Toledo union journal. [volume] (Toledo, Ohio) 1942-current, 1948-08-06
INSIDE
AMERICA
CWritten by the Staff of
The CIO News

January l, GIN has been net
ting that $4,000 profit each
hour. 1t comes out to ST., 1885,
900 profits a day - and for
the first six months of the
year, a grand total of $780,
1852. That's the biggest
profit ever rung up by any
corporation anywhere, any
time.
AS a matter of fact, GINS
profits are running 50.3%o bet
ter than in 1947. (Are your
wages that much higher than
a year ago?)
Those GIN streamlined, SUI
per profits make the COM
pany's alibi for recent go
price increases on its cars
look pretty hollow. It's been
figured out-on basis of prof
its during first three months of
the year-that GIN could have
given each of its 375,000 en-
ployees a 30c-an-hour wage
boost, slashed its car prices by
500, and still wound up with
a profit of more than go on
invested capital!
GINS working capital is just
over a billion dollars. If its
profits continue at the present
rate, the firm during 1948 will
have made 40c clear profit on
every dollar of its working
capital.
r r 4
CLOS Phil Murray had su-
per-profits like GINS in mind
when he spoke on the radio
late in July and demanded
that Congress act in the peo-
pies interest by holding down
prices.
"The plain truth is that the
wage increases which have
been granted did not require
higher earnings" Murray
charged.
These wage adjustments
could have been paid for out
of record earnings. Industry
could still have retained fair
profits.
Il charge that this conduct
of America industry since the
end of OPA is a national scam
dal. call upon Congress and
the Department of Justice to
investigate the price-and prof
it policies of our big indus
trialists. 1t is high time that
the facts be brought to light"
y y
Not only prices, but prof
its as we'll, are at record peaks.
Economists now expect that
corporation profits will reach
twenty billion dollars-thatS
$4,000, ,000,000-this year. In
AT, they were "only" sta
billion. Before the war, they
were down around SIS billion.
4
And they call it economics!
That recent wage increase
cost u. S. Steel Co. an estima-
ted SOS million a year. Then
the company raised prices
11.64 4%-while limiting that
wage increases were the cause.
The price increase will net
the company close to $190 mil
lion this year-$130 more than
the cost of the wage hike.
Meanwhile u. S. Steels prof
its-natch, go up and up and
up.
National Association of Man
ufacturers is having a tough
time convincing people that
profits are low, modest, scarce
ly to be seen.
On NAM radio show, re-
Gently, contestants were asked
to guess what portion of the
public-according to the MA
Ms opinion polls-think prof
its too high. Contestants guess
ed that between 500 anc $50
of the public think profits are
too high.
No, said the red-faced NAM
quiz Snowman, only 33qo of
the public thinks profits are
too high. If 33P6 of the peo-
pie on an NAM opinion poll
think that way, you can guess
for yourself how the general
public feels about it!
y
Don't get the impression
that the Dixie-crats or the fill
buster gents in the Senate re-
present the people of the
Southern states.
ITEM: Representative John
Ranin of Mississippi-whose
speeches preaching bigotry
and race hatred have cluttered
up the Congressional Record
for years-is reported facing
trouble in the primaries. Ran
kin's running for reelection
and doing it on an old-fashion-
ed white supremacy" plat
form Rut the onnoSitinn'S