The Lake County times. [volume] (Hammond, Ind.) 1906-1933, 1911-06-02
GARY WILL TELL
ALL ABOUT STEEL

Washington. D. c., June Gilbert II.
Gary, chairman of the board of direc-
tors OF the United States Steel corpora
tion, yesterday offered to lay bare all
tho facts concerning the corporation
and to stand or fall on the records"
He declared he would furnish the in
vestigating committee of the house of
representatives all the facts and figures
that the committee wanted concerning
The affairs of the corporation and Its
subsidiary companies.
"All you need to do is to request
what you want" he said, land we will
furnish it."
Mr. Gary denied that he is planning
TO form a trust to control steel pro-
ducts and prices of the entire world.
and frankly admitted that the steel
corporation has absolute domination
Of subsidiary companies.
The steel official appeared today as
the second witness in the inquiry being
conducted into the steel trust His
examination will be continued tomor-
row when the committee will seek to
learn further facts relating to the TAX
ing over by the steel corporation of the
Tennessee Coal and Iron company.
Takes Back Significant Remark.
MT cary surprised the committee
with the statement that the Tennessee
company before its absorption, while
nominally independent of 4all other
companies" was dependent so far as
getting a livelihood was concerned" a
remark which he quickly asked to have
expunged from the record and wnici
he said he had mo business to make.
This remark, however. served to fore
ba ha ha NF- tc-
morrow might make statements not in
accord with the testimony given by
John w. Gates as to the highly pros
porous condition of the Tennessee Coal
and Iron company at the time OF the
forced sale" to the steel corporation
Mr. Gary told the committee the Ten
lnessee Coal and Iron company still
owes the steel corporation s10167, rec
for money advanced.
Trusts "String" on Subsidiaries.
Regarding control of subsidiaries
Mr.. Gary said:
There is not any doubt that the
United States Steel corporation as The
| owner of most of the stocks of the sub
sidiary companies ultimately controls
those subsidiary companies. including
their management and conduct"
Asked IL the Carnegie Steel compan,
now completes with other subsidiary
! companies in the steel corporation, Mr.
Gary said:
Il should say II does, putting my in
depreciation on the word. l came t.
be frank and to give you the exac
facts-that you may put your own con
struction on them.
The subsidiary companies have thei
own directors and officers and have tn
right to act Independently, but as tn
steel corporation owns the securities
If the conduct of a subsidiary compan,
was antagonistic in any way 1t woul,
only be a question of time when tn
administration of that subsidiary com
pany would be changed
Would Exercise the "Recau."
'You mean the parent compan.
would control the policies of any sub
sidiary company
TT might not for the moment or tn
month. but when the time to elect Off
GERS arrived it would"
1T would exercise the recall. as |
were?" asked Representative Brantle.
: of Georgia.
} Yves. you might put 1t that way" Nj
Gary answered.
Are the profits OF one subsidiar,
! concern measured as the profits of all?
; Chairman Stanley asked. That is, doe