The Lake County times. [volume] (Hammond, Ind.) 1906-1933, 1907-12-17
GLAD NEWS TO SOUTH
CHICAGO AND GARY
Politics Said to Have Entered Into
the Change of Policy, 1t Being IN
derstoOd That the Steel Corpora
tion Will Back the Republican
Party in National Campaign.

An official announcement that the
United States Steel corporation has
decided TO recall it's order to cut the
wages OF its men Jan. /. has been made
The news Will be received with graft
hcation throughout this region espee-
tally in South Chicago where the Illi-
nois Steel company which is a subsi-
diary of the United States Steel cor
poraton and in Gary where the Indf-
ana Steel company is located
1t not only means that the threat
ened 10 to 80 per cent cut will not
take thousands OF dollars out OF CIR
culation would have been the case
had the order been carried out but II
is an indication that after more care
ful study of the financial situation tho
promise OF improved conditions seems
more certain Of fulnllment
There is no better barometer of f.
nancial business conditions than the
street trade and consequently thfs
action of the steel company oficials
may be taken as rainbow in the skg
after the financial storm.
Change Matter OF Policy.
The action of the Steel corporation
in recalling the orders TO cut wages IL
Is believed. viii have pronounced
effect on the general situation. This
change of plan was adopted as a mat
ter Of policy, it being feared that the
lowering of wages In connection with
the large earnings OF the corporation
in the present year might be the cause
of odious comparisons. 1t is also ufi-
derstood that politics entered into the
question, for it has been decided that
support is to be given to the republican
F,a.w
poration.
Substantially all the other large cap
italistic interests are also said to have
reached a similar conclusion. In con-
nection with this the visit made TO
President Roosevelt by Messrs. Gary
and Frick Of the Steel corporation just
prior to acquisition OF the Tennessee
Coal and Iron company by the Steel
corporation is recalled.
The appointment was arranged. il Is
said, by j. p. Morgan.
1t is asserted that the Importance
Of permitting the absorption OF the
Tennessee Coal and Iron company by
the United States Steel corporation
was dwelt on and that an understand
ing satisfactory TO the interests con-
cerned was reached.
New Failures Expected.
Although the Steel Corporation will
revoke its orders for wage reductions
it IS known that the leading managers
are apprehensive OF a number of fail
ures after the turn Of the year, and
for that reason it is continuing It's pol
icy of retrenchment. No effort is be-
ing made TO obtain business, and in
fact, none IS wanted except for cash,
but a few plants will be kept in shape
to care for such orders as may come in.
The managers realize that a great
deal OF material is needed but they
also know that those who want the
material have no money with which to
pay for 1t, and this condition, they
believe. may last until March next It
has been determined to run the steel
Business along very conservative lines
until IL is positively known who the
republican nominee for president will
be.
Well informed steel men are looking
for a great deal Of business. however,
when the tide turns again and none
tary conditions become easier. To
give some idea Of the business that has
got 10 come some day. 1t is pointed out
that 1900, 600 tons Of steel rails are
estimated 10 be needed for replacement
alone, and not a single order OF any
moment for this purpose has been
turned in.