The Richmond Virginian. (Richmond, Va.) 1910-1920, 1911-08-04
GOLDEN RULE IS
VERY FLEXIBLE
Mr.. Topping Throws Light on
the Steel Situation in
United States
owe DON'T LIKE TO
BOTHER NElGHBORS"
T. G. and l.. Made No Com
plant and Allowed the
Trust to Gobble
it Up

NEW YORK, August 3.--In execu-
tive session this afternoon the con-
gressional committee investigating the
steel trust had long wrangle with
r.. v. IAndabury. the big combines
counsel. over the demand made earlier
in the day by Chairman Stanley for
Richard Trtlnble. secretary Of the
trust, to bring with him to the wit
ness stand q complete exhibit of the
company's business, taken from its
books.
The chairman of the committee was
particularly insistent for Secretary
Trimbie TO make full showing OF
every pool OF which he might be cog
infant especially the steel plate asso-
citation. which was dominated by the
Carnegie Steel Company, Of which Mr..
Trimbie was also secretary before the
concern was taken over by the trust.
The result OF the wrangle was q
temporary compromise In that the
steel corporations secretary will sub
init an epitome Of the companys bus
mess for several years. showing only
In outline the cost or production. the
range of prices for various forms OF
finished products, etc The UNDER
standing Is that should these data
prove inadequate to the purpose in
view the committee will renew its de-
nsand for a complete exhibit Of the
company's business affairs. Counsel
Lfndabury pleaded that the fun data
asked constituted a trade secret.
Topping Denies Report
John A. Topping, chairman Of the
board Of Republic Iron and Steel Com
pany tJohn W. Gates CONCERN. was
the only witness OF the day. He was
chairman of the Tennessee Coal and
Iron Company when that corporation
was absorbed by the trust. and testi-
fed that he advised against II. More
over, he fiatly denied the report COM
mon In Wall Street at the time, and
stiii extant there. that the T. c. and
I. was threatened with bankruptcy be-
fore Its absorption. He buttressed this
denial with the last report made by
the coinpAny&s auditor September 30.
1907. only a little over month before
II was sold to the trust. The report
showed net earnings for nine months
OF million and half, with nearly
half million dollars Ia bank.
That doesn't indicate that We were
threatened with bankruptcy, doesn't ?"
naiyeiy inquired Mr. Topping
The witness incidentally limited at
Determinations by the Hill and Steel
trust railroads on ore from the Lake
superior region against the Rpublic
Iron and Steel Company and In favor
OF tbs trust to the amount OF $1,000
600
why Invent you laid this matter
before the Interstate Commerce Com
HaissteHs" asked Chairman Stanley.
Well We don't like to bother odr
ncishbors." was the reply.
He said. however. that he would have
report prepared.
Rich Properties.
Il bought stock In the Tennessee Coal
and Iron Company" Mr.. Topping be-
gan. because / knew the Intrinsic
value and the personalities of the
property. 1t was unusually rich In coal
and iron. and all the materials needed
In steel and iron MANUFACTURES were
g sasyr sos aRseTsssaer This enabled sss ro
turn out pig iron four dollars a ton
cheaper than II could be made any
where else"
Our business FOR the nine months
Of 1907 represented a neat gain OF
liz per cent. over that OF 1906. Two
thirds Of our pig iron was sold In the
North in competition with the steel
corporation. Our rails were superior
20 the steel corporations"
Replying to a question as to what
happened in the exciting days that
preceded the absorption OF the COM
pany by tho trust. Mr.. Topping said.
Mr.. Schley asked me to tell Mr..
I.edyard Of the condition OF r. c. a.
I. l told him that the South would
open a great market for our products
and OF the cheap transportation to
this market. painted the picture
= ! saw It. ! did not advise Mr..
Schiey to sell the stock, From my
viewpoint there was no reason why
4. c. q ]. should be sold, and I said
So"
Consumer Pays Same.
Chairman Stanley pointed out that
. no matter where iron and steel are
bought. tho consumer pays the same
price.
Yea" assented the w1tnesSs the
consumer In Chicago pays the same
price that the consumer in Pittsburg
pays. or wherever It may be pro-
"a.Su'
modify ! CARRIED py rsiI or as e sun