Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1911-06-30
TRUST BUSTERS ON
TRAIL Of ALLEGED
WIRE TRUs!
INDICTMENTS CHARGE
SHERMAN LAW VIOLATION
Long List Of individuals and
Associations Charged With
LawIeSS Conspiracy to Fix
LawIeSS Conspiracy In Re-
Straint of Trade.
ny Morning journal Special Leased wir.I

10y "ofnhb v"ufuhi opec1ht LcHseu Nirei
New York, June 29.--Nne indict-
! ments charging restraint of trade in
violation OF the sherman antitrust
law, were returned by federal grand
Jury here this afternoon against as
many associations and long list OF
individuals comprising the so-ealled
wire trust" affiliated with the steel
industry.
Prominent among the defendants
| are Herbert l.. Satterlee. a SON in law
of ]. Pierpont Morgan; William p.
Palmer president of the American
Steel and Wire company, a subsidiary
of the United States Steel corpora
tion. and Frank jay Gould OF New
York, president OF the Old Dominion
Iron and Nail Works company.
what this suit charges District
Attorney Wise said. lis a trade agree
| mont in restraint of trade
| The government does not seek to
! establish physical or fiscal merger
of the properties or interests indlcat-
ed. but series OF pools TO maintain
prices and apportion territory in eli-
Hihidtlun OF competition.
| Thus the suits appear as further
earnest effort of the governments de-
termination to deal rigorouslyy with
restrictive trade agreements.
| There is no indication that evidence
| gathered by the bureau Of corpora
tons in its investigation of the steel
corporation played any part In the
| indictments.
Only two of the subsidiary compan-
| les OF the United States Steel corpor-
| alton are mentioned--namely, the
| American steel and Wire company,
and the Trenton Iron company. The
American Steel and Wire company,
however, is mentioned in the indlct-
! ments against seven of the assocla-
tions. In the indictments against
the Telephone Cable association aud
the Fine Magnet Wire association,
| II is not mentioned.
The most prominent individual ne
PENDANTS and a full list of the asso-
| Citations In which they are members
! follows
individuals; Frank j. Gould, pres
ident of the old Dominion Iron and
NAH Works Richmond, Va.
Herbert l.. Satterlee, president of
the Habirshaw Wire company, Yonk-
ers, N. Y.
William p. Palmer, president OF the
American steel and Wire company of
Waukegan, ILL.,. and Worcester, Mass
Charles +. Brooker, vice president
of the Ansonia Brass and Copper
company. Ansonia, Conn. and menu
Der from Connecticut of the republic
can national committee.
Harry G .Stoddard, president of
the Trenton Iron company.
Frank II. Phillips. president of the
American Electrical Works, Phillips
dale. II. !.
Ferdinand w. Roebling, president
of the John A, RoeblIng and Sons
company, Trenton and Roeblng, n. j.
Philip III. W. Smith, second vice
president of the Standard Under
ground Gable company, pittsburg,
Pa, Oakland, Cal, and Perth Amboy.
N. ].
Associations:
The Horseshoe Manufacturers as
sociation.
Barb Wire Copper association.
Weather proof and Wire Magnet
association.
Lead Encased Rubber Cable associ-
alton.
Wire Rope Manufacturers associa-
tion.
Fine Magnetic association.
Underground Power Cable associ-
alton.
Telephone Cable association.
Rubber Covered Wire association.
The general charges in all the in
dictments are the same. Thus one in
dlctment reads:
Because said corporations, at all
such times have been, and In fact now
are. separate and distinct from each
other their said Interstate business
should have ben conducted by each
strictly on a competitive basis. and
would be so conducted but for the
unlawful conspiracy hereinafter mem
toned"
1t Is set forth that the various as
sociations organized under their as
sociation names and each elected
supervisor. An arbitrary rating was
determined. II is charged by the ra-
ton Of output for an agreed time,
each member was Obliged to pay S5,-
600 or less into fund called "the
general deposit" and In case any
member failed TO abide by the rcgi-
lations his deposit was forfeited
Raw materials were bought II is
alleged, In one indictment. at "arbi-
trary and non-competitivc prices to
be agreed upon by said defendants,
being prices lower than those for
which the respective corporations
would be entitled to purchase said
raw materials but for the unlawful
conspiracy herein described"
In the indictment against the
Bare Copper Wire association II is
charged that the corporation form
Ing the association produced ninety
five per cent of the entire bare cop
per wire consumed in the United
states and that they had absolute
control of The price.
Among the companies named as
members OF the Rubbe9 Covered
Wire association Is the General clce-