The evening world., 1911-06-08
SAYS # CARNEGIE
STUCK TO STEEL BUSINESS
He WOULD OWN EVERYTHING

management OF any one, but the Inn
preston was quits general that II An
drew Carnegie hae continued In the
business ana maintained destructive
composition conditions the Carpsg1ss
would have soon enjoyed Q monopoly
OF tho trade" Judge Gary said.
II believe that II unrsstrictsa and
unrsstrained destructive competition
had continued the Illinois steel Com
pany would have been driver out Of
business. am inoltnsa 70 bsiisvs
that. H IN formss management had
continued in control, the CArn>xIs
0tssl Company would q drivsE On.
tirsly out of business every steel DOM.
any doing business in the UnttoA
states. That 10 the opinion o. many
people who know \ facts
THE condition showed an improve
mcnt after the Federal Steel Company
was formed. The point was reached
mere we believed II possible to organ
ize a company that would be seif-con-
tanned and that would secure 4 very
large proportion OF the export business
in steel"
Mr.. Gary denied any knowledge OF
any agreement In the steel Industry
whereby business territory was appor-
toned and yiolators of the agreement
punished. He said subordinate CON-
panies OF the Steel Corporation might
have done things of which the present
company disapproved. but tht such
matters always were corrected.
Ar. Cary denied specifically that the
Steel Desperation had ever been oRsred
OF haA eoosptsd rebates fren ~ rail-
roaAs. Re submitted . oopy Of . let
ter ~ addressed In 1905 70 the Ssssi-
dents Of I'll the leading railroads cau-
tontnG them against givtnG sVAatss to
my o@csrs or agents Of b corpora
ten. rhds letter had bsen wr1ttsn, Mr.
Gary SAID. 90 the result Of q report
that had reached him that rebates had
ben paid 70 q minor oficisi Of one Of
the suhstdAary companisG.
I'VE ave never overlooked the In
terssts Of our stockholdsrs," he said,
trustees Of b Steel Corporation n We
had made q ioa of $4,000 900 On the
stock Of the Tennessee Coal anA Iron
Company without taking Oval the prop
srty and attempting 70 Improve Il and
work IL up to . paytrg basts."
"rhsn that transaction" suggested
Representative Bartlett, WAS not alto
gsthsr one OF patriotism In order to
ersrt . disastrous paaicf"
That was the governing motive. -
! have sfatsA," SAID JnAVs Gary. "but
~ \ SANE time We haa no right to
disregard the rights Of our stoekheld-
srs. believing ~ Ne d4d tbas this stock
Of ne 3snnsssss C0si saa Iron co,n-
pany vas not westh evsr e.. It vorld
have tesu " policy for US 20 Lsvo
mals Q straaght has instead Of aeespt-
lAg ~ proposal AAls ~ the stookAoll-
81 OF tAAt company TO purchase ths
property ana sEdssyer 20 work out IA
the nss Of ysars tbs none Invest
Cd. We haven donS that yet, bat b.
usvs vs viii In course Of tiuc."
Mr.. Bartlett called NJ. Gary's atten-
ton TO an editorial printed Ia the New
York World to-day setting forth facts
concerning the panic Of 1876. tending to
SHOW that the danger Of the situation
was practically o..r ia October. some
time before the negotiations bet ween the
Steel Corporation Metals and the Ten
Dessee Coal a Iron. Representatives were
begun. Mr.. Bartlett. said the editorial
sought 10 show tina; the necessity fo- the
taking over OF the Tennessee Coal 4
Iron Company 20 prevent a business dis
as;er had practically ceased when the
negotiations began Nov.
"Ds yes rsmsaaSsr . statement By
HrssiAsAt 8ooesvsl4," Inquired Mr..
Marriott, "eonplinsstiag tie Secretary
Of ths Treasury for tie masnsr In
vhtsh NJ had haSaisd tie panic. q
statement which Appeared sbost Oct
-. bsSors tts Tsnsssses Deal anA Iron
ssaSsacasaf"
II - set," ssiA Hr. aAry. ~ want
70 sAS. kswsvsr. <Aat the esanittss
sheslA net svsriesk tAs fact thai the
psoaAasst banksrs ana ethsrs IN New
Yea vsss mating ~ Favorable state
nsats ~ thsy Deseahly esuaA nnAsr the
-eksoNaseaAsss - - ssAssvsr - ai1ay
Dst14s fear ~ 60 keep aovx ne DE-
mAnlO - ~ banks for nSSsy."
The bill will he reported Tuesday
Without recommendation. The Roo
amendment TO the print paper and Woo
pulp provision vas adopted oy the com
mittee by a vote of S TO 6. An attemp
10 authorize an unfayorable report re
suited In q tie vote. n another ii,
marked the effort TO repor without rec,