The Birmingham age-herald., 1907-12-20
WANTS ID PROBE l. C. | PURCHASE Tennessee Congressman Calls for an Investigation COL. SHOOK DEFENDS DEAL Says If 1t Was Technical Violation of Sherman Law It Was Justified
 By the strineency of
 the Times.
COL. SHOOK DEFENDS DEAL

duced a resolution in Congress looking of the Tennessee Coal, Iron and Rail road company by the United States Steel corporation and it's possible vlo- lation of the sherman antitrust law, was read with much interest in Bir- mlngham. The Associated Press ae- count of the Introduction of the resolu- tion is as follows:
 Washington, December 19--A reso- lution introduced today by Representa- tive Padgett of Tennessee calls upon the Secretary of Commerce and Labor to furnish the House forthwith all facts within his knowledge regarding the purchase or acquiring of control in l November last of the Tennessee Coal. Iron and Railroad company by the United States Steel corporation, and also any information he may have re- garding any other firms or corpora tions engaged in the same business not controlled by the said corporation"
 The Nashville American yesterday contained the following letter from Col. A. M. Shook on the subject:
 Nashville, Tenn, December IS, 1907. Hon John Wesley Gains, Washing ton, D. C.: My Dear MT. Gaines, I mo- tice from a Washington dispatch this morning that Congressman Padgett is going to introduce a resolution inquir- ing into the merger of the Tennessee Coal, Iron and Railroad company with the United States Steel corporation.
 T regret very much to see this, for the reason that the action that was l taken at the time the Tennessee Coal company passed to the control of the United States Steel company the con dltions were such that if it had not been done it would probably have re- suited in breaking both the Lincoln l Trust company and the Trust Company of North America, of New York City. It would have broken the pool that was carrying Tennessee Coal, Iron and Rail road company stock upon which $15,- 000,000 had been advanced. This. in | turn, would have broken the Tennessee | Coal, Iron and Railroad company, and its failure would have practically broken the Birmingham district. In fact, the beneficial results from this transaction are so far reaching and sc widespread that it Is almost impossible to estimate or calculate them. If these two large trust companies of New York had been forced to the wall at that time, for want of the money received from the United States Steel company for this stock they were carrying, 1t hau greatest financial crash that this coun- try has ever seen We were at that time hanging, as 1t were, over a precl- pice ,and the country was saved by the results of this transaction.
 T do not know that the merger is not a technical violation of the Sherman antitrust law but l do claim that 1t is not so fragrant a violation of the anti trust law as the general issue of clearing house certificates was d violation of the national banking law, which pro- hibits firms, corporations and individuals from issuing money emitting bills of credit This violation has been condoned | by every one, for the reason that the end justifes the means. The consumma- tion of the deal that passed the control | of the Tennessee Coal company to the United States Steel Corporation was vastly of more importance to the com merclal and financial interests of this country at that time than was the is- suance of clearing house certificates
 Ut will be a grett caalmity to the south if anything should happen to pre- vent the contemplated developments of this great property which has been l for ha tt,a est and largest industrial property in the south. While this Is ie, it Is practically worthless until 1t has been developed by the expenditure of many millions of dol- lars, as to bring its productive ca- pacity up to point where it will pay interest on it's cost and operating ex- penses. All of this development money will be spent in the south. All the money paid to the laborers and employees on this development will be distributed through the south, and when it's produc- ton has reached the point where it will begin to bring returns to the people who have put their money into 1t. for every dollar of profit they get out of 1t they i will spend from s5 to sf0 in producing the 1 results. At this time there is no other 1 company, or individual, set of ind- vlduals, who would undertake this 1 gigantic development in the face of de- cllning market The people of the south know and realize these facts and it IS a great mistake to think that any move made to throttle this enterprise will meet with the approval of the public. Yours very truly, A. M. SHOOK" When this letter was brought to the at tention of men prominent in local busl- ness circles Colonel Shocks discussion of the matter was highly commended. 1t was the concensus of opinion that Con l gressman Padgetts resolutions will amount to nothing; that it was introduced merely for political effect.
 Basketball at St. Paul's Hall.
 An interesting game of basketball play