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Show 7J Are AilfOLS fin United Steelworkers of America-CI- i - the war. It insists that steel companies now can use swollen99 wartime profits-i- $223,000, wage OOO-aye- ar order-t- o n w JL There is no mystery about reserves in the steel industry. Workers as well os stockholders are protected by these reserves Mqc? nes wea r out and must be rep laced. Du r in g th e - wa r the wea r and tear, under capacity operations was without precedent. When necessary reserves are not provided, steel companies piled up huge hidden profits during their Gfirij YJ charges that O O A pay a pa y- -c heck s7Th es e p r i nci pesrof sound management apply to a r increase . one-mangara- ge or any small business as well as to a lar corporation. The Union's charge of "hidden profits during the war is false. That was shown conclusively by jhe fQcMinding panel oUhe NQtional War Labor. Board. In September, 1944, that v XtlP., ku tr..uth during the war : is Pjs 2iS! !!?.dustrX that they werenot "swollen. if -- ih They were less than in any good peacetime year! After all bills were paid, net earnings after taxes during the three war years, 1942 to 1944, repre- iented an average return of 5 eFcent1 ohr-th-e money mvested. That wasa lower return on thaQ in any peacetimeyepr of high steel in-yestm- production., r - teiieai that steel companies set aside for future needsischecked by y o u r Government. Nothina CQn, b6 hidden, The tax coectors. re- negotiation boards, . agencies have reviewed the figurs year after year. Theyrecognize reserves as an essenfialpdrt-of-the- : cost of doing business. i ! - Reserves set aside for wear and tear of fa- cilities: and for contingencies do not constitutes ; fundout of which wages can' be paid. To do so would quicklyexhaust the reservoir on which the steel companies depend for their : ent Any solution of the presenf future-lives- wage-pric- e . . v OUR COMPANY .. issue in the steel industry must take into consideration these clearly established facts. Iron and fi 1 iS'li 350 Fifth Avenue, New York 1, N. Y. t - Every cent g agency declared in an official report that what the Union calls "hidden" profits a re.necessa ry re- serves, and that such reserves "are proper and cannot be considered, as steel profits." million-dol- . MEMBERS EMPLOY 95 PERCENT OF THE WORKERS IN THE STEEL INDUSTRY. |
