Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1911-06-02
E. H. Gary of Steel Cor
poration is Very
Frank.
PUT LIMIT ON PRICES
Tells congressman Corporation
Affairs Must Be Given
J Publicity. -

Washington, June 2.-Chairman
Gary of the board of directors of
the steel corporation, today resumed
his testimony before the house steel
trust investigation committee. Gary
declared that enforced publicity and
governmental control of corporations
must come, even as to prices.
WANTS DEPARTMENT..
What the steel corporation want
ed, he said, was some responsible
and official department of the gov.
ernment to whom it could go and
say: What prices can we charge
and just what can we do?"
HAVE ONE IN EUROPE.
In an explanation of the reported
world wide trust" Judge Gary said
that a conference would be held in
Brussels July 6 next to organize an
international steel institute, similar
to the American iron and steel insti-
tute. The latter, he asserted, was
formed to prevent Generalization in
trade and to permit an exchange of
ideas for the betterment of the steel
industry. In no instance, Gary said,
had there been any attempt at un-
lawful combination of expressed OF
implied agreement.
STANDS ON RECORDS.
Washington. June 2-Elbert II.
Gary, chairman of the board of di.
rectors of the United States Steel
corporation, yesterday offered to lay
bare all the facts concerning the cor.
poration and to ''stand or fall on the
records"
He declared he would furnish the
investigating committee Of the house
OF representatives all the facts and
figures that the committee wanted
concerning the affairs of the corpora
tion and its subsidiary companies.
''All you need to do is to request
what you want" he said, "and we
will furnish it,"
DOMINATION ABSOLUTE.
Mr.. Gary denied that he is plan
ming to form a trust to control steel
products and prices of the entire
world and frankly admitted that the
steel corporation has absolute dom
ination 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 con-
tinued tomorrow when the committed
will seek to learn further facts re-
lating to the taking over by the steel
corporation of the Tennessee Coal
and Iron company.
TAKES BACK REMARK.
Mr.. Gary surprised the committed
with the statement that the Tennes-
see company before it's absorption,
while nominally independent of all
other companies" was dependent
so far as getting a livelihood was
remark which he
quickly asked to have expunged from
the record and which he said he had mo
business to make" Mr.. Gary told
the committee the Tennessee Coal
and Iron company still owes the steel
S1O,167,7OO for money
advanced.
"sTRING7 ON SUBSIDIARIES.
Regarding control of subsidiaries,
Mr.. Gary said:
There is not any doubt that tho
United States Steel corporation as
the owner of most of the stocks Of
The subsidiary companies ultimately
controls those subsidiary companies.
iIacluding their management and
Asked If the Carnegie Steel COM
Dany now competes with other sub
;idiary companies in the steel cor
Mr.. Gary said:
II should say 1t does, putting my
Interpretation on the word. / came
o be frank ed 70 give you the ex-
lct facts-that you may put your
,wn construction on them.
'The subsidiary companies have
heir own directors and officers and
laye the right TO act independently,
'ut as the steel corporation owns the
ecurities. If the conduct Of a sub
idiaTy company was antagonistic In
ny way 1t would only be "A question
4 time when the administration of
hat subsidiary company would be
hanged"