The daily worker. [volume] (Chicago, Ill.) 1924-1958, 1933-01-30
CONTINUED FROM PAGE ONE


relief for jobless steel workers by the
Unemployed Councils, According to
reports, Taylor himself is in favor
of omittng the dividend entirely at
this time.
Detroit Strike Makes Them Nervous.
There is no doubt that the militant
strike of automobile body workers in
Detroit, led by the Auto Workers
Union, affiliated to the Trade Union
Unity League, as is the Steel and
Metal Workers Industrial Union, and
the solidarity of the unemployed with
the strikers, a feature of the Detroit
strike and other recent struggles, is
of great influence in making the trust
heads uncertain of the results of a
new wage cut at this time.
Fear Unity of Workers.
Hence the maneuvering around the
question of the preferred stock divid-
end which is obtained by the most in
human robbery of steel workers and
some of the important facts of which
have already been exposed in the
Daily Worker, the Steel and Metal
Workers, official publication of the
SMWIU, and their local New York
paper, the Metal Worker.
The Responsible Robbers.
The Board OF Directors of the
United States Steel Corporation con-
sists of the following members of the
Wall Street band Of pirates, CThese
are the men-multi -millionaires and
billionaifes, and the most powerful
finance capitalists in the world, who
are chiefly responsible for the COM
ing wage cut and for the poverty
restitution and mass hunger among
steel workers, and all other American
workers for that natter
j, P. Morgan, Chairman; George F,
Baker; Myron G. Taylor; Thomas
Lamont; Joseph A. Farrell; Nathan
L. Miller; Walter S. Clifford; Junius
S. Morgan, Jr.; William r. Hilbert;
David F. Houston; Percival Roberts,
Jr.: Sewell L. Avery; Eugene j. But
flngton.
Cut Confirmed BY Wall Street.
The journal of Commerce said in
its Business Outlook" column on Jan,
%: 1.-THE United States Steel Cor
poration is expected to reduce or omit
dividends units preferred stock next
Tuesday and this action will be fol-
lowed by third wage reduction and
probably writing down of its plant
account"
This will be the first time that
the regular dividend has been omitted
or changed for 81 years.
Huge Dividends Starvation Wages
The U. S. Steel Corp. in october
declared its regular quarterly dividend
on preferred stock of SITS (S7 an
nually) and at the same time issued
a statement showing a loss for the
third quarter of the year of S20,871,-
709 following a half-yearly loss OF
$33, 670,722.
A three-quarter-year loss of over
$50 million, part-time schedule oil
one TO ten days per month for three
quarters Of its employees, with starva-
ton wages-already twice cut-being
paid in cheap groceries in many steel
towns. and at the same time steady
payment Of 81 share TO its preferred
stock holders aggrcgating $25,2i9,677
leaves in a state of angry amazement
the steel worker who tries TO pay
his months rent (proyiding he has
not been evictedl.
$4,000, 900, 900 in so Years.
In 80 years and 8 months ending
December 81. 1881, the U. s. Steel
Corp. had left over, after costs, ex-
penses and total payroll the stupend-
GUS sum of S4,007, 537 .269 The mean
ing Of this sum can be better app
preciated when contrasted with the
total payroll which was 1850, 845 ,257
In other words, for every dollar paid
out to its employees 100000 n year
men included the company "made"
the tidy percentage of 46 cents.
81 ,000, 100000 'VeIvet" in Plant Alone.
Starting with a plant, inventoried
by the U. S. Commissioner of Ger
porations at S682, O00, 900, the company
has built up with these profits a
plant, carried ON the books now at
q net figure of Sl,6S3 ,9S2,093 This
figure which is $1,O0l ,982, 093 greater
than the original value is the net
sum after being written down by re-
serve funds aggregating $757 972, 900,
by writing down of 100000 paid
In surplus and by a complete wiping
out of the entire original issue OF
watered common stock to the tune
of $50S,SO2,500.
Huge Reserves.
Besides building up plant two and
a half times the original value the
had, on December 81, 1881,
cash and other current assets of over
one-half billion dollars and close TO
another hundred million in other as
sets. 1t owed to outsiders. all around,
less than IS million dollars It's I'm
divided Profits surplus is 1872 million
dollars and its real surplus close to
800 million dollars.
Intensive Robbery OF Workers.
II employed All average, during its
81 years existence, of 2o9ao2 people
per year. For every week during this
lnnH nerind al lime each. aud every