New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-08-04
SCOFFS At WORLDWIDE
MONOPOLY IN STEEL
John A. Topping, of Republic
Company, Says Plan to Form
One Wouldn't Work Out.
SCHWAB IN CHAIR TO-DAY
Counsel for Big Corporation
Change Attitude and May
Withhold Information
from Committee.

try were said to gather in a spirit of
'brotherly love" became subject Of in
quiry yesterday by the House committee
which is investigating the United States
Steel Corporation. In John A. Topping,
chairman of the board OF directors Of the
Republic Iron and Steel Company. an in
dependent concern, the committee found
a witness who could give IT some inside
information on the subject Mr.. Top
ping was the only witness examined
yesterday.
At the adjournment of the public ses-
sion it was announced that Charles NJ.
Schwab. former president of the steel
Corporation. would occupy the witness
chair, probably for the entire session, to-
day The committee held a protracted
executive session after adjournment
Yesterday to decide what books and rec
ords of the Steel Corporation 1t would
be necessary to subpoena duces tecum.
Counsel for the Steel Corporation had
volunteered to bring all the required rec
crds but Yesterday changed their att-
tude. it was said. and II devolved on the
committee to use more summary meth
eds TO obtain the books.
Mr. Topping pleasantly admitted that
he had been an invited guest al most OF
the dinners given by Judge Gary, Of the
steel Corporation, since 1901 But his
invitation 10 the last one, held on May
a apparently had been overlooked. He
could not remember receiving 1t.
II was about that time that the Re-
public company reduced its prices. De
spite that fact the witness said:
Judge Gary speaks when we pass by.
When Representative Beall. of Texas,
asked the witness if he had been present
at the dinner on May a when Judge
Gary announced the Steel Corporation
schedule of prices. Mr.. Topping smiled
broadly and said that he knew nothing
about that last dinner except what he
had read in the papers.
The witness did not believe that the
cuts in prices announced by the steel
Corporation were related in any way to
the cuts which had been made by the
Republic company.
Our company has no schedule of
prices" he said and our prices change
sometimes almost every minute
when did they begin to change with
such rapidty?" asked Mr.. Beall
ION May "a and after" was the reply.
nd the
pose of those dinners. or luncheons. to
be-" asked Mr.. Beall.
Why, merely TO get the steel manu-
facturers together for an amicable talk
on various subjects" replied Mr.. Top
pins.
What were some of those subjects"
"They were sociological. economical
and sometimes financial
The Gentlemen's Agreement.
Were not steel prices discussed?'
Not in n specific sense"
an a general sense?" asked Mr.. Beall.
Yes. in general sense" the witness
said
well, didn't the steel manufacturers
themselves honorably bound
after these discussions to maintain
prices as much as If it had been put in
wrting?" asked Mr.. Beall.
Il don't think So said Mr.. Topping,
There may have been some talk of that
nature by some of the speakers. but it
wasn't specific and was mostly OF a CON
gratulatory nature, the same as at other
a few bouquets passed
around the table"
At this point Chairman Stanley
brought out that the witness had in
formed Judge Gary of his intention prior
to cutting prices in the Republic COM
pany.
why did YOU speak to Judge Gary
about your intention TO cut prices"
asked Mr.. Stanley.
AS a matter of courtesy" replied Mr..
Topping.
The witness was positive that the Gary
dinners were not held for the purpose of
fixing or maintaining prices
In reply To questions by Representa-
tive Bartlett, of Georgia, Mr.. Topping
said that he had no special desire for the
to step in and regulate or
run his business.
81 am afraid that / would lose my job
in that case" he remarked.
Chairman Stanley wanted to know If
the witness had been invited to the re-
cent Brussels steel conference. Mr.. Top
ping said he had been invited. Chair
man stanley then read the translation
of long article from the "Rhemisch-
Westfalische Zeitung." d German trade
journal. i'm which it was stated that the
Brussels conference had been held pri-
marjlv for the purpose Of forming an
steel trust. and that the
American representatives of the steel
interests stood ready 10 sign the papers
TO such an agreement.
do YOU believe that article is true?"
asked Mr.. Stanley.
It's important If true replied the
witness. but have never heard of any
such thing being attempted"
do YOU believe that ratemaking and
the maintaining Of rates will escape the
notice OF the parliGments Of Europe and
be permitted by them, as IL has been by
the lawmakers Of this country and the
same conditions that obtain in this coun-
try be made to enLirclc the globe?"
asked Mr.. Stanley
Il do not believe that any such thing
is being attempted. and in my opinion it
would be wholly impracticable." replied