Newark leader. ([Newark, Ohio]) 1917-1946, 1921-07-22
GREEDY STEEL MILL OWNERS
STILL PROFITEERING
Tens of Thousands of Men Thrown
Out of Work in Order to Maintain
ExOrbitant Prices and Pay
Big Dividends
(By Federated Press)

agement," that the steel interests are
profteering beyond the widest
dreams, that the great steel mills
have thrown tens of thousands of men
out of work in order to maintain ex-
orbitant prices, and that the resulting
situation is becoming a menace to the
whole country, evoked an "answer," ,"
written to New York newspaper by
a person who failed to sign his name.
But the answer" gave Mr.. Dunlap a
chance not only to reiterate and veri-
fly his original charges, but to add
still further indictments against the
steel interests.
Mr.. Dunlap declares the steel in
terests are making a prolonged and
stubborn stand for war prices which
is inflicting cruel injury upon the
business of the country.
"In 1916" he says, "the Steel Cor
poration's net earnings jumped to
1898 100000, or more than double the
net earnings of any previous year;
in 1917 the net earnings reached the
amazing total of $528,000,000, of
which the government took $233 ,O00,-
900 through the excess profits tax; in
1918 the net earnings were $473, ,6OO,-
900, of which the government took
$274, 100000; and so the story goes,
up to the collapse of business in No
vember, 1920.
"Thus we see that five years of
phenomenal war prices have made our
steel manufacturers richer than ever
before in all the history of this Won
derful industry. And yet because
steel consumers have been finally
forced to rebel against longer paying
war prices, for months past the steel
manufacturers have been steadily
closing down their furnaces and roll
ing mills, discharging their workmen
by tens of thousands and thus serious
ly aggravating the business depres-
sion from which the whole country is
now suffering sorely."
The day after Mr.. Dunlap wrote the
foregoing it was announced that there
had been another reduction in steel
production, bringing the rate down to
about 20 per cent of capacity. A day
or two later price reductions by the
Steel Corporation and by the other
big mills were announced amounting
to $4 to SIS per ton and as much as
$40 per ton in the price of tin plate.
Still a few days later, in a special
Pittsburgh dispatch, the New York
"Times" announced that steel prices
in general still were about so per
cent above their pre-war average, or
about 81 per cent above their average
in 1918.
At about the same time the Steel
Corporation announced it's second
wage cut of this year and the fourth
since the latter part of 1918. This
latest cut, affecting all the employees
who work IL hours a day, is approx
mately Is per cent. At the same
time, effective July 16, overtime was
eliminated by the corporation. Also
it recommended" to it's subsidiaries
that they also abrogate the "basic"
or "overtime" day which consisted
in a recognition of basic eight-hour
day, with time and half for over
time.
The men on the 12-hour shifts have
been receiving $5.32 a day. After
July Is they will receive only $456.
This $4.56 day for IL hours work
in the fiery steel pits happens to be
not enough to support an average
family at present living costs on what
the economists call a Subsistence
level" or on a basis of bare sub
SiStence