The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1912-06-10
Conclusions Reached.
II will also recommend

1t viii also recommend:
Federal incorporation and rcgistra-
tion Of all industrial corporations doing
an interstate business with the right OF
federal inspection, such as is now cx-
erciscd over federal banks.
That the states be given the right to
control the tax 10 be levied on cor
poratious and the caracter of its busl-
ness
Legislation prohibiting national
banks from participating as corpora:
tions in industrial combinations and
will provide criminal penalties for in
terlockine 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 moDop-
oily within the definition of the law,
Delay in the presentation of the re
port was directly due TO the hope of
Chairman Stanley that j. Pierpont Nor
gan would return to the United States
in time to testify.
'Mr. Morgan Durposely fed the
country to escape appearance before
the committee said Chairman Stan
ley TODAY. "I am not without hope
that We will be able to summon him. -
Purpose of Committee.
1t is the purpose of The committee to
present its report as quickly as pos
sible, so that its finding can have a
proper influence upon the antitrust
planks in the Democratic national plat
form.
II will be stated in the report that
Mr.. Morgan organized the National
Tube company as the first steel trust. 1t
had practical monopoly on the man
,Pup ~, }Ih Jnh n
Rockefeller owned plant in Ohio and
threatened fight.
Understanding that Morgan, hereto"
fore only banker and railroad mag
nate, was invading his field, Andrew
Carnegie announced his purpose of not
only building a tube mill TO compete
with Mr.. Morgan, but railroad to as
sure himself of preferential rates of
transportation as well,
Anxious to prevent such a bitter
financial war. MI Morgan by way of
compromise, il Will be stated in the re-
port, suggested consolidation. As a re"
suit of Morgan S efforts and influences
TO save his own Investments IN the Ma
tional Tube company, it will be shown
that he consolidated the following
fundamental companies into the giant
corporation he now controls;
Companies Merged.
Carnegie company, Federal Steel com
pany. National Tube company, American
Steel & Wire company, National Steel
company, American Tin Plate COM
pany. American Steel Sheet company,
American Sheet & Tin Plate company,
American Steel Hub company, Ameri-
can Bridge company, Oliver Iron Min
ing company. Lake Superior Cousoli-
dated Iron Mining company, Shelby
Steel Tube company. Pittsburg Steam
ship company and the Clarion Steel
company, These more than 900 sub
sldiary companies were under the dom
inatlon Of the major corporations.
The steel corporation is the holding
company for the concerns capitalized
ut 1,119.o00. 900.
According to the report made 10 the
Stanley committee bv f X. McRae.
chief accountant AS totaIed in the
Stanley report, the sales OF the steel
trust aggregated up TO December 81
81, lo4 63i ,o45, and the net earnings
$905 .039 .607. The not earnings per ton
von steel products has been $13. or about
lyD per cent on cost.
.os os 'aped Big Profit.
~ nG. Morgan reapcd profit Of $780,
500 copO from the promotion of the steel
The ontation in addition TO $6.s00,O00
,is scnt>a bond conversion scheme pre-
a,,, MorGiv George ", Icrkius, ono Of
7"' Ffol partners
us 800. is1 4 derived IN income Of ss01.
tile prcfcrrea has naid in dividends on
mon stocRk $269,414,2S and in com
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