The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1938-12-01
1872 BILLION SET
AS SLUMP COST
At TRUST QUIZ
Lubin Tells of Heavy
Loss to Workers
BY ROBERT HUMPHREYS

O.N.SD. Nine years of depres'
sion have cost Americas in.
dustrial workers 119 billions OF
dollars, the United States Com
missioner of Labor Statistics, DR.
Isador Lubin. told the joint anti.
monopoly committee today as it
opened it's investigation with a
solemn dedication to make private
enterprise in this country more
workable.
The bespectacled, PROFESSIONAL
Lubin tntoned a statistical picture
of what hard times can do to a
great nations economic we'll
being.
DROP IN FARM INCOME
He first recited the 119,billion-
dollar loss in wages and salaries
rising from the unemployment OF
the industrial workers. He then
pointed out that if farmers had
been able to maintain their 1929
level of income. their gross income
for the last nine years would have
aggregated 80 billions more than
they actually received.
Stockholders, on the same basis,
would have accumulated 20
billions more, Lubin added.
AIMS OF PROBE
The opening hearing, held In
the Senate's ornate caucus room,
was formally launched by the six
members of Congress and the six
Representatives of the Federal
Government who compose the
committee, with the chairman,
Senator Joseph C. O'Mahoney
lDO wyoming, invoking the words
of President Roosevelt to set forth
the detectives.
OMahoney struck the keynote
by quoting the following from Mr..
RooSevelt's message on monopoly
to the last Congress:
Generally over the field Of
industry and finance we must
revive and strengthen competi-
ton if we wish to preserve and
make workable our traditional
system of free, private enter
prise"
NO POLITICS
Commented OMahoney:
II offer these documents so
that there may be at the outset
q clear understanding of the
nature and the function of this
committee as well as of the pur-
pose for which it was called into
existence.
THE members of the COM
mittee are deeply sensible of the
responsibility that rests upon
them to utilize the broad powers
with which they have been in
vested solely for the public good.
No personal, partisan or fac
tional program is controlling
here"
NO GLOWING PICTURE
Lubin testified from IS charts
designed to trace the increasing
complexities of this nations
economic growth over the last so
years. He dealt first with that
subject freshest in the mind of
every adult-the years of hard
ship since 1929. 1t was no glow
ing picture he sketched.
In terms of our national in
l.
lative loss has exceeded $780,
100000, 900.
I'm other words, had our ma
tional income continued I'M
changed since 1929 there would
have been available, for the en-
tire period, an average of ST.
900 more in goods and services
for each man, woman and child
in the United States"
s472 PER CAPITA
He estimated the per capita ma
tiona1 income for this year at
$472 as compared with $40 in
1887 and 1920 in 1882. He said
the average for the 10-year period
which ended in 1929 was $606.
Notwithstanding the mark drop
over the last nine years, Lubin
found a silver lining in the fact
that the per capita national in
come in this country still averages
higher than that in England and
els very much greater" than that
In Germany, Sweden and France.
The committee launched its in
quiry under the broadest grant
of authority ever voted by Con-