The Washington times., 1901-09-08

Company of New Jersey, of the National
Tube Company, of the American Tin Plate
Company, of the National Steel Company.
Of the American Steel Hoop Company, and
of the American Sheet Steel Company,
which. on his oath before the United
States Industrial Commission the said
Charles NJ Schwab deposed to be a con-
solidation of artificial and other persons
in the shape of the United States Steel
Corporation, by agreement between it
and the above-named seven constituent
companies, to none and to neither of
which does the Incorporating certificate
grant such a right to consolidate the said
consolidation therefore, being Illegal and
the said United States Steel Corporation
being. therefore. non-existent by law and
subject to dissolution by a court having
jurisdiction, and that the co-consprators
agreed that whenever by the consumma-
tion of the proposed arrangement the
amount of dividends shall cease to be
substantially increased, the greater sta
bility of investment will be assured by
necessarily increasing the prices of man
ufactured products. All Of these facts
appear in the prospectus of the said syn
dicate managers. J. p. Morgan 6& Co,
dated March 2, 1901. as exhibit l on page
i55 Of public document, entitled 'Testi-
mony, Trusts and Industrial Combina
tions.' and also in exhibit Of said docu-
ment, which is copy of the amended GER
tificate of incorporation Of the said United
States Steel Corporation, in which the
said State Of New Jersey. excepting her
forbiddinS corporations to operate or
maintain railroads and canals within her
own borders, assumes to give eminent do
main to the corporation everywhere else
in the country except in New Jersey, and
further subjects q greater part of the
metal and mineral products in the United
States AZ! Territories; and manganese
tan imported metaloid) and every trans
port thereof by land and water to the
corporation and its extension and 'busi-
ness contrary to the Constitution and
them and contrary to public policy. prt-
vate rights and the stability of the Re
public of America"
The testimony of President Charles NJ
Schwab, of the United States Steel Cor
poration. delivered before the United
States Industrial Commission. May H.
1901. is quoted from page 100 of "Testi-
mony. Trusts, and Industrial Combna-
tions." regarding "A question by Commits
sioner Farquhar, that the United States
Steel Corporation controls 50 per cent of
the whole manufactured product of this
country. There is also given the admis-
sion of the witness that the corporation
practically controls the transportation of
raw materials on the lakes. The arEu-
ment is then advanced that, in view of
the fact that the Carnegie Company is
only one of the constituent companies of
the United States Steel Corporation. that
President Schwab's testimony is almost
conclusive evidence that the steel trust
is monopolizing or attempting to monopo-
lize "a part OF the trade or commerce
among the several States and with for
eign nations.
The petition further declares that
among those who have conspired and are
thus conspirins as aforesaid in the form
of trust and otherwise are the Armor
Plate Trust or Combination. which has
been for some years past composed of
the Carnegie Steel Company and the
Bethlehem Steel Company: that its CON
stituent members and its managers have
combined and conspired not only to
monopoiiZe the general trade and com
merce in armor plate, but have conspired
and combined ito so monopolize the COM
merce in armor plate among the several
States and with foreign nations that they
have been able to and did eXtort from
the people and Government of the United
States, such an exOrbitant price from the
National Government and people of the
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