Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1904-02-04
STEEL TRUST GOLD BRICKS.
PrOfit-Sharing Promises landed Out
tO Confidence the Poor
Employees.

Now that the employees of the billion
dollar steel trust have begun to work.
with many murmurs but, as yet, without
strikes-at wages about 35 per cent.
lower than those received last year,
instead of only 10 per cent. as announced
last month by the trust officials, that
great benevolent institution, the steel
trust, begins to talk of improved condi-
tions and to mark up the prices of its pro-
ducts. On January IA the Iron Age said:
"On January II the leading producer
advanced the price on wire products one
dollar per ton beyondformer quotations,
including wire nails, barb wire and
smooth fence wire. This represents an
advance of five cents per key on wire
nails. The advance was made because of
the very heavy tonnage, which has been
booked during the past three weeks, and
because of the low stocks in manufac-
turer's hands, and their inability to in
crease them during the month of De-
cember. The stronger position which
other steel products have reached with
in the past week or ten days was also
taken in consideration. The manufac-
turers are advising the trade to send in
specifications as soon as possible, OF ac-
count of the prospective shortage of nails
for spring delivery"
This is gold brick No. flor this year.
The trust Simply worked a big bluff on
its employees and frightened them into
accepting a much greater reduction in
wages than was necessary, in view of
the increasing demand for steel and of
the increasing cost of living-the prices
Of commodities having advanced an
average of two per cent. during Deem
Der.
Gold brick No. 2 was exhibited on
January IL, when the trust announced
that its profit sharing scheme of last
year would be continued this year, the
only change being that the employees
can now obtain preferred stock at $50 a
share, instead of $3.50. This is exactly
two-thirds of last years price. AS the
$4,000 employees who went into this
scheme last year have lost about one
third of their investment, and, there
fore, have shared losses rather than
profits, it is not likely that they will this
year become customers for another sup
ply of profit sharing" gold bricks. If
they are wise and judge the future by
the past, they will consider that next
year they may be able to buy stock at
one-third of last years price.
1t is evident, however, that the trust
officials do not this year expect to find a
market for their gold bricks with their
employees; it is the ever gullible public
that is to provide customers for this
years supply of shining goods. The
iron Age makes this fact clear when it
says:
THE announcement that the profit
sharing plan would be continued, and
that employees would be offered the pre-
ferred stock or a basis of $55 a share
was favorably received by the stock a
ket, spectators inclining to the belief
that the stock will not be allowed to
drop below $55 a share. 1t Is reported
that a very considerable portion of the
preferred stock sold to employees under
the original proposition has been re-
turned"
1t is said that statistics show that IN
average of one sucker a minute Ia
born on this round earth.
BYRON W HOLT.