The Richmond Virginian. (Richmond, Va.) 1910-1920, 1913-01-24
Tells of His Opposition at
Hearing in Action to Dis
solve Concern
CELEBRATED DINNER
FIGURES IN SUIT
Witness Declares That After
This Affair, Committee
Was Appointed to Put
Through Deals

NEW YORK, Jan. 23.--Intimate
revelations OF clashes that led to the
freezing out OF william Ellis Corey
from the United States Steel corpora
ton in 1910 were given by Mr.. Corey
at today's hearing before Referee
Brown in the government suit TO
dissolve the steel trust as monopoly.
For the first time Mr.. Corey dis
closed what Wall Street had always
believed to be the fact--that he and
Judge T.. II. Gary, who displaced him
as president of the Steel corporation,
had seriously divergent views as to
vital phases of the giant concerns
management
From MIR. Corey the governments
inquisitors learned that he opposed
Judge Gary-s scheme to form a pool
of manufacturers Of plate and struc
tural steel--a pool that was SO broad
ly comprehensive as to involve nearly
all of the steel manufacturers OF the
country
Mr. Corey assured Special Attorney
General Jacob NJ. Dickinson. who led
him through a maze of deals put
through by the steel trust that he
had objected for himself to the cor
poration trying to run the steel IN
dustry by fixing prices by agreement
and ladling our territory.
poweriess 20 Resist.
The former head of the steel trust
assumed the attitude before the gov
ernment's probsrs. that he was pow
erless to resist the opposing infiu
ences in the steel trust directorate,
led by Judge Gary.
Through MIR. Corey the fact was
further established that. at the fam
Gus Gary dinner, given the steel mag
nate at the Waldorf Astoria, In De
cembcr, 1905, the framework was laid
general pI 4F4xrff TYF Yong
the steel men of the country TO regu-
late prices and thus control the mar
ket against the Independents. In pug
suit of this agreement later on the
steel trust, il was disclosed through
MIR. Coreys evidence, did actually
dominate the field, making prices as
il saw Mt
Evidently smarting under the
abrupt manner IN which he was cata-
pulled out Of the steel trust in 1910.
Corey seemed 10 be willing enough
witress. even though the evidence
plishing what the government as after
the breaking up OF the steel cor
poratlon.
Leaves Wall Street.
Since leaving the steel corporation
Mr.. Corey has retired from Wall
street and disposed OF nearly all. If
not his entire holdings in the trust.
brought by the government, for when
he left the steel corporation he re
iiuquished ALL connection with it.
Mr. Corey gave his firse linking of
the clash between himself and Judge
Gary when he was asked by MIR Dick
inson to tell about the formation OF
a pool 10 fix prices in pig iron. From
what MIR. Dickinson WAS able TO draw
out. for Mr.. Corey carefully weighed
his words and talked slowly, it APP
peared that the United States Steel
corporation entered into deal with
the Bessemer Pig Iron association.
composed Of rival concerns, back in
1908, TO work under an amicable
schedule in selling TO the field
MY recollection is that nothing
practical was accomplished in the
long run so far as that understanding
went because not all OF US wanted To
restrict the field in that way" ven
tured Mr. Corey. He followed this
up by observing that Judge Gary ia
vored the scheme. even IL others OPP
posed it.
Pool of steel Concerns.
Mr.. Dickinson delVed into the Gre
alton of 1t pool OF the plate and
structural steel manufacturers,
through which 60 per cent of the
production of the country was con-
trolled In this agreement were the
Cambria. Pennsylvania, Lackawanna
ana Jones ~ i<aLEfIti COMPANIES aud
smaller ones.
did the agreements made by the
United States Steel corporation with
it's rivals in this pool fix penalties for
violation of. the contracts and allot
territory -. demanded MFR Dickinson.
'fFT don't recoiiect any peIraltggs be-
ing paid unused Mr.. Corey.
But were any allotments made I'M
der which certain companies were
permitted TO dispose of their product
under percentage basisF" asked the
governments attorney
There WERE assented Mr.. Corey.
Ibid you see the agreements?
Were they In writing2"
I've no recollection OF seeing them
in writing" replied Mr.. Corey.
You understood the character of
the agreement thought"
Yes" agreed Mr.. Corey
Asks If Ii Was Known.
Was IL known to the executives
OF the Steel corporation that It's sub
salaries operated under this agree
ment?"
III was
Did Judge Gary know of it?
persisted MIR Dickinson, leaning for
ward and regarding the witness criti-
eaiiy
"Wat a moment" interposed Mr..
Severance, counsel to the steel trust.
with vigor that caused Mr.. Corey
10 STOP snort. bbJtNl 10 AiAaAe
Go ahead and answer" advised
Referee Brown.
HE did" responded Mr. Corey
firmly.
That's enough on that point. ="
chuckled MIR. Dickinson, having adj
duced evidence against Gary and the
otaer defendants.
Comes to Gary Dinner.
Mr. Dickinson drew from the wit
ness that understandings that the
maintaining of uniform prices were
reached at various meetings OF the
plate and structural pool. Then he
,ro,ttnnad on Fifth pagel