West Virginia argus. [volume] (Kingwood, W. Va.) 1877-1946, 1892-11-10

EecpinS dowo wages are concerned.
Many OF the larger manufacturers, how
ever, have been in favor OF a much
stronger organization, capable Of rogu-
lating production and of sustaining, higb
prices and profits. A few months ago
four of the largest firms agreed 10 COM
bine under tho name OF the United
States Cutlery company. with o capital
Of 81 900. 900. Their prospectus said:
The business OF these companies (man-
featuring IS per cent. Of all the pocket
cutlery made here) has steadily increased
year by year. and the net profits OF these
companies for n period of over three
years are largely in excess OF the sum
necessary to have paid 3 per cent divi-
dends upon 100000 preferred stock"
1t Is also claimed that the new company
could pay dividends of per cent. on
100000 and Is per cent. on the other
$500, 900.
According 10 the testimony given i'm
1890 before the ways and means com
mittec the combined investment OF these
four companies was only 800, 900. The
manufacturers then put on long faces
and tried To make the committee believe
that the pocket cutlery industry was
about to expire under 80 per cent.
duty. Ii now appears that they were
then making largely in excess" OF 10
per cent. upon their actual capital
(SiOO.OOO), and that they are now In
shape to make 46 per cent. ON this same
amount. They add in their prospectus
that prices upon cutlery have never
yet reached those which could have been
asked by the increased rate of tariff"
That their claims are not extravagant Is
evident from the announcement i'm The
House Furnishing Goods Weekly of
Aug. 4, 1892, that 1.-the SOuthinyton
Cutlery company, of Southington. Conn.
has declared quarterly dividend of y
per cent" Ii is clear that the Increased
duty was obtained under false pre-
lenses, if not by actual fraud And
these are the class of men who reap the
benefits of McKinleyism.
Notice now how these spells are di.
vided between the manufacturers and
their employees. The Republican press
points with PRIDE 10 three companies
the Canastota Knife company. the New
York Knife company and the Thomaston
Knife company, employing altogether
about 400 hands-that have advanced
wages about 10 per cent. 1t is true that
since 1890 about thrce-fourths of the
employees in these factories have oh
tanned advances that will average be
tween and 10 per cent. These advances
have been secured only because the en-
p,oyees were organized and struck or
threatened to strike for higher wages.
Strikes are now on in three other fac.
tories. But suppose that all of these
400 employees have had their wages adj
Nanced 10 per cent. and that thcy earn
an average of $500 each year Uhe nc
tual average is much less) Their total
benefit from the new tariff admitting
that 1t made the advance possible) would
thus be less than $2I 600. The yearly
product Of all the factories is worth from
81 900 600 to 81, 600 900. The 80 per cent.
advance III prices then increases the
profits OF the manufacturers about $500
COO. That is, the manufacturers have
retained % per cent. Of the spoils and
grudgingly yielded up . pr cent. to the
wage earners.
The American user of pocketliniyeS
has taken 500, GOO ont Of one pocket and
made 1t present to these foreigners for
the privilege of carrying an american
knife IN another pocket, and this in
addition to II similar amount bestowed
upon the same Foreigners under the 80
per cent. duty prior To 1880. If this be
the best that Mckinley can do for Us IL
Is time we We're finding it out. 1t will
DE money In our pockets some day.