The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1909-01-31
ROOSEVELT AND STEEL TRUST.

N
The senate committee on judiciary
is endeavoring to find out why the steel
trust is favored above all other COM
binations in restraint Of trade. Under
the Culberson resolution witnesses are
being examined regarding the gobbling
up Of the Tennessee Coal & Iron COM
pany by the giant corporation, after
Messrs. Gary and Prick had received
express permission from President
Roosevelt. George W. Perkins, well
raising of the Republican corruption
fund in 1904. and the life insurance
scandal, has told the committee that
the situation in Wall street was des-
perate and that it was necessary that
the chief competitor of the United
states Steel corporation should be as
simulated, or words to that effect Gary
and Prick viii testify later, and tell
how the country was saved from fur
Their financial disaster by their noble
and self-sacrificing efforts in connee-
ton with J. P. Morgan, who always
happens to be around when there's
something big 10 be secured at a sacri-
fee
Outside Of showing up the president,
the inquiry viii result in little good.
The steel corporation has absorbed its
rival and is firmly entrenched behind
the incoming administration, Of which
Mr.. Knox Is to be premier.
There are indications, however, that
the trust viii have to come down a peg
or two in the matter of prices. Mr.
Carnegie and others of equal promi-
nenee and experience in the business
have advocated the abolition of the du-
ties on steel and pig iron, and reduc-
ton can hardly be avoided if there is
an honest attempt at tariff revision
Business is comparatively poor at pres
ent, and the little fish are growing res
tive. Concerning this feature Of the
situation. the Wall Street Journal says:
THAT continued price cutting on the
part of certain Independent steel COM
panies is beginning to worry the large
: producers is admitted. Not long ago
+ concessions in prices were confined to
a limited group of small concerns. but
recently several large factors have been
offering steel at prices considerably be-
low current quotations Conferences
have been held with the object Of fur
E thering the cooperative movement. but
/ without results that would warrant the
statement that price cutting is at an
end.
The United States Steel corporation
I has been the principal advocate of rea-
1 sonable prices and a stable market.
Until November OF last year the stu
+ alton was well in hand. but since then
/ certain of the independents have been
making their own markets for steel.
/ The result has been that the companies
/ making concessions have been getting
the bulk of the business.
Under existing conditions a general
readjustmeht Of prices in the near fu-
/ ture cannot be prevented unless there is
a sudden change for the better in the
/ demand for steel and iron. It Is argued
/ that an adjustment of prices at this
time would be difficult in view of the
/ proposed changes in the duties on steel
/ products.
1t is certain. however, that rail
prices viii not be changed. but notwith-
/ standing the railroads DO not seem to
/ be il any hurry to order material"
One of the main reasons why the
country has not fully recovered from
the business depression precipitated by
Mr.. Roosevelt or Wall street, OF both.
TO make concessions in the price Of steel
rails. ard is attempting to continue its
policy Of holding up the railroads and