New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-10-27

petition I'm equity against the Standard OF
Company of New Jersey and seventy con-
| stituents and seven individual defendants
| on November Is, 1906 but the final opinion
of the United States Supreme Court. find
ing for the complainant, was not handed
down until May 10, 1911. Meanwhile, there
had been a long series OF hearings, In this
and other cities. before a special commits
sioner, presentation OF the case before tn,
Circuit Court. which found for the govern
ment. and appeal to the Supreme Court
before which the cause was twice argued.
Long Tobacco Trust Suit.
| Similarly, the bill against the American
Tobacco Company sixty-fve other conf
panes and twenty-nine individual defend
ants was filed In the United States Circuit
Court here on July 10, 1907, and the final
disposition Of the case was not had until
May %. 1911. As In the Standard Oil case,
there were extended hearings. which were
| conducted in this city by United States
Commissioner Shields, sitting as a special
commissioner Then came the argument
before the Circuit Court. in May, 1905; the
decision of the court for the government
on November 7 of that year, and two hear
ings OF the case on appeal before the SUI
preme Court OF the United States.
II the dissolution of the United States
Steel Corporation into its original elements
! shall be finally ordered the task Of carry
| ing out the decree will compare I'm COM
plexity with that to which many able law
yers and fnanciers have been devoting
time and talent during the last five months
IN endeavoring to comply with the terms
| ba
tho American Tobacco Company. the Steel
! Corporation is made up mainly OF COM
panies each Of which itself represents a
combination of smaller companies.
| Like the Tobacco Company. again, the
| Steel Corporation embraces companies en-
gagged In business Complementary to the
main business Of steel making. among its
subsidiaries being railroad, coal coke, IRON
ore and cement concerns.
The United States Steel Corporation. ac-
cOfding TO its balance sheet as of December
| 81 last, has outstanding sos, 800 800 common
stock, $3.50 Isl, 100 per cent preferred stock,
1874, Az, 900 collateral trust ffty-year per
cent bonds Of 1901 and $3.50, 1850 ten-sixty-
year per cent collateral trust second
mortgage sinking fund bonds Of 1908. 1t
also holds bonds OF subsidiary companies
aggregatng $13l, 500 par value. In case
Of dissolution the bonds of 1901 would be
first paid off. then the 5s of 1903 and the
balance of assets remaining would go first
to the preferred stock. the common stock,
of course, coming last.
Common Stock Now SO 1-2.
The common stock closed yesterday at
! 5Sl2. In May 1904, 1t sold as low as Sss, and
about a year ago it touched 9i7s, the cul-
| mnation of a bull movement based upon
the expectation OF the dividend rate being
advanced to the present figure OF per
cent The preferred yesterday closed at
lOS2s. 1t reached 13l in October. 1909. and
has been as low as 499i. in November, 1903.
The closing price yesterday Of the sinking
! fund IS was 1924.
| According 10 Herbert Knox Smith, the
Commissioner Of Corporations. the United
! States Steel Corporation during the ten
years Of It's history has proved profitable
| concern, having earned IL per cent on the
] actual investment In the properties Its
chief "monopolistic feature" says the re-
| port is In its control OF the raw ma
! tcrial." az 1t owns 10 per cent. it Is stated,
| Of the commercially available iron ore lands
in the Lake Superior district.
Earnings s141,000,oO0 in 1910
deducting all expenses incident to opera
, tons including those for ordinary repairs
, and maintenance, employees compensation
under the bonus plan, interest on bonds and
| fixed charges Of subsidiary companies, were
! sliI .05i 75i, and the net earnings, after de-
Quoting sinking funds on bonds of sub
sidiary companies and So 1866 for the
depreciation and extraordinary replacement
funds. were Sl6.73S,l5S
| The GSteel Corporation has appropriated
/ from surplus net income the total amount
of ss5.O00Oc0 for the construction or
the city of Gary. Ind and the building and
| equipment of its vast steelmaking plant
there. The total output OF all of the sub
sidiary companies in 1910 was 25,2i5,Sl6 tons
of iron ore mined. l3,6i957S tons Of coke
4.s50.ll1 tons of coal mined, In addition to
that used IN making coke 5,OO5.O7 tons of
limestone quarried ll.S3l,39S tons OF blast
furnace products, Il, 49, 69 tons of steel
ingot production, lO.733.9 95 tons OF manu-
featured steel products and 7.O0l.5C barrels
, OF cement A large part of the steel manu-
featured was sold abroad through its sub
sidiary. the United States Steel Products
Company. The corporation has paid In
dividends to its stockholders, who now
number about 10000, the total amount OF
1898. 926,SS6.
IL has been the consistent policy of the
Steel Corporation from It's formation 90
stabilize Prices as far as possible and 10
work for general harmony In the industry,
and it's management has always denied
any intention TO seek larger proportion
of the total business than was common
surate with its size. as compared with the
combined size OF its business competitors