Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1912-07-29
.LEGAL|ZE TRUSTS
REPUBLICANS AIM
Minority Report of Steel Prob
ers Urges Federal Supervi-
sion Instead of Dissolution.


Republican members of the Stanley
steel investigating committee of the
house of representatives. in a minority
renort to be submitted to congress to-
AZ The majority report. which is not
.ornIeted. will not be submitted until
later
The minority report was signed by
CONSERVATIVES Gardner of Massachu-
colts Young of Michigan. and Danforth
If New York. Representative Young
s,hmitted an additional statement. and
representative Sterling, of Illinois, who
believes in dissolving the big combina-
lions viii submit a separate report
Hits s5o,ooo,ooo Corporations.
The report advocates the creation of
an interstate commission of industry
10 he clothed with extensive powers of
equation and with power to fix rea-
eonable prices for the output of corpo
rations The report would require that
all CORPORATIONS capitalized at $50, 600
0oo or more operate under charter to
he issued by the United States. before
engaging in interstate commerce.
smaller corporations might avail them
selves of the Federal charter at their
own option
All corporations availing themselves
Of the United States charter would be
r4capitalized at their actual value
The Republican members make it
plain that the report is not an express
sion of Republican policy or dictated by
the Republican administration insist
ing that the committee members stand
IN their own bottom in enunciating
heir views.
The report does not spare the steel
trust or its organizers. j. p. Morgan &
60. are credited with profit of $62,
5ooo0O for underwriting the organiza-
ion Of the United States Steel corpo-
ration Labor conditions in the steel
mills are declared bad, and sugges-
tion is made to the corporation to inn
prove them by working mill hands in
light instead Of twelve hour shifts
What Minority Finds.
The report Summarizes its findings
as follows:
$l40oO00 600 of which nearly one-haf
was water
The average annual earnings of the
corporation have been from II to II
per cent on the actual value of its
assets
The corporation controls little over
one half the crude and finished steel
husinpss of the United States
The average wholesale price of steel
products has fallen off since the corpo-
ration was organized.
The corporation and all the indie
pendents have an understanding as to
prices.
The system of interloc<ing directo-
rates has insidious consequences and
facilitates inside management and the
sitting of competition.
The situation as to iron orc supply
is grave and may become menacing.
Labor conditions in certain depart
ments of the steel industry are bad"
Minority Recommendations.
The minority epitomizes its recon-
mendauons as follows:
All corporations exceeding $4,000.
ono .o.I.... -. ,,,,,e+
'l''0.' . Co. ~
.,f.' rs 1V.i4a5 C+atos
are o.'''i' ''' ..,...
49,, ,.a,,,,,
W. iefdPltallzed AT thelr aclual value
,a,,,
'"T i''''' 9e'i', p,,i,I;of,,.
',s.oI 20 De eS''oliS''eu + ''''''' -
p'%' 'uVu i2i 5
''' +" ''V ''N'', ~ e...5 ~,
~ POI q ''o' mas Ueel' i0''''
,e,. '''0''''Die' '''e ,','I,..,. -,
ul9slon of industry must pupHcly de-
'' n,.l,',I price ,..,,
ing Companies forbidden except when