The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1912-06-13

disparaging comment is made by mer
who profess to know what the true
conditions in the iron and steel indus
try is. These men assert that their
information justifies them in saying
that the great increase in the output
of the United States Steel corporation
is not a profitable increase. The in
timation is strongly made that many
OF the products of this corporation
have been marketed at cost or even
below cost, then asked for an 'explana-
ton of policy of that kind the answer
has been compelled to cut prices in
order to maintain itself as against the
independent steel and iron manufac-
turers.
Then 1t Is Not a Monopoly.
IF the statements made by these men
are justified by the facts, then
whatever may have been the business
States Steel corporation in reducing
the prices of their commodities to cost
or even below, the fact remains that
all this shows that the United States
Steel corporation is not a monopoly
or even a partial monopoly. If there
ever was a time when this corpora ton
would have been justified in showing
that it possesses real monopoly, that
time has been the past year and a half.
If it has been compelled to cut prices,
that must have been due to the fear
of successful competition carried on by
the independent steel and iron manu-
facturers.
However, if prices have been cut, #
there has been intense and far-reach-
in. competition between the United
States Steel corporation and the indie
pendent producers, it is now regard
ed by those who are well informed as
certain that tn demands made by
business men all over the country for
iron and steel products are so persis-
tent as to make it not only expedient,
but necessary, to increase prices. IT
is a fact unquestioned that manufac-
turers are now meeting with the same
experience in the iron and steel trade
which was characteristic of it in the
busy years of 1905 and 1906. They are
finding it difficult to meet the demands
of their customers for the delivery of
commodities upon fixed dates. In 1905
and 1906 business was carried on at
such high pressure that frequently
the manufacturers of iron and steel
products were offered premiums over
the prevailing prices in case the manu-
facturers would agree speedily to fill
orders.
But One Interpretation.
There is but one Interpretation of
upward pressure of business all over
the country is becoming so great that
not even politics or any conceiva BILE
eXigency can now prevent the full
play Of that impulse before the end
of this year. There is, in fact, but
one condition which, if it arose, would
set back business, and that is disap-
pointment in the harvests of this year.
A Great Object Lesson.
Apparently the subcommittee of
the Pujo money trust investigating
committee. which is holding sessions
~ z,1t fIxr =
by the testimony given last week to
it by william Sherer. manager of the
Clearing House association, to the eff
feet that the autocratic powers of the
association were practically in the
hands of five men, that the subcom-
mittee did not realize the Importance
and significance of other features of
Mr.. Sherer's testimony There is un-
questionably opportunity for some
what sensational comment upon this
testimony, if it stands apart by it
self unexplained.
Mr.. Sherer testified that Frank A