Amerikai Magyar hirlap = American Magyar journal. [volume], February 22, 1934, Image 1

About Amerikai Magyar hirlap = American Magyar journal. [volume] (Youngstown, Ohio) 1911-1942

Image provided by: Ohio History Connection, Columbus, OH

                
TOWN TOPICS
We have repeatedly stated in
ijhese columns that we do not
Agree in many instances with ar
ticles written by our friend
Martin Himler, but that we have
felt that the people are entitled
ft be given the more radical
*iews of those who not only
support the Roosevelt "new
deal" but perhaps go even a
little further in their radicalism.
We are just as fearless in ex
pressing our opiniéfi Mr.
Himler is.
For instance we do not agree
-With several articles published
lately about the steel industry.
We dispute first of all the as
sertion that the steel industry
Ifc making "profits". It is not.
We still believe that after
labor receives a fair compen
sation for the work done a fair
ffeturn for the capital invested
It in order. After all who owjis
this capital? It is owned by
banks and insurance companies
#nd perhaps a few individuals.
8ome of the individuals who own
stocks and have invested their
savings to provide for them
selves an income in their old
ge ot |«r their dependents after
Who owns the investment of
the banks and insurance com
yanies? Why the people, in
tarying degrees. If your few
collars are in a bank ör if you
have just a $1000 insurance po
tcy some of your money is in
Stocks and bonds perhaps of
flocks and bonds of Youngstown
l^el companies. If it brings *no
v feturas or you impair its in
tirinstic value who loses? Why
t$ie people.
For this reason we don't agree
with some of the ultra-radical
views expressed regarding to
profits.
But why talk about profits.
Since 1930 no steel company in
tfris district has made a nickle
^iiice 1931 no steel company
here paid any common or pre
ferred dividents. Since 1930 the
Jgalue of steel stocks in Young
#own concerns dropped to about
one-fifth of their former value.
Take Republic Steel Corporation
Ipr... instance. It has lost more
than four million dollars last
jjear not counting the millions
'}k could not pay to preferred
Stockholders which will have to
He made up later.
Or take Youngstown Sheet &
Tube Co. which had an un
broken divindend record until
1931. Its loss for last year will
l|e more than $7,000,000. In the
t|vo previous years it has lost
giore than $20,000,000.
How under these circum
stances can it be said that the
steel companies should do this
or that, or that they are not
fair to the men in the mills.
Just as we have said we are
fearless in expressing an opinion,
ft is our opinion, that the steel
mills under existing condition
are treating their men fair, that
tfiey have treated them fair, that
t|iey have done everything to
Jjelp them tide over the de
pression, which is more than
tiiey have done for their stock
holders, many of whom have
been deprived, from an income
altogether.
High sounding socialistic or
communistic ideas are all right.
T^hey look fine on paper, but a
sorry mess in practice. As long
as we have a capitalistic system
to which labor shares with capi
tal the fruits of production it is
orse than folly to attack an
industry which has done the best
it could do.
The mills in this district are
putting to work all the men they
can possibly engage. Now that
conditions have improved to
some extent the earnings of the
men on the payrolls are in
creased. The labor in the mills
comes first the stockholder comes
afterwards.
A good example of this was
given in the last year. All the
improvement in the industry
went to labor and nothing so far
to stockholders, who had to see
the value of their equities drop
further than before.
Labor agitation, in our opi
nion at this time is just as bad
as chiseling under the NRA. Let
lis have no labor troubles, no
strikes, no violence- Let us have
a mutual understanding, that as
conditions improve labor will
continue to get its fair share of
it. But we say and say it without
fear of contradiction that in the
steel industry so far all the tan
gible benefits of the NRA
accrued to labor*
STERHOVAY 364
TO HOLD MEETIN©
AND A SOCIAL
The English speaking Ver
hovay Branch known as Br. 364
will, hold its regular monthly
meeting nex Thursday, March
1, in the West Side Hungarian
Home to be followed by a
social. Everything will be free.
A good time is promised all
those who will attend. Members
and their friends and all who
wish to come are invited and
welcome.
Members are urged to attend
the business session as the char
ter will close at this meeting and
permanent officers for the
branch for the current year will
be elected. New members will be
initiated at this meeting. The
social committtee is asked to
be at the hall at seven p. m.
Matters of importance will bs
discussed and all members are
a^skpd to be present.