UTILITY CO. IS SILENT ON $359,000
Todd, Laurence
Utility Co. Is Silent On $359,000 Electric Bond and Share Refuses to Answer Probers' Questions By Laurence Todd TW/ASHINOTON — ( FP ) — Herbert " Hoover boasted of the "glass pockets" of...
...Comrade Pilot of the Workmen's Circle gave up his holiday to take Norman around in his car...
...With If far cent saere predactten the average wage is cents aa bear, as ecataarcd with S1.5 cents aa beer, in the first sfat saenths ef liu...
...More Work and Leas Workers On American Railways Wiihtndtoa, Ik O-ca See jean the US 3*4 oaejleyat aad ssaaaoed l«,sst,see,see ten-miles saere freight...
...And as you heard him say these stirring words to tae reporters and went out under a nit** of stars where gleeful RepubBesss were celebrating their victory «** sulking "Progressives" who had set "thrown away their votes" by casta* them for their real leader, were SB*ing homewards, you said to yourself...
...In Greater London the Labor Party controls 8 boroughs and won 77 seats, leaving 18 boroughs In the hands of the old reformers who lost 95 seats...
...In the first half of the current year these corporations took a combined profit of $336,734,661—more than a third of a billion dollars out of the pockets of the American consuming public...
...They, with their associates, will be cited by the Commission to answer to the federal district court for contempt...
...In other words, when the federal government sought to learn what private operation of electric power generation and distribution actually costs, the trust hid its records...
...Gee," he exclaimed...
...A. J. Muste, head of the sjfej...
...This decision aia'*' by the directors at a Tneelli* w^?* York City last Sunday...
...Not that Norman needs any stimulus...
...With Louis Waldman and his goodlooking wife, Norman went from one headquarters to another, smiling his happy smile and assuring all hands that no matter what the vote a good job had been done by the Socialists in this campaign...
...He also asked what the money was paid out for...
...dence and Us sources be furnished ti Brookwood "in order that we may w the elementary privilege so far dttstda us of studying these charges, repblat Z them and submitting our own tridents a to the aims, activities and aelueTanaok of Brookwood...
...Healy asked whether they knew that in March, 1937...
...Brownsville, once, a Socialist strong-hold, has changed completely in character and despite the hot campaign waged by Louis it was dumb enough to vote for an unknown Democrat...
...Council has urged attbated udJom* withdraw support from the cc¦Tat * the directors declare that they Jjas.*** at any time been given an oprarbasVa be heard...
...We suppose the reason the moral forces keep calling our attention to the fact that they are the moral forces, is because they are afraid we might not realize it otherwise, the way they often act.—-Ohio State Journal...
...If continued through the year the owners will make over 40% on their investment...
...The total of $161,267,974 which this corporation grabbed for its security holders probably exceeds any profits ever taken by any corporation in 6 months with the exception of the profits of U. S. Steel in the last half of 1916 and the first half of 1917...
...And he too begged for Norman's signature...
...But he will seek to have federal officials present at the places wheer coercion is expected...
...The directors prepared an opsa letter to the convention, demanding that beta the case is finally disposed of thTrt...
...Combined profits of the half year before these deducUon amounted to over $400,000,000, enough to pay a half year's average wages to more than 500,000 factory workers...
...Among the successful Labor women was Ishbel MacDonald, daughter of J. Ramsay MacDonald, former Labor Premier...
...This is a gain of 13 per cent, over the profits of the same period in 1927...
...But a series of stock dividends and stock manipulations has left the owners with about 3714 shares for each $100 share held prior to 1917...
...Aad y*» were damned right Brookwood To Take Fight To Convention Conference Draws op ter to A. F. of L. GtijW ing—Says Freedom h Issue DROOKWOOD Labor OoBaa Katonah, N. r„ wffl taktTtbT...
...He gave his pledge to all those who have come with us'during this long battle that the fight would be carried on until victory perched on our banners...
...The profits of these 6 great Wall street favorites are heavily reduced by depreciation and other special charges...
...Cheering crowds, handshaking, signing his name for autograph fiends, giving out interviews...
...Is Silent On $359,000 Electric Bond and Share Refuses to Answer Probers' Questions By Laurence Todd TW/ASHINOTON — ( FP ) — Herbert " Hoover boasted of the "glass pockets" of big business corporations, and of the effectiveness of regulation rather than public ownership, in tus speech in Madison Square Garden, at 9:30 p.m., Oct...
...tlan Ethics in Union Theological seanary...
...the letter tea...
...23, in the hearings room of the Federal Trade Commission, in Washington, officials of the Electric Bond ft Share Co., holding company for the General Electric trust, defled the Commission and the United States Senate to inquire into its affairs...
...and A J. of Brookwood Labor College...
...9. Instruct our locals in the art of obtaining publicity in local papers for news of value to the Socialist movement...
...The writer has been with him all through this most extensive and intelligently conducted campaign and never has he seen a man who could carry on as courageously as Norman Thomas...
...And the refusal to testify became the more hard in tone when Chief Counsel Healy raised a question as to a secret fund of $359,000 handed over to Sidney Z. Mitchell, president and chairman of the board of Electric Bond & Share...
...She is better now and that was a cheering bit of news...
...Each refused...
...Loud cheering by the Yips els marked Norman's entry there...
...Party members were crowding in...
...sine, had advised them not to answer any questions concerning the affairs of their company, except as to whether it had contributed to campaign funds for presidential or senatorial candidates...
...Ten Jobs For Every Socialist Here are some jobs that face the Socialist Party in the coming year...
...In the 4-year interval its profits have more than tripled...
...This absolutely secure Investment is making its owners a return of at least 12.3% a year...
...nounced that a resolution would steal mitted to the convention for nitfcft a request made that nipraanliJJui j Brookwood be heard...
...U. S. Steel is thus earning at an annual rate of 13.6% on the par value of the original common stock which, as a matter of fact, has value only because of the accumulated surplus profits of the quarter century elapsed since its founding...
...Some of these documents he permitted the company to recover temporarily, and they were returned to him last June...
...Then there was a hurried run through various Bronx headquarters and a long ride down to Second Avenue and Seventh Street where the comrades were still celebrating a marvelous street meeting held the night before...
...it is pointed out in tbt fetter, the convention of the federation refused to condemn the By Institute of Research In Land afeoocSBfcs on the ground that the A F. of L believed In 'tree speech, free press aad set derate freedom...
...9, at «:15 p. m. » "J rooms of the Ethical Culture Central Parkway...
...Again the Yipsels were in noisy evidence...
...It represents a return of $4.86 a share on the outstanding common stock or about $6.80 a share on the stock 'outstanding before the 40% stock dividend declared in 1927...
...Although this is not up to the $61,606,250 of the first 6 months of 1927 or to the peacetime record of $63,010,149 in the first half of 1926 it is hailed as eminently satisfactory by the organs of the investing class...
...His share of the 6-month profit was about $650,000...
...Pav special attention to plans for continuous distribution of literature from house to house, year in and year out, making tins a spet.ilty in Socialist propaganda...
...London chose an entirely new municipal council and other cities selected one-third of the membership of their councils...
...In other...
...One borough was won by a Progressive group with 17 members and one borough was tied between the Labor Party and an anti-Labor group...
...Hosiery Workers Take Jail As Alternative To Acceptance of Injunction Against Strike Fined S100...
...American Telephone <St Telegraph occupies second place In this group of 5 Morgan combines with a 6-month profit of $79,543,682...
...The question is then asked, if a hearing was not in order on tbt cbarea of pro-Soviet sympathy, 'what asset tbt method of conference in cast of daptt* on which labor insists in dealing Mb St employers...
...The 6-month profit of $25,675,307 establishes a new record for this dominant factor in the superpower combine...
...1. Prepare many months in advance for the compaign in those cities that have an election...
...Many politicians conceded that the Labor victories forecast a trend toward a Labor victory in the parliamentary elections next year...
...The Republican party leaders, who have a working alliance with the Socialist party against the reactionary group, have proposed that marines be landed to guard the polls...
...There, by God, is a man...
...And when, on October 33, Healy and Commissioner McCullock demanded that the company officials tell where that ledger is, the offlclalls, grinning, refused to tell...
...WASHINGTON—Because of reports that the reactionary parties are to try again, on Not...
...The speakers are: John Pesey- "** feasor of Philosophy in CMuadaeJW»a» sity...
...He said that we had really just begun...
...There were 451 women candidates of which number 180 were elected...
...Local 5 of tbt Aean> can Federation of Teachers Is m essjsi of the meeting...
...It was at that time that the Commission had met the refusal of the company to permit Its accountants to examine its operating expense ledger...
...There are eight girls in this group, all of them splendid fighters for their Union...
...Norman then gave out his final statement on the results of the campaign...
...words the multimillionaires who bought shares prior to 1917 are getting about $340 on each $100 Invested as their share of the half year's profits...
...6. Attaching to the party the groups of young men in colleges and universities who broke their old party ties in the recent election...
...Trickery by the Electric Bond & Share officials, in dealing with the Commission last summer, was likewise indicated in testimony by John Knox Arnold, special agent of the Commission, who secured from the company's offices a series of documents dealing with charges to subsidiaries...
...No answer...
...A hasty dinner and then up to headquarter* on East Fortieth Street...
...One Independent was elected...
...It was typical of the man...
...The case will 30 to the federal court of appeals and to the federal supreme court...
...Originally the common stock represented nothing more than a capitalization of expected profits...
...Back home at the Thomas house on Eighteenth Street a telegraph boy was waiting with a message congratulating Norman on his masterly address over the radio the night before...
...8. Arrange for a national organizing conference of party delegates next year, the sole-business to be consideration of and action on educational and organization problems...
...First the party went to Henry Fruenter's headquarters in the Bronx...
...Henry was cheerful as usual and told Norman that his district would cast a good Socialist vote...
...Igleslas knows that this will not be possible, since the Porto Ricans are American citizens and have territorial autonomy In some degree...
...He looked to the time when there would arrive in America a mighty party in oppositon to black reaction now in the saddle...
...It compares with $23,830,162 in the first half of 1927 and $20,070,923 in the same period of 1926...
...TtoaUd a the case because the American Federation of Teachers was not consulted before the Executive Council acted...
...There was Charlie Solomon who has been one of Norman's most trusted lieutenants during this campaign and faithful Caasidy who has held down a tough job at headquarters and Louis Goldberg with his head up despite his defeat, and many others who have stuck to the ship in all sorts of storms...
...The enthusiasm shown by the youngsters puts heart in a man...
...British Labor Sees Victory In The Nation Local Election Triumphs Called Indication to General Election Result J^ONDON.—The drift of sentiment towards the Labor Party has striking demonstration in the gains of the party in the municipal elections throughout England last week...
...Owners of the 17,400,000 shares of General Motors common stock get a 6-month return of $9 a share or 36% on the par value of $25...
...Commissioner Mcculloch directed each witness to answer...
...There was a stop at Avenue C where the push-cart vendors crowded around Thomas's car and then a long hop to Brooklyn to find out how Louis Goldberg's campaign was progressing...
...Company Trickery Seen But this mystery as to the $359,000 drawn secretly from company funds by Mitchell, its president and chairman, remain/: under the full spotlight...
...3. Increase the circulation of the local party papers and , the national party paper, The New Leader...
...Appeals For Free Spaeth A year ago...
...Brookwood, the letter continues, a) part of the labor movement...
...Harry P. Ward, Professor of W...
...All the dear ladies at the polling place in a public school at which Norman Thomas voted, held their ears as the photographers boomed off their flash-lghts and the reporters swarmed around Norman...
...Thomas who has been ill for several weeks was progressing...
...Socialism was unknown, was actually making miraculous gains...
...The Labor gains are generally distributed throughout the country and the party Just barely missed acquiring complete control of a number of large cities...
...Within a short time after that date, the Joint Committee of National Utility Associations was set going with abundant funds, and numerous "power senators" in General Electric and Insull territory began making statements hostile to any "interference" with the utility interests...
...These startling ftgwrce have Jast been saade •abbe by the Iiderstate Cosaeacteo Each railroad oseetoyc today fs data* at least IS per eeat saere week than fee dM five years age...
...The 6-month profit of General Motors compares with $129,259,207 in the first half of 1927, $93,285,674 in the first half of 1926 and $50,363,099 in the first half of 1925...
...Class pockets of the power trust were brass-covered...
...Benjamin H. Brewster, general auditor of the holding concern, and A. E. Smith, its comptroller, were the officials who declined to answer Healy s questions regarding this mysterious payment of $359,000 to Mitchell...
...Round Of Ovations For Thomas A LONG lean man in a gray soft hat **¦ and a black overcoat went striding through Kaat Twentieth Street, New York City, last Tuesday morning...
...General Electrie's profit for the first half of 1928 represents a return of $3.38 on each no-par share of common stock...
...The Big Boys Cop the Dough By Federated Press...
...Outside of London the Labor Party won a total of 111 council seats while the Conservatives lost 65...
...The action of the a^xtjeatrfs Cbaaa P. of L. in condemning the Brookes* Labor College without giving tt •» portunity to be heard in its cfcfsnw b»* aroused the indignation of the Teachers' Union which is affiliated with the A F. of L. _^ The teachers will hold a pwea* mmtr lng Friday, Nov...
...Then to the New York hospital to see bow Mrs...
...Said Norman...
...General Motors leads with tha largest 6-month profit in its history...
...4. Divide our local organizations into active working committees, each with special work to do...
...The two middle aged men at the right of the picture are not members of the Hosiery Workers' Organization, but are active strike sympathizers caught in the dragnet at the Federal authorities...
...J. P. Morgan's henchman, George F. Baker, holds about 105,623 shares of telephone stock...
...Or how can labor protest against that judicial abortions Injunctions If a labor college can be enjoined without tbt seablance of a hearing before Judgment is pronounced?'* It was also charged that tot fundamental A. P. of L principle of craft or trade autonomy was flagranti...
...MARINES FOR PORTO RICAN ELECTION...
...General Electric, presided over by Owen Young, Morgan henchman, framer of the Dawes plan and backer of Al Smith, is the fourth profiteer...
...look who I brought a telegram for...
...John A Pitch of the Nee- **» School of Social Wark...
...The money from these fines would be turned over to the Allen-A Company which is seeking to wreck these workers' Union and rather than do that, all these workers have decided to take jail terms of an indeterminate length...
...Says It Aids A. r. ef I* The letter says Brookwood has ss> sidered it to be its task to asset ita dents to an understanding of toe A F of L. and its policies, "to study eB problems affecting the labor BkovesMat in the light of the facts, as eakeb- sat scientifically as possible, teaching itsdents how to think, not what to sank and resolutely refraining from attasajHli* to indoctrinate them with any pattkefes theory or ism...
...payment of the $359,000 was made to Mitchell from the general reserve account of the company...
...The general returns show that the Conservatives are the heaviest losers and this indicates increasing dissatisfaction with the Baldwin Government...
...We emphatically state, furuwatrt, that Brookwood is not controUsd by, financed by, or committed to the panda of any political party, or subject to the control of any group of todWdusfe ottar than its own directors, an of ahem «e members, and, in many cases, ctTaosa at long standing in A F. of L. unices...
...Young Gus Gerber, National Campaign Manager, who has forgotten all about sleep and its meaning, was tabulating figures there which showed that the Party was everywhere holding its own and in some places where, before Norman spoke...
...They said they would not answer, since their counsel, John Mac...
...Inspiring the Socialist members of the trade unions with the necessity of educational work among trade unionists if the labor organizations themselves are to be saved from present disintegrating forces and archaic policies...
...This compares with $74,686,873 in the first 6 months of 1927 and represents a return of $6.17 a share...
...its instructor* art members of the American Federation ef Teachers and its students are bads sake members...
...If an institute financed and encouraged to a large extent by real estate sad public utilities interests must hart its freedom jealously guarded, even if there is sufficient evidence to convict it of attempt to poison the entire educational system of the country, on what ground It greateiatitude and freedom in teaching to be denied to a labor college...
...But as the original owners now hold about 6;, 2 shares for each $100 share owned In 1912 the half year profit is at the rate of 22...
...6, the tactics of wholesale coercion and fraud that marked the election of 1936...
...March, 1927, was the time when Congress had Just adjourned, leaving the Muscle Shoals and Boulder Dam bills unpassed, and the Walsh resolution, demanding an Investigation of the power trust, temporarily stopped...
...But papers which he lent back to them in July were not restored to the Commission...
...How can labor face the world if it denies to its own members what It demands of employers...
...his*" wage efeUsa that Is se tastetentiy erred...
...the statement adds...
...2. Go after those friends and sympathisers we met in the recent campaign and get them into the party...
...7. Arrange forums for lectures and debates, obtaining the cooperation of sympathetic organizations wherever possible...
...At 10:10 ajn...
...This was the start of a busy day for the Socialst candidate for President—the sort of day he has been having ever since his nomination last Spring...
...PROSPERITY in 1928 is no joke to the wealthy clique centering around the House of Morgan, to Judge by the reports of 5 corporate giants dominating their fields in the world of industry...
...U. S. Steel comes third in magnitude of Its half year profits with a net Income of $56,336,040...
...each by U. S. District Court Judge Geiger in Milwaukee after having been found guilty of civil contempt of Court through violations of a sweeping injunction handed down by the same Judge at the instance of the Union-Busting Allen-A Company of Kenoeha, Wis., these young members of the American Federation of Full Fashioned Hosiery Workers have chosen to go to prison rather than pay this penalty...
...Santiago Igleefas, Socialist senator in the island legislature, is hurrying home from Washington to consult his associates on measures of self-protection...
...the American Federation of UborrvT ventlon which meets h, a^T^Lr**' November 19...
...Brookwood has not considered it to be part of its duty as an educational institution to promulgate without anahsb the views and policies of the A F. of L, or of any other movement or ortsnsation...
Vol. 7 • November 1928 • No. 47
