The Birmingham age-herald., 1911-10-28
Says Corporation Has Made No Attempt to Monopo-
 lize the Industry
MORGAN AND GARY
 HOLD CONFERENCE
Deputies Busy Serving Copies of the Bill of Equity--Dickinson Says Any Attempt to Delay Case
 Will Be Frustrated

ket with especially severe declines Tn the securities of the United States Steel corporation the appended state ment was issued by Ebert H. Gary, chairman of the board
 T think it would be improper for me at this time to make any com uents concerning the suit which has been brought by the government against the United States Steel corpor- aton, except to say l regret exceed ingly that the department of justice felt called upon to institute proceed ings If any harm comes to us, 1t Will fall upon the stockholders and em- ployes, aggregating a very large num- Der. and any loss to them must be de- plored. It is a time, for everyone to keep cool, with disposition to patlent- ly await results, knowing that In the end justice will be done to all inter ests.
 "I believe a disclosure of all the facts applicable to the allegations contained in the governments bill of complaint as ground for relief will show that that the suit ought to be decided Tn favor of the corporation on the merits and that the following facts will be established:
 q. That in the organization of the United States Steel corporation those in charge had no intention of creating a monopoly or of restraining trade'
 "2. That the corporation never mas had, or attempted to exercise, monop- oly or to restrain trade.
 "s That the conduct of the affairs of the corporation has clearly and posi- lively negatived any effort or inten- ton to violate any provision Of the Sherman law.
 A. That the existence of the corpor- ation has been of benefit and not or injury to its employees, it's customers, It's connexions and the general public
 "5. That no misrepresentation was made to the President relative to the Tennessee Coal and Iron properties ana that the motive of those connected with the purchase to prevent a threatened general financial disaster, which would have adversely affected the corporation as well as others
 Conference Held
 The statement Is the result or pro tracted conference held earlier in the day' Tn which the participants were Chalrtlah Gary. ]. Pierpont Morgan, Charles S'eele and George F. Baker, directors Of the cor. ,,nration as well as several of the legal renresentatiyes Other than this, no woru came from any official of the corporatloh If was the intention of the Steel corpora ton to make no public response 10 the ac7 ton of the government until next iues- day, when, at the quarterly mee,lne' the
 
 inc third quarter of the year is to pc IS sued Rv reason of the shrinkage or the steel stocks in today's market and pe- cause of numerous inquiries rom all part of the country and abroad, however, lno directors later decided to make known their attitude at once. - The stock market was thrown into COT fusion at the opening this morning by a wild rush to sell Steel stocks. Owners or the securities in all parts of the country an6 Europe alarmed at the ulssoiu.ion shit. poured in orders to sell, ana wien the stock exchange opened orokers 1 mei1 massed about the post at which oteei st ,cks are traded in, scrambling 10 exc q ,te their orders. The price of the com mon stock dropped precipitately rom oo1a to 531b on initial transactions amounting to 28,00o shares r, Prices rose and fell alternately. Ihe low point of the day for the common stock was 50, loss of S15 points' anu .ne bottom figure since 1909. During the cay eoo ooO shares were traded in. The pre- ferred stock fell more than points to 103. The stock market in general was affected by the movement and standaro railroad and industrial shares fell rom 2 10 points. ...roa Tn the afternoon the market recovered some of it's losses and at the close prices ranged considerably above the lowest ol the day. United States Steel common ral- lied from 529s and preferred to loo.
 Deputies Busy
 The entire local force of deputies oiiuo. Tinted states Marshal Henkel was put at the disposal of the government .ooay to finish the task of serving copies cl the bills of equity in the federal suil ~ dissolve the United States Steel corpora tion upon officers and directors or me alleged trust residing here. | p Morgan and E. H. Gary recelVeu service last night, but 13 others remained to be served in this neighbornood.
 According to a statement given out al the office of the United States marshdf in Trenton where the suit was Illed 'eS terday afternoon, this service Of the pe- tition will be followed by subpoenas 1e- uuiring the defendants to answer the pe- tition at Trenton on December T. II is expected that both of these services VIII be made within AS hours.
 News of the dissolution suit came yes terday some time after the stock market had closed but it brought many brokers back to their offices in a hurry to lay plans for today's market and take advan- tage of the earlier opening of the foreign exchanges Dealers in put and call privi- leges were busy all night sending orders to London.
 London Decline Expected
 word of the sharp decline of steel in London caused no surprise in New York this morning and traders prepared for a lively day when the stock exchange open ed here at 10 o'clock. Fear of any unex- pected development today was dispelled by length of time traders had had to digest the news and by the fact that the rurnors of the governments intention had long prevailed.
 steel common stock closed yesterday a, gslh and the preferred stock at 10sas As . basis for comparison of todays fluct- nations 1t was remembered that Tn May 1904 Steel common sold as low as 9sss and about a year ago 1t touched s4B at the continuation of bull movement bas- cd upon the expectation of an advance In the dividend A4s9
 In the absence of any statement Of the Steel corporations intentions. the opn- ion in Wall street was that the corpora tion would fight the governments suit Preparations evidently to fight litigation, yesterdays decision to abandon the Great
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