Evening star. [volume] (Washington, D.C.) 1854-1972, 1943-07-22
BY FRANK MacMILLEN,
Associated Press Financial Writ.-

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NEW YORK, July 22.-William
Rose Benet, Pulitzer prize winning
poet who has been feuding with
Thomas S. Lamont, chairman Of
J. P. Morgan 81 Co., over whether
the big boys" are making too
much profit out of the war, found
a new ally today in Clarence H.
Low. former chairman of the New
York State Democratic Committee
and a capitalist" by his own defini-
ton.
Mr.. Low said in a letter to Mr..
Benet:
80 astute banker as Mr..
Lamont should not have stated,
Far from cashing in on the war
(the Big Boys are more likely to be
dangerously depicting the cash re-
serves they will surely need to meet
the task of reconversion of their
plants when the war ends
This creates an erroneous i'm
preston and is not in accordance
with the facts which any one versed
in corporation management should
know"
Letter Unsolicited.
The running exchange of views
between Messrs. Lamont and Benet,
who are personal friends, has been
appearing In the Saturday Review
of Literature, of which Mr.. Benet
is an associate editor and Mr.. La
mont is . former financial hacker.
Mr.. Low does not know Mr.. Benet,
and his letter was unsolicited. Mr..
Benet lets Mr.. Low carry the ball in
the controversy, which enters its
fourth round in the issue which ap-
pears on the stands Saturday.
But he protests against Mr.. La
mont's assertion that the owner
ship of American industry has been
"fragmentized and democratized."
How is that, according to Mr..
Low. Alfred P. Sloan is a large
stakeholder with GOO. 900 shares, and
the Du Pont Co. owns 10000 900
shares of General Motors?" Mr..
Benet asks. Mr. Sloan is chair
man of General Motors.)
1T seems to me that II this is
democracy We could do with a little
collectivism
Cites Corporate Reports.
Mr.. Lows letter to Mr.. Benet SAYS:
Il have before me q report of the
General Motors Corp. and find
that In the year 1941 they have set
aside SIC, 598, 64422 and in 1912 $685.
986.315.06 for postwar contingencies
and rehabilitation.
"On their balance sheet as of
December 81, 1942, the total sum of
$40, 584 $50 .2S Is carried for postwar
contingencies and rehabilitation and
Is reflected in their bank balance,
which stands at December 81, 1912,
at 1887 ,282, 344.8l as against $780,
230, 1886 on December 81, 1871.
I have also before me the annual
report Of the General Electric Co.,
who have set aside in 1912 for post
war adjustments and CONTINGENCIES
$17,000,0O0.
Il have also before me the report
Of the Union Carbide g. Carbon Co.,
which set aside $4,000, 900 reserve
for postwar contingencies.
Sees "Camouhaxe."
These three companies certainly
are representative of the type of
corporations Mr.. Lamont is speaking
Of and this completely refutes the
statement made by him.
Il think in justice to yourself and
the public interest you should take
Mr.. Lamont to account for his mis-
representation Of the facts as pub
lished by the various companies.
g" Those who have studied
these reports know that Mr.. Lamont
has canouflaged the real situation
with platitudes and misrepresenta-
ton"
Mr.. Low. who is at present chair
man of the New York City war
salvage campaign, is q director and
former ofdcer of the United States
Rubber Retaining Co.
He described himself today as "a
capitalist. in the sense that live
on the income from my invest
ments," and added, Il watch them
close, too"