The machinery hitherto employed had become obsolete, and our firm, recognizing this, spent several millions at Homestead reconstructing and enlarging the works.

The new machinery made about sixty per cent more steel than the old.

Two hundred and eighteen tonnage men (that is, men who were paid by the ton of steel produced) were working under a three years' contract, part of the last year being with the new machinery.

Thus their earnings had increased almost sixty per cent before the end of the contract.
The firm offered to divide this sixty per cent with them in the new scale to be made thereafter.

That is to say, the earnings of the men would have been thirty per cent greater than under the old scale and the other thirty per cent would have gone to the firm to recompense it for its outlay.