New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-01-28
COREY PUTS SELF
BEFORE GOVERNMENT
Former Steel Head Opposes
Federal Action Against
Alleged Trust.
HIS OWN MONEY INVOLVED
Professor of Geology and
Former Lackawanna Official
Also Testify in Dis
solution Suit.

William f. Corey, former president q,
the Steel Corporation, completed his tes,,.
mony yesterday In the governments dis
solution suit against the alleged steel
| trust. Jacob NJ. Dickinson. counsel for
the government. began Mr.. Corey's exam.
ination. lie brought out that the witness
was financially interested in the Steel
Corporation and that he was opposed to
the governments action to dissolve the
trust.
As to his pecuniary interest in the cor
poration, Mr.. Corey declared that one
| fourth Of his fortune was invested in
stock and bonds of the company. and
when asked as to his personal feelings
toward the governments action he said:
7 IT am naturally favorable to the Steel
Corporation, and 1 am opposed to the
government in this case"
Mr. Corey repeated that the object of
the Gary dinners was to maintain prices.
but he denied that he had testified 10 the
existence of a rail pool Questioned about
the efforts Of some manufacturers to in
crease the price OF steel rails above $2s a
ton, Mr.. Corey would not say that the
Influence Of the Steel Corporation had
prevented IT.
1T may have been,' he said, but
cannot say. l myself was opposed IL the
| raise. because / thought s2s was fair
| price"
| The price OF pig iron huctuates con-
siderably, Mr.. Corey said, but steel rails
| have been sold for the same price for
! long period of years. He maintained the
| Steel Corporation was able 70 make rails
AZ q lower cost than any of its competi-
| tors.
Taking up the international steel ran
pool. Mr.. Dickinson asked the witness
whether the understanding with foreign
manufacturers tended to raise the price
of rails in foreign countries.
| "I can't state positively that it did.
was the reply, but such an understand
ing would probably have that effect
! G. A. Severance. of counsel for the
steel corporation, again cross-eNamined
Mr.. Corey. In answer to his questions MI
| Corey said that after the panic OF lH'
number of manufacturers reduced the
wages Of their employees, but the steel
| corporation refused TO follow this eN-
ample. although requests 10 do so came
from various sources.
John :. Grasty. professor OF geology AZ
the University of Virginia. followed Nj.
| Corey as a witness and testified as TO TIE
| value Of the ore properties owned by the
! Tennessee Coal and Iron Company
He said the properties at Birmingham
/ Ala were better situated for cheap as
sembling OF the ore than those in the
| Pittsburgh district or any other place IN
! the world
| OF the commercially available ore III Inc
Birmingham district the Tennessee Coa'
and Iron Company owned in 1851 more
than 5000 Of the total Of 6oo'"' tons PIC
fessor Grasty declared.
Walter T.. Scranton, former president oil
| the Lackawanna Steel Company, testlhed
that a rail pool existed from 1893 uh'l
1909. but said his company withdrew from
the pool in 1897. Besides this, the maJoNH
q, the steel producers were in a per-
coinage pool from 1891 until 1901, when the
steel Corporation was formed, accordins
TO the witness.