The Miller press. [volume] (Miller, S.D.) 190?-current, 1912-02-22

Washington, Z. C.-James j. Hill
spent the entire day on the stand be-
fore the Stanley steel committee and
repeated on several occasions that he
could not see any reason whatever for
the steel corporations notice of abro-
cation of its lease of the Hill ore
lands in the Mesaba range, except that
they were scared to death"
Il know Of one representative of
the corporation" said Mr.. Hill, who
declared that if an offer of $500, 000,-
600 was made for the lease he would
vote against it. The supply Of iron
ore is constantly decreasing and for
that reason, the Steel corporations
lease was becoming more and more.
valuable when it gave notice of abro-
CATION"
Mr.. Hill said that his properties still
contained, according to the latest esti-
mate, approximately 400, 900, 900 tons,
and that the part leased by the steel
I corporation should afford them a sup
ply for the e 1S to % years if the
lease had remained in effect. He said
the corporation. in making the lease,
was permitted to choose the territory
it desired. and that they took $4,000
acres, which probably comprises most
of the ore bearing area of the entire
Hill holdings.
Committeeman Young called Mr..
Hills attention to the fact that Com
missioner Herbert Knox Smith, of the
bureau of corporations, in his recent
report on the steel situation, alleged
that the properties and leases of the
Steel corporation in Minnesota at the
time of organization were not worth
over $100, 000, 900 and that any subse-
Quent increase in valuation was
caused by a monopolization of the iron
ore deposits. He asked Mr.. Hill if he
agreed with that.
Does Not Credit Report.
Il do not attach any importance to
Mr.. Smiths monopolistic view Of the
question. Placing myself in the posi-
ton of the head of the steel corpora
ton / should have felt derelict in my
duty if l took no steps to assure a
supply of iron ore for the immense
steel plants of the corporation for
many years in the future"
The witness added that he was not
o wearing Grape because the lease
had been cancelled.
Mr.. Hill expressed some very indie
pendent views regarding large cor
porations, when asked whether he
agreed with Judge Gary and others
that the time was imminent when the
government must regulate prices, Mr..
Hill replied:
THE age of competition has not
passed. 1t will not pass until you
eliminate the selfish motives that
move men. If the federal government
should undertake the sort of regula-
ton that you suggest, there would
500 be no federal government"
You think that such government
would not be like a republic?" was
asked.
1T would be a monarchy" returned
Mr.. Hill.
Mr.. Hill told the probers that "he
would be a first-class angel with red
and white wings" before he would go
in the steel business. He said the
stockholders of the Great Northern
railroad were not wearing any
Grape" because the U. S. Steel cor
poration lin it's fight" had cancelled
the Great Northern Ore lease.
Mr.. Hill told the committee he
paid little attention to speculation and
did not think men who made specula-
tive prices in Wall street knew much
about actual conditions in mines 1000
miles away. He predicted, taking is
sue with Commissioner of Corpora
tons Herbert Knox Smith, that the
ores in the Hill lease, held by the
! steel corporation as worth 81 a ton,
would soon be worth $3.50 to 81 roy
atty a ton. He also predicted that be-
fore many years pig iron could be laid
down in Brooklyn from China for SIT
a ton.
Mr.. Hill aroused some interest when
he said Frederick Weyerhaeuser, the
lumberman, had refused to pay $751;
600 for the fee to the Wright and
Davis lands, which he afterwards
bought as the major portion of the
land leased to the steel corporation
and containing iron ore estimated at
400, 900, 900 tons.
Mr.. Hill said he thought it was very
important for the steel corporation to
cot o1rfroI ~ oil The ono - no,Il