New-York tribune., 1912-06-12
MANY PIG TIN CORNERS|
Editor Tells Of Methods OF
Foreign Dealers.
GARY DINNERS A "GUlDE"
Witness So Describes Them in
Explaining Steel Corpora
tons Prices.

Charles +. Tren,sl, dealer in pig tin and
editor Of '"rhe Daily Iron and Steel Report
ana other technical publications. told yes
| terday at the hearing in the government
suit for the dissolution of the Steel Cor
poration of corners in pig tin formed In
London for the purpose of obtaining high
prices from American consumers.
This country was almost entirely depend
ent upon importation OF pig tin. Mr.. Trench
said, and, aside from few small dealers
and representatives of London trims, the
Steel Corporation was the only one thai
could supply pig tin to the American mar
ket when the foreign corner tried to obtain
eXorbltant prices. These corners were at
tempted frequently. Mr.. Trench said. half
dozen times during the last fourteen
months, and at such times IT was difiicult
10 obtain the material needed for the tin
plate industry without paying excessive
prices.
During several of these corners the only
real help that could he obtained tor con-
sumers came from the United States Steel
Products Export Company, a subsidiary
Of the Steel Corporation, which purchased
the pig tin for its associated companies
Mr.. Trench said. he went to James A. Far
rell, then president Of the export company
and told him OF the situation. Mr.. Farrell
agreed to supply Mr.. Trench with the pig
tin at market prices. the witness said. and
though those prices were high, they were
not exortitant, as were those asked by
| other dealers.
Asked about the American Tin Plate
Company. which consolidated practically all
the tin plants of the country. and Is 10"
controlled by the Steel Corporation, Mr..
Trench said the company combined at The
| time of the organization about S6S tin mills
but dismantled l35 of them In the course
| Of few years.
During the morning session new word
was brought into the vocabulary peculiar 10
trust prosecutions, and the discussion over
It's meaning In the monopolistic sense
threatened to absorb most of tho time. The
word was guide" and It received its new
significance through association with the
name of Judge Z. II. Gary.
William =. Worth, president OF the worth
Brothers Company. independent producers
was asked about Gary dinners ano
luncheons These affairs came into vogue
after the various pools in the steel indus
try had been abandoned. Mr. Worth said
and, in the opinion OF business men and
iron and steel producers, they served as a
guide" in general, and as guide Tor
prices in particular. And. as Mr. Worth
put II, the word had more of a personal than
an abstract application through the posi-
tion which Judge Gary occupied at thase
gatherings.
The witness then told about a luncheon
at the Railroad Club which he attended. az
the invitation Of Judge Gary. on February
IS, 1850 There the host announced that he
was going to cut prices. Mr.. Worth said,
and this meant that every ono else would
have to follow suit, unless he was pre-
pared 70 iooss business.
Judge Gary said he didnt want his
hands tied and would not make a statement
for his company" Mr. Worth added. After
that there was no guide"
The manner in which decisions as II
prices were arrived at during tho dinners
was described by Mr.. Worth as consisting
OF an examination OF the order books Of
the different firms. and decision was
reached as 70 what the proper price should