Nowhere are the workers more ruthlessly robbed and exploited by their employers than in the steel industry. Speaking recently in Brooklyn on the subject of profiteering, Mr. Basil Manly, formerly Joint Chairman of the National War Labor Board, cited Page 367 of the Treasury report as showing one steel company "earning" $14,549,952 in 1917 on a capital of $5,000, or a profit of 290,999 per cent. As the department conveniently suppresses all details, it is impossible to learn the name of this company or how it made such fabulous profits. On the same page appeared another steel company with a profit rate of 20,180 per cent. Speaking of the United States Steel Corporation's returns, which of course were garbled so that no outsider could understand them, Mr. Manly said: For this reason I am unable to tell you, on the basis of the Treasury Department's figures, what the net income of the Steel Corporation is, but on the basis of its own published report I can tell you that in two years, 1916 and 1917, the net profits of the Steel Corporation, after payment of interest on bonds and after making allowance for all charges growing out of the installation of special war facilities, amounted to $888,931,511. This is more by $20,000,000 than the total capital stock of the Steel Corporation (which is $868,583,600). In other words, in 1916 and 1917 every dollar of the capital stock of the Steel Corporation was paid for in net profits. In this connection it should be remembered that when the Steel Corporation was formed its entire $500,000,000 worth of common stock represented nothing but water. The other steel companies did as well or better, proportionately. W. Jett Lauck, acting on behalf of the railroad workers, submitted figures to the United States Railroad Labor Board (A. P. dispatches May 19, 1920) showing that during the years 1916-18 the Bethlehem Steel Corporation "earned" average annual profits of $29,000,000, or six times its pre-war average. In 1916 its profits amounted to 146 per cent. on its capital stock. Our Johnstown friend, the Cambria Steel Company, in 1916-17 cleaned up $50,000,000 on $45,000,000 capital stock; while the Lackawanna, Republic, Colorado Fuel and Iron, Jones and Laughlin, Crucible, etc., companies made similar killings.