The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1912-05-24
DESTRUCTIVE
COMPETITION
EXISTED BEFORE STEEL
TRUST ABSORBED RIVALS
John Stevenson, Jr., Gives Inter-
esting Testimony in Dis
solution Suit.
Says DemOralized Trade Made
Wire and Tin Mills Anxious
to Join Combine.

NEW YORK, May 23.-John Steven
son. Jr.. a Scotchman and a relative
OF Louis Stevenson, enHvened the
hearing In the federal suit 10 dissolve
the United States Steel Corporation
today when he told in a rich Scotch
accent OF the various deals by which
he sold out half a dozen steel proper
ties to the Reid-Moore syndicate. John
w. Gates and the steel corporation IT.
self. each time striking a profitable
bargain.
Mr.. Stevenson was called by the
government 10 give evidence to sup
port its allegations OF monopolistic
Intent in the formation OF the vari-
out subsidiary combinations of the
steel trust" I'm which all OF Steven
sons former properties are now con-
stituent parts.
Entering the employ OF the Car
negie Steel company In 1875 when hts
fellow-ScOtchman, Andrew Carnegie.
vas making his reputation as an iron
master. Stevenson 10 1892 established
at New Castle. Pa. the first success
ful tin plate mill in this country. ne
said. II was capitalized ~ Si5O,OOO.
Ten years later. after selling out his
and four other steel plants which ne
subsequently built. he started the
Sharon Steel company. merged II
with the Union Steel company. and
then sold out 70 the Steel CORPORA
tion. tawing for the sharon interest
s13.00O0OO in the corporations bonds.
he said. He had built the sharon
Steel plant. he remarked. to shake
the apple tree again"
Bonds In Deal.
You didn't get shares for your
Interest,"" asked r. =. solton, attor-
ney for the government
No, sir bonds" said Stevenson.
Stevenson told how he sold his
ShenanEo Valley steel plate
Let's Sec" he said
There was 5000 900 stock IN the
company. t15O.OOO bonds and the cash
profits brought 70 up 20 an even mil
lion. W. r. Rice sold n 20 the same
old crowd that was bobbing ND every.
where about that time. for $500 900
IN common and preferred stock Of
tho National Steel company.
"uh judge Moore. Dan Reid ana W. y.
comvsuton IN Business.
Hla Fhenango valley Tin Plate plant
pany FOR 1891 000 preferred ana fns
same amount of common stock IN the
latter company. he said
Was competition keen IN those
dayaf''
"ft Fot worse and worse the longer I
was ln The business"
1n fsa9 be Eai1 there we're a. wire
plants and competition On two ~ three
rcare hnd driven 40 but m out % the
huaiuerr. hr declared. Ue aaid there
1l lern rueetng ~ wire uail manu-
farfurfre fn Cleveland where ff wan
nrrr. a O. fr prices AZ 81 so a reg
When the mrefinF wae adlourned FOR
lunch. Frank Haarkea wenf down and
sold hy wire 1000 kegs at 40" aafd
stevenson. n VS. rolnr down FOR fhe
] came purpose and che telegraph opera
Cor BANDED me RaarFe'a teiegraun bV
uistafe stuffed ~ Oh my pocket and
took a. hack f0 the chairman ~ fhe
n1cetlnE what shall We ~ with him q
7 eaid. Kick him down stairs raid ths
chairman y can.t. said he's biz
"rhla uaa Frant Hanckss nov vice
President ~ the American Steel and
Wire company
Yes and q very decent fellow"
NJ Lindabury brought cut from ths