The Washington herald., 1914-03-22
Le..e. Of IL. Steel R.port.

Steel Corporation with under
standing, seeing between the lines
and grasping the meaning which
is contained in the statistics, some
lof them of magnitude, will realize
that the document is of momen-
tous importance. 1t furnishes an
object lesson for the American
people. The story, which is brief
ly told in these fifty pages, con-
tains to a considerable extent the
history of American achievement
in industry since the year 1902.
The report demonstrates beyond
reasonable contradiction that the
greater achievements in American
industrial life depend upon the ac-
cumulation of capital in very large
amounts as we'll as the employ
ment of men who are of unusual
intellectual capacity, these two be-
ing supplemented by the service
which highly skilled artisanship is
able to perform.
If we take, for instance, the fig
ures which tell of the gross earn
ings of the corporation in the year
1913, we learn that they were
nearly $797 100000. When the
corporation was organized the col
loquial or descriptive name for it
was that it was a "billion-dollar
corporation. How thoroughly
justified that descriptive term was
is proved by this record of stupen-
dous aggregate of sales and earn
ings in the fiscal year.
Yet, that is not the only thought
which these statistics of magnitude
suggests. Competent testimony
has, within the past year, been
given under oath which shows that
this corporation, great as it is,
nevertheless does not command
more than a modicum of the iron
and steel industry of the United
States. Therefore it is reasonable
to assume that, if this corporation
earn in single year $797, 100000,
other corporations engaged in a
like industry may have earned a
Iproportionately great sum. We
are able, therefore, to get some
idea of the magnitude of the iron
and steel industry of the United
States and to realize by means of
figures which represent dollars and
cents that this country has at last
attained the position which Abram
s. Hewitt predicted twenty years
ago it would attain-namely, pre-
eminence among the nations of the
world in the manufacture of iron
and steel.
Another feature OF this report
hints, almost vaguely it is true, of
the magnitude of the expectation
OF iron and steel products which
characterizes the international
trade of the United States. This
corporation exported in 1913
l 100000 tons of iron and steel in
various forms. Other corporations
have also exported tools, machin-
cry and implements of relatively
as great amount. All of this has
been achieved since the United
States Steel Corporation was or
ganized.
The report tells briefly and con-
cisely how the corporation has
been able reasonably to steady
prices in this country, recognizing
always the influence of market de-
mand upon prices. He who reads
this report carefully will discover
with what broad, lavish and yet
highly economical expenditure the
corporation is making improve
ments, so that it may be always in
sympathy with the growth of the
country and the demands which
may be made upon it for commodi-
ties. These improvements and
constructive work entail the ex-
penditure of large amounts of
money. They could not be under
taken by small corporations which
possess comparatively little capital.
The economic principle upon
which the assembling of capital in
large amounts, ability of high or
der both in finance and in execu-
tive work and skilled artisanship,
is we'll revealed in this report, and
those who are anxious to be
we'll informed about modern in
dustrial conditions in the United
States and the economic principle
upon which these are based will
find a study of this report of the
greatest value.
The course of that Glasgow physi-
clan in knocking down a suffragette has