The Birmingham age-herald., 1921-05-01

Abram s. Hewitt ventured the predic- ton that within a generations time almost all of the stock of this corpor- ation would be in the hands of inves- tors. MT. Hewitt furthermore said it was no longer possible to assert that the capital stock of this corporation was to a great extSnt water. For if there were in the beginning water i'll it. that had been squeezed out and it was completely squeezed out at the time the quotation for this stock was as low as $9 per share. MT. Hewitt, who was himself one of the ablest au- thorities in the United States upon the i iron and steel industry, predicted that within a few years this corporation would in it's output represent substan- tially one-half of the entire output of the American iron and steel industry. He told the iron and steel manufac- turers of Great Britain at. the annual meeting of their association that the United States would in a few years take away the prestige Great Britain had So long enjoyed as the leader in the iron and steel industry in the world. MT. Hewitt lived long enough to know that the prediction which he made and which his English hearers were disposed to laugh at was justi- l fled.
 The principal point made by MT. Hewitt soon after the organization of the United States Steel Corporation was the certainty that the ownership of this property would be in possession of the public. He was confident that in time the skilled artisans who worked for the corporation would be- come as group conspicuous among the stockholders. He thought that this would be valuable object lesson, for 1t would teach politicians and dema- gogues, as well as the people, that the capital of the United States which is represented by the stocks and bonds i of industries is really in the hands of the people.
 WHO ARE CAPITALISTS? l Recently 1t has become evident that the public is beginning to realize the fact that it is not few men who are the possessors of great wealth who are Tn the true sense of the word the cap italists of the United States, but 1t is the common people. The reports made by the Pennsylvania, the Union Pa cific, the Southern Railroad company and other railroads show that it is the 1 public who are the owners of these properties. It is true that the public
 makes choice of those who are to di- Tcct tnese properties realizing that It | Is necessary that there be concentrated action and high degree of ability if the properties are to be well managed. The depositors in the savings banks 1 of the United States, the policyholders in the insurance companies, the stock holders In the banks are indirectly at least. the owners of much the larger part of the stock and bonds which rep resent American industrial life. It is however only recently that the great public is beginning to understand that demagogues and cunning politicians seeking popular favor cannot attack our great industries. alleging that they represent enormous capital in the pos session of few men, without sooner ! or later endangering these industries and. therefore, doing harm to the great public, which Is really the owner of our industries and of our transporta- tion systems.
 LABOR AND BUILDING 1 All sorts of expedients are suggested for relieving the so-called building sit- uation. But the fact is that the public as whole is now carrying on 8 tacit unc organized and voluntary strike, so to call it. because the public and the builders cannot afford to pay the prices which are exacted for building