Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1921-02-26
ASKS GARY TO CUT
PRICES OF STEEL
Comptroller Williams AssaiIs
U. S. Corporation for Its
"SwolIen Profits"
"W0RSE THAN B0LSHEVIKW

Washington, Feb. 26.--The action Of
the United States Steel Corporation in
persistently holding steel prices to the
levels fixed soon after the signing of
the armisticc, was made the subject of
sharp criticism yesterday by John
SHELTON Williams, comptroller of the
| currency, and formerly director of pur-
chase for the railroad administration.
In letter to Ebert II. Gary, chair
man Of the board OF the steel corpora
ton, Mr.. Williams characterizes the
war profits of the corporation as
swollen and uncomfortable" failure
Of the corporation to aid in solving
the great and difficult problem Of re-
steel and steel products, the comptroller
asserts. is worse than bolshevism Of
either "high or low .browed' variety.
The letter, Mr.. Williams said, had
been addressed to Judge Gary on
February Is after the latter had COM
mentcd on the comptroller's annual re-
port In which the steel corporation had
been taken to task for profiteering. In
asmuch as he had received no reply from
Judge Gary, Mr.. Williams asserted hc
felt free to make public the letter and
the report on steel corporation profits
which he had made for the Railroad
~,
Called Worse Than Bolshevists
On the basis of that report, which
Mr.. Williams says showed conclusiyely
that the steel corporation could have
reduced steel prices $50 ton and yet
pay dividends on both preferred and
common stock" the corporation will
people of the United States and ali
the world Asserting that the letter
Is not intended to affront or irritate"
Judge Gary, Mr.. Williams delivers him
self of the following:
| All the diabolic cunning and striy.
Ing Of the Bolshevists of Russia can
do comparatively little harm here, lit
tic toward creating revolutionary and
destructive impulse, compared with the
effects Of insistence by a great corpora
tion in our midst such as yours. sup
posed to represent not only capital,
but character and brains. on using the
| power given 1t by circumstances and
the law to exact that last hairs weight
of its pound of flesh.
No nsidious, sneaking propaganda
| Of high or low brow apostles of ruin
could put In the popular mind so much
| poison as refusal by such corpora
| ton to do it's part toward solving a
great and difficult problem, rcvivinI
industry and business activities and
promoting prosperity and the peace and
| happiness of humanity
$50 Ton Cut Held Possible
The analysis of the Steel Corpora
| tons operation in 1918, the big wal
year, as submitted to the railroad al
ministration In 1910 by MIR. Williams
and made public today, says in con
cluSion:
"The company's report shows that
the United States Steel Corporation in
the year 1913 could have afforded to
reduce by $50 per ton the price of every
ton of the IA ,124 .0S8 tons of rolled
steel and other finished products sold
at home and abroad in the year 1913, or
say by S423 ,740 900. and, further to
| have reduced by about 90 per cent the
prices it received for its iron ore. coal,
coke, pig iron. cement, etc, and even
then its net earnings for the year would
| have amounted to about SlO1 900 900,
or enough to pay per cent dividends on
| the steel company's common and pre-
ferred stock after providing for interest
and sinking fund and other charges.
THE swollen and unconscionable
profits Of the steel company arc reflected
all through its annual report. Its balance
shows an excess of current, quick assets
over current liabilities of $T92, ,00O.OOO
before dcducting estimated federal taxes
of $2SS, 900, ,OOO.'