Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1912-06-12
ASKS DISSOLUTION
Of STEEL TRUST
Report of Stanley Committee
Ready for Submission.
SAYS MORGAN IN CONTROL
Declares u. S. Corporation Has Mono
poly in Raw Observation-Disclosures Num-
erous Recommendation for Reg
ulation of Industrial Concerns.

Washington, June 10-The Stanley
committee, which made an exhaustive
investigation into the United States
Steel corporation, will file its report
with the house of representatives with
| in the next ten days.
The report will directly accuse ].
Pierpont Morgan OF being the arch
enemy of the Sherman antitrust law
and OF the independent steel business
in the United States. 1t will show
that in the organization Of this one
company Mr.. Morgan and his personal
associates reaped the unprecedented
profit of $636,OOO,O0O.
Has Monopoly on Raw Material.
The report will recommend legisla-
ton for the dissolution of the United
States Steel corporation as mono
poly on raw material within the defini-
ton Of the Sherman antitrust law I'M
der the recent decision of the SUI
preme court and as a holding com
pany in defiance of former decision
in the case of the Northern Securities
company, a railroad combination.
1t will also recommend:
Federal Incorporation and registra-
ton of ali industrial corporations do
ing an interstate business, with the
right of federal inspection, such as is
now exercised over federal banks.
That the states be given the right to
control the tax to be levied on cor
pOrations and the character of it's bust
ness.
Ask Annual Penalties.
Legislation prohibiting national
banks from participating as corpora
tons in industrial combinations and
will provide criminal penalties for in
terlocking directorate boards.
Legislation prohibiting in the future
the acquisition by any individual or
corporation of mineral rights or prop
critics, whether in public or private
ownership, that may lead to a mono
poly within the definition of the law.
Delay in the presentation of the re-
port was directly due to the hope of
Chairman Stanley that ]. Pierpont
Morgan would return to the United
States in time to testify.
says morgan Fled Country.
MIR. Morgan purposely fed the coun-
try to escape appearance before the
committee" said Chairman Stanley.
Il am not without hope that we will
be able to summon him."
1t will be stated in the report that
Mr.. Morgan organized the National
Tube company as the first steel trust,
and that he consolidated fifty funda-
mental companies and 200 subsidiary
concerns into the giant corporation
he now controls.
The Steel corporation is the hold
ing company for concerns capitalized
at one billion, one hundred and nine
teen million dollars.
Net Earnings $9o5, SOY.
According to the report made to
! the Stanley committee by F. R. Me
Rae, chief accountant, as told in the
Stanley committee report, the sales of
the steel trust aggregated up to De-
cember 81, $5,404, 631 ,046, and the net
earnings, $9O5,O39,6O7. The net earn
ing per ton on steel products has been
$13, or about 40 per cent on cost.
From April 1, 1901, to December 81,
1910, it has derived an income of
1901 ,369,481. 1t has paid in dividends
on preferred stock $3.50, Ala, 628 and in
! common stock 1924, 511 $780,
The report will show that the steel
trust is a monopoly in it's control of
workable iron ores in the United
States.