The labor world. [volume] (Duluth, Minn.) 1896-current, 1922-06-03
FACTS ABOUT STEEL.

Harding, that Z committee of steel
manufacturers would make study
Of working hours III. the industry
and determine whether or. not it
would be practical to Introduce the
eight-hour day therein. 4 ~: - :,
The eight-hour day is already in
effect in several Independent steel.
mills in the East. Il IS WORKING sat
isfactorily. tits practical, and there
is no inclination on the part Of EN-:
ployes or employ ers to return to the
12-hour workday. ~ I s
y, Judge Gary is the nominal direc-
tor and chief spokesman for the
United States Steel corporation, the
largest manufacturer Of steel in the
world, and one ,of the most import
ant factors in our Industrial life.>,
+ Wall street speculation is based
largely upon what happens in the
steel industry. It is the barometer
OF American business. It's directors
interlock with banks, railroads and
coal mines. :: : 49,.
!. The big corporation is the larg-
est coal mine owner in the United
States and is a powerful: factor in
the effort of mine owners to i'm
pose injustice upon the mine work
ers. .> -, F
It is therefor we'll to know some
Of the important facts about the
United States Steel corporation 80
we may be able to better. Judge as
to whether or not its employees have
been given a square deal, and the
corporation is justified in continuing
the IL hour workday. -.
The May number Of the Atlantic
Monthly contains an article on "the
United States Steel Corporation" by
Kirby Page. It. presents fund Of
Information, largely. statistical q
review of which will throw co1sid-
cradle light on the policy and meth
DDS of. the big corporation.
The United States Steel corpora
tion, has $5oo,oo0.ooo Of undivided
profits in its reserve fund. This
money may be used for any; purpose.
It. may be used to. build new. mills,
acquire new mining properties, fl
nance "open shop" campaigns in-and
out of the steel industry, or to Gre
ate: a Favorable atmosphere
throughout the country by the use
of the public press. ..
The big corporation has about
100000 stockholders. less than two
per cent Of whom hold a majority
of the stock. Judge. Gary has pre-
sided at every meeting Of the stock
holders ever held since it's organ
ization in 1901, and at every. such
meeting he held the proxies Of: a
majority Of the voting shares. *;
Thirteen directors actually con-
troll the corporation.
The total: assets Of the corpora
ton are listed at $2,4so,000,00o.
1t owns 145 steel works, about
100000 acres of coal and coke
properties, >993.> miles Of. railway,
| 1,470 locomotives and 112 stean1-
ships. :. -.
Directors of the United States
Steel corporation are also directors
in other corporations having com
bined Capitalization of from twenty
billion to thirty billion dollars.
The total net income Of the Unit
ed States Steel corporation in: the
last 18 years amounts to $2,243,-
100000, which is just little less
than enough to pay, for it's entire
volume of listed assets.
The United States: Steel corpora
ton has issued common stock to
the amount of something over $780,
100000 all of which, when issued,
was Water" and on this water it
has paid continuous dividends
amounting to more than $3.50 ,00o,-
900 in 10 years. j.. = !
Though. the dividend rate has
been five per cent on common stock
and bonds and seven per cent on
preferred stock, the actual rate of
return On common and preferred
stock has been about thirteen and
one-half per cent: ....~. -.- :,
These figures answer adequately
any question the United States steel
corporation may ask as to how it:
could abolish the .12=hour day. !:
In spite Of watered stock the Unit
ed States Steel corporation could do
the things it ought to do by aband-
oning the idea Of inordinate returns
on stock and by abandoning the
practice OF, piling up huge reserves,
the main purpose Of which is to com
bat the resentment and .dissatisfac-