The daily Gate City. [volume] (Keokuk, Iowa) 1855-1916, 1912-08-02
NOT WATERED,
BUT DELUGED
CONTINUED from page ~

conveying to the entire steel and iron
industry information as to the att.
tude OF the United States steel cor
poration upon the question Of output
and prices, and Of impressing upon all
engaged in the Industry that it was
the part of wisdom and prudence to
govern themselves accordingly.
1--WE further believe that by this
means prices were maintained. output
restricted, territory divided, competi-
ton stifled and trade restrained, just
as certainly, just as effectively, and
just as unlawfully as had been dor e
under the discarded pooling arrang E.
ments of former years."
Three bills, outlining trust curbs,
were presented with the report. One
provides for amendment of the Sher-
man law to place the burden of proof
upon defendant corporations charged
with restrain of trade. Control Of 80
per cent of any business Is made
prima facie evidence Of guilt. Anoth-
er provision gives each state and any
injured individuals the right to bring
injunction suits against a trust.
A second bill is designed to prevent
"interlocking directorates" among
railroad and industrial corporations
1t is proposed to prohibit any officer
or employee of an Industrial corpora
4 ton in the coal industry or manufac
| ture of structural steel and rolling
/ stock, from acting in similar capac
ity for a railroad.
4 Another bill seeks divorce of indus
trial and common carriers by prohib
4 iting mining or manufacturing compa
MES from owning stock in any car
i rier.
i The committee also recommend
i that the Bureau of Corporations re
/ port to congress in addition to tn
president. providing publicity Of col
: porate combinations.
j Chairman Stanley, of Kentuck.
Representative Bartlett, of Georgi'
Representative McGillicuddy, {
Maine, and Representative Beall, c
Texas, all democrats-concur in all 9
these recommendations. Represents
tive Littleton (dem, N. W dissent
t only from the bill changing the bul
den of proof.
That ]. P. Morgan and Co. receive
fee of S62.5OO,0O0 for underwritin
the steel syndicate is asserted.
"The steel corporations capitalize
ton is $1,745,72424s.49," the repol
declares. But this sum, huge as it i
in no degree determines It's actus
power
Continuing the report cites wher
the vast holdings of directors of tn
"trust" in other corporations totals u
!, into staggering millions.
The Morgan-Gary- Perkins plan fe
> federal incorporation and price fixin
!. the democrats declare Is "semi-socia
istic," and the present situation
best remedied by publicity and strit
enforcement OF laws.
. Had the character of the steel CO
r poration been known at the time {
!. lhe absorption of the Tennessee Co;
G & Iron Co., 1t is highly improbab
that the chief executive would in
j. minutes have given his consent to
merger fraught with infinite injury
r the steel industry and the publ
e alike" the report says.
e Bitterly criticizing Roosevelt =
t this merger the report processes !
t inability to understand how pan
t which resisted the utmost endeavo
a of Morgan, and Rockefeller to que
should suddenly have passed ava
u with the absorption of few paltl
millions at Roosevelt's permission.
The steel trust was not watere
U the report says. 1T was deluged
g Stanley epigrammically puts 1T. TT
: report purports to give the Story
= Steel, from the first furnace down
= the big mills of the present day.
That the trust is inimical to lab
y unions and its employees live und
< conditions "too revolving to detail'
: asserted.