The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1911-07-25
BY Associated Press.

Washington, July 24-When the
house steel trust committee resumed
It's session today, Chairman Stanley put
in the record a copy of the IRON al
agreement by which the Steel Plate
Association of the United States en-
tered into November 1e, 1909. Eseven
great steel companies entered ints the
agreement and spporttnned among
themselves all shipments OF steel
plates.
The steel company that dared violats
the agreement laid itself open to heavy
penalties and 1t is se.id that fines OF
$1,000 frequently were imposed on
members of the combination when
complaints were fled with the execu-
tive committee.
Each firm was required to make
monthly sworn statements relating to
shipments, rolling production, etc, and
many members who shipped more than
his apporttoned amount was required
to pay a ~enalty on each pound Of such
excess, the money thus collected being
apportioned among the members who
did not ship up to their allotted share
The agreeemnt showed the following
apportionment of shipments allowable
by the various companies party to the
agreement:
Carnegie Steel Company, 1925 per
cent.
Jones and Laughlin, Ltd, Ats PEI
cent.
Illinois Steel Company, IL per cent
Crucible Steel Company Of America,
4.50 per cent.
Otis Steel Company, ESQ per cent
Tidewater Steel Company, per cent
Lukens Iron and Steel Company. 7.5O
per cent.
Worth Brothers Company, per oenk
Central Iron and Steel Company, 9
per cent.
American Steel and Wire Company
$50 per cent.
Glasgow Iron Company to the extent
of sales up to 10000 tons should they
be able to accomplish this, prior to De-
cember 81, 1901.
The agreement included exemption
tonnage provisions and at the end OF
each year the commissioner of the as
ISOLATION balanced the pool among the
members but any member Vnable to
produce his full allotment at f.he end 81
The year forfeited such unproducAI
tonnage which was divided pro rata
among other members Of the pool.
Tho agreement also bound the men,
bers re make sales between parties to
the agreement at pool prices.
To insure rendering Of statements
anG faithful adherence to each party to
the terms OF the agreement, a guaran-
tee fund of 800, 900 was provided by
payment of 1000 on each per cent OF
allotment. Eugene g. Eonniwell, OF
Wayne, Pa. told the committee today
of having seen the agreement and how
he induced a publisher who printed q
oory Of the agreement for the Lukens
Steel Co. in 1900 to procure a copy OF
it for the steel committe.
Richard A. Ljndabury, counsel foJ
the United States Steel Corporation
portested against the introduction oi
the copy OF the agreement.
Republicans members demanded tC
know II the chairman had attempted tC
get the original agreement. He sait
he had. Counsel Iindabury said thai
the secretary Of the United States Stee
Corporation was subpoenaed Sunday tc
produce the original copy of the agree
rpent.
1--WE have not got such an agreement
| in any of our files" said Mr.. Linda
bury. We deny all knowledge of II
and feel that we ought not to bt
| credited with II IN this record, particu.
larly as this is an unauthenticate6
copy"
The copy Of the agreement wa.
placed in the record.