Daily Kennebec journal., 1912-02-14
HILL EPIeRAMATIc.
Continued from Page one.)

MI. t1ll1.
Chairman Stanley asked if Mr.. Hill
thought big corporations operating un-
der new golden rule of business aid
ed by the government in fixing prices
and preventing them from hurting
each other, but not preventing them
from crushing labor. would aid in
holding society together.
How long do you think this govern
rnent would last under such condi-
tiens%' asked Mr.. Stanley.
..Oh, we might last a week. Mr..
Hill smilingly replied.
Then you don't believe that the
United States should undertake to
regulate business?" MIR. Beall re-
sumed.
II would lay down the law of right
and wrong said Mr.. Hill. Il would
limit the power of corporations |
would see that every corporation that
started business put all the money in
and ! would not be jealous on account
of the size of the corporation.
wouldn't permit any watering of
stocks. ! would see that 100 cents on
every dollar was put up and that
money was on hand to take care of
it"
well, you tried a railroad combina-
ton once, didn't your" asked Bartlett,
referring TO the Northern Securities case.
..The government didn't let you carry it
out and you are still doing profitable
railroad business.
Yes, and not making any complaint
said Mr.. Hill.
Mr.. Beall asked again if the witness
had faith in competition.
You ask me If l have faith" he an
swered 81 feel like the man whose wife
was dying. The minister came and ask
ed the husband if she were resigned. He
replied that she had not. / haven't re-
signed faith in competition. When We
are translated We may get along with
competition. Until then we must be sat
isfied to keep our feet on the earth and
20 lust as fast as our forbears did"
DO you think we can trust competition
to deal with our complex business prob
lems?''
II don't know of any overgrown cor
noration that established itself in sue
cess permanently The Standard OIL Co.
came nearest to 1t of any
Mr.. Hill told the committee that he
paid little attention to speculation anu
did not think that men who made speeu-
lative prices in Wall Street knew much
about actual conditions in mines 1oVo
miles away He predicted, taking ISSUE
with Commissioner of Corporations Her
bert Knox Smith, that the ores in the
Hill lease held by the Steel Corporation
as worth 81 ton, would soon be worth
$50 TO 81 royalty a ton He also pre-
dicted that before many years pig IRON
could be laid down in Brooklyn from
China for SIT ton.
Mr.. Hill aroused some interest when
he said that Frederick Weyerhauser,
the lumber magnate, had refused to
nav $4,000 for the fee to the Wright
and Davis lands, which he afterward
bought as the major portion of the
land leased to the Steel Corporation
and containing ore estimated at 4oo,-
100000 tons.
II think Mr. weyerhauser made a
mistake said Mr.. Hill.
Mr.. Hill said he thought it was very
important for the Steel Corporation TO
get control of all the ore II could
And we are not wearing any crepe
because they have decided to cancel the
lease on our ore lands" Mr., Hill OBJ
served. we were not anxious to make
that lease"
You knew that Judge Gary didn't
want to make that lease asked Stan
ley.
aDidn,t he?" asked Mr.. Hill. He
never told me so. / didn't chase after
them. Mr.. Gary signed it. Some OF
the directors thought the price was
high"
Wasn't there one far-seeing busi-
ness man who insisted on it2'
No"
Were you ever advised that j
Pierpont Morgan insisted that this
lease be made
Il never was said Mr.. Hin.
mir. Hill told the committee that the
report Of the bureau of corporations
compiled by Mr. Herbert Knox Smitl
ON ore values was not worth reading
He said he had gone over part Of j
and concluded ii was of no value.
.'ar Smiths report may have som
facts" said Mr.. HILL sbut his conelu
sions are SO far from mine that
could not finish reading it,
Representative Gardner Of Massa
chisa1s urged Mr. HID 70 read the re
port thoroughly and then give III
conrnittee the value Of his opinion
s'l'm not an expert" said Mr.. Hill
..and neither have ! the time TO stud
the report carefully. My opinion woul
not aid the committee much
'srheie was time years ago" h
continued. "when those entire or
lands would not have brought 81, 900 ,00t
That would be no criterion for estah
fishing its present value. fiftee
years ago Mr.. Smith had figures fixn
the minimum rate OF 25 cents ton
Mr.. Hill said he knew that some pee
ple had paid as high as S. cents to
on ore leases since the Steel Corpora
tlon went into the field.
Chairman Stanley asked concernir
the Great Northern Ore Co, organize
by the Lake Superior Co. Limited.
at was a Trust Company pure al
efmpiesss said Mr.. Hill
.The ore lands were owned by dii