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DRAFT 12/22/51
"MATIONAS
DEB
ARCHIVES AND
RECORDE
SERVICE*
with respect to these stands taken by both the companies
and the union, the public is entitled to know certain facts.
First, profits in the steel industry for the year 1951 are
the highest profits hi the history of the industry.
expected to be between 2 and 2.5 billion dollars, The base level
of
in 1947, 19h8 and 1949,
profits under the law for calculating the excess profits tax/(85 per
cent of the average earnings, adjusted for later changes in net worth)
is about 1.25 billion dollars. While a great many other factors would
have to be taken into account by the office of Price Stabilization in
determining whether any specific wage increase would require a price
increase, nevertheless these figures make it plain that the industry
could absorb some wage increases without raising paices.
is clean that the initial proposal of the union
Second, it has been asserted by one of the companies that the
would add up to wage inverses or their equivilent which
direct wage and overtime demands of the unions -- quite apart from other
are substantially in receive of what 1 terminater under
economic and non-economic demands - might add up to as mach as 30 cents
sensire wage staneyation policies Regardless of how mu chof unucied an
an hour in additional wages. Regardless of whether the companies
a possible wage increase
could absorb this cost without a price increase, fa vage boost of 30 cents
must to be considered first of all on the basis of
an hour is far in excess of what sensible wage stabilization policies
would allow. Some wage increase may be justified by rises in the cost of
living and other facters. But no increase of this amount could
conceivably be permitted under the anti-inflation program.
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"ocrText": "s\nDRAFT 12/22/51\n\"MATIONAS\nDEB\nARCHIVES AND\nRECORDE\nSERVICE*\nwith respect to these stands taken by both the companies\nand the union, the public is entitled to know certain facts.\nFirst, profits in the steel industry for the year 1951 are\nthe highest profits hi the history of the industry.\nexpected to be between 2 and 2.5 billion dollars, The base level\nof\nin 1947, 19h8 and 1949,\nprofits under the law for calculating the excess profits tax/(85 per\ncent of the average earnings, adjusted for later changes in net worth)\nis about 1.25 billion dollars. While a great many other factors would\nhave to be taken into account by the office of Price Stabilization in\ndetermining whether any specific wage increase would require a price\nincrease, nevertheless these figures make it plain that the industry\ncould absorb some wage increases without raising paices.\nis clean that the initial proposal of the union\nSecond, it has been asserted by one of the companies that the\nwould add up to wage inverses or their equivilent which\ndirect wage and overtime demands of the unions -- quite apart from other\nare substantially in receive of what 1 terminater under\neconomic and non-economic demands - might add up to as mach as 30 cents\nsensire wage staneyation policies Regardless of how mu chof unucied an\nan hour in additional wages. Regardless of whether the companies\na possible wage increase\ncould absorb this cost without a price increase, fa vage boost of 30 cents\nmust to be considered first of all on the basis of\nan hour is far in excess of what sensible wage stabilization policies\nwould allow. Some wage increase may be justified by rises in the cost of\nliving and other facters. But no increase of this amount could\nconceivably be permitted under the anti-inflation program."
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