V

The metallurgical industry is one of the most highly concentrated. The figures for blast furnaces and rolling mills are as follows:—

Now, comparing these various elements in 1890 and in 1905, we find that capital has increased 125 per cent. and output 100 per cent. In 1890 output exceeded capital by more than 19 per cent., in 1905 it was 3 per cent. less. The value of raw material as compared with output has remained constant at 68 per cent. In relation to the total output, wages paid to workmen were 18 per cent. in 1890 and 15 per cent. in 1905. The number of workmen has increased by 63 per cent. and the amount of wages by 78 per cent. Compared with the number of workmen, the latter figure shows an increase of 15 per cent.

Taking workmen and clerks together we find that their wages were 19 per cent. in relation to output in 1890 and 17 per cent. in 1905. Their numbers have increased by 70 per cent. and the amount of their wages by 93 per cent.

Despite Mr. Carnegie's United States Steel Corporation, the number of establishments has re Edition: current; Page: [204] mained much about the same. Its promoters claimed that it “controlled” 82 per cent. of the metallurgical output of the United States; it does not at present represent half.