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H.S. Congress. House,

HEARINGS

BEFORE THE
V COMMITTEE ON BANKING AND CURRENCY.

UNITED STATES SENATE
EIGHTY-SECOND CONGRESS
SECOND SESSION

ON
S. 2594 and S. 2645
BILLS TO AMEND AND EXTEND THE DEFENSE PRODUC-

TION ACT OF 1950, AS AMENDED, AND THE
HOUSING AND RENT ACT OF 1947,

AS AMENDED

PART 4
APRIL 22, 29, 30, AND MAY 1, 1952

l'rinted for the use of the Committee on Banking and Currency

UNITED STATES
GOVERNMENT PRINTING OFFICE

WASHINGTON : 1952

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Statement of

Page

Arnall, Ellis G., Director, Office of Price Stabilization

1963

Feinsinger, Nathan, Chairman, Wage Stabilization Board. -------- 1963

Harris, Tom, assistant general counsel. United Steelworkers, accom-

panied by Otis Brubaker, director of research; Marvin Miller, assist-

ant director of research; and Nat Goldfinger, research department,

CIO.

-------- 2089, 2140

Moreell, Ben, chairman of the board of directors, Jones & Laughlin

Steel Corp., accompanied by W. R. Elliott, vice president; Harvey

Haughton, assistant to the president; John Paulus, director of

public relations; and Karl Brunt, director of training ------- 2178, 2205

Putnam, Roger, Administrator, Economic Stabilization Agency ----- 1963

Stephens, John A., vice president, industrial relations, United States

Steel Corp------

2234

Wilson, Charles E., former Director of Defense Mobilization ------ 2062
Letters, statements, memorandums, etc., submitted for the record by-

Capehart, Homer E., a United States Senator from the State of
Indiana:
Excerpt from speech in Congressional Record...

2047

Press release from Hill and Knowlton, Industry Members Had 1

Hour's Notice of Wage Recommendations

2087

Wage increases in different industries, 1949 to December 1951. 2088
These Are the Facts in the Steel Controversy, pamphlet-

2428

Committee staff summary of steel wage dispute --

2297

Wage issues ----

2297

WSB fringe recommendations. ----

2298

Current fringe practices. --

2299

WSB recommended wage increases

2300

Steel companies' position..----

2300

Steel companies' offer ----------------

2428

Union's position ---

2301

Comparison, steelworkers' earnings with changes in living costs. 2302

Cost of wage increase per ton.

2303

Net costs of recommended wage increase to steel industry

Government --------

2304

Effect of steel-price increase on the general economy.

2304

Steel profits per ton (49 companies) -----

2305

OPS earnings standard ---

2306

Analysis of consolidated (49 companies) 1947–51 income

ncome state-
ment.-------

Man-hours and employment costs per ton compared with steel

price increases

2308

Facts on United States Steel Corp.'s operation..

2309

Data presented by "Steel Companies in the Wage Case":

Estimated cost of WSB recommendations

2310

Steel capacity, production, and percent of operations-

2310

Typical tabulation for peace-time years' operation -

2310

Sales, profits, and taxes, 1942–51.

2311

Percent return on net worth, 1946-51.

2311

Dividends paid by companies, 1946–51. ----

2311

Net income of some leading manufacturers

2312

Steel-industry expenditure for new equipment and construc-

tion, 1946–52.---------

2312

Increase in steel wages and cost of living 1939-51..

2312

Comparison of steel average hourly earnings and increases

with other manufacturing industries. ------

2313

Charts-Production and prices:

Total steel production and capacity-----

2315

Finished steel and steel ingot production...

2316

Index of wholesale prices of semifinished and finished steel.. 2317

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Letters, statements, memorandums, etc., submitted for the record by-Con.

Charts-Facts on primary iron and steel industries :

Pago

Selected income data.

2318

Profits per dollar of sales - Anitta

2019

Rate of return on stockholders' equity------

2320

Rate of earnings on stock holders' equity----

2321

Net sales and net value of property and equipment.

2322

Distribution of total assets..ce-

2323

Percentage distribution of total assets.--

2324

Distribution of total liabilities.-----

2325

Percentage distribution of total liabilities...

2326

Charts-Facts on 49 companies reporting to the American Iron and

Steel Institute:

Profits per dollar of sales.-

2327

Rate of return on stockholders' equity---

2328

Distribution of total revenue...

2329

Percentage distribution of total revenue.--

2330

Charts--Facts on 10 large steel companies' operations:

Profits per dollar of sales. -----

2331

Rate of return on stockholders, investment

2332

Rate of profit on average net worth ----

2333

Distribution of total assets.----

2334

Percentage distribution of total assets ----

2335

Distribution of total liabilities.---

2336

Percentage distribution of total liabilities.

2337

Expenditures for plant and equipment..

2338

Distribution of gross profits, taxes, dividends, and reinvestment.. 2339

Annual depreciation and amortization.

2340

Turn-over of plant and equipment.-----

2341

Comparison, net income of 14 steel companies with 378 industrial

companies:

Before taxes..----

2342

After taxes.--------

2343

Economic Stabilization Agency:

Chart, Steel wage recommendations viewed in light of trends

in leading settlements since January 1, 1950.------ Facing 1972

Statement of Administrator.--

2439

Maybank, Burnet R., a United States Senator from the State of

South Carolina:

Executive Order 10161..

2441

Executive Order 10333----

2447

Letter and statement of President referring steel dispute to WSB. 2449

Moreell, Ben, chairman of the board of directors, Jones & Laughlin

Steel Corp.:

Table 1. Jones & Laughlin Steel Corp. and subsidiary com-

panies' net income, 1939-51, and first quarter, 1952.----- 2179

Jones & Laughlin Steel Corp. income before Federal taxes on

income.---

------

2180

Table 2. Net income as percent of net worth, leading manu-
facturing corporations in 45 industries --

2182

Table 3. Market value of ingot capacity, eight largest steel

companies.

2184

Table 4, Market value versus asset value of common stocks,
eight largest steel companies.

2185
Letter to Mr. Putnam on so-called Johnston earnings for-
mula.--

2188
Table 5. Jones & Laughlin Steel Corp. and subsidiary com-

panies, dividends 1939-51 and first quarter, 1952-------- 2190
Table 6. Earnings and cash dividends on net worth of selected
manufacturing companies.---

2191
Table 7. Jones & Laughlin Steel Corp. and subsidiary com-
panies-history of financing, 1946–51.---

2193
Funds available for plant improvements, dividends, and
sinking fund requirements, 1951-52, table.

2194
Reported quarterly earnings, six steel companies, first and
fourth quarters, 1951; first quarter 1952.---

2195

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Letters, statements, memorandums, etc., submitted for the record by-Con.

Comparison, net income of 14 steel companies with 378 industrial

companies-Continued

Moreell, Ben, chairman-Continued

Earnings forecast, 1952 and first quarter 1953:

As budgeted.

After giving effect to WSB package...

Effect of WSB package on net income..

Basic data used to determine hourly cost of USA-CIO

demands ----

Original economic demands and average cost per hour

worked.-------

Cost of premium pay for Saturday and Sunday work.....

Cost of paid holidays.--

Cost of Wage Stabilization Board package after January 1,

1953---------

Cost of premium pay for Sunday work.-------

Cost of paid holidays.--

Telegram to Senator Maybank.

Cost increases-purchased material versus wages and sala-

ries, three steel plants.-----

Office of Price Stabilization:

Status of cases under industry-earnings standards.----

Charts:

Annual rates of return on stockholders' investment for prin-

cipal steel companies combined.---

Cost of recommended WSB wage settlement..

Steel mill employment costs and prices..

Sales realization, employment cost, and profit per ton of

finished steel.

Earnings before and after taxes, 1947–51 and earnings re-

quired by the industry earnings standard, 1951.--
Earnings before and after taxes, 1946–51, and earnings re-

quired by the industry earnings standard, 1951.---------
Summary of suspension orders. ----
Statement of Director before Senate Committee on Labor and

Public Welfare.----------------------------------------

Statement of Director ----

Statement on eliminating the word “hereafter" from Herlong

amendment.--.

***

Progress report on "soft-market” policy --------

Memorandum on Cole-Ives ratio...

Stephens, John A., vice president, industrial relations, United States

Steel Co.:

Charts:

1. Wage increase picture, since December 1, 1950, presented

by Chairman Feinsinger....

2A. Increases in average hourly earnings, selected industries,

from November 1950.--.

2B. Same, with Wage Stabilization Board's proposed raise -

3. Wage increase picture since June 1950, presented by

Chairman Feinsinger.------

4A. Increases in average hourly earnings, selected indus-

tries, from June 1950.-

4B. Same, with Wage Stabilization Board's proposed raise..

5. Wage increase picture, since January 1950, presented by

Chairman Feinsinger..

6A. Increases in average hourly earnings, selected indus-

tries, from December 1949.-

6B. Same, with Wage Stabilization Board's proposed raise..
7A. Increases in average straight time hourly earnings,

selected industries from November 1950.----

7B. Same, with Wage Stabilization Board's proposed raise..

8A. Same, from June 1950.----

8B. Same, with Wage Stabilization Board's proposed raise-

9A. Same, from December 1949.-.-.-.

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