Aberdeen herald. [volume] (Aberdeen, Chehalis County, W.T.) 1886-1917, 1903-05-18
THE STEEL TRUST RATES OF WAGES
ITS METHODS, BY BYRON W.
HOLT, IN THE PUBLIC.
Docs tire Trust Bride the Large Newspapers
With Fat Advertising? II Looks That
Way. As a Tax.Dodser, II Is Fairly Sue.
Cessful Also.

With Fat Adw rtisins? It Looks That
Way. As Tax.Dodser, II Is Fairly Sue.
| cessful Also.
Shortly after this giant trust was
formed in 1901 its officers decided that
the corporation laws of New Jersey
should be materially changed. The
change was made unosten' atiously and
quickly.
Then the trust wished to dispose of
several hundred million dollars worth Of
its stock. Soon the bank officials all over
the country we're quietly advising depos-
tors to buy "Steel preferred" at 100, and
"Steel common" at SO. Many newspaper
articles, including some in religious
journals, were suggesting the excellent
opportunity for Investment in these steel
stocks-the preferred paying and the
common earning Is or 20 per cen. or
course this talk and these articles were
mainly inspired. But at least $4,000 Of
the $500 people who purchased stocks
did not know this. They had faith in
their bank officials and newspaper editors,
and did not know that the iron and steel
men in the East were not only unloading
their steel stocks, but were selling these
stocks "short," being fully convinced
that, in spite of apparent great earnings,
stocks would decline as they have done
to the extent of Is points, or $3.50. O00, 900.
Again, we find but little unfavorable
criticism of this devastating monster in
the newspapers. Why? 1t would not
he proper to say that this trust has bribed
nearly all Of the leading newspapers CT
the country. 1t is not at all probable
that it mas done so; and yet it is likely
that it has even more eftectually headed
off criticism than if it had spent millions
in brides. 1t simply inserts fuIl-page
advertisements in all of the leading news
papers and the trick is done. The fol.
lowing are some OF the newspapers in
which the writer found the full-page ad-
vertisement OF the last annual report OF
the steel trust:
Boston Herald, Boston Transcript,
Boston Globe, Springfield Republican,
Providence Journal, New Haven Register,
New York Evening Post, New York
American, Philadelphia Public Ledger,
Pittsburg Dispatch, Pittsburg Post, Balti-
more Sun, Baltimore American, Baltimore
News, Washington Post, Washington
Star, Cincinnati CONGRATULATIONS,
Detroit Tribune, indianapolis Journal,
Indianapolis Sentinel, Indianapolis News,
Chicago Tribune, Chicago Tnter-Oceali,
Chicago Journal, Chicago Evening Post,
st. Louis Daily Globe, St. Paul Pioneer
Press, New Orleans Times Democrat,
Montreal (Canada) Gazette.
1t is almost certain that this advertise.
ment appeared in practically all Of the
other great newspapers, which the writer
did not see. II this advertisement, with
the prospect that it will be repeated
every year or every quarter, does not en-
tirely prevent criticism, it will, at least,
greatly tone down and soften criticism in
the great majority OF cases. The long.
headed officers of this trust never made
better investment than when they put
a million, or so, in advertising in hun
bred or more of the leading news apers.
Not only will i: add millions to the mar.
ket value OF It's securities-which is very
important, until all Of the surplus securi.
ties are marketed-but it will keep the
people quiet ard stave off,. perhaps for
years, the radical reform Of the tariff on
trust products, which is sure to come
when the people cut their tarif.wisdom
teeth.
The methods Of the steel trust are harsh
and cruel to both competitors a..d cus-
toners yet we see almost nothing about
them in the newspapers. In hundreds
Of ways this trust deserves the severest OF
criticism, yet it gets but small portion
Of its just deserts. Take one instance:
Who has read any comment on the
comparative smallness Of its taxes? Its
report shows that it paid taxes to the
amount OF s2,397 ,465 in 1902. This is
less than per cent OF its net earnings
and less than mills on the dollar OF the
value OF its property, according to its
capital and to the sworn statements OF its
president. Ia there any sound reason
why this protected bilion-dollar trust
should pay in taxes IS cents on every
800 when the unprotected common
people pay So or 50 on every 500 worth
OF property?
1t is probable that this trust pays less
than 81 100000 Of taxes on it's iron and
steel lands, valued at over 81, O00, OOO, 00O
This is less than one mill on the dollar.
The taxes on ordinary farm lands worth
81 900 100000 are about $15,000,O00.
Why are the great and influential news
papers not calling attention to this gross
injustice and favoritism?
Farmers and mechanics should study
this steel trust report carefully and do