This account states the facts accurately.

It has been alleged that the purchase by the Steel Corporation of the property of the Tennessee Coal and Iron Company gave the Steel Corporation practically a monopoly of the Southern iron ores--that is, of the iron ores south of the Potomac and the Ohio.

My information, which I have every reason to believe is accurate and not successfully to be challenged, is that, of these Southern iron ores the Steel Corporation has, including the property gained from the Tennessee Coal and Iron Company, less than 20 per cent--perhaps not over 16 per cent.

This is a very much smaller percentage than the percentage it holds of the Lake Superior ores, which even after the surrender of the Hill lease will be slightly over 50 per cent.

According to my view, therefore, and unless--which I do not believe possible--these figures can be successfully challenged, the acquisition of the Tennessee Coal and Iron Company's ores in no way changed the situation as regards making the Steel Corporation a monopoly.[*] The showing as to the percentage of production of all kinds of steel ingots and steel castings in the United States by the Steel Corporation and by all other manufacturers respectively makes an even stronger case.