Word: heintz
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...wartime, when the U.S. was footing the bill, brotherly love and production soared and sang at Cleveland's bountiful, brash Jack & Heintz, Inc., makers of plane equipment. Associates (employes) luxuriated in hot showers and Turkish baths, cheek by jowl with pink-jowled President William S. Jack, got free insurance and Florida vacations. Out of their sky-high wages ($5,000 a year and up) they gratefully sank $15,000,000 in preferred stock in Jahco to finance a still rosier postwar future. But peace and cutbacks brought trouble to this production paradise. By last week Jahco's eight...
...closed-shop contract. The trouble had started when union bigwigs, who looked sourly on Jahco's stock-selling plan, warned associates against buying. Associates went right on buying anyway, rubbed it into wary union officials by assigning their voting rights to Bill Jack and Vice President Ralph Heintz as trustees. When the V-J layoffs started, the squabble broke out again, this time over veteran seniority provisions. Result: Jahco must appear before NLRB on charges of "coercing" its associates by interfering with the election of union officials...
...said he has discovered that the Army permitted corporations to make "exorbitant profits" out of Government contracts (he cited as examples Manufacturers Jack & Heintz of Cleveland who, in one year, showed earnings of 1.740% on capital stock; High Standards Manufacturing Co., which, "with a capital and surplus of $65,660 showed a net profit after taxes and after depreciation in 1942 of $1,888,918," plus $1,500,000 for a "management...
Cried Bill Jack: "If anyone says Jack & Heintz are profiteers . . . he is a liar...
...many an absent Congressman, mindful of the $891,000 in salaries that Bill Jack, his family and Partner Ralph M. Heintz have collected in two years, was less enthusiastic. Mused Wyoming's Senator Joe O'Mahoney: "It seems to be rather interesting that they have money enough to stage an affair of this type...