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Show . 1 jUYS BARE TRUST SECRETS I Ctrtling Revalationa Made by John W. Gatea Before Steel Trust Irvettl-i Irvettl-i gat ng Comnnilee. W..shiii:ton - John W (iatca. under oath, on Satuidiiy, laid baio bcftire the Stanley oicel liust luvi sllk-allng commute" these stunilng facta coo-corning coo-corning the steel truat uud the ateel Industry of Iho I'nltid States: The ateel trust waa boin ul an all-nlKlit all-nlKlit meeting ut the homo of J I' Morgan In Ni w York and hnd lis Inspiration In-spiration In IhrealM by Andicw Carnegie Car-negie to go Into railroad conatruetlon and eleel tubo niantiraclure. ('arnegln had been a demoralizing In-fluenee In-fluenee in the steel Industry uud It w-aa feared hi1 would becomu titmblo-lomn titmblo-lomn In tho railroad busim-sa. Carnegie wna paid I IL'u.ouu.O.iO In bunds for hla controlling Interest In the Cumegle Stool company, for which be had given an option tuin year be fore for f IKu.OiMMHiO. Ineldeutally be K). k.'t.-d tho f l.imn.Hiio tipilon forfeit Kistel by W. II. Moore and C. II Frltk. Tho Tennetsee Coal and Iron company com-pany waa acquired by tho ateel ror poriit ion after a sqtieere of the ay lull catu controlling tho majority atock without tho transfer of n dolbir In eanh. J. lierpont forgan and hti partner, (ioorge W. Pctklna, nrrunged tho shifting of tecutitles. The ma Jorlty sun kholders lu the Tennesact Coul nnd Iniu company received nbotil I'.hi value In Heel coriKirutlnn oerurl-tics oerurl-tics for the stock wh eh they hnd refused re-fused to aell to Morgan it year before for flat) per share. (Utc made It quite clear Hint the acquisition of Tennessee foul nnd Iron , by the Htenl timet was by no lueaat an altruistic, effort to prevent the spread of Ihe panic of I'.lu7. lit haa been repeatedly re-peatedly asserted. That was a mere blind, he n-serled Morgan wanted Tennessee Coal and and Iron, regard lug the time ua propitious, ho applied the Ken wh, according to fitUca. A year before Morgan tried to buy stock In the concern, dales t-bargea, and waa turned down. Tho steel corporation rnnnot con trol the steel Itiilii.try in 11. u Cnltee Slates, nnrording to Mr. Cites, exiepl lu xpeclal Hues. Artltraiy nLuae and Hier gained through n ship nl ininal'oi tutlon t oiiiiatilcu. huwevcr. would ennlilu thu sti el atrutit to crush Independent operatora forcej to use the Luko Superior region tire. Uatet, controlling stoclihuliler In the Itepubllc Coul and Iron company, told the oonunltUiu that bo . lavor4 open market with competition and Hit turvlval of the nttest, I |
