Salt Lake Telegram | 1912-02-08 | Page 1 | Schwab Says Steel Tariff Necessary

I SAYS STEEL TARiff I NECESSARY r I Higher Wages Here Require Require Re Re- S quire Compensating Rate of Protection STEEL KING OPPOSED TO UNDERWOOD BILL Would Get Out of Steel Business If Bill Should Pass WASHINGTON Feb 8 Charles Oharles Charles M M. Schwab of Bethlehem Pa told the senate finance committee today that I the Underwood bill rates on larger I steel products would be of most zenous zen seri ous to the tile steel business in the eastern states and undertook to tomake tomake make plain his own attitude On many occasions I have said that within n equal conditions could be made as cheaply in the time Un United ted tedI I St States teli asin a an any o other country said S rr MrS W W.- W. D. D w y This Thiel has ban been construed d into a a. L statement that ste steel l is is' ll made dc as cheap cheaply ly hero here as elsewhere That I havo have not said and I do not sa say With With the same conditions c especially especial especial- ly Jr with labor as cheap wo we ask Hsk no protection pro pro- nut html the labor laor account wei weighs hs j he heavily a against us Though hou h we aro miro only miles from New P York it costas costs cost as much much mitch to put our steel there as aH i i. i 3 loes to brin bring it from Holland consider the time present emt tariff rates rales necessary to the pro prosperity prof pr t of the steel bu business Most t emphatically I am 1111 op 01 opposed posed io o an any r reduction Mr fr r. r Schwab said haid that without protection protection pro pro- he would j want no financial in interest interest in in- terest in tho the steel bu business in and would rc regard a as Wasted waited 1 the time which recently had been invested in hi his busi ness nes After all my voi-k voi and the investment invest invest- merit ment of my mv fortune I have o never taken a penny out omit of the industry tn arid and have hac never p paid id a dividend and Uld if f the proposal Ill tariff is to be he the Ihn law I repeat re Te peat that I f shall shaUl cash in said aid Mr Schwab c in closing his bis general state state- a men e it Mr Ir Schwab admitted that be he got ot lc less s for the tho steel exported than for that sold here At A t times wc even s BeH soH ll a broad abroad at t t a loss Joss ho said said because the thc a average era e eco co cost t of a Jar large e production is less han haD t that t of a i small production it is a 8 necessary nices sary ary to maintain t the tho o output to keep the machines s going all nil the time Mr fr Schwab said aid pi pig piC iron could be he marJo madu in China for H It ton and nail that tha lie he wa was importing iron non from China for Ins his San Francisco 1 works rather than th ship from Bethlehem hem Pato Pa Steel rails cost in hiis country from to 2 to lo 23 ton ITS a an anal in in Germany about I 18 15 or 19 Mr Ir Schwab Tab defended the seven sc-eu days a week weck work norl in the M industry Ra saving in it Lt was the system throughout hont the world and th that thit at n a ehan change could not be e made bv h nay one ma manufacturer n ufa He Ire a r with members of the tho com coni- that thc there c should be he a chan change chanc c a and expressed interest in nn an n men ment now in In pro progress r s to that end