Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1906-06-16
THE M|LL|ONA|RES
Of P|TTSBURC
Senator Patterson Gets After
Them With a Very Sharp
Stick.
SENATOR KNOX DEFENDS THEM
Pays His Compliments TO the Wild.
Cat Mining schemes of
Colorado.

Washington, June Ex-senator Pat.
terson today found in the bill incor.
porating the Lake Erie and Ohio river
ship canal an encouragement to the ad-
vocates Of the ownership OF the public
Utilities. He spoke on the measure
soon after the senate convened, and
quoted q pamphlet issued by the COM
pany as giving an explanation for an
uexing a congressional charter the fact
that the government might ultimately
become the owner Of the proposed ca
nal lie expressed confidence that the
BIN would become a law and said that
such a step would be a declaration that
the government might az no distant
day own and operate the canal FOR the
benefit Of the country and he declared
that Il was not a great stride from
the ownership of a canal 10 the owner
ship of a railroad.
Mr. Patterson did not however, re-
gard this as the real reason FOR COM
ing 10 Congress for a charter lie
found. on the contrary. that there was
q final reason for the move.
They were preparing 10 go wild cat
ting IN the Jungle" and the senator
predicted that. IN view Of the trans
action IN the United States Steel cor
poration, the Pittsburg men said 10 be
behind the company would not enter It
with a prospect with securing less than
four 10 one.
This statement aroused Senator Knox.
who said that the Plttsburg people had
not been responsible for The steel COM
panies sale.
Il understand that the idea was con-
Cdycd by eminent fnanciers Of New
York he siad. and the people az
pittsburg were not foolish enough to
take less than they could get"
Nj Patterson contended, however.
that "the milionaires of Pittsburg had
been particeps criminIs with those Of
New York, On the organization Of the
United states steel company conspira-
cy."
he added that they had succeeded IN
selling for a billion dollars properly not
worth more than '2j0.O00000
The remaining $3.50 900 900 represented
wind and not more
He expressed the opinion that steel
companies were behind the enterprise.
that their object was 20 secure iron,
ore cheaper than before. and by means
W the tariff keep prices up and main
tain their monopoly.
MI Patterson advocated an amend
ment TO the bin that would forbid NE
sale Of the canal stock Tor less than par
and Mr. Knox said In reply that while
he had a great deal % DO with corpora
lions, he had never known any except
wildcat Colorado mining schemes"
whose stock was sold for less than par.
Mr.. Patterson admitted that there were
some wildcat mining schemes. and that
this was a wildcat can8l-far less rv-
cusable because rs profits would be- cy-
tottcd from the pockets OF the people
az. large He thought the canal should
Boz under The supervision Of the lnte--
state commerce commission. He asked
Nh Knox whether there we're any mil
Nonaires among the iucoporators. end
the latter replied that there was among
them one man who might be classsd
as a millionaire.
The idra that a national charter rs
sought because the government may
own The canal 50 on 100 years, hence s.
too absurd TO credit said Mr.. pattof-
SON.
be gave So as his opinion that ,he
step was taken Go secure an advantage
in the disposal 81 stock and bonds ana
concluded therefore that the hint az m.
ture government ownership was a mere
ubttffuge.