Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1911-09-22
Lille HeadYay, Owing 10 Com
pIexiiy Of The Business.
United States Officials and C0un-
sci Working on The Mailer.
The "Raier" In The Siock Cause
OF No Little of Trouble.

New York, Sept. e1.-It was report
cd today on excellent authority that
the matter Of dissoRing aud re- organ
izing the United states Steel Corpor-
alton in receiving the earnest attention
af the department OF justice and the
legal representatives Of the sn-called
Billion Dollar Trust There is ground
also for the assertion that the Steel
Corporation IS making i strenuous ef-
fort to meet the demands of the gov
efnment but by reason of the COM
plexity nl The situation little Roadway
has Yet been made.
Informal conferences Of prominent
steel officials were held during the day.
but no news Of a definite character was
obtainable from these sources. Chair
man f. f. Gary declined to discuss the
status Of affairs. and Francis Lyndc
Stetson, the corporations general
counsel. would neither affirm or deny
the report that negotiations looking 10
n voluntary dissolution are in con-
temptation. To those who have fol-
lowed the operations of the United
States Steel Corporation since its IN
eeption Il decade ago, the work OF dis
itlttSt ehAiAS anu tS-ti elAiANA347 tAiN ttA1
est industrial combination ever organ
ICED represents task af titanic pro-
portions Many of the subsidiaries
which helped 10 make UP the corpora
ton have lost practically all scmhlance
of their original selves and in the opiR-
ion OF dispassionate observers it would
be well nigh impossible to restore
original equities.
1t is matter of common knowledge
that large part of tho $500 0QDA Q0
common stock originally represented
little more than bonuses. or water On
the other hand, it has been admitted by
the government Investigators that
iauch Of this inflated value has been
replaced in recent years by moneys
taken ont Of earnings. In fact, the re-
port of the department Of commerce
and labor has practically Fixed upon
value of $50 for the common shares
because of the millions pat into new
constructions, betterment, depreciation,
etc.
quite apart from the legal obstacles
which are said to beset the path OF
the United States steel Corporation
il ts evident that trade conditions are
months such new business as the COM
pauy has received has been at marked
price concessions. This, of course, is
equally true Of the many Independent
companies but the latter have had
distinct advantage in the fact that
their wage schedules were generally
lower than those OF the big corpora
ton. Intimations put out from various
quarters during tho week point clear
" to a liquidation Of labor" in steel
and iron beginning. perhaps. with the
Steel Corporation. Officials Of the lat
ter company have issued no figures
dealing with the extent OF operations
at the more important plants, but adj
vices from Iittsburg, Chicago and
Cleveland Indicate that business ut
those centers is smaller at this time
than at any period since the first
quarter of the year,
The common and preferred shares
of the United States Steel Corporation
we're subjected To a severe attack in
ioday's stock market by reason Of the
various rumors affecting the corpora
ton. In both instances new low rec
ords for the year and even longer
period We're established
New York. Sept 21.7-rho stock mar
ket was thrown into confusion today
by selling Of United States Steel stocks
on an enormous scale. from almost
every part of the country orders
poured in 10 sell stocks of the I'LL
lion Dollar Combine Confusion pre-
vailed ON the floor of the exchange. as