The Calumet news. [volume] (Calumet, Mich.) 1907-1938, 1912-02-08
Chas. W. Schwab Says Reduc-
tions Would Seriously IDjure
Steel Business
TALKS TO SENATE COMMITTEE
Declares Steel Cannot be Made as
Cheaply In the Us.
Everglades Land Case Will Be Inves
tisated and Alleged money
Trust" Looked Into.

Washington, Feb. S.-Charles NJ
Schwab, steel magnate of bethlehem
Pa, testified today before the Senat,
finance committee on the probable ef-
feet of the House Democratic steel
bill. He said the Underwood rates on
larger steel products would be of most
serious consequence TO the steel busi-
ness in the eastern states. He de
clared that steel is not made as cheap
~ in this country, as elsewhere be-
cause If the higher labor cost.
"Only one hundred miles from New
York" he said. 'it costs as much to
put our steel there as 1t does to bring
it from Holland"
Schwab considers the present tariff
rates necessary to the prosperity of
the steel business and emphatically
opposes any reduction.
Schwab said he had never taken a
penny out OF the steel business and
never received a dividend. He has
heirs, ne said who don't need the mon>
ey and is in It only to build up
successful business. He admitted they
get less for steel exported than that
sold here, and 'at times even sell
abroad at a loss" He declared il the
would want no financial interest In the
business and would drop it,"
investigation is Ordered.
A forma. oroer for a Congressional
t. Of N 10 10
lands case in the department of agri-
culture was passed today by the House
committee on expenditures of that de-
partment. The charges that Engineers
Elliott and Morhouse. who were dis
charged by Secretary Wilson, had been
victims of a Florida syndicate of land
promoters and that official reports on
the true conditions in the everglades
we're suppressed are to be probed.
Money Trust Probe.
Chairman Pujo of the House com.
mittee on banking ana currency, tol
which the Democratic caucus last
night referred the proposed investi-
CATION of the "money trust" declared
today his intention to Introduce a reso-
luton TO vest his committee with plen-
airy powers to learn IL there is mon
ey trust.
Rep. Mckinley is Chairman.
Washington, Feb. S.-Rcpresentative |
Mckinley OF Illinois today was re-
elected chairman Of the Republican
congressional committee. The other
officers are; Representative Burke,
South Dakota. vice chairman: Repre-
sentative Moore. Pa, secretary; Rep
resentatlve Fairchild. New YORK
treasurer; Henry Casson, Wis. assist
ant secretary; and John c. Eversman'
Ills, assistant treasurer
Testimony Fsvors MCGOWAN
Testimony before the Lorimer ctm-
mittee today was all f. the direction
Of contradicting the evil nee Of detec-
tives and controversing he allegation
that MCGOWAN was paid for 'perjur-
ing himself. Wiehe said the money
he gave MCGOWAN was to reimburse
him for actual losses.
Hill to Testify Monday.
James J. Hin has been subpoenaedI
TO testify before the House steel trust
committee Monday.
Will Be Farce, Says Bryan.
San Benito. Texas. Feb. S.-Bryan'
commenting today upon the Democrat
is caucus proposition to investigate the
so-caled money trust said he feared
II would prove farce. "Misled by
Wall street under the control of pre-
datory interests and Democrats
whose sympathies are with the money
trust" were some terms used by Bryan.