The Richmond Virginian. (Richmond, Va.) 1910-1920, 1911-06-07
TRUST SEEKING MONOPOLY
Of COKE FIELDS
lContinued from rirst PaEs.l

States Steel Corporation furnaces at
Gary, Ind, In conjunction with the
inferior coal OF the Southern Illinois
fields
For the first time aimee he took the
stand. Gary was slightly ruffled.
THAT senator is certainly laborins
in error" he said. evidently control
ling himself with an effort.
Representatives Gardner and Young
elamored loudly for the name OF the
senator, which Stanley declined to fur
nish.
Senator Oliver Is interested In
those companies. volunteered Gary.
Well, III put the name in the re-
cord said Stanley. Mr.. Hall. you
will be sworn"
Robert c. Hall Sworn.
Back in the rear. of the room rose
Robert G. Hall, of Pittsburg. while
the committee and spectators gazed
astounded. He WAS sworn. and Stan
ley Immediately asked him as 10 the
reported Pittsburg and Monongahela
deal.
Hall outlined the financial condi-
tons of the two companies. indicat-
ing that the Monongahela was UNI
der the control of the Pittsburg con-
tern.
Il have been told by Senator Oli-
Yer, he said, that these companies
are to he taken over by the steel cor
poration. Their stock is to be ex-
changed for bonds issued on the coal
sold and guaranteed by the steel cor
poration. These companies are now
furnishing coal to the steel corpora
ton at 81 and $1.oT ton. 1t costs
q. M tn IA. hat
ton as sinking fund charge, and IA
cents ton To pay dividends on the
stock.
But this scheme wifi not mean
ownership by the steel corporation. ~
lnterposed Representative Gardner.
No, but the control Will be better
than ownership. for they viii get this
eoai cheaper than they could mine III
themselves"
Money Trust" Would swallow All.
ihat a money trust reaching out
Tor control OF every branch OF the
conntrys Industry. Is one of the
greatest menaces confronting the ma
ton was, Indicated to-day by Repre-
sentative Martin w. Littleton Demo
erat1, of New York, during his ex-
animation of Judge Ebert II. Gary,
boss of the United State Steel Cor
paration. before the Stanley steel in-
sestigating committee.
LittIeton cross examined Gar, Bit
terfy as to the power and financial
methods of j. Picrpont Morgan dur
ing the period when the steel trust
absorbed the Tennessee Coal and Iron
company I'm the panic OF 1907.
1t has been said. =" declared Lit
Teton, that Mr.. Morgan owns or
controls most of the banks in New
York city. DO you know If that IL
true
Il don't believe that ia true, but
certainly Morgan owns several banks
In New York, returned Gary.
Asks Pointed Question.
Did he control the banks In which
T. g. n /. stock was deposited during
the panic To such an extent that IL
he desired he could have forced the
sale OF stock by calling all loans
made upon IT,
Il can, answer that question.
said Cary.
With "a potential control OF the
banks ia which the STOCK WAS held
as collateral. and with the contention
that the stock must be withdrawn as
basis for loans. would il have been
possible for HIM ~ have forced the
sale" inquired Iittiston.
Why" said Gary. amy man of
Morgan's wealth and strength and
courage and character can do n great
dea! of harm as we'll. az a great deal
az good In banking circles But |
beIIeya that with power and priv
iiege there is involved a certain re-
spons,nili,v and obligation, That's
one reason why | say that this couu-
try must come TO the point J.! 1t Is to
keep Its place among progressive ma
tions where there ia cooperation be-
tvaen thr government and the In
,tfy,anai. ash,ra IN. government. while
,.s,gn3ytrc me rfgbts of The {ndfvi~
a,..a $50, .,y.,retua xtrte. .nnf.aI
~,r,.., |n,,r.r., .1,of -,
~ "a rit,I,tn, knney Norcanss
~ An Its,7T,u' h4s
~" ,t, M A. ,',,,ras,., 40
Niii.- 81 w 80 ~ 80 ,~rt,,,a
- Sh.r,,,an ants.,rnst law ia 1r.
n" sherman "nsi-.i. St Ia" ~ ~, ~
adequate ana We shoutu nay a"a'-
tional reSolauN" itsis'a's'h. as W
Jus. "ha' NM s'outr We '',S $50,
mittee may nave ui't'''H' "p'''t"N
from mine
is there not danger greater IMAM
that of any industrial combine. IN the
combination OF banks and trust
r. eSssr4 ia siasss. sskseh through controlling
the money power could restrain All
trade and commerce ?? asked Little
ton.
Il don't believe in the unbrldled
lteense 10 use wealth in all direction
uncontrolled. said Gary THE dan
It,s