Salt Lake Tribune | 1913-05-22 | Page 2 | Schwab Hopes to Rival Steel Trust

Sill! HOPES TO ML CTEEL TRUST President of Bethlehem Company Com-pany Swears It Would Be Easy to Rival Concern. By International News Sorvico. NEW YORK, May 31. During Ills cross-examination today in tho government's govern-ment's suit to dissolve the steel trust, Charlos M. Schwab, first president of tho concern, declared It would be easily posslblo for another company to establish estab-lish itself as a rival of the trust. Mr. Schwab said he had hopes that his own company, tho Bethlehem Steel company, might bo the ono to bid for big business against tho trust. Jacob M. Dickinson, formerly secretary of war, counsel for the government at the hearings, then took up tho negotiations for the buying of the Camcglo works and tho general consolidation of the various steel Interests. The witness admitted that when the consolidation had been effected the Morgan, Carnegie, Rockefeller, Standard Stand-ard Oil and Mooro interests were in-tacL in-tacL The witness said that ho did not know of any interests that could compote with those mentioned so far as capital was concerned. Mr. Schwab said Mr. Carnegie got bonds for his sharo of tho consolidation and he himself got stocks and bonds. "What did Mr. Morgan get?" asked Mr. Dickinson. "I don't know," replied Mr. Schwab. "And the rest, what did they get?" "I don't know. While I was president of tho corporation I had little to do with the financial part of the huslness. I handled the administrative end of It."