The Jasper weekly courier. [volume] (Jasper, Ind.) 1858-1922, 1912-08-16
MINORITY REPORT IN
CONCLUSIONS OF REPUBLICAN
MEMBERS OF STANLEY STEEL
COMMITTEE GIVEN.
2 SIGN DOCUMENT; 2 DISSENT
Federal incorporation of Concerns En-
oaqed in Interstate Commerce
Whose Capitalization Exceeds Soo'-
oco.O 900 Is the Keynote.

Washington, July 29.-The federai
incorporation of all concerns engaged
I'm interstate commerce whose capital
ization or value exceeds s5O,OOO,ooO,
is the keynote recommendation OF the
minority members of the Stanley steel
investigation committee. The report
of the Republican members OF the
investigating committee was made
public here.
The full report is signed only by
representatives Gardner and Dan
worth The remaining Republican
members, Representative Sterling ana
Young of Michigan file individual dis
sents on the exact character or rem
edial legislation needed.
Messrs. Sterling and Young agree
with their Republican colleagues that
federal incorporation Is a remedy lot
present industrial evils, but they de-
cline to go so far as to recommend
the federal regulation of prices, whlcn
Gardner and Danforth advocate IN the
event the situation cannot otherwise
be met.
Salient Features of Report.
The four Republican members agree
on the following salient findings OF
fact as developed by the long investl-
CATION of the United States steer
corporation:
That ]. p. Morgan e. CO. received
s62. SOC. 900 for organizing the corpora
ton and that of the capitalization OF
81, 400. 900, 600 nearly one-half was
water
That the average annual earnings
of the steel corporation have beer
from II to IL per cent. of its assets
and the corporation controls more
than one-half of the crude and I'M
ished steel business of the country.
That the average wholesale prices
of steel products has been lowered
since the corporation was formed, Du
that the corporation and all independ
ents have an understanding as t
price.
The system of interlocking director
ates has insidious consequences am
tends to inside management am
the sitting of competition.
Iron Ore Supply Situation Grave.
That the situation as to the irol
ore supply is grave and may becom
menacing and that labor conditions i
certain departments of the steel IL
dustry are bad.
AS a result of this situation in tn
steel Industry the minority member
recommend the federal incorporate
of all concerns with capital exceedin
$4,000, 900 which desire to enter IL
terstate commerce. These corpor;
tons. SO characterized, are to b
known as United States corporation
For corporations of smaller capital
is recommended that charters sha
be voluntary.
The creation of an interstate con
mission of industry, similar in power
to the interstate commerce commi
sion, is recommended and this ne
commission is to bring about full pu
licity of all corporations chartered
il. The new commission furthermol
is to be required, If the minority pia
should prevail, to publish the fa
when prices are unreasonable and
recommend reasonable prices Int
locking directorates and holding cor
panies-such as the United Stat,
Steel corporation-are to be forbi
den except when permitted by II
interstate commerce Of industry.
The minority report comedies Wi
the majority report in that 1t recoI
mends that industrial corporation
should not own common carriers. tt
Republican members are also agree
with the Democrats that corporation
. charged with violations of the She
man law should bear the burden
proof when charged with unreaso
able restraint of trade The minori
also agrees with the majority tn
individuals and states should have t
right TO intervene in antitrust sui
In criticism of the labor conditio
existing in the steel mills the mine
ity recommends that in blast furnac
and rolling mills three shifts of M
working eight hours day shou
take the place of two shifts worki
twelve hours each.