New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-08-09
STANLEY Oenounces It as EX-
tortiCnate, Demanding Trlb-
ute from Every Man,
Woman and Child.
ATTACKS ITS ORGANIZERS
Morgan, Rockefeller and Car
k.e Bitterly Assailed for
Vlloading o,o0O,-
900 Watered Stock
on Consumers.
,-rom The Tribune Bureau

Washington, Aug. S.-The steel trust,
IP. Morgan. John d. Rockefeller, An
drew Carnegie and other masters OF
finance were handled without gloves at
session Of the House held tonight for
the express purpose Of debating the
reports Of the Stanley steel inycstigat-
ing committee.
chairman Stanley occupied most OF
the time and frequently elicited ap-
plsuse from the twoscorc members who
attended
Mr. Stanley referred TO J. T. Morgan
orsnnizer Of the steel trust as top
ro,ch gambler engaged in the issuance
of bogus stock" and charged that John
D. Rockefeller had ruined family and
indirectly caused the death OF one
member in order 10 obtain and sell
valuable ore property in the Northwest
This latter accusation was based on
the testimony of the Merritt brothers.
Denouncing the manner in which Mr..
Rockefeller obtained the ore holdings
of these pioneers. Mr.. Stanley said:
The story Of how John D. Rookie
fener got into the steel business is a
strange tale. with a world Of pathos
and meanness in it. II illustrates the
slnuous and silent and pitiless conduct
Of men who will forego all else in their
search for millions
Must Pay Tribute to Steel Trust.
After reviewing much Of the matter
contained IN the majority report Of the
Stanley committee Mr.. Stanley as
serted that in the formation Of the
steel trust S5OOOOO,OOO in watered
stock had been loaded upon the backs
of the American consumer" II was
impossible 10 live. die or be buried, he
added warmly. without paying tribute
10 the steel trust.
The extortion Of the steel COM
pany." he continued. is due to two
beneficent institutional holding COM
pany and a high tariff. one is help
.ess without the other
Mr.. Stanley spoke for more than an
hour, and was followed by Representa-
tive Sterling a Republican member Of
the committee, who devoted the major
part Of his speech TO a criticism Of the
suggestion Of Messrs. Gardner and
Danforth. minority members Of the
steel committee, that the federal gov
eminent should regulate the prices Of
Industrial corporations if unable TO
control them otherwise.
Representative Stanley engaged in
several lively tits with members who
we're inclined TO interrupt the flOWery
parts Of his speech. and when Mr..
Fornes challenged the statement that
prices Of steel articles had increased
since the formation Of the United
States Steel Corporation. the Kentuck-
ian said with asperity:
'1 have no tiTce 10 :alk about the
,rrices Of pots and kettles. There are
bigger things 20 20. and before this
committee finishes with the steel trust
all prices will go down"
Tells Of Rockefeller Deal.
The Kentucky Representative re-
viewed the story Of John d. Rockefel-
lsr's acquisition of the Mesaba Iron
Ore range. He told picturesQuely of
the manner In which Mr.. ROckefeller's s
almoner. the Rev. DR.. Gates, conducted
the negotiations with the Merritt
brothers. discoverers Of the range. He
Continued On thlrd page. hIst column.