New-York tribune., 1918-04-16
Corporation Making Rapid
Progress in Ship Construc.
ton; No Profteering
FirstLaunching May15
Completed Vessel in Everv
Ten Days Will Then Be
Turned Out

United States Steel Corporation ex-
poets to be turning out from its wards
at Mobile, Ala, and on the Hackensack
Meadows, near Newark, a completed
ship every ten days. The first ship
Will be launched by May Is.
t. ii. Gary, chairman of the finance
committee, made this statement yes
terday at the annual meeting of stock
holders at 81 Newark Street, Hoboken,
where about one hundred stockholders
assembled to learn of the company's
progress. Following the custom of
former years, several employees were
present who expressed their apprecia-
ton Of the welfare work begun by the
corporation several years ago.
Big Expenditures on Plan
Mr.. Gary's remarks on the Steel Cor
poration's shipbuilding programme
were prefaced by the statement that
the company had turned over practi-
cally all its plants to government war
work, and was now spending between
100000 and Sl4,O0OOOO a month out
of earnings to make the extensions
these activities. Concerning the build
ing Of ships, he said in reply to in
quiries from shareholders:
I'VE did not wish to go into the
business of building ships. This was
entirely out of our line, and there
were many others in the business. But
We were approached by representatives
of the government to see if we could
assist in building ships when they
were most needed. We started the con-
struction of the Newark plant in Au-
launch the first ship by the middle of
May, and complete the ship by the
18th OF July. The plant at Mobile is
duplicate of the one at Newark,
and both of them are as good as any
IN the country to-day. The two yards
together will turn out completed ship
every ten days by the middle of the
summer"
Mr. Gary denounced with emphasis
attempts made by any corporation to
pie up large profits at the expense of
the government. He declared that
while the opportunity for prof teering
had been presented to the Steel Cor
poratlon by allowing earnings to accu-
mulate, this had not been done, as was
evidenced by the large sums appro-
prlated for plant expenditures. He said
that the prices fixed by the govern
ment would permit the company to con-
tinue the payment of large dividends,
temporarily, at least"
Much of the time at yesterdays
meeting was given up to the discussion
OF the Steel Corporations welfare
work. E. r. Smith, worker at the
plant of the American Sheet and Tin
Plate Company at Dover, Ohio, told
how the betterment in conditions af-
tectlng employees during the last twelve
Years had resulted in creating a new
feeling toward the management, which
mas borne fruit in greater efficiency in
all departments.
Effects of Welfare Work
when | entered the employ of the
American Sheet and Tin Plate Com
pany," said Mr.. Smith, "the relations
between the company and the workers
were not cordial. I have seen workers
io.y the hundreds neglecting their fami-
iles and living in poorly furnished
homes, despite the fact that the heads
OF these families were making high
wages. Since the welfare work began
these same men now own their own
homes, are driving their own automo-
Dlles and taking part in public affairs"
Supplementing Mr.. Smiths remarks,
Mr.. Gary said that while it was the
policy of the Steel Corporation to serve
the interests Of the stockh olders to the
best Of the management's ability, vet
the officers and directors felt that the
interests of the employees should come
hrst, as they were the people to whom
the company really owed it's success.
ITO have received and deserved the
appreciation Of our employees" he add
ed. "ls worth living for. First of all
we intend to treat our workers liber-
ally. In treating them fairly we are
serving the stockholders and doing the
best thing for the corporation"
Henry G. Frick, James H. Reed, Per-
clVal ROBERTS, Jr., and Robert Winsor
were reelected directors at Yesterdays
meeting. The transfer books of the
company, which were opened for public
inspection, disclosed heavy shrinkaee
in brokers' holdings and a large in
crease in holdings of investors. Among
the individual holders of large blocks
Of stock were Rainey G. Adams, 1.167
shares of common; Harriet B. Alex
ander, $500 shares of common; Henry
A. Laughlin, 1000 shares of common
and 2,430 shares of preferred; Olivia
shares of preferred; Frances w. Sar-
gcant, 1000 common and 1,600 pre-
ferred; James NJ. Schoonmaker, BAT
shares of common and 1872 shares pre-
ferred; W. NJ. Scott. $500 common and
400 preferred: S. L. Searles, 1880 COM
mon and 6,10 preferred; Solomon Shelf
fall, 5000 common; Louis Sherry, g.
600 common: S. ?. Avery, 5000 COM
mon; John Astor, 1000 common; G.
Ashmead 1851 common and 1O11O pre-
ferred; Pierre s. du Pont, 5000 com
mon; Irene du Pont, 5000 common and
1900 preferred; Joseph c. Sibley, s.
TOO common; George H. Singer, 10000
common and 10,86O preferred: General
Education Board, 10000 common.
Stock was held in the names Of
largo number Of brokerage firms,
Shearson. Hammill & Co. leading with
1l0,737 shares of common. C. D. Barney
G. Co. came second, with 352O0 shares
and s. B. Chaplin & Co. third, with 49,
142 shares.
While no figures were available show
ing to what extent the number of in
vestors' shares have increased, it has
been estimated that within the past fif-
teen months their holdings of the COM
mon stock have been augmented to the
extent of 100000 shares.