At the present writing, world industry is going through a process of deflation from the high prices induced by the war. In some instances the effect is already visible on labor. Cotton mill workers in some parts of New England have themselves suggested a decrease in pay to keep the wheels of industry running. In the steel trade costs are admittedly high and wages constitute the chief factor in costs. But if one may conclude from Judge Gary’s public utterances in recent months the thought of reducing wages at present is far from the mind of the Corporation’s management. A liquidation of labor may occur later, but if it does, it is a reasonable assumption that, so far as the Steel Corporation is concerned, it will not take place until living costs have been at least sufficiently deflated to make the new real wage of the worker as distinct from his money wage, at least as high as it is to-day. Average wages paid by the Steel Corporation to its employees during the past eighteen years have been as follows: 1902 $716.88 1903 720.08 1904 677.18 1905 710.78 1906 729.86 1907 765.18 1908 729.44 1909 775.77 1910 800.95 1911 819.85 1912 856.70 1913 909.50 1914 905.36 1915 925.06 1916 1,042.41 1917 1,295.87 1918 1,684.58 1919 1,902.13 1920 (partly estimated) 2,169.00 Although the average wage in 1914 was some four dollars less than in 1913, the average day wage to the worker, exclusive of the administrative and selling cost, was $2.88, compared with $2.85 the previous year. This is significant as indicating the policy of the Corporation to equalize as much as possible the amounts paid to different classes of workers. In instituting advances, it has always been the lowest classes of labor that have benefited most. The workers themselves have testified to satisfaction with this policy and their recognition of its essential justice. The Steel Corporation has been subjected to occasional attacks because of its attitude toward labor unions. It neither encourages nor approves unionism. It does not contract with unions as such. It stands for the open shop. As it is plain that this biggest of all employers has not sought to crush the worker, that it has, in fact, done much to make his lot better and brighter, the question may fairly be asked why it is opposed to dealing with organized labor.