NEWS WORTH REMEMBERING
News Worth Remembering BY A VOTE of 35 to 28 the United States Senate passed the La Follette bill revising downward the iniquitous woolen schedule, as it was modified in conference. Thus history...
...McRae points out, the net earnings of the corporation aggregated $1,029,685,389, or an equivalent of approximately $13 a ton on finished product instead of $980,000,311 as claimed by the officials of the corporation in their report...
...Judge Archbald denied that he had ever used his office or his influence as a judge for profit...
...The committee condemns the steel corporation, but does not invade the jurisdiction of the United States court, in which there is now pending a government suit for its dissolution...
...Bull Moosers" Gather At this writing there are gathering in Chicago from the various states supportLove Came To Me Again By SCUDDER MIDDLETON Last night Love came to me again To take my hand and say my name, There was no smile upon her face And 'round her head there was no flame...
...J. P. Morgan and associates are held up as being the beneficiaries of enormous profits realized from the overcapitalization of the subsidiary companies of the steel corporation and later of the corporation itself...
...The Steel Trust's Power Following are some of the details of the operations of this great trust through which it gained dominance...
...of competitive ore in Minnesota, 500,000,000 tons in the South in all, 2,500,000,000 tons out of 4,462,940,-000 tons of commercially available ore in the United States—is an ownership and a control which must interfere with competition...
...For organizing the United States Steel Corporation the firm of J. P. Morgan & Co., of which J. Pierpont Morgan, of New York, is the head, realized a cash profit of $69,300,000...
...dividends were paid by the Union Supply Company, Ltd., from January 1 to October 1, 1898, before the steel corporation was formed...
...His message of sympathy closed with, "My good wishes for a long and prosperous reign and the continuance of the welfare of the Japanese Empire...
...Controls 80 Per Cent...
...Conclusions in the report bearing on restraint of trade are embodied in fourteen sections...
...The exhibit represents that the capital stock of the Union Supply Company, Ltd., was $75,000, and that it was increased to $500,000 in April, 1902, when the company was incorporated...
...dividends were paid by the company for the year 1900...
...Judge Archbald has taken no part in the proceedings of the Commerce Court since the House Judiciary Committee first began the preparation of the impeachment case against him...
...More will appear in these columns at a later time concerning these discussions...
...The measure as it goes to the President is exactly the same as that which he vetoed last summer...
...Japan's Emperor Dead Mutsuhito, for forty-four years Emperor of Japan, died July 30...
...As to the policy of the corporation resulting in enhancing the prices of raw and finished material, the report says: "The steel corporation officers openly declared the policy of buying all the available supply in order to keep up the price...
...of Trade Relating to restraint of trade, there are fourteen conclusions in the report, one of which deals with percentages of business done by the corporation, and in which the ore and other holdings are discussed...
...One of his attorneys said, "The accused jurist would not participate in any of the work of the Court until the charges against him have been disposed of...
...After several hours of debate in executive session, the Senate on August 3, by a vote of 44 to 19, fixed December 3, the second day of the next Congress, as the opening of the Archbald impeachment trial...
...pig iron plants, coal and coke companies, and many others...
...For example, Mr...
...During the nine years from January 1, 1902, to December 31, 1910," the report says, "the productions of the corporation in rolled and other finished steel amounted to 79,267,363 tons, and the adjusted net earnings for the same period amounted to $1,029,685,389, or an equivalent of approximately $13 per ton...
...The motive for Rosenthal's murder lay in his threat to testify against certain members of the force before the grand jury...
...of the business in the United States...
...Newspaper Men Confer One of the most significant conferences ever held in this country was the First National Newspaper Conference at Madison, Wisconsin last week...
...An amendment may be initiated by a majority in Congress, or by ten states acting either through the legislators thereof or through a majority of the electors voting thereon in each state...
...That 366 2/3 per cent...
...of 'steel properties' or 'steel holdings.' This was in the Tennessee Coal and Iron Company's purchase...
...dividends paid in 1901, and that the dividends in 1902, after the reorganization of the company, amounted to $413,066.66...
...The public interest demands that this should be remedied...
...The Republican party is the nucleus of that public opinion which favors constant progress and development along safe and sane lines and under the Constitution as we have had it for more than 100 years, and which believes in the maintenance of an independent judiciary as the keystone of our liberties and the balance wheel by which the whole governmental machinery is kept within the original plan...
...Oh Love, why come you back again, When slow years sadder seem and long, No gleam nor glamour in your eye, To sing no more your witching song...
...This operates, it is declared, to keep the price of raw materials, ore, coke, and pig iron on a high plane, to the advantage of the corporation and disadvantage of the independent...
...The control of 76 per cent...
...Again President Taft is confronted with the necessity of either signing or vetoing an honest, substantial revision downward of Schedule K, the one schedule of the Payne-Aldrich tariff law which he himself singled out publicly as "indefensible...
...T. R. Aided Morgan Light was thrown on the methods used in building the gigantic Steel Trust by the majority report of the Stanley committee which has investigated the United States Steel Corporation...
...The Democratic party and the former Republicans who have left their party are neither of them to be trusted on this subject, as I have shown...
...That 200 per cent...
...A number of Senators fought for an immediate trial as desired by the House...
...Raw materials for export must be bought from the United States Steel Products Company, and buyers in the United States who wish to buy goods for export are compelled to pay an additional profit to the United States Steel Products Company...
...Many men of the underworld are supposed to have been implicated in the plot to get Rosenthal out of the way, but the actual murderers are still thought to be at large...
...Which admission of the first person singular pronoun character of the new party was emphasized by Colonel Roosevelt himself by sending the ultimatum to Chicago that the convention must accept his view or he will "refuse" the nomination...
...McRae presents to the committe is one in which he declares that, contrary to the statement of E. H. Gary and H. C. Frick to President Roosevelt in 1907, the steel corporation did not control more than 60 per cent...
...This, the report says, is equivalent to an earning of 40 per cent...
...It seems to me it is the supreme issue...
...100 per cent...
...Archbald Trial December 3 The second step in the impeachment trial of judge Robert W. Archbald of the Commerce Court was taken July 29...
...But the methods of amendment prescribed in the Constitution, framed when this government was a small community with a total population of only four million, render it almost impossible of application by a nation of ninety million people, divided into forty-eight states, with a most complex social and industrial life...
...There were acquired and brought under single control upward of 180 concerns in lines of business allied with the steel-making business, including ore owning and mining companies, "which are now restrained from cempeting in the sale of ore...
...The cost of the Union Supply Company, the report shows to have been $274,000, while the corporation claims interest on an investment of $1,398,873.53, which includes a surplus of $615,641.52...
...August 5 proposing an amendment to the Constitution whereby future changes in the organic law may be made easier for the people...
...that he ever undertook for a consideration to compromise litigation before the Interstate Commerce Commission...
...Many of the incidents and statements contained in the charges were admitted by Archbald, including the notorious "culm bank deal...
...Roosevelt recently estimated that the United States Steel Corporation did not have above 60 per cent...
...This gathering, supported almost unanimously by the Wisconsin press and conducted under the auspices of the Extension Division of the University of Wisconsin, was attended by many of the foremost newspaper and magazine men of the country...
...In nine years, Mr...
...La Follette Plan to Amend Constitution Senator La Follette introduced a joint resolution on...
...Thus history is repeated...
...This resolution was referred to the Senate Committee on Judiciary...
...McRae, in his report, concludes that the steel corporation operates in restraint of trade...
...Dear One, I am the calm last Love, Who neither sings, nor sighs, nor fears— I wear no laugh upon my face: They call me Rest who dry their tears...
...Summarized, the report concludes: "Competition between previously competing concerns was terminated by the concentration of the control of upward of 180 corporations into one security-holding company, known as the United States Steel Corporation...
...It was unanimously agreed to hold a second conference at Madison in 1913...
...The United States Steel Corporation is merely a holding company, engaging in no business except the control through stock ownership of the subsidiary companies...
...The section of the report dealing with the "Gary dinners," where independent, as well as corporation steel men, assembled to discuss conditions in the trade, contains an analysis of the legal effect of the "Golden Rule" policy prepared by Anthony J. Ernest, a New York lawyer, in which it is declared that the "conventions agreed to and enforced would be objectionable as regards their effect upon competition...
...of the steel properties in the country, it controls about 80 per cent...
...On that day the Senate, sitting as a court, heard the formal answer of the United States judge to the charges made against Him...
...He opposed the recall of judges and pled for greater reverence of the Constitution...
...E. H. Gary and his dinners to steel manufacturers are credited with a scheme by which prices and territory were controlled by the steel trust after pooling agreements were discarded...
...Love, do you bring new pain," I asked, "New sorrow, that you stand so still And speak no word you spoke before, Nor stir my soul with magic thrill...
...He declares that it manipulates prices so as to prevent competition by controlling raw materials, and through a system of interlocking directors in various companies...
...Great Profit in Supplies That the steel corporation has earned $4,339,140 in eight years through its subsidiary, the Union Supply Company, which sells goods to employees, is the conclusion of an exhibit also submitted to the House steel trust investigating committee in connection with the report...
...Former President Roosevelt is indicted for making the control of the steel trust absolute, and is charged with being responsible for the gigantic stature the trust has attained...
...We favor such amendment to the Constitution as will permit a change to be made therein by a majority of the votes cast upon a proposed amendment in a majority of the states, provided a majority of all the votes cast in the country shall be in favor of it's adoption...
...The United States Steel corporation is flayed as an enemy to organized labor, accused of lowering the sociological conditions of its employees, and of contributions to American industry workmen and work methods un-American and foreign to the best interests of labor...
...President Taft wired condolences to the bereaved Empress Dowager and to the new Emperor...
...Principle stockholders of the steel corporation are accused of exerting a powerful and injurious influence on the business of the United States by means of control exercised through interlocking directorates of railway and industrial organizations...
...Senator La Follette's resolution embodies the principle laid down in the platform submitted by the Wisconsin and North Dakota delegates in the Republican National Convention at Chicago in the following plank: "Under a democratic form of government, the right to amend and alter their Constitution is inherent in the sovereignty of the people...
...Death was due to Bright's disease, complicated by diabetis and an intestinal affection Yoshihito Haru-No Miya reigns under the formula provided by the constitution promulgated by the late Emperor...
...on post in some plants...
...But to each of the thirteen articles of impeachment, Judge Archbald replied that none, even if true, constituted an impeachable offense, a high crime or a misdemeanor, as defined by the Constitution...
...One of the prisoners, Jack Rose, a gambler who is said to have collected tribute for Becker from gambling houses and other illegal resorts that paid for police "protection" made a confession under promise of immunity in which he alleged Becker had once told him that four members of the New York Police made an annual "rake-off" of over $2,400,000 as protection money for gambling and other forms of vice, and that over a hundred resorts paid tribute...
...After a lengthy analysis of the taking over of the Tennessee Coal and Iron Company in 1907 the report says: "It may not be possible to state the true intention in acquiring the Tennessee company in a way which would be admitted by the men in control of the steel corporation, inasmuch as it appears to many experienced men who are also disinterested that the intention which impelled its acquisition was merely the desire to bring under the control of the steel corporation the great possibilities for competition possessed by the Tennessee company...
...On the eve of this gathering, William Allen White of Kansas, one of Roosevelt's ardent supporters and advisers, wrote the following in a syndicated article: "The remarkable features of this first convention of the National Progressive party are its lacks and absentees...
...The activity of the corporation in politics is laid bare and its influence described, and the steel trust as a tariff beneficiary and its part in the making of the Payne-Aldrich tariff act are touched upon...
...This information was presented to the House steel investigating committee by Far-quhar J. McRae, an expert accountant, and by the committee was made public yesterday...
...The property account of the United States Steel Corporation amounts to $1,445,837,450, or really about 80 per cent...
...transportation companies, through consolidation of which "every possibility of competition between these roads is prevented...
...It is a convention apparently without contest or climax, a convention apparently devoid of chance or speculation...
...Assailing what he terms "attempts to take away those safe-guards for maintaining the independence of the judiciary which are so carefully framed in our Constitution," he declared, "It is said this is not an issue in the campaign...
...that he ever wrongfully used his position to obtain credit from litigants before him or that he had undertaken to carry on a general business for profit or speculation in coal properties, as charged in the House indictment...
...ers of Theodore Roosevelt for the purpose of adopting a platform dictated by Roosevelt and of nominating Roosevelt as a third party candidate for President...
...In his speech of acceptance, he expressed profound gratitude for his re-nomination, he appealed to the conservative voters of the Democratic party to join with the Republicans at the polls, and defined the Republican party as "the party through which substantially all the progress and development of our country's history in the last fifty years has been finally effected...
...Percentages of the business done by the United States Steel Corporation," the report says, "are deceiving and misleading, unless segregated with reference to particular products...
...This report describes the various steps by which J. P. Morgan and his associates built up the corporation...
...of the steel business...
...Points to Restraint of Trade Stress is laid in the financial section of the report upon the demonstration by figures that the steel corporation restrains competition by making the greater portion of its profits in raw materials, and in plants producing semifinished materials, while the finished product plants make very low profits...
...Recalls the Gary Dinners Among other conclusions which Mr...
...Several arrests have been made of rival gamblers thought to be implicated in the crime and Lieutenant Becker of the police has been locked up as one of the instigators of the plot...
...Without mentioning Roosevelt by name, he referred to him in the following words: "The truth is, my friends, both those who have left the Republican party under the inspiration of their present leader and our old opponents, the Democrats under their candidate, are going in a direction they do not definitely know toward an end they can not definitely describe, with but one chief and clear object, and that is of acquiring power for their party by popular support through the promise of a change for the better...
...Everyone knows what will be done—and about how it will be done...
...Lid" Shot Off in New York The investigations into the murder of Herman Rosenthal, a New York gambler, who was shot by professional gun men in front of the Hotel Metropole early on the morning of July 16, threaten to result in widespread exposures of police grafting...
...Owns Vast Ore Beds The interlocking of directors of the steel corporation and the purchase of stocks and bonds of other companies and various outside transactions of enormous size, the report discusses at length, in support of the claim of power of the corporation in restraining competition...
...All of the important phases of the newspaper business and the relation of the newspaper and news distributing agencies to the public were ably discussed...
...For more than fifty years an overwhelming majority of all the voters have struggled in vain so to amend the Constitution to insure the election of United States Senators by direct vote of the people...
...The total earnings of the Union Supply Company, from 1902 to 1910, inclusive, were $4,339,140, and the dividends in that period were $3,550,000...
...Taft Idea of the Issue On August 1 President Taft was notified formally at the White House of his nomination by the Chicago Convention...
Vol. 4 • August 1912 • No. 32
