The Connecticut labor news., 1922-06-09

has been worked overtime. Every to promote the passage of this bill. the true facts largely concealed from
 The proponents of this bill endeaV- or to make 1t appear that the issue to be determined IS whether or not we shall have an American Merchant Marine; they insist that those favor ing an American Merchant Marine must support this bill, and that those who do not support this bill are op- posed to an American Merchant Ma rine. These contentious are all abso- lutely false.
 1 am sure that every member of both the Committees considering the pending bill is heartily in favor of an American Merchant Marine, and this is doubtless true as to every member of Congress. However, many of us are convinced that the present bill as a whole is not only vicious in princi- pie and very bad in form, but also that 1t will impose tremendous addi- tional burdens upon the already over taxed people without materially aid ing in the sound and permanent main tenance of an American Merchant Marine. It would be a subsidy upon inef6ciency and extravaganza, and would insure the continuance of such practices. As shown in the hearings the disadvantages existing against the operation of ships under the Amer ican flag are overcome by the advant- ages in their favor. ,'~ 4H~ Here Are Some Profits.
 American ships, if honestly financed and eflceintly operated, can compete with foreign ships, as many of them have done in he mast and many of them are doing today, without sub sidies. Various ship operators testi- fled at the hearings and not one of them even claimed that his line was losing money now, although it is uni versally admitted that this is the worst time in the history of shipping.
 Not only have at least most of the American private-owned lines made profits during peace times, but practi- cally all of them made fabulous pro- fits during the year. For instance, the Lukenbach Steamship Company made ret profit on it's capital stock of 666.o% for 1917, and 2362% for IoI6. The American-H Hawaiian Steam ship Company paid a dividend of 2oo% in 1916 and 4o5@o in 1917. The Dollar Steamship Line made a net profit on it's capital stock of 322.o% during IoI6, the Pacific Mail Steam ship Company made net profit on its capital stock of 82%o for 1917, and dur ing the years 1oI5-1o2o made net income of 365.3%. The Atlantic, Gulf and West Indies Lines earned net profit of more than their entire cap ital stock during the years IoI5-Io2o; the United Fruit Company made net income of $o4, I47, 500, during 1915 to fol of 900, which was increased to $Ioo,- GOO, 900 upon the issuance of stock dividends of Ioo% in 1920; during those years, it added $66, ,I76,4oo to surplus.
 The Standard Oil Company and United States Steel Corporation op- erated large number of ships in the transport of their own products, and would be entitled to the subsidies and other aids provided by the pending bill; it is unnecessary for me to call attention to the enormous profits which these infant industries" have already made.
 All of the facts and figures thus given, as we'll as much other data along the same lines, appear in the record of the hearings.
 Encourages, Favoritism, Graft,
 Corruption.
 The pending Ship Subsidy Bill is a most remarkable one in many re- spects It confers the most autocratic power and the widest discretion per haps ever conferred upon any other Board It affords boundless oppor- tunities for faovritism, graft and cor ruption. Under it's provisions, the Shipping Board is authorized to usurp powers properly belonging to and now exercised by the President, the Secretary of State, the Secretary of the Treasury, the Secretary of War, the Secretary of the Navy, the Secretary of Labor, the Secretary of Commerce, the Postmaster General, and the Congress.
 The bill authorizes the Shipping Board to declare valid or invalid any existing agreements between com mon carriers by water and common carriers by land, although some con tracts have been sustained by the courts and others have been decalred invalid; so that the Shipping Board is authorized to usurp power of the judiciary, including the United States Supreme Court, if 1t so wills.
 The pending bill proposes to so amend the present law as to elimin ate competitive biddings, and also to authorize the sale of ships without advertisement if authorized by five members of the board Such sale shall be made at such prices and on such terms and conditions as the board may prescribe, but the compile ton of the payment of the purchase price and interest shall not be de- ferred more than IS years after the