Word: schwab
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...48th Annual meeting of the American Society of Mechanical Engineers at Manhattan last week, Charles Michael Schwab ended his year as the society's president with a valedictory that included his present philosophy of dealing with employes. Alex Dow, president of the Detroit Edison Co., succeeded him as president...
...Schwab's speech was significant because it phrased authoritatively the attitude of scientific industrial managers toward their employes. Said he: "What are these reasonable wants of employes, which they have a right to see satisfied as far as conditions of industry permit? I believe they include the payment of fair wages for efficient services; steady, uninterrupted employment; safeguarding of their lives and health; good physical working conditions; provision for them to lay up savings and to become partners in the business through stock ownership; and finally, some guarantee of financial independence...
...mechanical engineers of middle age, Mr. Schwab's doctrines had a further significance. Those men could recall the bloody Homestead Strike of 1892 when Mr. Schwab, then one of the late Andrew Carnegie's "young men" and a superintendent of the Carnegie Steel Co., was obliged to proceed violently against the steel employes. The company had ordered wages reduced. The workmen refused to work for less money and took possession of the steel 'works. The company hired Pinkerton detectives who, armed with Winchester rifles, came up the Ohio River on two barges. The workmen threw up barricades...
...promotion work failed. Charles Michael Schwab's Bethlehem Steel Corp. absorbed first Lackawanna Steel, then Midvale Steel; Youngstown Sheet & Tube absorbed Steel & Tube of America. Republic Iron & Steel and Inland Steel remained solitary, until last week. Out of the $75,000,000 Youngstown Sheet & Tube borrowed on its bonds last week, it will pay off some $64,000,000 of debts and have more than $10,000,000 to use in whatever merger plans it may fancy. So far its officials admit none...
...spite of this antithesis of men, last week's Institute meeting resembled those under Judge Gary. Mr. Schwab made a careful speech in which he stressed the necessity of a "proper and economic distribution and selling" of steel products. That was a formula that meant that steel prices must be changed. Iron and steel companies have not been making ordinary profits recently. President Eugene Figgord Grace of Bethlehem Steel suggested to the Institute that because producers have done everything they know to reduce manufacturing costs they might have to reduce wages. U. S. Steel Corp. men there opposed...