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Show WAGE CUTTING ! IS ANNOUNCE! . , i Steel and Closely-Related Ii j dustries Affected; Prob- able Results Debated. ; NEW YORK, Sept. 23 (U.n j come of a million wage earners w i be reduced anc earnings of their I dustrial corporation employers w be buoyed if the entire steel 1 ; dustry follows Ha leaders and ci I wages. , 1 The wage cuts announced It i Tuesday by United State Steel C( ! poratlon, Bethlehem Steel a Youngstown Sheet and Tube, vJ 1 . affect about 300,000 employes, them, 220,000 are U. S. Steel e ! ployea. Other independent steel prodi era expected to follow the j dustry's leaders will bring the nu i ber affected within the indusl Itself to 400,000 employes. Industries closely related to I production of steel employ ab( 600,000 men, It was estimated tod General Motors Koduoe Meantime, General Motors 1 also announced sliding scale sail i reductions, affecting about 40," persons; and the United Sta Rubber company announced would go on a five day week C 1, thereby, in effect, cutting aal ies and wages about 10 per cenl Announcement of the steel dustry's wage cuts revived spe ration concerning a reduction railroad wages. In that connection, the Iron J tomorrow will say: "In the necessity of cutting i coat to fit the cloth, they (steel p ducers) have set a precedent wh. It Is now believed the railroi must follow whether they obt partial relief through rate advan or not." Financial Interests, it was lieved, would view the reductit as a boon to business; labor lead at the same time reiterated th claims that wage reductions wo cut the buying power of the nati and thus adversely affect busin |