The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1903-11-21
WHAT'S THE MATTER WITH
STEELE
WITH

What is the matter with Steelp
Thousands have been asking themselves
that question during the past few
days Steel has been sagging steadily
until now the preferred is bringing
less than what was asked Of the COM
mon when the corporation was formed.
The price of the preferred is practical
" cut in two. Is its value equally de-
preciated2 Steel preferred ought to be
worth 100 cents on the dollar and as
far as the layman can judge from ex-
ternals it is actually worth it. There
is no corporation whose tangible assets
are so real as those of the Steel Cor
poration Last year it transported out
of its own mines 1, $50, 900 tons Of ore.
That is more ore than is mined in the
whole Of Great Britain. It's control OF
the iron deposits is in even greater
proportion. 1t is conservative state
ment that the Steel Corporation owns
two-thirds of the Lake Superior iron
mine Four fifths of all the iron ore
used in the United States comes out of
the Lake Superior iron mines. As far
as the market for raw material is con-
cerned the Steel Corporation is alb
solutely independent. All the steel
works in Great Britain put together
are not as big as the Steel Corporation.
AS TAR as regards the ton-cost of steel
the Steel Corporation can make it
more cheaply than anyone else. More
over, it mas the bigg,s st market in the
world IN which to dispose of its
wares. There is no home market like
that of the United States. 1t can
always dispose of its surplus abroad by
merely cutting under the price of the
foreign porducer Then what is the
matter with Steel2 Why should such
security as this be literally slaugth
cred? OF course forced liquidation hal
, had something to do with the decline
in price Manipulation has probably
something TO do also but neithel
Humiliation nor manipulation could
provoke the wholesale distrust which
: characterizes the Steel share today
Is not the real base of lack OF con
fidence In the management accentuate'
by the discourse of starting financia
? immortality among those who wer
big in its councils less than year ago
That was sorry mess of dirty line
: that Receiver James Smith aired 4
his report OF the United States Shil
Building CO. Mr.. Andrew Carnegi
y said that given the personnel he coul
in four year re-establish the Carnegi
= steel works That was probably by
: perbole but IL was good way of EN-
= phasizing the value OF personality
What the Steel Corporation lacks
= personality It lacks the close. in
= innate. personal attention that a ma
" gives TO his private business that do
voted interest which, year in and yea
a. ont never fiages. It would be ironic;
= TO say that any person is giving sue
80 attention TO the affairs OF the Ste
s. Corporation. Schwab's conduct viii
= president Of the Corporation woul
certainty hdNo iuihVN Piif"'V ~"
mess. There is probably not sing
bic official in the steel Corporation WI
= Is not mp TO his ears in something els
81 There may be an exception, like Core
~ but the exceptions always prove u
IN rule. No man can serve two master
u No man can carry on two enterprise
= without sighting one or the othe
=. When the head Of a department
~ notoriously deficient the subordinat
cannot DO expected to be otherwis
~ Il is a difficult matter to give so va
"a body as the Steel Corporate
n - cohesion but IL all OF Its officials hi
a a single purpose in life, and that pu