Did chatgpt get this right? I’m not sure I believe it.

Sure! Here's a translation of that 1950s lingo to modern English:

"Pipe that beef trust, slick" = "Pay attention to that business situation, buddy!" 

In context, "pipe" could mean "listen" or "pay attention," "beef trust" refers to the business or situation (possibly a reference to the meatpacking industry or a specific business issue), and "slick" is a term of endearment or a way to address someone in a friendly but confident manner.