The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-10-09

lions of the best men and women in the
world. But / was unable TO formulate one
satisfactory even to myself. Therefore /
appealed TO my Democratic friends through
out the State in something like a hundred
campaign speeches. L had no difficulty in
finding plenty Of these brethren who could
formulate an antitrust resolution, so l
asked them to formulate In antitrust law.
i promised IL they would submit one to rec
ommend it to the Legislature of my State,
But none was presented.
Since then / have investigated somewhat.
and / have discovered a few facts which
are quite a consolation at least to me. One
is that the United States Steel Corporation
produced only 1873 per cent. of the iron ore
dug in this country during the year 1901,
66.3 per cent. of the steel ingots and cast
ings. SOL per cent. of the rolled products.
such as steel rails, structural shapes, plates,
etc, and wire, and 65.S per cent. of the
wire nails. This proportion is less than it
was a year ago.
VOLUNTARY PUBLICITY.
In this connection 1 might add thai this
particular corporation on it's own motion
makes public many and perhaps all the i'm
| portant details of fits business, including
gross and net profits. It's receipts for the
year ending June 30, 1902, derived from the
sale of iron and steel and the gross earn
ings Of its transportation companies, were
in round numbers $3.50. 600. OOO. and the net
profits of the concern were something like
$130, 600, 600. 1t therefore made a net profit
of &c per cent. not upon its capital, but
upon its business from the ore bed TO the
finished product at the doors of its fac
tories.
l recognize that there are some people
who will insist that steel products are from
100 to $50 per cent. too high, but If these
published reports can be relied upon a re-
duction of 20 per cent. would exhaust all the
profits of the concern. But conceding this
is high, there is some consolation TO be
drawn from this enormous amount Of bust
A The ROrnOTaffOn owns ire NUN nrQ
and il therefore pays out for labor, directly
or indirectly, every dollar except what 1T
pays in interest and dividends: 1t follows
then that this one concern paid during the
year ending June 80, 1902, directly or indi-
rectly, over 800, on for labor. And what
became of this money? Most of it was
spent primarily for food and raiment and
material to build homes. This food came
from the wheat fields of Minnesota and the
Dakotas, and from the grazing fields of the
mountain States, and from the farmers
stalls in the corn belt. The material for
raiment came from the cotton fields of the
South and from the sheep ranches of the
far West, but it all came thence by way
OF the factories of New England and the
Atlantic States Nor is this all. The farm
ers who received this money for food
PRODUCTS, for cotton and for wool spent it
in turn for labor or for building material,
for carpets, or clothing, or barbed wire, or
nails, or other articles of consumption. The
mills which ground the wheat, the packers
who killed the beeves and the hogs and the
factory men who produced the cloth paid at
least 95 per cent. of their gross receipts for
labor. And so these millions went on and
on and are going still. They have cheered
many homes. They have brought food to
those who We're starving six years ago, and
they have helped in a measure TO make us
all rich. But what has the corporation
done with its net profits? 1t has paid it in
interest on its bonded Indebtedness and in
dividends on its stock. The stock of this
corporation is held by more than 5000 peo-
pie: So this profit is thus divided and sub
divided. And what do these stockholders do
clothed. I speak of these things only to
show that the entire profit has not been
lost There are pmpensations even with
money with us. 1t has not gone hence, and
portion, but more than il the money had
gone abroad. -
But / believe competition is in sight. Last
year the entire rolled iron and steel prod
ucts Of the United States was 1900, 900
tons. of which the United States Steel Cor
poration produced less than 81 per cent.
The Lackawanna Iron and Steel Company
Is bullying a plant near Buffalo. costing
produce a million and a quarter tons per
annum. The independent concern with
which Mr.. Frick is connected is being in
creased TO a 10000, 900 plant. / have a let
ter from Mr.. James Swank. secretary of
the American Iron and Steel Association, in
which he says that when the plants now
In process of construction are completed
the capacity of this country will be fully
zf,WO,OvO tons per annum; you can draw
your own conclusions. In my Judgment we
are to have competition, and il will be
the kind the American people have learned
TO appreciate. 1t will be American compe-
tltlon; and our own artisans will not be
forced upon the street again to beg while
foreign workmen supply the limited needs
OF a paralyzed country.
If any one should be disposed to charac-
terize what / have said as a defense of ex-
isting conditions, let me correct him once
and for all. L am not in favor of trusts.
nor OF monopolies,. OF any kind or form,
II 0n6 oan rnarnb - nHf1
measure of good, in the trend of Industrial
affairs. But L am more anxious that my
son shall be taught to face conditions like
a man than to be told he is whipped any
how, and that the best thing for him to do
is to lie down and cry. And 1 want TO
say TO you, my good Democratic friend,
that If you allow the calamity bowler to
rob your son of his hope, and teach him
that whoever undertakes gigantic enter
prises, especially II he is successful, is a
seoundrel, and whoever finds employment
for a thousand men Is a thief, and should
he find employment for 5000 he is a robber,
you will be spared the humiliation of ever
seeing your sons name on the stationery or
In the list of directors of any business en-
terprise-
VIGOROUS ACTION.
Existing laws against trusts are being
vigorously enforced. This policy must be
continued, and the laws themselves must
be reinforced wherever needed. But there
are some things that must be permitted to
regulate themselves. A few years ago rail
of track. Some roads built as wide as six
feet. But that was found too wide, and
four feet eight and one-half has become
the standard. Different weights Of railroad
iron have been tried. I think as heavy as
125-pound rails have been laid; but expert
ence has shown 90-pound to be about the
maximum practical weight. One hundred
and twenty-ton locomotives have been
tried. but they have been found too large
: The stationary engine that was the wonder
at the centennial exposition in 1876 had a
capacity of 1,40 horse power. There are
now many locomotives in successful use
registering 1900 horse power. while prac-
teal stationary engines have grown from
l,4OO TO 1900 horse power I'm a quarter of q
century. The size OF steamships il now be.
ing increased The ships engaged IN foreign
m that enter New York harbor ear.
~ three times the averge tonnage of those
engaged In the same trade thirty years
ago, while ships ten times as large as this
average are I'm process of construction
| These may prove too large, or others MAY
be built larger still. There must necessarf
ly be a limit somewhere. and experience
will determine the practical maximum,
The amount Of capital to be employed In
a corporation has been wonderfully In.
creased in late years. An excess of a thou.
sand millions has been reached.
? This may prove too large. Time will tell
2 But / doubt IL the government can profta.
( bly, dictate either the width OF the track. o,
the weight OF the iron, or the size of the
ship. OF the capital 10 be employed In ar
{ industry IT can require the railroad te