United States -- Economic conditions -- 1918-1945; United States -- History
Profits in the garment manufacturing industry were lower than those in
yarn manufacturing. Among the 299 firms reporting (pp. 171, 380) 74 gave
their profits as less than 25 percent; 121 gave their profits as 25 but
under 50 percent; 65 gave profits of 50 but less than 100 percent, and
39 gave their profits as 100 percent or over.
The profits of 49 Steel plants and Rolling Mills (pp. 100, 365) were
considerably higher than profits in any of the industries heretofore
discussed. Four firms reported profits of less than 25 percent; 13
reported profits of 25 but less than 50 percent; 17 reported profits of
50 but less than 100 percent, and 15 reported profits of more than 100
percent. In this instance two-thirds of the firms show profits of 50
percent or over.
Bituminous Coal producers in the Appalachian field (340 in number, pp.
130 and 372) report a range of profits far higher than those secured in
the manufacturing industries. Among these 340 firms, 23 reported profits
of less than 25 percent; 45 reported profits of 25 but under 50 percent;
79 reported profits of 50 but under 100 percent; 135 reported profits of
100 but under 500 percent; 21 reported profits of 500 but under 1,000
percent, and 14 reported profits of 1,000 percent and over. In the case
of these coal mine operators only a fourth had profits of under 50
percent and half had profits of more than 100 percent.
The profits in these five industries--food, yarn, clothing, steel and
coal--are quite typical of the figures for the tens of thousands of
other firms listed in Senate Document 259. Profits of less than 25
percent are the exception. Profits of over 100 percent were reported by
8 percent of the yarn manufacturers, by 13 percent of the garment
manufacturers, by 18 percent of the meat packers, by 31 percent of the
steel plants, and by 50 percent of the bituminous coal mines. A
considerable number of profits ranged above 500 percent, or a gain in
one year of five times the entire capital stock.
When it is remembered that these figures were supplied by the firms
involved; that they were submitted to a tremendously overworked
department, lacking the facilities for effective checking-up; and that
they were submitted for the purposes of heavy taxation, the showing is
nothing less than astounding.
8. _Winnings in the Home Field_
What has the American plutocracy won at home as a result of the war? In
two words it has gained social prestige and internal (economic)
solidarity. Both are vital as the foundation for future assertions of
power.
The plutocracy has unified its hold upon the country as a result of the
war. Also, it has won an important battle in its struggle with labor.
The position held by the American plutocracy at the end of the Great War
could hardly be stated more adequately than in a recent Confidential
Information Service furnished by an important agency to American
business men:
"SHALL VICTORS BE MAGNANIMOUS?
Public-domain text, read in full here on John Shaqi.
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