Clinch Valley news. [volume] (Jeffersonville, Va.) 18??-2019, 1920-05-14
SAY HUGE PROFITS RAISE LIy-
ING COST.

Washington, May 7.-Profiteerinr
during the war and since the arms
tice, should be blamed for the hirh
cost of living, and not any increase
of wages to workmen, was the asser-
ton made to the Railroad Labor
Board by w. Jet Lauck, former sec
rotary of the War Labor Board. who
appeared in behalf of the seventeen
railway brotherhoods and unions. "No
sane man can fail to realize" he said.
that the present situation is the
gravest since 1860, and in the light
OF the evidence no unprecedented citi-
zen can fail to place the blame upon
the capitalists and financers who have
seized upon the suffering and sacriii-
flce OF nation at war rs a means
OF ACKNOWLEDGEMENT such as the world
has never known before.
PROBABLY the most aggravating
factor in the situation from the la,
Dor standpoint Is that the same
powerful interests which are so man
lfestiy exploiting the needs Of the
public and the toll of the workers
have embarked upon deliberate
campaign Of propaganda and misrep
resentatlon to fasten upon labor the
responsibility for high prices: in 9th
er words, to play off the two sets of
victims, the public and the workers.
against each other.
1T cannot be denied that this eff
fort, plain to the worker whose
struggle to maintain his family in
decency is daily becoming more pre-
carious. Is tanning the flames of
discomfort and making the United
States fertile field for the prop
agandists of violent economic revo-
luton
at is our purpose with cold facts
to expose the Misrepresentation heap
ed upon railroad employees, and 9th
er classes of American Workers."
Mr.. Lauck said he had made an
exhaustive study, which proved:
That the combined corporations OF
the country earned in net profits ap-
proximately $4,000, 100000 more per
year during the three years, 19lG-17-
IL, than during the three years pre-
war period.
That in the iron, steel and coal in
dustries $4,000, 100000 of net profit
in excess of the pre-war average
was eXacted during the three war
years, constituting virtually levy of
$40 upon every man, woman and
child in the United States.
That 5000 corporations earned in
net profits more than 100 per cent.
per year on their capital stock dur
ing the three war years.
That 6,724 corporations showed net
profits of more than so per cent. and
that 10000 earned from 20 to so per
cent.
That the average profits during the
three war years of all corporations
in the United States with net in
comes of $1,000,000 or more approx
imated "a per cent. per year on their
capital.
That these increased profits are not
due to increased production, showing
that this great group of corporations,
controlling products essential to daily
life, made profits sufficient to replace
the entire value Of their capital stock
within period of slightly more than
four years.
That the disclosures do not reveal
completely the extent of corporate
profiteering, since corporations have
to conceal the full measure of their
Sht hiBsy QUILL 90 SNCGSoiNC
ions for depreciation, payment of
astoundingly excessive salaries and
grossly fictitious royalties and rents.
That for the four years, 1916-17-1S
10, corporate profits, not inclusive of
royalties, rents, excessive salaries,
stock, stock dividends or any other
form Of compensation, cost each fam
lily of five in the United States to-
tai of $1,000:
During this same period the aver
age income of these families totallcd
for the four years less than $1,000, so
that the toll exacted as profits by
corporations constitute more than
one-fifth of the family income.
That instead of labor costs being
the initial force increating increas-
ing costs of living, wage increases
have Jagged behind price increases;
that prices were pushed up by fac
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