The Washington times., 1911-08-12
STANLEY BODY
HEARS SECRETS
OF STEEL POOLS
w. c. Temple, Manager of
Gentlemen's Agreements,
Tells How They Worked.
(continued from First Page.)

HdBe.l
of excuse was typical The associa-
tion continued till 1904. At the out
set, the people were all afraid of each
other, bitterly hostile. At the end
of a year they got friendly, exchanged
information, and made business more
like family than a warfare"
Began to practice the golden ruler"
suggested Mr.. Stanley.
''All business people will, when they
understand their true interests. Mr..
schwab was ths greatest force in bring
ing harmony.
Judge Gary in 1909 demanded the
abrogation Of the agreements and ces-
sstion of the associations. He never
came in contact with these associa-
tions, but rather had carefully avoided
suspicion of part in anything ilIe-
gal"
Did they resume price cutting as
soon as the agreements were ended?'
No, they had learned the golden rule
that the Samson performance was not
a highly beneficial one. They met, dis
'cussed business, methods, etc; they
understood each other as never before. "
Gentlemen's Agreement.
And maintained about the same
status as before, by gentlemen's agree
ments?"
81 can't say. Gentlemens agreements
have been in my experience much ike
gentlemen's poker games, and IN those
] have at times suffered severely. There
ovas, after December 10, 1904, no hard
and fast agreement on prices, On dis
tribution, etc. Destructive competition
has not prevailed. however, since that
time. Beyond that l know nothing"
You knew all about the very inside
secrets; were a sort of father confessor
to all these concerns" said Mr.. Stan
ley. These concerns were not COM
petIng. Why, then, was it necessary
10 60 into the Steel Corporation|'
That involves the general matter of
aggregation, tonnage, high efficiency,
and economies. There was always fear
of agreements being broken, of law in
terposing, of return to the old order
mage means decrease of cost per ton.
Mills were so scattered that when they
invaded each others territory there
were great losses IN freight. y cOnsol-
idation under one operating head was
surely very desirable
Thorne Enters Denial.
Declaring that undue attention had
been directed toward the Trust Com
pany of America during the financial
panic of 1907. Oaklejgh Thorne. its pres
ldent, yesterday denied an agreement
testified to by George w. Perkins that
the taking over of the Tennessee Coal
and Iron Company by the Steel Corpor-
alton, to save Moore & Schley from
ruin, was dependent upon the bankers,
of New York raising money to save
the Trust Company of America and the
Lincoln Trust Company.
That his financial troubles were in any
way involved in the difficulties of Moore
& Schley at that time. Mr.. Thorne en-
phaucally denied. He further declared
that the Tennessee Coal and Iron stock
held in collateral for the banks loans
amounted to nothing in that situation.
The examination of Mr.. Thorne was
conducted by Martin w. Littleton.
Did you have anything to do with the
absorption of the Tennessee Coal and
Iron Company" he was asked.
Absolutely nothing" he replied. II
knew nothing about It until l met Mr..
Ledyard on Sunday, November 3, and he
told me they were trying to put the deal
through