The daily banner. (Cambridge, Md.) 1897-2008, 1911-06-08
EPEATS 7. R.
Favored E:EERCER
1aTy Says II Was Constructive
Craftsmanship"
EkiES GOBbLii..G COAL

TsIs Steel Probers of $18,oOo,ooO Deal
| For Fuel, But Denies Attempt to
| Control Output.
| Washington, June S.-Judge E. H.
| ary, executive head of the United
tates Steel corporation, again a wit
sss before the steel trust" probers,
| eclared that President Roosevelts S
ction in acquiescing in the deal by
hich the Steel Corporation bought
| ut the Tennessee Coal and Iron COM
any was piece of real construc-
we craftsmanship"
Mr.. Gary, cross-eXamined by Repre-
entative LittletOn, of New York, elab-
rated his views as to government
upervision of corporations and plead
for greater cooperation between
overnment officials and the directing
orces of big business combinations.
lie insisted that the government was
tist as likely to go too far in one di-
ection as the corporation in another.
The steel magnate denied charges,
ttributed to Senator Oliver, of Penn
ylvania, that the Steel Corporation
vas endeavoring to gain control over
ohio river transportation lines so as
10 cut out water competition in the
|shipment of coal. The charge was
hat this was to be gained through the
absorption of the Pittsburg Coal and
Coke company.
Judge Gary acknowledged in reply
20 questions that the Steel Corpora
ion is negotiating with the Pittsburg
Goal company for the purchase of H.
100 acres of coal land in the Pittsburg
district The amount involved is $1S,-
100000,
'We have agreed to buy, and the
ale will be undoubtedly consummat-
I'd" said the witness.
Chairman Stanley was attempting to
show that the steel company is ra-
Ndly acquiring the coal-coke deposits
n Pennsylvania.
with the acquisition of this 10000
Rcres you will hold $4,000 acres, leav-
ng only $4,000 acres of this particular
kind of coal in other hands," Chair
man Stanley remarked
The witness replied that there is an
sbundance of coal in the country that
san be converted into coke.
Never Wanted Monopoly.
Mr.. Gary declared the Steel Cor
poratinn never wanted monopoly of
sc e4lron and steel industry of the
sOnbg and haa consistently Oppose,
Such a combination as the worst thins
that could happen to the corporation.
Presn, mt Roosevelt, he thought, hat
been given to understand that the &C
quisition of Tennessee Coal and Irol
would not bring the corporation
steel property above 60 per cent o
the country's total.
The bonds paid for the Tennessee,
company came from the Steel Corpor
ation's treasury, he said, and were a
valuable as cash, being amply Sc
cured. This method of payment wa
adopted so as not to disturb the finan
cial situation of the country.
Before the committee met, Mr.. Gar.
was asked whether he had any com
ment to make on the report that th'
government had determined to review
the findings of the bureau of corpora
tfons with regard to the steel trust,
upon which it was to determine wheth
er or not court proceedings should b,
instituted.
81 have read several reports" sai(
Mr.. Gary, (which are reported to re
feet administration views, but | hav,
absolutely nothing to say concernin,
them"
Judge Gary declared again, as h
did last week, that Mr.. Roosevelt, thel
president, and Elihu Root, then secre
tary of state, not only sanctioned th'
absorption of the Tennessee Coal ant
Iron company by the Steel Corpora
ton, but held it to be necessary tt
avert widespread financial disaster.
Mr. Gary declared anew that finan
cial conditions in 1907 were such tha
something had to be done to preven
a panic. The conference at the White
House, he declared, was the final stel
in the campaign Of prevention, and HI
added that if the Roosevelt admins
tration had declined to permit thu
combination of the two big steel prop
critics he would have opposed it il
the Steel Corporation.
He insisted that the impression
made on his mind and the minds o
those with him was that both Presi
dent Roosevelt and Secretary Roo
fully recognized the necessity for tn
merger and accepted it as imperative
il a financial cataclysm was to b