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they would have said no, they didn't, but they really did.

Wages that they paid out went in on the ledgers with the cost of material, transportation, building and maintenance. Then on another page was the capital investment and the stockholders. Upon this there is profit made. If there is profit made, then some of it is ploughed back into the business, into the improvement of plant and structure, into research, and the rest of it is distributed to the stockholders. It's the stockholders' right to have the profits. Many stockholders believe that they should get their profits first. There is some company now (1953) where some stockholders are circling a petition among the other stockholders complaining that the company has spent money on this, that, or the other folderol for labor when they ought to have given the money to the stockholders; stockholders' dividends have not been increased, or haven't been increased enough.

These men who were the managers of steel and also large stockholders were not the bad, reactionary kind, however. They just hadn't thought about unions in the modern way. I think the period was a very significant period for them. They were wholeheartedly in favor of NRA. They thought it was good. All the big employers were for NRA, and the steel people were too.