Evening star., 1938-12-01
Monopoly
Continued From First Page.)

they actually received. The cumula-
tive loss to our agricultural popula-
ton was equal to more than three
times their income in 1929. Had 1t
been possible to maintain, dividend
payments at the 1929 level, the in
come of stockholders would have
been 20 billions greater, sum which
is more than three times greater
than the amount paid out at the
height of prosperity.
I'm terms of our total national
income, the cumulative loss has ex-
ceeded 1872 billion dollars. In other
words, had our annual national
income continued unchanged since
1929 there would have been avail
able, for the entire period, an
average of $1,000 more in goods and
services for each man, woman and
child in the United States"
So precipitous were the declines
of production in the early depres-
sion years. from 1929 to 1888, that
DR.. Lubin's charts showed a per
capita of industrial production in
1888 at the level of 1900, the index
for these two years being approxi-
mately 100 as compared to nearly
200 in 1929. The physical volume Of
industrial production was indexed
at slightly below 60 in 1888 as COM
pared to about 125 in 1929.
> THE modern depression is dur
able goods depression" DR.. Lubin
explained as his charts showed agri-
cultural production holding a COM
paratively steady level while that in
heavy industry was Ealing of
sharply.
A full house" crowded into the
large Senate caucus room long be-
fore the session opened. Segregated
temporarily from the two-score re-
porters for daily newspapers were
almost as many more represent
ativeS of trade papers and special
publications. Newspaper photog-
raphers and newsreel men milled
around.
Smoking and picture-taking were
banned by Chairman OMahoney
when the session began.
Reduced Problem to Wealth.
DR.. Lubin took the stand imme-
diately following Senator OMa-
honeys opening statement.
AS the basis for his own measure
ments of the Nations economic
structure, the Labor Department
statistician reduced the problem to
the simple comparison of wealth"
available in relation to the needs OF
the citizens.
For this purpose he traced the
population growth from about Is
millions in 1850 to approximately
100 millions at present. While the
population growth was at a rate OF
21s per cent per year from 1870 tc
1900, this rate from 1920 to 1895 was
down to l per cent and is expected
to proceed at one-half of / per cent
from 1910 to 1860, he said.
BY contrast, after an almost unln-
terrupted increase from 1850 to 1923
in total national income and per
capita national income, both
dropped sharply in the latter year
and have never attained again the
level of some 80 billions total and
about $500 per person in 1929.
Per Capita Income $472.
DR.. Lubin estimated the per cap
ita national income for 1888 at $472
as compared with $40 in. 1887, 1920
in 1882 and an average of $606 fol-
the decade ending in 1929.
Dropping in a comparatively
cheerful note. the witness presented
a chart to show comparison for
1934-35 of per capita national in
come in five countries. They fol-
low: United States. $432; England
$40l; Germany, $345; Sweden, 1921
and France, $267.
Pledges Partisanship Ban.
Speaking for the 12-man group
better known as the Monopoly Com.
mittee, Chairman OMahoney pledged
the inquiry to be one of mo personal
partisan or factional program"
The processes of the committee