Drawing Fine Wire
But the great Corporation’s war work was by no means confined to manufacturing of military material. In no case was it called on to assist the Government in any way without prompt and generous response. Its ships on the Great Lakes were used in training naval reservists. It took charge of the work of delivering at Montreal and Quebec vessels commandeered by the Shipping Board on the Great Lakes. These vessels had to be cut in two to enable them to pass through the locks. It coöperated with the United States Food Administration in the movement of grain and other commodities vital to the successful prosecution of the war. It turned over to the Government seven ocean-going steamers and five vessels of its Great Lakes fleet. It gave leave of absence to over two hundred of its officials and experienced employees, to enable them to devote themselves to governmental, Red Cross, and other work during the conflict. And, incidentally, its service flag carried 34,407 stars.
Making Wire Fencing
Financially, it responded to the Government’s call with the same enthusiasm it displayed in meeting war-production needs. How generous were its subscriptions to the various loans is indicated by the fact that although they were reduced materially on allotment, the Corporation and its subsidiaries, at the end of the war, held bonds of the first four loans aggregating $97,134,900. In addition to this amount, it was carrying, for account of employees on partially paid subscriptions, another $24,171,000 and had turned over, on fully-paid subscriptions, to employees, $6,645,000. Its allotment of the Victory Loan was $25,682,300.
In the annual report for 1918 it was stated that the Corporation’s subsidiaries had purchased a total (not counting exchanges and re-issues) of $352,340,500 of United States Treasury certificates.
Finally, it subscribed to various war funds, raised by the Red Cross, Y. M. C. A., Salvation Army, Knights of Columbus, and United War Work Campaign, a total of $7,375,662, and declared a dividend of 1 per cent. on its common stock, amounting to $5,083,025, in July, 1917, for the particular purpose of aiding stockholders to contribute to the Red Cross.
Since the close of the war the Corporation, early in 1919, gave evidence of its desire to coöperate with the Government in deflating the high cost of living, even although this meant the sacrifice of a substantial part of its possible profits. For more than a year past it has played a lone hand in this respect, maintaining a scale of reduced prices in the face of a strong market. Yet it is questionable whether this policy will not eventually prove a profitable one. In fact, indications are not lacking at present that such is likely to be the case.
Of course, United States Steel made large profits out of the war, both while the United States was a spectator and while we participated in the struggle. But always its officials put patriotism before profits. And if ever again the need arises, it is a safe prediction that the immense capacity and financial strength of the Steel Corporation will be all the time and unrestrictedly at the service of Uncle Sam.