Salt Lake Telegram | 1935-04-16 | Page 20 | Baruch's Stand on Profits Hit

BARUCH'S STAND STANDON ON PROFITS HIT VI WASHINGTON AS INGTON April 16 AP APAn APAu AP- AP An Au open break between Bernard M M. Baruch and Chairman Nyo Nyc R. R Rot N D. D of the senate munitions committee committee com com- on the subject of taking profits out out- of war today provided a prospect of ot much battling before congress takes its ita final stand on the question Nye made mado a sharp reply last night to the thc statement in which the New NewYork NewYork NewYork York financier assailed the munitions munitions muni muni- ions committees committee's antiwar profits plan as likely to lead either cither to tode- tode defeat defeat de de- feat In war or to communism For Fot years Bern Bernard rd Baruch has been talking about taking profit out of or war For days he appeared before be be- fore our committee urging drastic programs to accomplish this Senator Senator Senator Sena Sena- tor N Nye e said Now Vow Nyo Nye added Mr Baruch f. f fa is out with an extended statement hedging on the position ho he took when hen he was before beCore our committee some come days ago He has discovered that tha our committee plan would take t the profit out of war war not not justa little little lit lit- tle tie of at it but practically all of iL iU Now he says the bill is too drastic drastic dras dras- tic that we would be bo defeated in another war war because business W wouldn't do its share of or fighting and helping to win the war when its profits were so restricted May heaven preserve us Ive I've expected some one oneto to say that But Mr Baruch I never expected it to come from you So American business business business busi busi- ness wont won't produce what i is needed In war if it it cant can't have its its' profits pr So American business will not go into a war war on the same samo basis that the boys bos go In when they are arec c called d. d The munitions committees committee's plan would tax away all aU corporate profits profits prof proC its over 3 per cent and all Individual individual individual ual incomes and would put t industrial leaders under army discipline