The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1911-06-02
HEAD OF THE STEEL
TRUST TEsT|F|Es
Judge Gary Tells House Com
mittee Many Things About
Giant Corporation.
Continued From Page One.

pany was antagonistlc in any way 1t
would be question of time when the
administration of that Subsidiary com
pany would be changed
E'You mean the parent company
would control the policies of any sub
sidary company?'
'fIt might not for the moment, or
the month, but when the time to elect
officers arrived 1t would. -
tIt would exercise the recall as it
wereqD asked Representative Brantley
of Georgia
"Yes, you might put it that way, ;"
Mr.. Gary answered.
care the profits Of one subsidiary
concern measured as the profits Of
allY That is, does the parent com
pany distribute the dividend of all7'
Chairman Stanley asked.
Earnings and Dividends.
"The earnings of the subsidiary
companies" Mr, Gary answered,
"whenever dividends are declared,
go into the treasury of the United
States Steel corporation, That cor
poratioD, being the owner of the divi-
dends. Of course distribute them as it
sees fit. The subsidiary companies
have no interest in the dividends af-
ter they are declared. -
"Who chooses the officers of the sub
sidiary companies?'
"Of course their boards of directors
choose them, but nevertheless sug-
gestion from the parent company as
you call it, would be recognized.
Mr.. Gary said he was chairman OF
the board of directors, chairman Of the
finance committee and chief execu.
tive officer OF the steel corporation and
n member of the board Of directors in
the subsidiary companies, such as the
American Bridge company, American
Steel company, American Sheet and
I'm Plate company and others.
The facts and figures the committee
wanted concerning the affairs OF the
United States Steel corporation and it's
subsidiary companies.
All that you need to do is TO re-
quest what you want" he said. land we
win furnish IT, We will stand or fall
on cur record"
He declared the bureau OF corporations.
the report OF which the committee has
| been endeavoring to get from Secretary
Nagel. with the consent of the presi
| dent has been INVESTIGATING the steel
corporation for five or six years.
Bureau Has the Facts.
THE governments investigation
ough and exhaustive" said Mir. Cary.
house full OF facts. II has cost the
steel corporation hundreds of thousands
Of dollars 10 comply with the requests
| OF !hat bureau for information and sta
| tistics"
Mr. Stanley asked as to the nature
! Of the American iron and steel institute.
| Mr.. Cary explained that it was an or"
| ganization OF Iron and steel men which
met TO discuss matters In which steel
men We're Interested.
| Mr. Stanley asked about the Gary din
ners to steel men in New York and
whether the press was admitted TO them
| Mr.. Gary said the trade papers were
| represented.
rs II not n fact that the American
iron and steel institute is an interna-
tional organization seeking to interest
foreign steel men IN combination of busI-
ness affair62" was asked.
My. Gary started to reply. when Chair
| man Stanley interrupted:
| II have heard he said, from time
to time and have read in foreign journal.
and others that the ultimate purpose o
the American iron and steel institute wa!
TO reach an an1jcable agreement among
steel men in this and foreign countries
so that there might be a necessarl
steadying Of prices in the rest OF tn,
word similar to the steadying OF stee
prices In this country, One OF the moving
J! causes why introduced tine resolution!