The immense war profits piled up by the big company in the three years, 1916 to 1918, permitted more liberal distribution to shareholders, and for some time extra dividends were paid, making total disbursements 8¾ per cent. in 1916, 18 per cent. in 1917, and 14 per cent. in 1918. Throughout the whole period, however, the regular rate of dividends did not change from 5 per cent. which it still is.

In 1918 the Steel Corporation’s sales grew to the largest volume on record, $1,288,029,255 or, including inter-company sales, $1,692,572,000.

During the war boom the rights of the worker had not been forgotten. Early in 1916, as soon as the improvement in industry became evident, a wage advance of 10 per cent. was put into effect. Since the beginning of the war, and up to the date of writing, wages of common labor have been advanced as follows:

DATE OF INCREASEPERCENTAGE
OF INCREASE		CUMULATIVE
PERCENTAGE AS
COMPARED WITH
1915 WAGE
Feb. 1, 19161010
May 1, 191613.625
Dec. 15, 19161037.5
May 1, 1917 950
Oct. 1, 19171065
April 16, 19181590
Aug. 1, 191810.5110
Oct. 1, 1918[C]10131
Feb. 1, 192010153

[C] This figure based on ten-hour day. At this time basic day was changed to eight hours and time and a half paid for overtime.

With the signing of armistice on November 11, 1918, new problems were presented to American industry generally and the steel trade was not exempt. Not even the most far-sighted could tell with any assurance what would be the effect of the letting up in war demand. It was realized that capacity had been greatly increased to meet war needs for steel and it was questioned whether a normal peace demand would be sufficient to keep the mills employed. Moreover, the trade, recognizing that a readjustment from a war to a peace basis was inevitable, asked when it would occur and how long it would last.

In view of these uncertainties many steel manufacturers felt that Governmental regulation of prices should be continued temporarily, and at a meeting in Washington with the War Industries Board and the Director of Steel Supplies, Judge Gary representing the trade, offered to submit a new scale of prices to replace those in effect during the war. The Government’s representatives, however, took the viewpoint that it would be better to let prices be regulated only by the law of supply and demand, and left the manufacturers free to sell steel at whatever levels they could obtain.

Nevertheless, the trade put into effect the suggested new scale and this continued to operate for about four months. This scale averaged about $7.00 a ton lower than the prices obtaining under Government control.

But peace was to bring yet another reduction in prices. About the beginning of March, 1919, President Wilson, taking the stand that deflation of prices generally was necessary before business could return to normal, and that this deflation could be regulated and made orderly if the Government assisted, appointed an Industrial Board at the head of which was George N. Peek, to bring about the desired results. The steel manufacturers were called upon first to coöperate with this Board, and they responded readily. On March 20th a new scale of prices, about $5.00 a ton below the levels existing in the first part of the year, and about $12.00 a ton below the War Industries Board prices, was agreed to.

But the settlement of steel prices was the only thing ever accomplished by the Board. The President’s plans for regulated deflation came to naught.