The Detroit times., 1911-08-12
CARNEGIE HELD
ALL THE PLUMs"
W. G. Temple Says $500, 900, 900
Paid for His Company Was Fine
Investment, Though.

WASHINGTON, Aug. 1.-THE
workings Of the pools and gentle
mems agreements" that were preva-
lent in the steel trade up to 1905,
were explained to the Stanley steel
committee today by w. G. Temple.
of Pittsburg, who was commissioner
of the steel plate pool. the structural
steel pool and the steel shafting pool.
Temple was asked regarding the
steel plate pool, the agreement for
which has already been In evidence,
and also In regard to a new compact
for a pool among structural steel man.
ufacturers, sprung by Chairman STAN
ley, for the first time today. 1t was
entered into In 1897 and apportioned
the production OF structural steel
among the members OF the pool as
follows:
Carnegie Steel Co., 40 s-s per cent;
Jones and Laughlin, IL 7-8, A. & p.
Roberts Co, IL 1-2; Passaic Rolling
Mills Co., 8; Phoenix Iron Co., s.;
Cambria Iron Co., 8; Universal Con-
struction Co., Ia; Pottsville Iron
and Steel Co. 8; Cleveland Rolling
Mil Co., 3.
In its general terms and provisions,
for penalizing the signers who shipped
more than their allotted percentage.
1t was exactly similar to the plate
pool. A new feature. was the pay
ment of $4,000 by the pool TO the
New Jersey Steel Co., In considera-
ton of its pledge not to manufacture
structural steel.
Temple declared that all pools and
agreements ended In 1904. Judge e
II. Gary, OF the United States Steel
corporation, broke up the practice.
Discussing. the formation OF the
United States Steel corporation, Tenn
pie said that II. G. Frick had gone
to ]. p. Morgan with an option on
the Carnegie steel plant for $3.50 .000,.
900. Morgan refused TO finance one
half of the purchase because he said
the price was too high. six months
later he paid $500 ,000. 900 for the same
property" Temple added.
why that sudden changer asked
Stanley.
We'll, they were preparing to give
magnificent play down there In Wall
street. The most accomplished actors,
expensive scenery and beautiful cos
tunes were on hand, but they had TO
have a Hamlet.
They had prepared magnificent
plan for the baking Of a great plum
pudding-but Carnegie held all the
plums."
Temple declared that the Ave hun
dred millions paid by the steel cor
poration for the Carnegie company
was the best investment they made;
"If they had not secured It,. ne
said, "a single man, Andrew Carnegie,
would today dominate the steel indus
try of the world"
Blame for the run that nearly
wrecked the Trust Company OF Am
erica, during the panic OF 1907, was
placed upon George w. Perkins ana
his associates yesterday.
Oakley Thorne, president OF that
institution said that Mr.. Pernns
public statement, given to the press
Oct. %, 1907, and declaring that the
sore point In the panic is the Trust
Company of America" had precipitat-
ed a run on his institution that had
taken out $13,500,000 in one day.
"Only the necessity OF seeking
more money from the bankers ol
New York to prevent the collapse oil
the Trust Company OF America de-
tered me from suing for damages
the persons I knew to, be responsible
for this run" Mr.. Thorne told tho
house committee which Is investigat-
ing the affairs of the United States
steal corporation.