New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-04-14
ENDS IT'S HEARINGS
ON THE STEEL TRUST
Stanley Committee viii Need
Thirty Days More to Pre-
pare Its Report.
A ROSY FUTURE FORESEEN
One Authority Praises Work OF
Steel Corporation and Pre-
diets Growth of Indus
try in West.
Iron The Tribune Bureau

Washington, April 13.-Tho Stanley steel
investigating committee. which for ten
months has sought to prove tho existence
OF steel trust, adjourned sine die late to-
cav Chairman Stanley estimates that II
will require thirty days to prepare the re-
port. which will he a digest of 5000 pages
I, OF printed testimony. obtained at a cost Of
$4,000
The hearings ended to-day with additional
testimony by Joseph Sellwood and Thomas
f. Cole. ore authorities. who presented data
re gardinC the ore deposits of the United
states. Compared with the stirring days
when Andrew Carnegie. Judge f.. n. Gary,
George W. Perkins, the late John W. Gates
and other nnanciers were on the witness
stand. the probe ended without dramatic
interest and without the blare OF trumpets
with which It was begun
MIR. Morgan Not Heard.
Although the formation OF the steel com
bnaton was traced to the library of j.
Picrpont Morgan. the hearings have ended
with no word from Mr. Morgan. Some OF
the minority members Of the committee are
stlll critical Of the action OF the Democrats
In allowing Mr. Morgan TO 20 to Europe
without being subppnaed.
Mr. Cole told the committee to-day that
the United States Steel Corporation has
facilities for turning out 50 per cent more
finished steel than II had when organized
in 1901. lie said
The remarkable rise i'm the production Of
steel I'm a period Of little more than ten
years has been forced on the steel Cor
poratlOn by the demands 81 the public Inc
IL 4 a
10 spend millions and millions Of dollars in
improvements and materials In order TO MI
the orders for steel. The public demand
has forced the Steel Corporation TO be in
n position. with its ore bodies. its trans.
portation facilities. its blast furnaces and
finishing mills TO turn out enormous guam
titles Of steel. and To turn II out when IT Is
needed.
Mr. cole predicted ROSY future for the
steel business I'm this country. and prophe-
sled that in the great West. particularly M
Utah and In California. immense orc beds
would be utilized soon and steel mills
erected 10 supply tho Western demand. lie
also saw the day coming when coke would
not be necessary in the manufacture OF
steel electricity TO be utilized in its place
Praises Steel Corporation.
Mr. cole declared he did not believe the
United States Steel Corporation was
monopoly but he believed il served TO
check destructive competition and to steady
the steel trade of the country. lie added:
never wish to see again the days. he
fore the organization OF the steel corpora
ton when there was such destructive COM
petition that We had TO sell ores from Lake
Superior almost at cost; When our miners
were getting 81 % a day; when they did not
have enough 10 properly care for their fam
lilies: when there was not enough money IN
the ore business to permit living wages. To-
dav the miner Is receiving a fair wage FOR
his work and is caring for his family as It
should be cared for
Ali this has been brought about by the
steadving OF the trade and the elimination
Of destructive competition through the or
ganization of the United states Steel COR
poration and other great steel companies
/ believe I'm "A limited. fair competition, Dut
such chaotic competition as existed IN Tue
steel business not many years ago IS de-
struCtlye to the country. None ot us want
10 see such a day again.