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Show THERE 18 NO MONOPOLY jl Steel Corporation Is De- M fended E x n o r t ilH Trade Explained i ffl Washington, Jan. 23. Emphatic de- I IvH nial thatthe United States Steel cor- IbibbI poration is a "monopoly as charged" j&H was made" to the Stanley Investigat- I (IlI ing committee of the houBe today by I issssl President J. J. FarreU,fSn continuing ( j H testimony begun yesterday. He do- j kH clarqll It was not tho purpose of the j IH corporation to "gobble the export I frH trade of the world at any cost." j f'H "A monopoly of tho iron and steel "i j H trade In this country," said Mr. Far- ' lH rell, "is neither possible nor desir- I j jH able. There is do monopoly orany- j MWM thing approaching it. Since the fILl Steel corporation was organized there U MWM has been much new capital attracted TS H to the industry and many furnaces" "t H have been "built which are not con- M trolled by the Steel corporation. y ' M "It is charged that the corporation ; I j is seeking to drive other 'countries out ' j fl of tho oxport market. That Is far j -H from the truth. The British steel in- l 1 dustry must export 40 per cent of ItB j M product In order to live. Germany , L and Belgium combined and the do- j H mestic consumption is so much H greater that export trade is not so 1 JWM vital. ' H "It is true that before the Steel I jl corporation was formed the steel ex- I VM ports of tho United States amounted : WM to about $200,000 tons a year. Last J H year the exports of tho United States ' M Steel corporation were about 2,000,- 'i WmWM 000 tons, valued at $60,000,000 as I B agalast Germany's 5,000,000. H 'It Is not the aim of tho Steel cor- I J jH poration to grab the export trade of , r , jH the world. Wo are conducting our ' )j IH export business on a safe and sane I 6 J H basis, without any jealousy toward j i i jH other nations to whom oxport trade I I H is of such vital importance." M jH oo 4bLh |