The labor world., 1922-03-11

Nondltlons improved to such an
come for December, 1921. was
4O4 for the same month last yea
Best Year in History.
The Delaware. Lackawanna &
Western Railroad company official
ly reports the best year in it's history.
So great was the profit that in Au-
l gust a 100 per cent stock dividend
was declared and at the end of the
/ year the earnings were $9132 share
on this watered stock. Net earn
! ings were $19,0oO.OOO. Part of
a, these profits were due to the Lack
awanna's coal holdings.
The Delaware g. Hudson, another
trailroad company with coal hold
iings, reported the biggest gross
searnings. The surplus after charges
is stated to be $2,9O0.O0o, equiva-
stock.
The surplus Of the New York.
Chicago and St. Louis for 1921 was
$3,169,OOO, equivalent to $10.56 a
share on all classes Of stock.
Where r.. r. Profits Go.
~ Industries furnishing equipment
TO the railroads made unusual pro-
fits in 1921. in spite of the indus
trial depression. Baldwin LocOmo-
tive Works earned $5,900,00O net
for common stock. or $29.81 a share.
The American Brake Shoe and
Foundry Co., earned s1,3000,000 net
for dividends. or over 81 a share on
common after paying 7 per cent on
perferred capital.
j. G.. Brill CO. earned 1885 a
share.
Adams Expess earned sSO4 a
share
Railway Steel earned s4.49 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 compan-
les is indicate by the statement of
/. James A. Campbell, president OF the
youngstown Sheet and Tube Co,
who made the following statement to
stockholders in connection with the
proposal to further reduce wages:
Shows Some Consideration.
I'VE should dislike very much to
lieve employees in the steel industry
have already suffered greater re-
ductions in wages than those in
other lines and we do not believe
that the cost of living has decline
sufficiently to justify it. We are not
willing, however. to dissapate our
capital in meeting conditions as we
find them today, by selling our pro-
ducts at less than COST
The Youngstown Sheet &c Tube Co..
showed deficit Of $19.S96 after
allowing s3.0O0.000 for depreciation.
The stockholders received dividends
of 100000 and consequently did
not suffer from the business de-
Y for the company! The only people
I who suffered were the workmen, in
y spite Of the naive declaration Of the
p president that further reduction
in wages are not justified. The pres
ent wage paid by the Youngstown
Sheet & Tube Co. is % cents an hour.
Some Steel Dividends.
= Among: the steel companies that
made earnings for 1921 are:
American Cam, 100000.
Continental Can. $4,000.
Public utilities companies generally
Increased their earnings in 1921
over 1920. The Pacific Telephone
& Telegraph CO. showed a surplus
of $3.O00,000. Mackav Companies
(Postal egraph-Commercial Cable
system) showed surplus of $4,O00,-
1000. an increase over 1920. The
North American Co. shows a sur
plus of s6.700,0OO, compared with
&5.30O.OOO in 1920.
Profits in retail stores were enor-
nous, judging by the profits Of the
principal chain stores. The United
Drug co. reports American earnings
OF $120,00O,000 and earnings from
English business of s45,0OO,000.
- 1O-Cent Store Profits.
A large part of the earnings of
big corporations would go to the
United States under the excess pro-
fits tax. if these did not have the
protection Of the courts in declaring
stock dividends legal. 1t is inter-
esting to note that Kresge was
forced to declare 54 per cent stock
dividend. which meant that it re-
tained $6,O0O,OOO worth of profits in
the treasury even after this declara-
tion. The net for the common stock
was $3,260,O00 after interest, taxes.
contingencies and preferred divi-
dends had been paid.
'4&Woolworth retained $7,6O0,000 for
surplus after all charges and cash
dividends.
ftGOtl1er industrial corporations
which retained surpluses after all
IL charges and cash dividends were:
a American Ice. Associated Dry
Goods. Hart. Schaffner & Marx,
! Manhattan Shirt. National Biscuit,
I. Underwood. United Fruit.
IS It is interesting to note that Wool
worth increased working capital
rom $13.O00.O0O to $23,00O,000; The
IA United Fruit Co. from $2.800.O00 to
%, TOO, 900: Hart, schaffner & Marx
II from 35.000,000 to 311,000.000, and
II ii any other com panies in proportion.
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