Congressional Edition Volume 5550

Congressional Edition Volume 5550

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This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1909 edition. Excerpt: ...By a certain manipulation of figures these profits are made to appear to be earned upon gross sales and earnings amounting to $757,000,000, which would indicate a profit of about 27 per cent on the cost price. But the percentage of profit was much greater than 27 per cent, probably twice that amount, because the gross sales given in the report are admitted to include sales made between subsidiary companies. The report does not state the amount of genuine gross sales--that is, between the corporation and the outside world--but from common knowledge as to the average market price of its output of about 10,000,000 tons it may be safely estimated that the gross sales were not more than from $460,000,000 to $500,000,000, which would indicate a profit of about 54 per cent, or upward of 50 per cent on the cost price. As indicating excessive profits, we have the further fact of lower prices being habitually charged for exported goods than for those sold in the United States. A few days ago certain members of this committee inquired of a witness if he personally knew of any case of a lower price for foreign than for domestic consumption. With reference to iron and steel, we have the statement of the steel corporation itself and its officers. In 1901, before the Industrial Commission, President Schwab testified that under normal conditions export prices were always lower than home prices. We have the statement in the corporation's last annual report that the average mill price per ton received for all exported material was 7 per cent less than the average price received for all domestic shipments. This is another peculiar statement, for it is well known that the exports consist mainly of products much more highly finished and bearing on the more

Product details

  • Paperback
  • 189 x 246 x 29mm | 989g
  • United States
  • English
  • black & white illustrations
  • 1236896092
  • 9781236896094