New-York tribune., 1911-10-29
STEEL HEADS CONFER;
STOCK PRICES RECOVER
Testimony in Suit Will Tend to
Show Rates for Product
Have Decreased.
SUMMON ]. D. ROCKEFELLER
Judge Gary's Statement Seems
to Have Reassuring Effect
Common Shares Touch SO
and Close with bs Gain.

Wall Street had settled down yesterday
20 the fact that the government had
brought suit for the dissolution OF the
United states Steel Corporation and was
taking the situation calmly. The big men
~ the street were not in evidence at all.
Most of them are in the habit of going TO
their country places over Sunday man 5
importance in Wall Street is measured. 20
a large extent by his ability to make 9th
ers come 10 his office instead Of his going
to theirs. Carrying out the principle the
big men do not go 70 the Street on Sat
urday. Yesterday however. many of them
remained i'm the city. and there were nu-
merous conferences uptown on the govern
ments suit From some of these confer
onces trine has filtered out as to tenta-
tive plans for the defence
For example, the testimony I'm the suit
Will tend 10 show that the tendency of
steel prices has been downward since the
organization Of the United States Steel
Corporation. Prices are to-day 8 TO $40 a
ton lower than they were in 1907. and close
TO s. a ton below the average in 1891. This
reduction has benefited the consumer and
has enabled the country to show an enor-
Notwithstanding the downward tendency
Of steel prices. wages have been tending
upward Last year the average of 22o,ccl
employees was $50 man. the highest since
the corporation was organized, in April
1901. With the government endeavoring To
bring about a dissolution Of the Steel Cor
poration. which means unsettled conditions
IL would seem that the steel companies can
not for long maintain the present wage
scale.
The steel Corporation was severely crlu-
cised for not giving out statement al the
time the steel shares were breaking badly
on reports Of a dissolution suit. Manu-
facturers now hold that the government
should have been criticised. instead Of the
Steel Corporation The latter did not know
whether "a suit was TO be brought or not
and could neither affirm nor deny the
1,!mors. \ director Of the corporation, al
the time. stated that it was up 10 the
government 30 make a statement.
Iu connection with the statement that the
independent steel companies increased thei
,apacity TO q greater degree over the las
ton wears than the Steel Corporation j
is interesting TO note that the Steel Cor
poration produced 14,S79,C0o tons OF ingot'
iu 1910 compared with S,S540@ in 1901, ar
increase Of 60 per cent. The independent
companies produced n,73So" tons in 1910
comparing with 46l9O00 tons in 1901, an in
crease OF IA per cent.
cops of the summons and complaint II
the governments suit was served yester'
dav on John d. Rockefeller at his home IT
Pocsntico Hills. Arrangements were MADE
nr Friday by Marshal Henkel for the ser
vice Of the papers and when Deputy Mar
shall crawford went to PocanticO Hills yes
rcrdav John y. Rockefeller was waiting
for him The deputy marshal was invited
10 breakfast, but declined the invitation.
The stock market break caused by the
news that the government had hled SUIT
for dissolution Of the United States Stee
CORPORATION appeared to have spent its
force OH Friday for the market yesterday
.ontiuued tie recovery which started In
the late trading on Friday, and the volume
% transactions was little larger than usua
for the two hours session of q Saturday.
Judge Garys statement, reafhrmihg the
,,ositiou Of the Steel Corporations drec-
tors. that the business policy pursued oy
their ,omranv hal not been such as tC
bring the vast OTSdnlIdtlou "i'''" '"N
prohibition OF the antitrust law, appar-
entity had a reassuring effect, for Stee
common. which had closed at 52ls on the
preceding day although again openine
wide" with sales Of 1900 shares at 5l's
10 52I.. did not go under it's lowest figure
~ the opening and moved within range
of only about one point, touching 50 and
closing with net gain Of Is point at 52e4
steel preferred opened = point up, at IVi'
reached 1854 on the fifth sale. sold down to
lu37. and closed at 1895. an advance OF e
point.
Nauy Of the active industrial and rail-
way stocks opened slightly under Friday
final price. but rallied almost from the
start Most Of the gain was lost by the
end Of the first hour. when the market be
came dull and heavy but toward the close
activity was resumed. extensive covering
81 shorts being the principal element OF the
late recovery. although the price movement
was in all cases within a narrow range.
Tie market closed strong. with general
net gains. most OF them being represented
by fractions Union Pacific, American
smelling and Refining, Amalgamated Cop
per and Westinghouse Electric and Manu-
featuring each advanced ia points