The Calumet news., 1912-07-29
GIVES
HIS VIEWS

Continued From Page one.
cials OF the United states Steel Coz
as to indicate that some OF the oiI;-
poration must have been ccgrizant of
these acts.
6. one of the main purposes of the
Gary dinners. 50 called, was, by Great
ing confidence and friendly relations
among the manufacturers OF steel, 10
maintain prices and prevent destruc-
tive trade wars.
Monopoly.
z. The United States Steel Corpora
tion. outside of the so-callcd Hin lease,
which has exercised its option 10
cancel controls about one half Of the
now available iron orc in the Lake
Superior district and not TO exceed
ne-half of the now available iron ore
in the birmingham district. Its owne:
ship or control of iron ore In other por-
tions or this country, or IN Cuba, is
considerable. II owns a very much
smaller proportion of the colling coal
Of the country than Il does of the iron
ore, while it produces little more than
half of the steel products of the coun-
try. In other words, its acquisition OF
raw materials has not kept pace with
its manufacturing capacity or achieve
ments. It's ownership of now availa
Tile Lake Superior ores does not ex-
ceed 20 years supply at the present
rate of consumption, and considering
It's vast investment in plants is no
more than common prudence would
dictate it should acquire, and lacks
very much of being a monopoly.
S. The entire production of the
| United States Steel Corporation, rela-
tive 10 the entire iron and steel pro-
duction of the country has steadily de-
creased since its organization and is
lower now than at any former period
| OF its history. while the relative pro-
portion of the production of the other
manufacturers of iron and steel ia this
| country, has steadily increased ana X
higher now than at any period since
the organization of the United States
steel Corporation. The United States
+, Steel Corporation. since its organiza.
ton, has by purchase and new con-
struction about doubled it's capacity,
but i'm the same time the production %
the country has increased about lGU
per cent, so that neithe~ in production
or capacity has the United States
steel Corporation KEPT pace with the
growth of the iron and steel industry.
Prices.
Q. The general tendency of iron and
steel products since the organization
Of the United States Steel Corporation
though they had many fluctuations
has been downward Tne average
price cf steel products since its organ
ization have been lower than durinc
any other like period in our history
except the decade from 1890 to 1900
during which conditions i'm all Indus.
tries were abnormally depressed and
labor was unemployed We arc of III,
opinion that the United states Stce
Corporation has 90 some extent stead
led prices and prevented wide fluctua-
tions. but that on the other hand
prices are as low, and probably lower
than they would have been IL this com
pany had never existed.
Tennessee Coal, Iron & Railroad Co.
! 10. During the height of the pani
of 1907, Moore q Schley bankers anC
brokers of importance in the city o
New York. had among their assets
, mainly as collateral for loans, abou
$50. 600 shares Of the stock of the Ten
nessee Coal Iron & Railroad Co. abou
; 100, 600 shares of which they had rchy
pothecated with various bankers as
, part of the collateral for their own in
debteduess, which amounted To dbou
, $3S, ,OOO. 900. nearly all Of which hat
come due. Thc stock was uncurren
and not deemed good collateral espe
cially in time of panic. Moore 4
Schley caused the United States Stee
Corporation to be approached with
view to q sale OF the stock of the Ten
nessee Coal, IRON q Railroad Co, in or
der TO relieve their own situation.
p II. There Is not the slightest cvi
I dence that there was any attempt D.
: the United States steel Corporation
e or j. y. Morgan a Co.. or anyone els
! to depress Tennessee Coal Iron
;. railroad Co. stock in the market or
= embarrass it's owners, or Moore
Schley. SO as 10 buy the stock chcal
on the contrary, the evidence show
conclusively that all Of the business in
terests i'm New York city were work
, ing unselhshly and patriotically
: stem the tide of the panic and iinar
cial disaster that was sweeping owe
, the country.
~. The failure of Moore 4 Schlo