Little Falls herald. [volume] (Little Falls, Morrison County, Minn.) 1889-1950, 1911-11-03
Government Brings Action 10
Have Billion Oo|Ior Corpora
.- ton Declared illegal.
ASKS ITS DISSOLUTION
Action Is the Most Sweeping
Anti Trust Move Made by
Department Of Justice.

! T-o73o1. N. ! Oct. 27-The govern
| 114Ht's long planned suit to break up
Tie So Called 'stee! trust was begun
I'e:'a in tue, tinitaf States circuit court.
| L T'aS the most sweeping antitrust
?E:;:)2 cvcr brought BY the department
1; ji:;3:;c2
| a. goVeIals,v:it asks not only for
! ITO dissolution OF the United States
] ~'">l corporation. but fer the dissolu
| IA Ct ali constituents or subsidiary
! .r"'yjanjes which are alleged to have
i ''"'hired il! "lniation of the Sherman
70" % "rnantajn, OF attempt to main
Tin, 3 monopoly of the steel bust
hess. There are thirty-six subsidiary
| -: go atio1s named as defendants.
!. i';erpOnt Morgan, John D. Rookie
'ai1oT, Andrew Carnegie, Charles M
achWsD. George w. Perkins, r. H.
Gary, John D. Rockefeller, Jr., Henry
!. Prick, Charles Steele, James Gay
ley. William H, Moore, J. H. Moore
| edmund Q. Converse, Percival Rob-
c:'s, Jg., Daniel G. Reid, Norman B.
l>e3l:', ?. A. Widener and William P
F,;,t:'<:; are named Individually as de-
! .-''ddnts,
me United States Steel corporation,
n"'"gie Steel company, Carnegie
~oany OF New Jersey, Federal Steel
":"'D2ay, National Steel company
:-or;can Steel and Wire company of
-" Jersey, National Tube company,
~ic.by Steel Tube company, American
&inpIate company, American Sheet
tn,i Tinpiate company, American
Steel Hoop company, American Bridge
company. Lake Superior Consolidated
'--oH mines, all of which were organ
I'D under the New Jersey laws, and
! lie Fl. c. Frick Coke company, Ten
I1cssee Goa! and Iron and Railway
company and the Great Western Miu-
ing company are named as corporate
>,'>udAnts
f"on Ore Lease Illegal.
+ TIE steel corporations lease of the
tireat Northern railways ore proper
lies, watch the directors Of the steel
lcomnony formally decided to cancel,
rs alleged to be Illegal This action
= tHe directors was taken but a few
ho'7E2 kcf2-a The fling Of the bill
IL, government acknowledges that
liz vas advised Of the steel corpora
lNHn'a fnt5utf0:1 IN this respect, bat
~t"t''S that Under the terms of the
1880 y; cancellation. would be effec-
live Hc:ll Tan. I, 1915, and there is
. li::,t upon the amount of ore that
,>;:. t. SA7-ezc 2At in the meantime.
:tonal allegations fairly topple
80 each other in the governments
,---c:--, r. :! 80! IS al equity proceeding
-""ing for Injunction to estor cor
:1uance Of the alleged monopoly and
:'ca other relief as the court may
rant.
I!-e steel corporations acquisition
Il the Tennessee Coal and Iron COM
n@nv during the pa;,: Of 1907 is de-
:,+;.od Illegal sr!t scathingly criticised.
- 7atttiOr declares that E. H. Gary
III Henry c. Prick misled former
.':'.:ient Roosevelt when they told
=, that but little benefit will come
the steel corporation from the
* base
':T,oe president" it says, was not
:.;a0e fully acquainted with the state
= css%sair5 in New York relevant to the
.ansaction as they existed. If he had
oei. fully advised he would have
nov:n that desire to stop the panic
~. no; the sole noving cause, but
lar there was also desire and pur-
lose to acquire control of company
h2t recently assumed a positive posi-
zion Of potential competition of great
significance.
~ Took Advantage OF Situation.
j.. 1T is certain that the corporation
availed itself of the embarrassment of
Moore & schley (New York brokers
who had large holdings Of Tennessee
Stook} at most critical period and
lshe hammering fthe Tennessee stock
and the threatening Of a general f1nan-
ctal calamity, to acquire the control
Of a competitor taking on formid-
able aspect. " ......%z. =.
The corporation thus greatly
issren Stneneu It's control of the cOun-
Itry's iron ore supply, its predominant
ling position in tho South's iron and
steel trade eliminated "a competitor
4 and unlawfu!ly acquired power
which lis menace. TO the welfare OF
the country, and should be destroyed.'8
Reference is made to the Gary din:
! ners although not by name,s as meet
tngs which accomplished more than.
!. written pools or agreements, which
frequently were broken. -. -
ii Interlocking 5dLiIr:ectorates. through
which those III po";ier in che steel cor
ReEatien. held positions OF influence
ION the directoratess Of other powerful
corporations arc mentioned as "a
!. method more refined, more euph0n
llous.l but none the + Less. moro etec
tive than pools. : -asz.s i. !.
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