The evening world., 1911-06-07
LITTlEToN PUSHES POINT ON
LAW VIOLATION.

LAW VIOLATION.
That is not quite rightly put" an
swered MIR. Gray. 1T is hardly accu-
rate. We sought to acquaint the Gov
eminent with all the facts before we
proceeded. knew perfectly well that
Secretary Root had told the President.
and that the President understood that
he had M right to approve the sale.
But 1t seemed clear to me hat II We
should purchase the property under the
pcrilous conditions In Wall street. as
explained to the President. that there
ought not to be any action on the part
OF the Government 20 enJoln the trans
action"
Mr.. Gary discussed this situation ut
length and stated further that II was
the unanimous opinion OF the steel cor
poration directors and the big bankers
In New York. including Mr.. Morgan,
that the Administrators attitude to-
ward the deal should be definitely
known.
you knew at that time" said Mr..
Littleton. that the sherman Anti
Trust Law made II tho duty OF the
Attorney-General to bring injunction
suits to prevent tho contamination Of
business combinations which would
mount to n violation OF the law, did
Nbu " Ibh Wv lhhN Nv NV A'''''
law does not give to an injured party
the right TO bring proceedings. and
that the Acknowledgement was the
only source from which such proceed
ings could emanate7"
We'll, I do not know that I was
suficiently familiar with the Law "a
determine that such was the case" Mr.
Gary replied.
well. you felt. did you not" Mr.
Littleton persisted. that with the APP
proval OF tho President and the At
torney-General of the taking over bS
the steel Corporation of the Tennes.
see company. the Attorney-General be-
ing the only one who could proceed
against such a transaction. and waiv'
ing action under the provisions OF thu
Antitrust Law. there would be nj
proceedings In courtr
'That II your conclusion" said MI
Gary. "and perhaps IL 10 not stating
the situation exactly. ! felt hat un'
der the circumstances, he presadeu'
hsvtng stated TO Ar. friok aAd myssl,
that he did not feel like objscting u
the deal, and that he could see no req
son FOR public criticism In that stti
tude, that any proceedings In pour
aftsrward would have been
"Yn other words" said 1er. xattlstou
you WOk0 Va AZ RA
Attorney deneral proceeded, suol
action would have been IN outrage.
believe you used the word before tn
committee In that connection ths oths
day"
II would say" Nj. Cary replied
shat suoh prosecution Of IN sils9s'
: violation-I DO not admit that IL va
q violation-of tas Sherman Law ct tina
!. time would ave been most unjust"
Mr.. Gary declared the Steel Corpora
/. ton never wanted q monopoly OF tn
. iron and steel industry Of tho count
and had consistently opposed such
= combination as the very worst thin
T. that could happen to the corporation.
President Roosevelt. he thought. ha
Z been given 10 understand hat the az
. qulsition OF Tennessee Coal and Iro
would not bring the corporations ste,
|. property above 60 per cent. of the coui
try's total.
, The bonds paid for the Tennessee con
: pany came from the Steel Corporation
treasury. he said. and were as valuab
o as cash. being amply secured. TIL
method Of payment was adopted In o
n der not to disturb the financial situate
OF the country.