The Ellensburg dawn. [volume] (Ellensburg, Wash.) 1898-1914, 1909-05-27
CHANDLER ON
STEEL TRUST
CHANDLER HITS EN- HARD
Ex-senator William E. Chandler
Exposes Some Operations
of The Steel Trust

in making 4 speech before the New
Hampshire constitutional conven-
ton in 1902 called attention to the
stock watering that went on at the
time of and Just before the organj-
cation of the steel trust. He said
The water i'll the stock is SUP
posed to be from one half to four
seventies, and the total capitaliza-
ton is said to be s. los 900 600.
The Carnegie properties had
been consolidated by issuing ON
about 50 millions of property Sc
curities as follows Bonds 100.
stocks 100 millions, making $50
millions.
For these securities the United
States Steel corporation issued to
the Carnegie company their pre-
ferred stock. l6S millions: common
stock l55 millions; bonds 500 mil
lions; or securities At par worth
four times the property acquired.
Is it any wonder that Mr.. Carnegie
can give forty or fifty millions of
dollars from his POO millions of
bonds to libraries and ten millions
to the President and other United
States officials and eminent citizens
for a Carnegie institution At WASH
ington. But from whom does the
money really come from under
paid laborcrs or ovcrcharged Gus
toners, or from both'
The steel companv's size in
various ways and compared with
other things, is as follows 1t has
mines IL; ore i'll the ground, tons
1000 900, 600; coal lands and other
acres, 5000 600. oil wells. 100 900;
plants in IS states, 2l3; including
blast furnaces IS. steel works $50,
finishing plants o. rod mills IS,
sheet mills 100. tin plate mills 400,
coke ovens 20. 900; Transportation:
Railroads, miles 9S5; pipe lines,
miles, 5000; 112 ships, tonnage,
$1,000, 900; number of employees
estimated from $50, 900 down to-
200, 900.
The variety of industries con
trolled by it embrace: Iron ore
pig iron, steel in all forms, anthra-
cite coal fields, coke, wire rods
nails and staples, barbed wire, TN
plate, bridge work, the railroads
leading to the coal fields.
The steel company in 1901 pro
duced. Iron ore. ~ per cent OF
the whole product of the nltcd
States in tons 20 millions. rig
iron. "A per cent of the whole pro
duct of the United States III tons
Is millions. Steel ingOts, or cast
ings, 66 per cent of the whole
product of the United States IN
tons-l3 millions. Steel rails, 90
per cent. Structural shapes, oz
per cent. Wire rods, II per cent
All rolled products. 50 per cent
Total production of iron and steel
about IS per cent.
The net earnings OF the COM
pany for 1901 were II mllIloIl9'
or more than those OF hive 9fed'
railroads. the Pennsylvania the
New York Central, the New fork'
New Haven & Hartford, the LOUIS
vile K Nashville and the CentIai
railroad of New Jersey, ana II "''
surplus Of "a millions alter pay
ing a dividend of seven per GEM ."
its preferred and four per cent OH
Its common stock
Make a comparison of the steel
company with other things: u
has one sixty seventh Of the to'a'
wealth of the United states. '''o
tenth of the manufacturers OF inc
United States. five ciehths OF inc
value Of all farm animals to'a'
value of all farm products.
compare it with New lamp