STEEL TRUST INQUIRY.
80 PER CENT. CONTROL IN 1907.
ROOSEVELT WAS MISLED.
By Telegraph.— Association.—Copyright. Washington, February 28. The committee that inquired into the Steel Trust has published the results of its investigations.
An audit of the accounts, conducted at the instance of the committee, shows that J. P. Morgan and Company receive seventy million dollars cash for organising the steel combine. The net profit during the first nine years reached a billion dollars. Statements made in 1907 to President Roosevelt, to the effect that the Steel Trust only controlled 60 per cent, of the steel properties in the United States, were untrue. The Trust actually controlled 80 per cent.
In 1907, at the request of the Steel Corporation, which urged (hat the. step was necessary in order to. allay the financial panic then existing. President Roosevelt assented to the Tennessee Coal and Iron Cor]>oration being token over by the trust. It now appears that the trust, in order to meet the President's objections, represented its control of the iron and steel trade at about 20 per cent, below the actual extent.
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/NZH19120301.2.73
Bibliographic details
New Zealand Herald, Volume XLIX, Issue 14930, 1 March 1912, Page 7
Word Count
182STEEL TRUST INQUIRY. New Zealand Herald, Volume XLIX, Issue 14930, 1 March 1912, Page 7
Using This Item
NZME is the copyright owner for the New Zealand Herald. You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons New Zealand BY-NC-SA licence . This newspaper is not available for commercial use without the consent of NZME. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.
Acknowledgements
This newspaper was digitised in partnership with Auckland Libraries and NZME.