The daily worker. [volume] (Chicago, Ill.) 1924-1958, 1924-07-21
BISCUIT
WORKERS EAGER
TO BUY EXPOSE
Young Worker Puts
Over N. B. c. Campaign
BY BARNEY MASS.

AS the employees of the National
Biscuit company poured out Of the
gates, they rushed the League
newsies and purchased copies Of the
Young Worker" Its appearance had
been expected The result was that
700 copies Of the Young Worker were
sold. Bosses stood in the doorways
looking jeeringly on as the biscuit
makers bought the paper.
Many of the girls and boys were
afraid to purchase the Young Work
er just outside the gates. Il will buy
one up on the corner" was common
ly heard from many of the workers.
Signs have been placed in every de-
partment threatening discharge II
caught buying the Young Worker.
Girls Pay Reduced.
The girls are particularly interest.
ed in the fight being carried on by the
Young Workers League and, gath
cred in punches, they discussed the
conditions inside of the plant with
the members of the League. They
told of a girl working for s17 per
week, but forced to lay off on ae-
count of the illness of her mother,
who found her pay reduced to SIS
per week after returning to work sew.
eral weeks later.
While the employees are being
sweated, getting an average wage Of
SIS per week, the National Biscuit is
enjoying its most prosperous year in
its career, as attested by the record
earnings of the six months ended
June &c. 1924. Doubt as to National
Biscuit Co.'s ability to cover the in
creased dividend requirements result
ing from the disqualification Of 1922
has now been dispelled even in the
minds of the most.skeptical. The net
income is announced at S5,706,374.50
after taxes and allowances for pre-
ferred dividends. This runs to 1918
share on the 2,O46,520 shares of
common stock outstanding, as COM
pared with $4,964, 4O6.5O,, or s242 a
share in the corresponding period last
year.
No Dividend to Workers.
The company's recapitalization in
1922 took the form of the declaration
of rs per cent stock dividend and
reduction in the par value Of the
stock from S1OO to s25 a share In
effect, stockholders received seven
shares of the new issue in exchange
for one share of the old, so that pres
ent dividend rate of SO share is
equivalent to s21 share on the basis
of the old capitalization. On the same
basis the present stock. at current
quotations around $50, is selling at
S24O a share, whereas the highest
point reached by the 800 par issue
was s2e3 a share.
These figures show that the stock
holders who have retained their hold
ings have profted handsomely. What
share of these profits did the young
biscuit makers, receive?
Net earnings of the first six months
Of 1924 equalled approximately $3.50
share on the old stock or $50 a
share annual rate. Net income OF
sS,941.14 after charges and preferred
dividends was reported for the year
ended Dec. 81, 1921, sum equivalent
to S13.4S a share on the 292,360 shares
of common stock then outstanding.
When going over the records, it
must be admitted that very few COM
] ma IL l.
gains. This can be somewhat attri-
buted to the increased demand Of
their products, but the principal rea-
son is that the conservative policy Of
ploughing back the earnings into the
property has been mostly abandoned.
1t has not impaired its working capt.
tai to additional financing Of improv-
ing the plants. Damn the conditions
Of work, dividends are what these
plutocrats are out after.
Young Workers Slaves.
1t is estimated that S2,25O,O will
be spent this year in adding to plants.
AT present bakeries are under con-
struction in Los Angeles and Chi
lcago, an lmportant addltlon is Delng
made TO the Buffalo plant, and new
units are also planned for Boston,
Cincinnati and Cleveland. While the
National Biscuit is growing and reap
ing greater and greater profits, the
conditions OF the workers go from
bad to worse.
., The employees share very little with
the bosses in the expansion Of the
industry they are building. The ones
responsible, the young biscuit makers,
for the establishment of this power
full company have the least to say
and are given no consideration in It's
management Considering the in
creased earnings. Il is time that the
workers were getting some increase
IN salary and the conditions undar