The Lake County times. [volume] (Hammond, Ind.) 1906-1933, 1909-03-22
STEEL HANGS HOPE
ON SENATE AIDS
Highly Sensitive Organism
of Great Monopoly Is
Understood.
SYMPTOMS ARE EXPLAINED
Threats of General Closing Down
Made to Influence the En-
acting Of Laws.
(BY BoERsIANER.A

The steel corporation does not like
the Payne tariff bill This statement
sounds like post-mortem declaration
and so 1t is in essence; but it must be
made in order to find an excuse, or an
explanation. rather for the scandalons
frankness with which the management
of that company exhibited its extreme
displeasure.
When, month ago, that organiza-
ton had inside-or congressional-in
formation Of what the ways and means
committee would propose, the stock
market was slumped to the verge Of a
panic The stroke was a ratification
TO finance exclusively that the corpora
ton disapproved of what Payne and
his associates would approve. 1t meant
to q certain circle and the students of
that circle the tariff measure was
known and would be vehementlv on
posed.
Next actual wage cuts by two hod
carriers for the corporation-so-ca
independents-and threatened rednc-
ton by the corporation were heavy
hints to the labor world that it must
bestir itself-must petition and pro-
test
Then the Final Coup.
Then the final coup-talk of pen-
eral closure. In this-the closing NJ
mills-the business man generally. Is
terrorized. for the average tradesmap
cannot rid himself of the quarter
century old superstition that as goes
the steel industry SO go all the in
dustries, including farming. of the
country.
1t was that immortal altruist and
profound economist, Jay Gould. who
created the ghost Later he added an
other wrath: Steel is the barometer of
the country's commerce The twin lies
abide to this day with people who in
other matters never suffer a total
eclipse OF reason. 1t was pontifcellv
twenty-five years ago that |
what the earth voluntarily yields-tbe
products Of the farm-is nothing IN |
what she involuntarily yields-the |
products Of the steel MILL Yearly evil |
dence to the contrary for twenty-five |
years should have at least a little
weight. The steel corporation is a big
thing, but 1t is far from being the
whole thing
VIII Intimidate Senate.
The menace of a Wholesale lockout
Of the stock market, of the artisan and
OF the tradesman may or may not i'm
press the house. 1t certainly will in
timidate the senate, where the highly
organism Of the steel orgapi-
cation is understood and appreciated.
Sensitive 0rc-a nj l.
casm. It is a serious assertion. Though
It bulks hugely in the Industrial world,
the giant has a delicate financial con-
stitution. The real worth of his com
mon stock is like the invisible potency
IN Shelley poem, which like Sum
ners wind blows from nothing to
nothing. Analysts other than the de-
oonent have searched in vain for the
genesis of the $5oooO0,o0o ordinary
ssue. while between Mr. Carnegie's
ponds and the preferred stock there is
much debatable ground
Much, in instance was made Of the
achievement of putting up millions for
he Gary plant from earnings besides
paying 2 per cent dividend on the com
non. The annual statemen submitted
asst week indicates that If Gary is to
'e completed the completion must be
rom borrowed money. The cash on
land is less than $4,000, OOO-not a
taggering working capital for a cor
'oration with a security liability of
yer million. Besides, not a dollar
f appropriations We're made in 1908.
gainst s54.0oo,O00 in 1907 1t is no
7onder, then, that professional stock
larket men enthusiastically emulate
he example of insiders who sell on the l
rink of officiality