"TRUSTS" IN LIGHT OF CENSUS RETURNS 163 



It can readily be seen that the amount of securities issued 

 by the steel corporation in return for the property acquired 

 was quite liberal. Iron and steel can fairly be regarded as 

 the predominant industry of the United States. The value 

 of the output during the census year was something like 

 $500,000,000. The steel concerns employed during the year 

 146,000 wage earners including piece workers, and paid 

 $81,000,000 in wages, to which should be added about 6,000 

 officials receiving $7,500,000 in salaries. Of the total number 

 of wage earners in the employ of industrial combinations, 

 more than one third were engaged in the production of iron 

 and steel. From these figures the importance of this industry 

 can be readily inferred. 



It is a matter of vital interest to wage earners and the 

 public generally to know that 23 combinations are engaged 

 in producing articles of food, their total annual output, $282,- 

 000,000, being second in importance to that of the iron and 

 steel industry. The list includes such corporations as the 

 National Biscuit company, the American Sugar Refining com- 

 pany, and the California Fruit Canners' association. The 

 number of reporting plants in this industry is 277, and the 

 capital — by which is meant land, buildings, machinery, tools, 

 implements, cash and sundries — is valued at $247,000,000. 

 There are 29 combinations engaged in the production of beer, 

 liquors, and beverages. The total output is $93,000,000. 

 These products cannot be considered as prime necessities of 



