The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1911-09-30
STEEL TRUST 0BDURATE.
GARY DENIES THAT COMPANY
HAS CONSIDERED SUR
RENDER.
Chairman Says There Have Been M
Negotiations Looking to Dissolu.
ton OF Corporation.

! New York, Sept. 26-Judge Ebert
II. Gary, chairman Of the United
States Steel corporation, in a state
ment late tonight declared that no
| negotiations whatever between the
| steel corporation and the department
| OF justice had taken place looking to
the dissolution or disintegration Of
the United States Steel corporation.
The statement which is made pub
lie pursuant to unanimous vote of
the directors OF the corporation at IA
| meeting held this afternoon is signed
| by j. p. Morgan and Judge Gary and
! says:
THE corporation was organized
Tor business reasons and purchased
| its various plants to promote such
| business and not to restrain trade or
| obtain a monopoly. In all it's opera
! tions the company has scrupulcusly
! observed the law and recognized the
just rights Of it competitors and the
consumers OF it's products. So far as
its directors are aware, no complaint
has ever been made against it by
either OF these interests. The directors
are advised by its counsel that its ex
istence is not in violation Of the
Sherman act as interpreted in the re-
cent decisions OF the supreme court
| I'm view Of this record and this
advice, the directors feel that their
duty to their stockholders, their en-
ployes and the public requires that
they should set at rest all rumors to
the effect that they are contemplate
ing any dissolution or disintegration
Of the corporation or have any be-
lief that it is subject to such dissolu-
ton or disintegration by legal action.
We believe that the organization is
legal and that its management is
proper. Its properties are of i'm
mense intrinsic value, and the corpor-
alton Is OF benefit to the public in
terest."
Strong pressure was brought to
bear upon the officers for some such
statement as being needed owing to
the uncertainty existing among the
corporations share holders in view
OF the insistent rumors Of a govern
ment dissolution suit Wall street
had the report early in the day that
an announcement on the subject
would be given out at the close Of
the stock market, but this proved to
be a statement confined wholly to
the condition Of the corporations cur
rent business.
Judge Gary, following a meeting of
hcers and directors left the offices to-
gether after business hours and it
was reported that night conference
was contemplated.
Judge aGry, following a meeting Of
the directors and finance committee
| "a VIC SOIPOIdtlOH, lulS AFTERNOON Is
sued the following statement:
Existing conditions are affecting
business to the extent that, instead Of
contracting bookings for forward de-
liver! customers are buying only for
immediate requirement. Neverthe-
less. strange as it may seem, the vol
ume Of prompt business is larger than
usual. specifications running upwards
OF 10000 tons per day. OF the 4.5O0.-
600 tons on the books, Of which 92O.-
600 tons is inter-company business, it
may be said from the standpoint of
mill operations, 1t Is better business
than an old time contract order book
OF double the tonnage, inasmuch as
ut represents active business capable
of specifications in sufficient volume
as required to operate our mills on
the present basis for some months
to come"
The statement was read at the
board meeting.