The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1927-08-24
BY JOHN w. HILL

America boasts ten corporations
which are in the Millionaire class.
These corporations symbolic the
country's bigness, its vast wealth,
and its immense industrial power.
They make possible the amazing
mass production and distribution
of goods which lift living standards
in this country to height battling
to the rest of the world.
The greatest of all these huge
corporations is the United States
Steel Corporation. Ever since the
elder Morgan knit this vast combi-
nation of separate units into an in
tegral whole in 1901 to the present.
when rumor insists that the du
Points are planning quiet penetra-
ton into the management, it has
stood first in the ranks of the ma
TONS great industries.
Features Of Career
There are three things which
stand out pre- minently in the his
tory of the U. S. Steel Corporation.
/. From a nest egg Of only >e25,-
100000 in 1901, its surplus account
has grown to fund of more man
100000, 900.
2. The capacity of its various
plants has more than been doubled.
3. Its capital stock and funded
debt has been increased only ST.
100000 in spite of the expenditure
of hundreds of millions of dollars
in Improvements and extensions. In
1901 the total was $1,402, 000, 900,
while now the figure is only sl,4Q9,-
100000.
The growth of the corporations
surplus under Judge Gary's regime
was astounding. With start of
$25, 10000 the total had swelled to
$43,620,940 by the close of 1901. At
the end of 1902 it had nearly
doubled at $77874,597.
Tremendous Surplus
At the end of 1926 the figures had
reached 1858, 100000, and, in addi-
ton to this, the corporation has ar-
propriated some 5000, 900 600 20 cover
capital expenditures. This makes a
total surplus of well above $700, 000,-
900.
Today the corporation has a
working capital of $691 GIT 900. This
figure compares with $156,000,000
back in 1901.
More than quarter Of a million
persons are employed now and the
company's annual pay roll aggre-
gates about $467, 100000. It's stock
is very widely held, there being
about $4,000 owners at the close
of 1926.
The millions poured back into its
plants and for additions and i'm
provements have produced tremen-
dous results. In 1901 the aggregate
finished producing capacity Of the
then new combine was 7,719,000
tons.
War Expansion
This total had increased to 1910, 900
tons in 1909 and to 14,540,000 tons
in 1913. The World War necessi-
tated more elaborate expansion and
by 1920 the annual capacity had
reached 16,540,000 tons of finished
STEEL
Since that time the corporations
growth has been more deliberate,
with only a slight increase.
While progress of this caliber nay
seem of gigantic proportion and I'M
worthy of the name of conservatism,
it must be viewed in a different
light when the following condition
is taken into consideration.
Production Ratio Drops
In the first year of its life, 1901,
the corporation produced 65.T per
cent of the totalNoutput of the coun-
try. That year marked the dawn of
a new era for steel. The country
was on the eve of the age of the
automobile, of steel construction,
and of steel railway cars.
A great expansion movement in
the use of steel was launched and
the demands made on the industry
by the consumer grew by leaps and
bounds.
But the steel. corporation did not
seek to hold its place as the pro-
Queer of more than go per cent of
the country's supply. Independent
companies expanded rapidly, much
more so than their larger rival.
Still IL Leader
The result is that today u. s.
Steel produces about 40 per cent of
the steel made in this country. 1t
still is the leader in the industry by
comfortable margin, but has kept
its place either through or in spite