The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1911-06-08

recognized the necessity for tho
merger and accepted. 1t as Imperative
If a financial cataclysm was to bo
hverted. I
''rf President Roosevelt and Mr..
Root. then Secretary OF State. had OBJ
jectcd to this transaction" suggested
Representative Bartlett. of Georgia
would the United states steel Cor.
poration still have p;;-chssed the Ten
nessee Coal and ron Company"
II think I surely would have voted
against the purchaee,' MIR. Gary re-
piled.
Discussing the successive confer.
ences between Messrs. Morgan, Frick,
Schwab. Robert Bacon and others rel
ative to the formation of the United
States Steel Corporation, Mr.. Gary
said:
"on Sunday morning, Mr.. Robert
Bacon. then partner in the frm OF
j. Picrpont Morgan s. Company, camc
TO my house. He said that the night
before Mr.. Schwab had surprised Mr..
Morgan by showing him letter from
Mr.. Carnegie 2tating that he wou,n
sell his steel property and take bonds
In payment for 1t. There had been
conference ut Mr.. Morgan's house. Mr..
Bacon did not tell men anything about
Mr. John w. Oates having been there.
u never heard that he was there until
read his testimony before this com
mittce In which he said he was at MIR.
Morgan's house. and that the plan OF
the United States Steel Corpora ton
was formulated there. l cannot see
how 1t could be. that such plans were
made that night" #
Worth Conaiderfng.
Mr.. Gary told OF telling Mr. Morgan
that If through tho acquisition of the
Carnegie Company, a corporation could
be completed large enough and rich
enough to furnish adequate finishing
mills and increase the export business.
the proposition waslworth Considering.
and that Mr.. Morgan said to him: II
seems to me that IL you think a con-
solidation OF steel interests on this
line Is practical that we ahould start
with the Federal Steel Company
Mr.. Gary declared that in all the
negotiations preceding the organiza-
ton OF the United States Steel Cor
poration no never had heard that the
threat OF Mr.. Carnegie 10 build a plant
10 rival the National Tube Company.
organized by Mr.. Morgan. and to build
q railroad from Pittsburg to New York
connecting all his steel plants. had
anything to do with it
Such matters as learned were
testified to by Mr.. Gates before this
committee" Mr.. Gary said never were
spoken of in our deliberations. I do
not remember that MT. Morgan ever
mentioned these matters to me-"
State Bank Examiner Clark Will
ilams. of New York. probably will be
subpoenaed to tell what he knew OF
the Tennessee Coal and Iron Company
stocks and securities In the Trust Com
pany OF America and other banks
during the Moore and Schley Incl
dent. and what reports had been made
concerning them.
Former President Robert c. Hall. OF
the Pittsburg Stock Exchange. sub
mitted to the committee letter
charging that the steel corporation
throtties competition through its bank
ing connections; that the corporation
keeps tab on the independents through
a spy system. and protesting that the
corporation is engaging in the pur-
chase OF 1900 acres of Pittsburg and
Connellsville coal lands. now owned by
the Plttsburg Coal and Coke Company,
with view to shipping coal to Gary.
Ind.