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Newspaper
Cincinnati The Sun
Location
Cincinnati, Ohio, United States of America
Date
Aug 27, 1948
Page
4
A daily paper defended high profits by arguing they are a small share of price. The piece omits that profits go to a very small percent of citizens, challenging the idea that big business is owned by a broad cross section through stock holdings.
A critic argues profits rise 10.2 to 24.9 percent versus wages, citing a Federal Trade Commission survey. The author warns that the rich few hold most holdings while ordinary citizens pay a growing share to financiers, likening the economy to a gambling house and urging new laws to curb monopolists.
Wall Street Journal quotes a textile expert blaming slack output on futile price-keeping moves as consumer costs squeeze demand. FTC study shows 508 firms across 25 industries largely profitable, with returns 10.2 to 24.9 percent, challenging NAM claims. Taft-Hartley era reforms reveal a harsher Labor Board stance on hiring halls, sparking fear of disruption in maritime work. Union voters’ records criticized. Labor Day events seen as united AFL CIO mobilization with Truman speech planned in Detroit. Notes mention European unions’ growing niche roles.
Washington report notes CIO Outlook claims industry uses wage hikes as scapegoat to justify price increases. It cites 1948 plan to limit wage boosts while prices rise due to armament, European aid, and tax cuts, with profits sustaining higher costs.
Local 1334 members at St Marys and St Johns cemeteries secured a negotiating meeting with Cincinnati Catholic Cemetery Assn management at 1 p.m. Thursday, the first since the contract expired July 31. The strike began after last year’s extension ended August 14 as the union demands a 30 cent across the board raise and contract improvements.
The NLRB ruled that hiring halls and NMU contract demands violate the Taft Hartley closed shop ban. The Great Lakes Shipping companies brought the case with counterpart actions initiated by NLRB General Counsel Denham across NMU ports.
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