Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1912-09-07

Ehen the large com DlldtlOnS OF Cdpi- {
al began to be formed which marked ,
/ new era in the industrial world. I
These things were a benefit at that !
lime, and are a benefit today, yet on |
account OF the abuses which some OF /
them have undoubtedly been guilty
Of we will have TO figure that there
will have TO be some sort Of control
or regulation, and we will have TO
take it and make the best of il; and
do not know but what it will be
better to have these things done by
than by democrats. \
great many people fear this agitation
may cause the election of a demo
cratic congress this fall, and believe
legislation OF this kind would have
a worse effect upon business if en-
acted by a democratic than by a re-
publican congress.
Note - The republicans retained
control Of congress at the November
1906 election.
Republican National Committee,
Madison Square, New York, Sept. II,
from United States
Steel, $4,000. c. H. Duel, assistant
treasurer.
Philadelphia, Pa. Sept 19, 1904
United States Steel Corporation, My
Dear Sirs: l enclose herewith tho
republican national committees re-
ceipt for your subscription to the cam
paign fund Respectfully yours, E. 7.
Stotesbury, chairman.
z. T. Stotesbury, a member OF the
firm of ]. P. Morgan & Co., was chair
man of one of several finance commit
tees OF the republican national COM
mittee in 1904.
In 1904 Theodore Roosevelt was the
republican nominee for president and
was elected
George w Perkins, chairman of the
executive committee OF the third term
party, was member of the firm Of
]. P. Morgan & Co. and chairman Of
the finance committee Of the United
States Steel corporation in 1904. Mr..
Perkins, at that time vice president
Of the New York Life Insurance COM
pany, also contributed s4S,0O0 TO the
Roosevelt campaign in 1904 and REIN
bursed himself from the New York
Life Insurance company's treasury.
When Treasurer Edmund Randolph
told about it in 1906 before the Arm
strong committee investigating the
great insurance scandals, he refunded
the money.
At meeting of the board of direc,
90
the largest subsidiary of the United
States Steel corporation, held March
10, 1906. Henry B. Bope, the vice
president, stated:
The general superintendent of the
Pittsburgh and Lake Erie told us the
other day that after testing Open
Hearth rails furnished them by the
| Tennessee Coal and Iron company
and our Bessemer rails they have de
! cided that Open-Hearth are twice as
l good as Bessemer rails. He wanted
| 10 know when We would be able &c
make open-hearth rails, and saiC
/ they would be willing TO pay a little
more for Open-Hearth than for Besse
mer. The same thing has come tc
us from two or three other people
! indicating that the railroads are pay
ing a little attention 10 the matter
| ~ the time when they were buying
rails we could not make Open-Heartf
anywhere in this country for the mex
! year and a half; but | imagine tina
when the demand for rails falls off
which will probably be in 1907, on &C
count of the heavy purchases made
last year and this, then we will b.
up against the Open-Hearth PROPOSE
! tion good and hard"
From report of Richard Trimble
7 secretary OF the United States Stee
corporation, to board of directors, a
executive session, June 26, 1860
You also saw a statement in th'
newspapers this morning that tn,
government was making investiga
lions OF the United States Steel cor
poration, and that Mr.. Smith, one o
the deputies In the commissioner de
partment, had testified before tn,
committee TO that effect. | have NJ
doubt the deputy did make the state
ments which were published. At tn
last session of congress a resolution
was passed by both houses askinl
the commissioner to investigate tn
United States Steel corporation. Tn
commissioner did not pay any atten
ton 10 that resolution; but soon afte
congress adjourned he appeared a
this Office and stated that he believe
II was his duty 10 know the genera
purposes in detail OF our business
about our corporation, its capita
stock. its liabilities. its assets, tn
amount OF its business, the costs c
production, and its methods general!
After considering the question yer
carefully. our finance committe
seemed 10 think that It was good pc
icy. and, perhaps, advisable, TO al
the commissioner in making his il
vestigation; and the investigation ha
been going on more or less since tha
time. AS stated. however, by the de-
uty commissioner, We decided 10 fu
nish the information that was reques
ed at our own expense and by OF
own labor.
I am making THIS explanation b
cause you are interested in II ar
because you may be more or less di
turbed without reason. The fnant