Ogden Evening Standard | 1911-06-14 | Page 5 | Steel Trust Must Explain Prices

STEEL TRUST MUST EXPLAIN PRICES Washington. June 1-i. Dotermlncd to dlacover wy the United States Stool corporation should sell rails abroad cheaper than nt homo, tho "stool trust Investigating committee of tho Houso today of summoning James j, intention of summoning James A-Farroll, A-Farroll, president of the corporation, to explain the situation. Jumos Gayley, former vico president, presi-dent, acknowledged ho could not toll and referred tho committee to Mr. Farrell. Andrew Carnegie's policy in the conduct con-duct of his steel buslnoss bofore ho sold to the Steel corporation was made tho basis for a line of' inquiry. Mr. Stanley asked Mr, Gayley for an oBiimuto of the amount of monoy expended ex-pended by the Carncgio compnny In expanding Its business between 1S99 and tho formntion of the Slcol corporation corpora-tion in moi Mr. Gnley said ho could not give an estimate but declared tho jollcy ot tho Cnrncglo company always al-ways was ono of expansion. Mr. Stanley pressed tho inquiry into the old agreements, seeking to discover dis-cover how thoy "had been superseded- "Tho old agroomontfl often wcro brokon," Mr. Gayloy said, "and In Ihoso days prlco cutting camo about as retaliation for Bomo fancied wrong." ' . "Since the formation of the Stool trust havo there been no fancied u wrongs and no eforts on tho part of M manufacturers to reduce prices?" 'H "There have not," was tho emphatic H reply. "Manufacturers of steel today l H havo been 'brought more closely to- H gethor. They are getting hotter ac- H qualnted and there is more freedom H of intercourse that has created a bet- H tor understanding, everything is dono H openly and frankly now, whoreas be- H foro each manufacturer worked, separ- H oo H