The Barre daily times. (Barre, Vt.) 1897-1959, 1912-09-03
LABOR NOTES OF
WIDE INTEREST

Mr.. Gardner, from the special COM
mittee to investigate violations of the
anti trust act of 1890 and other acts,
submitted the following views of minor
ity: Summary, findings of fact-that
J. p. Morgan & CO. and the underwrit-
ing syndicate received $50, 100000 for
organizing the United States Steel cor
poration; that the corporation was cap
italized at 81 400 1000, Of which near
ly one-half was water; that the aver
age annual earnings of the corporation
have have been from III to IL per cent,
on the actual value of its assets; that
the corporation controls little over
one-half the crude and finished steel bus
mess of the United States; that the
average Wholesale price has fallen off
since the corporation was organized;
that the corporation and all the indie
pendents have an understanding as 10
prices; that the system of interlocking
directorates has insidious consequences
and facilitates "inside management" and
the sitting of competition; that the sit
uation as to iron ore supply is grave
and may become menacing; that labor
conditions in certain departments of the
steel industry are bad.
]. P. Morgan & Co.
The fact is that very sharp line
of discrimination ought to be drawn be.
tween the banking houses which promot-
ed the United States Steel corporation
and the conduct Of the exceedingly com
petent, although perhaps not altruistc,
managers who have subsequently made
it success.
In return for promotion services and
risks, the firm of J. p. Morgan & Co.
exacted S62,500,000 in compensation for
itself and the underwriting syndicate
which it managed. Such sum bore no
relation whatever to the service rem
dered, the risk run and the capital ad-
vanced We do not hesitate to say that
this transaction of j. P. Morgan & Co.
must stand condemned before the more
enlightened ethics of later years.
Capitalization and water"
Tn substantial agreement with the
commissioner, we find that the United
States Steel corporation was organized
in April, 1901, with about 81 400, 100000
capital, of which approximately $780,,
100000 to S700,000,000 was water"
ne LABOR SITUATION.
The labor situation in certain man
ufaeturing departments of the steel in
dustry has always been bad and to-
day is bad. As rule, in the plants of
the corporation, conditions are better
than in the plants of the independents
In the rolling mills and blast furnaces,
men often have been required to work,
or at all events remain on more or less
exacting duty, for twelve hours a day
for seven days in the week. Incredible
as it may seem, the fact is indisputable.
1t is true that blast furnace must be
kept going night and day. II it is ex-
tinguished it is ruined. We believe
that the corporation is substantially
this situation, but We cannot
forbear from uttering the suggestion
that three shifts of eight hours each
ought to take the place of two shifts
of twelve hours each. Although. strict
ly speaking, beyond the scope of our re-
port, we feel that this recommendation
to the corporation may with proprety
be made.
One more try for old fashioned COM
petition. On the assumption that the
American people will insist on one more