The Richmond Virginian. (Richmond, Va.) 1910-1920, 1913-01-25

TWO
Corey had spoken OF Judge Gary hav-
Ing knowledge of the steel rail poot,
and Severance now wanted TO Enow'
II Corey was positive that Gary par
tscipated in the conferences of the
plate and structural pools,
Yes, he did was the answer OF
the irnperturhabIe Corey.
Mr., Severance appeared to be nom
plussed by this reply, which gave cold
contradiction TO Judge Gary's evil
tience before the Stanley committee.
Give us date of any meetings
Of the plate and structural pools,
urged Mr, Severance.
They Were All There.
Il am unable to give the exact
dates replied Corey, refiectiy. but
know 1t was in 1909 or 1908, Mr.
King, MIR. FELTON,. Mr.. Schwah. Judge
Gary. and were there. / don't re-
call any others"
do you feel sure that Judge Gary
attended those meetings p insisted
Severance.
Certainly or I wouldn't say GO
was the sharp reply. Il recall one
conference in particular at the Wal
dorf-Astoria, in one of the pariors. il
WAS In 1903 and representatives OF the
plate and structural! pools were there
Iii was a combination OF both pool
Were pgices fixed that day
- - %sSza~nt Corey ponaereo'
N e&s~'. r,sR;t Il vriees were fHea
- e. snr1cuisr day. h". they 100
tt-r1eS q xssUs that IrUch.
the deposcd head Of the steel trust
reverted to q conversation he had with
audee Gary two years or SO later,
xf14 sDIa 30 H. 4 -
Bridge company. Of Ohio. q subsi-
diary OF the steel corporation. had
been indicted for restraint Of trade.
as the outcome of the pool
Wanted Pools Dissolved.
After that Judge Gary wanted all
the pools dissolved" added Corey.
Having let in the evidence against
Judge Gary, the steel trusta attorney
now sought to show CoreYs animus
against Gary.
Toward the end Of your admins
tration You were not in aoSord with
Judge Gary" suggested &r. Sever
ance.
n don't care to answer that" re-
torted Corey, impatient1y.
II don't want 10 embarrass you
purred Severance. but isn't II fact
that there was some bad feeling be-
tween You and Judge Gary %
I'VE were not always In accord
about the policies of the steel corpo-
ration" replied Corey iciiy, Il don't
know OF any serious bad feeling
We'll, the feeling was not as
friendly as it formerly vas" per
] sisted Mr. Severance. Didn't you
Gary"
II don't say that I felt that way.
exactly
"You had some disputes ms TO au-
thority some months before you re-
signed?''
yes
Put Up to Committee.
AND the question of whether you
were the real chief executive. or
Judge Gary, was put up TO the finance
committee for adjustment ?f
That's right" conceded Corey.
solemnly
And the finance committee sup
ported Judge Gary ?"
Yes
This was In January. 1910. Corey
explained. Soon afterwards he left
the Steel corporation When the con
nict Of authority came up Judge
Gary was chairman Of the finance
committee. and had gradually ac-
CURED full domination Of the trust
In the meantime Corey had been
kicking against the policy of Gary.
Frick and the others of crushing out
competition 10 the Steel corporation
by arbitrarily fixing prices and
swallowing ZIP concerns that gave
any semhlanco of rivalry
Frederick K. Kellogg, counsel for
the Great Northern railroad which
owns the Hill Iron Mines in the
Northwest, acquired by the Steel
trust, took AIR Corey in hand to try
TO squeeze ont of him an admission
that the Mesaba properties were
worth all Of The money agreed upon
by the trust. In previous evidence
mn tYrs
mines were worth less than % per.
cent OF the price fixed and he re-
Ear0ed their purchase as bad policy
About McSaba Mines.
Did you investigate the Mesaba
mines queried Mr., Kellogg. who
assumed d tone Of soft politcness
that grated on Corey's nerves
Il did not grunted the witness
lawyer.
Judge Gary did, and Mr.. Frick.
too replied Corey
bad ?"
Il think they paid far too much
for the mine" sneerea Mr. Corey.
Asked 10y MIR. Severance il compc-
ution against the Steel corporation,
despite the pools formed to keen up
prices did not grow rapidly during
the time II his 41ge4..daa!t..- lse4-stst'--
poFatlon, Corey answered:
ut grew and aourished like the
green bay tree"
Wasn't the growth Of its competi-
tors greater than that of the steel
corporation inquired Severance.
The entire steel business doubled
IN l90l TO 1910" replied Corey.
Ass 70 the acquisition Of the Tennos-
Coal and Iron, company. which
lad become a dangerous competitor
~ nc steel corporation. Corey said he
had stoutiy opposed the scheme be-
cause the price paid was too high.
ms price was the equivalent of s1I9
a share.
Placed Nuisance Value.
Mr. Corey said he did not believe
tile stock was worth more than $50
share He added that John W.
Gates and others who controlled Ten
fiessee Coal and Iron had placed a
nuisance value" on the property.
Mr.. Gates told me that the stock
was cheap at 1859 a share" Corey
testified II invariably replied that
4. ~ Vas 500 tQa high
grey .aN.e. Ays L.. t}zfe aS,l6r4fYf,4fi IN
Inc other directors Of the steel cor
poration, he added when they in
sisteo that the interests Of the concern
demanded IT,