The Birmingham age-herald., 1921-05-15
$29,OOO
"7he United States Steel, q
 Corporation With q Soul''
Main 5zs0
By R. F. JOHNSTON

Arundel Cotter, author of "The United States Steel, a Corporation With a Soul" published by Double day, Page and company, has given the country what it should have had several years ago, but needs more especially at juncture when the slowing down of business has caused men to look about them and en- deavor to see things as they are.
 Mir Cotter writes like a business man talks; in clear, pointed style. His com clusion that the Steel Corporation has a soul is derived out of the facts which he sums up, not argument.
 The corporation was organized De- cember IF, 1900. It marked the retire ment of that veteran steal maker and uncompromising competitor. Andrew Carnegie, and the entrance into the corporate world of Ebert H. Gary. whose scheme of corporate manage ment was to the contrary. The great est steel-making talent in the world was grouped about Judge Gary. There was Charles M. Schwab and William l.. Corey. The largest financial in- terests in the world effected the or- ganization.
 It issued as the handiwork of J. P. Morgan, aided by such men as John D. Rock efeller. Marshall Field, II. c. Prick and men of that stamp. It took in 10 large companies, having com hined capitalization of $S67, 550,sS5. The world was stunned at its size and felt affrighted.
 NEW ERA BEGUN But the beginning of new and bet ter era in industrial history was marked by this giant industry under | tho management of the statesman-like brain of Ebert H. Gary.
 l Tho new corporation instituted the practice of letting the public into knowledge of corporate affairs by siV- ing out information at frequent in- tervals regarding profits, business on hand and other facts of interest to the public and stockholders.
 "In the old days of steel' the Car negie days, there had been ruthless competition" Judge Gary called into service an honorable competition. The celebrated Gary dinners were not for the purpose of holding up prices or beating down labor, but to stabilize a great industry so that the most men might have the most work at highest wages and the nation get steel prod ucts at the lowest cost consistent with S reasonable profit
 THE WATER ABSORBED Perhaps there was water in the
 stock. old Andrew Carnegie was n hard and . shrewd trader, but
 management and development has absorbed all the water that may
 have been in the original cnpitalf- xatlOn, so much that company
 workers are among the most Du-
 merOus of the stockholders and take more stock every yenr. | General policy of the company as pointed out by the author, has been | that of "slowness to advance prices and equal slowness in lowering them. It has endeavored to prevent prices from reaching an abnormally high level" The author might have mentioned, in particular, the corpora tion's lower price schedules, both for | iron and steel products In the runaway market of 1920.
 Following the organization of the | Steel Corporation in 1900 steel prices averaged lower than prior to that time or at that time, falling from sS7.56 l in 1903 to $3067 in 1915. The rise began in 1916, with the wars demands.
 WAGE ADVANCES While the Steel Corporation held ] the throttle on prices for finished | product it voluntarily advanced l wages, the author saying with
 truth, ''Wages have been increased | voluntarily and without demand whenever trade conditions made | increases pOssible.' The proof Is fin the wages paid by the corpora | tiOn as years went by. The aver
 age wage in 1902 was s716 per