The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-04-16
THE STEEL TRUST REPoR'
An Event Of Great Consequence from
Several Points of View.


Several Points of View.
New York Letter in Philadelphia Press.
There is meat In the detailed report
which follows the comprehensive state
ment Of assets and liabilities which may not
be exhausted until many months Of critical
inspection. On the other hand. there are
some conspicuous suggestions that come az
once 10 every one who is well Informed For
instance, the statement Of the gross sales
and earnings is Of itself most impressive
compendium. They appear 10 have been in
the year 1902 in excess by as much as slcO,-
10000 OF the international trade balance an
favor of the United States OF that year.
They almost equal the largest figures rep
resenting that international trade balance
yet recorded. They are reported at soOo0Oo.-
COO. thus showing that the Judgment of those
who had some information about the bust
ness OF this corporation was not far out or
the way. that judgment having been that
the gross earnings would be in the neigh
borhood OF seoOOoo.0oO for one year.
Here is a corporation that does a gross
business OF approximately 100000 a day.
and in those figures are TO be discovered
by the discerning man sure proof of the in
managers have taken out OF the gross earn
ings, in addition TO the expenses for operat-
ing and wages. nearly $4,000 900, represents
ing chiefly the special fund for depreciation
and approval. and after they have paid all
charges. including interest and the sinking
fund for the bonds and the dividend, they
are able 10 report the enormous sum or
So. 100000 as a surplus for the year. IL re-
Quires, OF course. an expert, man OF the
quickly appreciating and discerning eye or
Mr.. Friek or OF the late Abram g. Hewitt
thoroughly TO analyze the profit and loss
account, but the general impression here
is that the relation OF the cost or manu-
featuring and operating this corporation
and the constituent company to the gross
earnings indicates most careful and merritt
Orious management.
Some say that in these figures are 10 be
disclosed the real economies which were
which is called the United States Steel Cor
poration, In one little paragraph OF only
ave lines there Is written again the story
of American prosperity, for IL tells OF con-
tracts or orders that are yet TO be delivered
and that were upon the books at the begin
ming of the calendar year. aggregating con-
siderably In excess of fiye million tons and
I'm excess of orders of a like character OF
the year previous by as much as $4,000
tons.
Then again attention Is called 10 a special
feature of the Industrial activity of the
United States, which Is disclosed in a single
line OF this report, stating that steel rails
and structural material are in such enor-
the mills of the corporation has been con-
tracted for and sold up 10 the end OF this
year.
A man needs no great experience either as
a workman or an employer to discover
in brief statement OF that kind one Of the
finest of the demonstrations OF the indus
trial activity OF the country and the prom
Use of its maintenance at least for year.
Some will fnd their chief interest in this
report in the very clear: though brief. table.
which tells the story of employees pay rolls
and stockholders. What an employer this
corporation Is! Ii stands practically first
in this respect finding no other who Is a
greater employer of skilled and unskilled
labor, excepting the federal government
itself. 1t divided one hundred and twenty
millions In the way of salaries and wages,
much the greater part of IL being wages;
and ii gave direct support TO employees and
their families numbering approximately a
million persons, while IL would be inpossi-
support which might be traced 70 this cor
poration.
If in the public exchanges those markets
| where there is good test of the confidence
of the public in this corporation Is made
| there still seems to be reluctance to accept
| the common stock as worth much more
than one-third of its par value. neyerthe-
less the report dfscloseS an increasing con-
| fdence represented by fifteen thousand
more stockholders than were reported a
year ago. and in these figures no record is
been subscribed for by employees. There
were last year forty-three thousand stock
holders; there are this year nearly Nifty
nine thousand; or, If the employees who
have subscribed be included, there are
eighty-sx thousand stockholders.
| A report of this kind Is regarded here as
really an event of the highest consequence.
Many think IL marks an era in the rela-
lions Of the great corporate combinations
| to the public. 1t is believed that the ex-
| ample must, in the long run. be followed
! by other corporations towards which the
| people are looking with something of appre-
hension, a fear for which the secretive
| blind-pool management that is characters
tic of some Of them is in great measure
responsible.