Ottumwa tri-weekly courier. [volume] (Ottumwa, Iowa) 1903-1916, 1912-08-03
MAJORITY SUBMITS
STEEL QUIZ REPORT
Continued From Page ~

edied by giving to the operations OF
the United States Steel corporation
and other like corporations the widest
publicity, and by the strict enforce
ment OF laws specifically inhibiting
the employment of cunning devices by
which an unfair advantage over COM
petitors Is secured.
1.-THE bureau of corporations pos
sesses the authority to thoroughly In
vestigate the internal affairs OF In
dustrial concerns doing an Interstate
business. Had the character of the
steel corporation and the nature and
extent of it's operations been known
to the people and to the president Of
the United States at the time OF the
ABSORPTION Of the Tennessee Coal and
Iron Co.. it is highly improbable that
the chief executive would IN twenty
minutes have given his consent to q
merger fraught with infinite Injury to
the steel industry and to the public
alike.
"The commissioner of corporations
should be required to report to con-
gress as we'll as to the president OF
scribe and the law creating this bu-
the United States, at such times and
upon such conditions as it may pre-
reau should be 80 amended as to make
such reports mandatory upon the
commissioners of corporations.
Reasons for Big Earnings.
"The enormous earnings OF the
steel corporation are due not to a de-
gree OF indignation Of efficiency not
possessed by its competitors. but to
the ownership Of ore reserves out OF
all proportion to it's output or require
ments and to the control and operation
of common carriers. divisions of rates,
and the liberal allowances obtained
| from other concerns through inequit-
able and inordinate terminal allow
ances. The business of production and
transportation should be absolutely
separate and distinct. and no in
dustrial concern should be permitted
to own or operate an interstate car
rier.
"The attorney general of the United
States and his subordinates should not
| be permitted to exercise an absolute
discretion as to the institution or pro-
ceedings under the act Of July l..
1890, known as the Sherman antitrust
act. or other acts prohibiting combina-
tions in restraint of trade. The parties
injuriously affected by such combina-
lions should have access to the courts
and the benefit Of adequate and suffi-
cient remedies for wrongs inflicted by
such combinations"
Three Bills Recommended.
The legislation recommended by the
majority consists of three bills. One
of them, commonly known as the
Brandeis bill, is designed to give an
injured party the right to institute
suit to prevent the organization of a
combination in restraint OF trade. This
bill also transfers the burden Of proof
to the defendant corporation to show
that 1t is a combination within "rea-
sonable restraint of trade" The bill
recommended by the committee has
long been bending before congress,
having been introduced by Senator La
Toilette and Representative Lenroot.
Another bill would provide that mo
person who is engaged as an indi-
vidual or as member Of partner
ship. or as a director or other officer,
or employee Of any railroad company
business, in whole or in part, Of manu-
featuring or selling railroad cars or
locomotives or railroad rails or struc-
tural steel or mining and selling coal,
shall act as director or other officer
or employee Of any railroad company
which conducts an interstate com.
MERGE business"
The third bill is intended to hit at
the system of interlocking directories
and would separate industrial from
railroad business
Bio FInanciers Witnesses.
The steel trust Investigating COM
mittee was authorized to begin it's
work on May 4. 1911. Since that date
lit has heard many witnesses and made
many trips Of inspection and investiga-
ton. Among the witnesses heard have
/. been most OF the great American
lfinanciers Of the present age with the
lexceptieC Of ]. Pierpont Morgan,