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198 who have no way of boosting their prices, and at the expense of the humbler among the town dwellers.

Judge Gary also stated that the U. S. Steel Corporation has added at least one billion dollars to the value of its property since it began business and expressed the hope that sooner or later the stockholders of the company would get some extra benefit as the result of this growth. The U. S. Steel Corporation is paying practically the same dividends as at the time of organization, although from 1902 to 1909, inclusive, the dividends on the common stock were smaller than at present and were omitted entirely in 1904 and 1905, but with the exception of 1914 and 1915, the company has not in any year paid less than 5 per cent on the common stock. It may be said that the stockholders are receiving practically the same return as at the time of organization, whereas the average wage per employee has increased from $717 in 1902 to $2,173 in 1920 and in 1922 was about $1500.

A consideration of these figures may inspire some thoughts respecting the share of labor in the produce of industry and also respecting the subject of corporate surpluses, which excites so much indignation in some quarters. It is time for someone to say a word in behalf of the corporations. The experience of the Steel Corporation is merely illustrative of the broad fact that during the whole period of war profits, so to speak, the dividends of the corporations of the country in the aggregate, were but little increased, surplus earnings having gone mainly into plant extensions, inventories, etc., which in large part accrued to the benefit of the workers and which in large part were subsequently lost during the deflation. Even where losses have not