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Show T K"N II n r- ir. i" F OH ) Member of Steel Jrust Provokes Laugfiter at Steel Hearing "WaBhlngton, Aug. 12. After discussing discus-sing a structural steel agreement for apportioning products throughout the country, an arrangement said to have been discouraged by E. H. Gary of I tho United States Steel corporation, and a discussion of trust methods generally, the house steel trust investigating in-vestigating committee today adjourn-od adjourn-od until October 16. W. C. Temple of Pittsburg, who was chairman of the Steel Plato association, associa-tion, was the last witness. Among other things he told how J. P Morgan once refused a $160,000,000 option on tho Carnegie Stoel corapnny and six mgntha later paid $500,000,000 for that property. Mr. Temple told of tho existence of a Structural Steel association in the United States formed In 1897 and the stool shafting pool. He was confront-' ed with a copy of the agreement of tho structural steel agreement entered enter-ed into in 1807. Lender the agreement each member of tho pool was bound to mako a sworn statement of its production and shipments each month. If ono member mem-ber produced more than its allotted share he was forced to pay a fine of half a cent for each pound of steel shipped over the allotted amount Firms falling to ship up to their al--lottmont were paid half a cent a pound for their shortages. These rates later were changed to 3 1 2 cents a pound, or $7 a ton. A guaranty guaran-ty fund of tho pool was provided, each member being assessed originally original-ly $2,500 and $500 a month thereafter. One portion of the agreement provides pro-vides that "the New Jersey Steel and Iron company and the works of the said Now Jersey Steel and Iron company com-pany shall remain Inoperative In tho manufacture of certain beams and channels during the life of the agreement, agree-ment, in consideration of which tho Now Jersey Iron and Steel company shall receie from this association tho sum of seven thousand dollars per month.' At the outset of the day's session Chairman Stanley of the committee read a telegram from Melville E. Stone, geneial manager of the Associated Asso-ciated Press, requesting a hearing. He will be heard when the committee resumes after the recess Mr. Stone's telegram to iMr. Stanley read: "Albany, N. Y, Aug. 11. Hon. A. O. Stanley, "Washington, D. C: "Have just learned that a personal letter of mine to Oakleigh Thorno was introduced in evidence today. It is only fair to say that this letter was written under what now proves to hae been a misapprehension of the facts and its use before your committee com-mittee without explanation is unjust I thdreforo request a hearing at your hands. (Signed ) "MELVILLE E. STONE." "Tho chairman," announced Mr. Stanley, "will be very glad to hear from Mr. Stone." "V. C. Temple of Pittsburg, also commissioner of the Steel Plate association as-sociation formed In 1900, was called as the first witness. Mr Temple said that in the formation of tho United States Stoel corporation, H. C Frick had visited J. P. "Morgan with an option op-tion on the Carnoglo Steel company for $160,000,000. That Morgan said the price was too high, but six months later he paid $500,000,000 for the same property. Mr. Temple oxplainod they were preparing to give a "magnificent"1' play down in Wall street. "Everything wa6 in hand," added Mr. Temple, "the most accomplished actors, most expensive scenery and the most fantastic costumes were ready, but they had 10 havo a Hamlot A magnificent plan had been pre-parod pre-parod to bake a groat plum-pudding, but Carnegio had all the plums." "Did Carnegie interfero in tho baking9" bak-ing9" the chairman asked. "Oh, no, he merely held on to the plums.' This caused a great laugh. "In the place of the crazy Dane," said Representative Littleton, "we had to deal In the play with a very sane Scotchman." Mr. Temple declared that half oT the profits of tho stool corporation were produced by the Carnegie Steel plant and that, if this property had not been secured by tho Steel corporation, cor-poration, Andrew Carnegie would today to-day dominate the steel busLness of the country. Tho witness said lie never heard of Judge Gary ever attending a mooting of one of tho steel pools, and ho knew that ho demanded their cessation. "What," Chairman Stanloy exclaimed, exclaim-ed, "do you mean Judgo Gary, the chairman of tho Steel corporation board of directors?" "Yes, Judgo Gary declared that ho did not believe in these associations Ho said they no longer necessary or desirable and he demanded tho abrogation ab-rogation of all such agreements and tho discontinuance of business under thorn " Mr. Temple declared that 'since tho abrogation of tho pools the steel manufacturers man-ufacturers of tho country have dwelt together just as harmoniously. "How havo thoy done thnt9" asked Representative Gardner of Massachusetts Massachu-setts "By oach fellow looking into tho other fellow's statistics and knowing what he Is doing and no one starting out to make a big cut In prlcos without with-out his eyes wide open to the consequences." conse-quences." Representative Bartlolt asked Mr. Tcmplo If ho had load about the Gary dinners. "You know, Judgf' Mr, Templo said, "I am a farmer now and my reading of the papera is limited I read the baseball news In which I, am Interested and ,for tho Jait, few' weeks I have been interested' in 'tho, .political news from Washington, de Uatinjg whether to change' hiy polW tlqs frqm tjip Democratic to tho Republican Re-publican pajv because my party ap iwarsto liave'been handing mc what I raise and sH myself a lemon," Mr, Temple delivered a longthy trust talk to tho committee, describing describ-ing good and bad trusts. Ho faafd tho steel trust affairs had always been public and that It had reducod prices to tho consumer and had hold (ho umbrella over tho competitors, ' rathor than attempting to crush them. Asked by Mr Littleton what lcgls-' lation he could suggest as a substitute substi-tute for .the Sherman Act, he said, he could not suggest ,a: law, but he believed be-lieved there should tbe .fiojne sort of government supervlsibnoT great corporations cor-porations and that "corporations should live constantly in a gla33 'house." |