Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1908-07-30
NATURAL LAW INDICATED.

NATURAL LAW INDICATED.
Regular quarterly dividends of Il
cent on preferred and l per cen
common were declared by the I'm
d States Steel corporation on Tues
v. which is successful refutatio
the prediction of passed or lowere
sidends made at the time of the re
ht cut made by the corporation Il
price OF steel.
This cut, made something over
pnth ago. was extremely importan
view of the strength Of the Unite'
ates Steel corporation as manifesto
the past in maintaining prices. N
ncern in the history Of this nation
ID ever shown more arbitrary spir
III regard to the price of Its produc
an this corporation, which is prob
NY the largest save one in the world
It seemed to put itself above tht
Nv Of supply and demand with ar
hperious attitude that no matter
hatever else might go up and down
le output of its great mills woule
ave to be sold at q set price, fixee
nd inviolate, that its watered stocl
light be made to profit no matter how
Eeat the injustice to the general pub
Being so much larger than any of its
pm petitors its position in the matter
as law to- them. The independents
1ho would have liked to follow the
ictates of common sense and business
honestly and given the public the bene-
It of lowered cost could not do so
or fear Of bringing war upon them
elves by the United States Steel cor
(oration. The others were very glad
o be under the protectorate OF the
lominant factor in the producing mar
ket.
But 1t looks as tho the corporation
WAS at last feeling a, slight reaction for
It's unreasoning tendency. It has had
30 many millions OFT watered stock on
It's hands and Its e1,travagances in the
OF its employees have
been so marked that it was hardly to
be wondered that II. would keep up the
price Of billets as long as 1t was able.
In its systems of premiums of stock
sor employees already frequently over
paid its wanton waste has been sim
ply astonishing Many of its en-
,Ioyes have been paid twice as much
IS they were worth, judged by gem
.ral standards of efficiency and re-
.ompense and the way the corporation
las permitted some of its men to
arouse and dissipate yet retain their
lace on the payroll has been the talk
4 many tongues.
The fact that the dividends are still
icing paid at the old rate makes none
he less significant the reduction in the
rice Of steel after such long main
enance at stiff prices. The corpora
ion finds that to meet its extravagant
expenditures and pay dividends on its
tightly hydrated issues it must make
market for dts wares, like any other
usiness enterprise, on a strictly sem
ihle commercial basis.
I The lowered price Of steel will be of
lmost direct benefit to the farmers
Iowasfor it will have a. marked eff
sct in railroad improvements, permit
Ing roads to re-rail their lines and
t up their cars for the movement OF
ne great crops which must be handled
uring the summer and fall. How
yer. when one recognizesI the close
lmily relations between Standard
4 and y. s. Steel and between Stand
I'd Oil and e. II. Hartman, it Is sig
Ifica1lt that Hartman is buying rails
the present prices and he is stacking
lem up in great piles for future use.