Evening star., 1962-04-21
LETTERS TO THE STAR
Our Closing Chapter on Big Steel Debate


country. If we want to pre-
serve what precious little is
left Of the country founded
in 1776, let us become in
formed now as to the true
source Of our freedom, its
nature, and our duties to pre-
serve it.
I believe that history will
record that President Ken
nedy has, in his coercive, self
seeking, underhanded deal
ings with the steel industry,
exhibited the true police
power of our present admin
iStration, which II allowed to
continue, will completely de-
stroy Americas private en-
terprise system.
The pity of it all is that
so few are even interested in
our true state Of affairs.
Marion d. Friedlander.
- -
A few days ago ex-Presi-
dent Harry s. Truman in an
interview aired on television
stated that the steel industry
had attempted to increase
prices when 1t was already
making excessive profits. and
that it had been caught up
with" If what Mr.. Truman
said is true (Which I have
reason to doubt, there is
something more amiss than
even he seems to realize.
I hold a modest number
of shares Of u. S. Steel stock,
acquired during the latter
part Of As years Of dairy and
crop farming. I note that
during the 6-year period,
1861, the average market
price of the company's stock
was SITS a share. The earnings
for the period were $5.15 per
share per year (not unreas-
enable compared to the $28.33
per week increase in the COM
pany's employees average pay
in the period. By the defi-
milton Of profits the $5.15
of earnings belonged to the
shareholders. Actually, how
ever, 1921 of the $5.15 was
withheld and "reinvested" in
the business, leaving $2.94
for the stockholders. This
amounts to less than 40 on
the investment.
BY definition Of profits the
$5.15 all belonged to the
stockholders, and even If the
reinvested earnings were not
regarded as additional cap
ital, the present price Of the
stock should be $88.26-$75
plus $13.26 Of withheld earn
ings. The latest quotation
on the New York Stock Ex-
change, April IT. was $63
and a fraction. Where did
Mr.. Truman find the big
profits?
An Investor for
Modest Income.
Holicong, Pa.
Many centuries ago a gen.
tleman named Plutarch had
this to say:
There is no doubt that
the real destroyer Of the lib
critics Of any people Is he
who spreads among them
bounties, donations, and
largess."
Little did he know that
somewhere down the years
there would appear an FDR
and a JFK who would do the
very thing he advised against.
]. Chester Wilf0ng.
Liberals wake up. Must we
leave the defense of civil
rights to David Lawrence and
the Wall Street Journal?
Where are the voices Of the
responsible left protesting the
irresponsible use of legal
processes and Of the FBI to
intimidate the steel industry?
Delight at seeing Blough at
bay should not blind us to
the threat in Bobby Ken
nedy's style Of "hard headed
realism" in the welding Of
Government power.
Donald P. Carmody.
4 4 =
The retraction Of the re-
cent price increase by a giant
steel corporation brings un-
expected old-faShioned bless
ings for which the President
and his New Frontier deserve
full credit.
A corporation long ago was
defined as a body without a
soul. A new definition should
add that it now becomes more
formidable because it has the
mentality Of a Frankenstein.
The President is certainly to
be commended for figura-
lively forcing open its steel
Jaws and ramming his fist
down its throat.
Samuel Lightman.