Weekly independent. [volume] (Elko, Nev.) 1887-1914, 1903-04-17
or IBE
STEEL IKCST.

Co1men,ias 1pon th- report EA4
public By The ssesi tres. = fsz dAys :
the SprIrsfesd- Mas R4pasE@n d.
reefs attention 10 soa,e fsets II ocr%-
tioH Nth the report All tie trzst zhien
Should be read By al IT, p=or.=. II
says:
The gorern5soi 81 IL UG-si States,
the largest pablo e~orpo-stoa z Tie
World, organized aDIsr : charter giant
al by the several Esz;@ sz3 IL people
thssso', collected daring tie zg=s12-
year lse, FOX tn ualrtroe * IL
army. navy and evil service 0. Ts;
eIteof. The san X s5s5E9-nup 4:z-t
from The postal serEie DGrGzz tie
ZANE tine The United States Steal coz
porzson, a pirate eouo=rr existing M
der = charter grated by - % tie
s.ates- coIlscte5 from The people, a gro#
sun Q. s5515l0,GT1- Ia is fsca! op=rz-
,IOns the pirate cnrporssou sstrds sp-
proIinaely ~ - equal footing zI;5
The greatest % pucEc oorpo-zt;0s= II
le'iea upon The people 70 = ssa-ly equal
eItept. ~FInzrcisll. zud TaGv-trany If
Il = po-er equal to that q tie Ebo!e
people o. tks United States IN their OF
ganizsi political state Tins i I fact
c~aIcula.eI To- awaken popular r,Hec-
ton,
But Z IL. re the EIgh:4st danger. cao
:ae:e izsioly b= any Danger, Tia, thss
great private corporation. representing
" =. - A. -.N
be able successfully n measure it,
strength Nth that d tbe public CORPORA
tion representing all the p@ogle % the
country: For an anEEeT Crte Hbat
already Il being achieved Ill this direc-
ton. The UGiiei States z~Dyernmeat =
maintaining a high ;arif for the pcU;ec-
tiOn 81 the steel corporation from foreign
competition and enabling It the letter
10 exploit the home market lpG IT. OEn
pirate profit and the goTernmsHtsE shows
no DISPOSITION 10 change this policy.
Whether iru1 the direct or tie indirect
influence 81 the pDwer ~ the steel COT
poration. or from no exercise o! IT,
power whatever, il II d fact that the
power Of the United States government
has BEEN bent and u being bent to the
tiop. and there are no indications that Z
chzDge il 10 be eIec;-d in this situa.
ton.
Largely because Of the action or IN
action Of the United States government,
the steel corporation ba- been enabled
~ 49, IL 80 - a.. 1900. -
profits OF marvellous measure. Its total
net earnings Tor the year <ere over
tl00.ODJ. II was able, from these earn
InRs, to pay the ~iDtcre5i on its bonds. "a
make large allowance FOR maintenance
and sinking fundF. aud then Ia pay :
per { on :he preferred stocK Of EJl0,-
CGJ,OOO, to n very considerable extent
representing the gHlu e Of mOnoply apart
from Investment. aud ! per cent on the
tJ0S 10000 ~ common stock, altogether
representing value created by monopoly
apart from any inyesiment. beyond
this it Il able to report a surplus or nm
divided profits OF S3i.2J0.DO6, which il
equal to abOnt 81 per cent additional
ON the total stock capitalization ~ the
concern earned last year. above all ex.
peHses. charges. cost Of maintenance.
etc, something like - per cent.
1t was able Ia do this because II Wa
able. under the tariff protection Di the
United States government, To exact
prices in the home market about JOuble
tho normal prices prevailing before
r,.o bin . tfnr ia a.. .r.. ,.I ...I -
dustry began. The7e exactinDs affect
all industry ant all the people. They
increase the costs 81 building and rents.
tn, costs 81 transportation, the costs o.
all manufacturing aud the costs Of living
III general. II il not 30 much the de.
inandS al labor for more wages that
have Increased the costs q! production
~ the cxac.iOns Of monopoly trusts like
the steel corporation. and these exactiOns
are very largely made possible by OK.
treme protective custom duties. The
m0re-%ages movement did not begin
until long after the Transformation move.
ment had begun.
As "A matter Of fact, then, tho ~ wer oi
this m priyat" corporation IN mcagur.
ing up very we'll against tho might OF
the grcatesi public corporation in the
world. More than this: II IL actually
at present bending the might oi the
latter to jts own private advantage. II
10 the equal Of the government aa a
fiscal institution; il appcA-s Ia be greater
than the government ~ q power ~ di-
recting public policy.