc
cutive departments. on industriais,
surveys. and through enforcement of
law against unfair methods of COM
petition. The products investigated
and which the report covers are steel,
copper, zinc, nickel sulphur, lumber,
COAL petroleum and it's products, meat,
leather and leather goods. flour, canned
milk and canned salmon. Salaries
and bonus paid high offfcials were also
the subject OF inquiry
Price fixing by the government, the
report says. has tended to prevent the
market from running away but at the
same time il strengthens the stronger
factors in industry in their position
and enriches them by profits which
are without precedent
While the price of -four has been
stabilized by fixing a price for wheat
and maximum margin of profit for
-four. the report shows that profits in
vestment for the four years ending
June 80. 1916. to nearly 36 per cent
in the year ending June so. 1917.
The report declares that unprece-
dented profits are shown in a survey of
the packing industry. In this connec-
ton it is said; five meat packers, Ar
mour, Swift, Morris. Wilson and Cud-
ahy, and their subsidiary and affiii-
ated companies have monopolistfc con-
troll of the meat industry and are reach
ing out for like domination in other
products. Their reward expressed in
terms of profit. reveals that. four of
these concerns have pocketed in 1915.
1915, 1917. $4,000 900. However del
icate definition is framed for prof
teering these packers have prayed
upon the people unconsciously.''
Investigation in the coal mining in
dustry reveals in the opinion of the
commission that despite government
price-fixing large margins OF profit
have been made.
In the oil industry large profits are
now being made in fuel oil and gaso-
line. the industry being one where the
law otppiy and demani still operates.
Steel companies made abnormal
profits before the government fixed a
price for the product. and il is shown
that some have since made unusual re-
turns
In practically every one Of the other
industries covered It is shown usual
~ heavy profits have been made in
the last few years. Abnormal sal
aries are also shown TO have been paid
executive officials.