The chronicle=news. (Trinidad, Colo.) 1898-current, 1914-10-26

While on the subject of uniform
prices as, an Indication OF non-com-
petitive conditions In the steel indus
try. Mr.. Cotton said the steel corpo-
ration sold products in foreign mar
kets at prices greatly lower than in
the United States. The defense. he
said. contcnded that 1t was only the
surplus product that was so disposed
of In foreign countries.
Mr.. Cotton said the fact that the
steel corporation sold Its surplus at
u reduction In the foreign markets
was an indication that the corpora
tion, intended to keep up excessive
prices at home. If the corporation
had been honest with the public. Mr..
Cotton said, 1t would have disposed of
its surplus product in the United
States at the lower prices.
David A. Reed of Pittsburg. Of
counsel for the steel corporation. de-
Tended Andrew Carnegie's action in
disposinE OF his interests to the steel
corporation. when 1t was organized.
Mr.. Reed said Mr.. Carnegie had no
thought that the steel corporation in
tended to monopolize the steel bust
ness. Mr.. Carnegie's one thought,
he said. was to retire from a long and
active care and devote his time to
philanthropy. ..
Z Counsel pictured the meeting be-
tween Andrew Carnegie and the late
]. P. Morgan. when the deal was
closed for the sale Of the Carnegie
-
burg was at the meeting and counsel
quoted him in describing the parting
between Mr.. Carnegie and Mr.. Nor
gan.
when Mr. Carnegie was leaving
Mr.. Morgan" James H. Reed is quot
ed as saying. "hc turned to the bank
er and said. 'Pierpont. I am the hap
piest man in the world. have un-
loaded the burden upon your back.
am off to Europe to play" .,,
The government in its charg,
against tile steel corporation referred
to Mr. Carnegie as conspirator,
Counsel said that. in the ligh. OF
what Mr.. Carnegie has done. with his
fortune for the good of mankind. to
refer to him. in the terms applied to
wretched criminals In the deck is un-
worthy of the government"
David A. Reed ia son of James
II. Reed, who is a director In the steel
corporation. Mr.. Reeds argument
was largely statistical. He combat
ted the governments charge that the
steel corporation restrained compete
ton.
Mr.: Reed took up the charge Ct
the government that the steel corpo-
ration had a monopoly on the coun-
try's supply Of ore. The steep corpo-
ration denies such monopoly counsel
argued. Four per cent of the eartll's
crust is composed of iron, he remind
ed the court, and smilingly asked
how any one could monopolize the
ore supply when It is found every
where. He also reminded the court,
that the. present tariff law had taken
American manufacture ore OH an
equality with the domestic raw ma
terial.
In 1901 Mr.. Reed said the steel
corporation possessed 43 per cent of
the known ore reserves Of the Lake
Superior district sufficient to last the
corporation So years at the 1901 rate
of consumption. In January. 1912;
the steel corporation had ASS per
cent OF the ore deposits OF the Lake
Superior region. he said. enough for
the needs OF the company for IS years
Mt the 1901 rate of consumption. II
further discoveries OF ore are nc.
made in than district. Mr.. Reed con-
tinued. the steel corporation reserves
would be reduced accordingly.