The Connecticut labor news., 1922-03-10

such an extent that hte net Operatln 1921, v9as $51,51o,47S, compared with 1920.
 The, Delaware, l.ackawanna & Western Railroad company officially reports the best year in it's history. So great was the profit that in August a 100 per cent. stock dividend was de- clared and at the end of the year the earnings were $II.32 share on this $Io,ooo, ,ooo. Part of these profits were due to the Lackawanna's coal hold ings.
 The Delaware & Hudson, another railroad company with coal holdings, reported the biggest gross earnings. The surplus after charges is stated to be $2,ooo, 900, equivalent to $7.o3 a share of outstanding stock.
 The surplus of the New York, Chi cago & St. Louis for 1921 was $3,- 100000, equivalent to $Io.56 a share on all classes of stock.
 Industries furnishing equipment to the railroads made unusual profits in sion. Baldwin Locomotive Works earned $5,ooo, ,ooo net for common stock, or $2o,81 share.
 The American Brake Shoe & Foun- dry Co. earned $I ,3oo,ooo net for divi- dends, or over $4 a share on common after paying per cent. on preferred capital.
 J. c. Brill Co. earned $3.56 a share.
 Adams Express earned $8o4 a share
 Railway Steel earned $4.4o a share on common stock, a decrease from SIS paid in 1920, but still enough to justify continuation of the dividend.
 The attitude of the steel companies is indicated by the statement of James A. Campbell, president of the Youngstown Sheet & Tube Co.,, who made the following statement to stockholders in connection with the proposal to further reduce wages:
 "We should dislike very much to reduce wages further because we be- lieve employees in the steel industry have already suffered greater reduc- tions in wages than those in other lines and we do not believe that the cost of living has declined sufficiently to justify it. We are not willing, however, to dissipate our capital in meeting conditions as we find them today, by selling our products at less than cost" The Youngstown Sheet & Tube Co. showed a deficit of $Io,8o6 after al- lowing for depreciation. The stock holders received dividends of $2,7oo- 900 and consequently did not suffer from the busniess depression. It was surely hard year for the company! The only people who suffered were the workmen, in spite of the naive iurthe reductions in wages are not justified. The present wage paid by the Youngstown Sheet & Tube CO. is g cents an hour.
 Among the steel companies that made earnings for 1921 are:
 American Can, $4,ooo,ooo.
 Continental Can, $8oo,ooo
 Public utilities companies generally increased their earnings in 1921 over 1920 The Pacific Telephone & Tele- graph Co. showed surplus of $3,- 100000. Mackay Companies (Postal Telegraph Commercial Cable system) showed a surplus of $4,ooo,ooo, an in crease over 1920. The North Amer ican Go. shows a surplus of SC, ,7oo,- 900, compared with $500, ,ooo in 1920
 Profits in retail stores were enorm- ous, judging by the profits of the prin- Go. reports American earnings of $I2o,ooo,ooo and earnings from Eng fish business of $45,ooo, 900.
 A large part of the earnings of big corporations would go to the United States under the excess profits tax if these did not have the protection of the courts in declaring stock divi- dends legal. It is interesting to note that Kresge was forced to declare a 54 per cent stock dividend, which meant that it retained $6,ooo,oo worth of profits III the treasury even after this declaration. The net for the common stock was $3,26o,ooo after interest, taxes, contingencies and pre- ferred dividends had been paid
 Woolworth retained $7,6oo,oo for surplus after all charges and cash dividends
 Other industrial corporations which retained surpluses after all charges and cash dividends were:
 American Ice, Associated Dry Goods, .Hrt, Schaffner & Marx, Man haitian Shirt, National Biscuit, Under wood United Fruit
 It is interesting to note that Wool worth increased working capital from $13,ooo, ,ooo to $23,ooo, ,ooo the United Fruit Co. from $2,8oo, 900 to $Io,7oo,- 900; Hart, Schaffner & Marx from $5,- 100000 to $11, 900 ooo, and many other companies Tn proportion.
 In view of some of these account ing methods Wall street is looking forward to excellent melon cuttings in future, especially if the excess prof. its tax can be forced off the statute books.
 Packers have been reducing wages to the limit under cover of the "bus- ness depression" and regardless of actual necessity. A great hue and cry about losses has been raised as an excuse, but these losses were due not to the lower price level but to the drop in prices and the necessity of writing off these losses. Wages had nothing to do with this condition. Some of the losses were due to the governments action against the mon oDolistic tendencies of the packers