Montgomery County sentinel. [volume] (Rockville, Md.) 1855-1974, 1927-04-29
Steel Trust Protected.

protected" by the Fordney tariff policy
of the Coolidge administration, last week
declared a stock dividend amounting to
approximately $203.0O0,0OO. During
1925. the steel corporation paid cash
dividends of $6l.000,00O making a total
OF $264.000.000 in cash and stock divi-
dends distributed by the steel trust during
the last sixteen months During 1925, its
net earnings were $ll7.000.OO0.
Much of the huge profits piled up BY the
steel trust and the enormous dividends il
has been able to pay. has been due to the
excessive tariffs it enjoys in the Fordney-
McCumber Act Although it is a eiaut
monopoly. and not one of the Infant in
dustries" to foster which the Republican
party adopted the principle of protection.
the steel trust enjoys abnormaIly high
tarif favors which are denied to lesser
corporations and other interests in other
lines. Furthermore, President COOLIDGE has
singled the steel trust out for a very spe.
clal favor. under the flexible tariff" pro.
vision of the Fordney tariff act, which
gives him authority to raise and lower any
duty as much as so per cent.
approximately two months ago. Presi.
dent Coolidge raised the tariff on DID iron
super cent. or 81 l-2 cents ton. Immedi-
ately the steel trust boosted the price of
pig iron 50 cents a ton. or IL 1-2 cents Der
ton more than the tariff increase, Without
thls inceease in duty, the steel corporation
mas been able TO pile up surplus that has
mace II possible to issue stock and cash
dividends OF more than $25O.OOO. 900
since the beginning of 1925 The add.
uonal duty allowed by the president will
add not less than $l9,OOO,OOO TO the
already huge profits the steel trust was
able to make under the original rates of
the rordney act and that much TO the
consumers load. At least, the proDriety
OF the president granting a tariff favor to
the steel corporation is subject to criticism,
because President Coolidge is a stock
holder in the steel corporation and will
pFo1t directly from the tariff he has be-
slowed. 1t is suggested that if he is Going
to grant executive favors to the corpora
uon' he ought at least regard the proprie.
Ties to the extent Of disposins of his stock
In the corporation. He is in precisely the
same position as judge presiding over a
lawsuit in which he was litieant.
Inc farming population is approximately
oO per cent Of the total population Of the
country The farmers, therefore. are pay
ing large part Of the higher prices for
products OF steel made from the pig iron
on which the duty has been raised. Every
plo", axe or other tool or implement. every
DIT OF steel used in the construction Of a
mouse. barn or garage. costs the farmers
ano other consumers more as a result OF
TINS tariff This added burden, loaded onto
the farmer in order to Give the steel trus,
protection 1t does not need. and which
only s"ells its profits. increases the load
under which the farmer is already stag
eering. While the steel trust that was
making these huge profits, during the
twelve months ending with March is, 1925
lz5.OOO farms in the country were sold
under foreclosure. while 10000 Other
farms were sold by voluntary sale. Msny
oil the latter were sod at severe losses
because the farmers. under existing con.
dltions. had not been able to make them
pay and were unable to carry the load
any longer. During last year, according
to the Department of Agriculture, the farm
population of the country decreased b,
$4,000 persons. the greatest desertiou
oil the farm with a single exception in
more than a decade. while 100000
fewer persons are living on farms than il
1925.
Despite the very deporable situation o
the farmers, despite the fact that onl,
such giant monopolies as the steel trus
and the aluminium trust. owned by tn
family OF Secretary Of the Treasury Mellon
are making large profits and enjoying tn
so-called prosperity, the president, unde
the great grant Of authority conveyed t
him by the Fordney- McCumber tariff act
increases the expenses of the farmers an
OF consumers generally. bestows an adde
favor on the already highly protected ste.
trust. and increases its opportunity to ad
to already stupendous profits. and does thI
for a corporation in which he is a stock
holder.
The farmers bankruptcy and the ste,
trusts prosperity are typical of the Goo
ldee prosperity Of which Republican sooth
sayers are saying so much.
II was standing room only at the Cow
boy Joe's evangelistic service in the Rock
vile Baptist Church last Sunday evening
They were stirring messages which Rev
Joe J. Payne. Of Baltimore. delivered 10
the large audiences both Sunday mornin,
and evening. The evening service wa,
followed by good results. Mr.. Percy s
Foster, the charming and inspiring son,
leader of Washington. D. C., led the sing
ing. Cowboy Joe will conduct meetings in
the Baptist Church every night this week
except Saturday. at 7;45 O'Clock. Sunda,
afternoon. at 8 O'Clock. he will tell tht
thrilling story Of his eventfu life. He has
refused an offer of five thousand dollars
for the exclusive copyright of this story,
Next Sunday will be the closing day of
these special meetings. Cowboy Joe viii
speak at II A. NJ. 8 P, NJ and 7:45 P. M.
The Sunday School will meet at 10 A. M
and the Young Peoples Society at 7 PM
The suit Of Franklin 7. Boswell, of Gler
Echo. against the Chesapeake and Obi,
Canal Company. which involved title t.
Cabin John Island. containing II acres
located in the Potomac River opposite the
mouth OF Cabin John Branch. which wa.
on trial in the circuit court here for fou
days last week, was decided by the jur,