The Washington herald., 1911-06-30

the output of the various companies
party TO the agreement. These ratios were
| regarded as the allotments OF business
| allowed to each company.
The method by which the companies
held themselves bound to these aIlot-
ments was also prescribed. Within a
stated number OF days after the Isr of
| each month, IN case Jackson indicated
to any Of them that its allotment had
been exceeded, the offending company
was to deposit with him a cash penalty,
which varied according to the amount Of
excess.
For instance, the Bare Copper Wire
Association provided that II any Of its
members did business in excess OF its
allotment it should pay to jackson 50
cents for each hundred pounds of bare
copper wire for which 1t took orders be-
yond what it was allowed.
Deposit Holds Members.
The cash so collected went to form
guarantee deposit, which was forfeited
In case the member withdrew from the
association. This money Jackson was 10
hold continuously as. treasurer. Further,
upon the formation Of the associations,
the members paid into this guarantee
fund sums ranging from 5000 to 5000.
These deposits, serving as guarantees Of
good faith, were forfeitable in case the
depositor did not live UP to the regula-
tions Of the association
jackson was custodian of other funds
also The members were required to de-
posit with him stated percentage or
he ~
Germ for the previous month. In the
case OF the Bare Copper Wire Association
this was at the rate of cents for each
hundred pounds produced.
With respect to the matter Of price fix
ing the Indictment says in the case OF
this concern the defendants fixed a
schedule Of prices at which their respec-
tive corporations should sell the ba-s
copper wire thereafter to be produced by
them"
Jackson had his hand in this also. AS
supervisor of the association he was to
fix the base price of bare copper wire,
and this price was to remain in 1orce
until he changed it. All sales were to BE-
made at this rate. In the main the proc
ess Of price fixing was identical in the
other associations.
Members Make Reports.
Jackson was to be kept in touch With
the taily business of the companies,
sometimes by mail each day, sometimes
by a representative at the end of the
month. He was to know the names of
customers. and in case OF contracts the
time when delivery was made.
jackson thereupon made himself a sort
of clearing house for information for the
other members of the association He
sent to each member a digest of the
reports he received showing to each what
all the others had done during the time
which the report was supposed 70 cover.
Besides this means Of information, the
members OF the association met at stated
periods and talked over business and
heard reports of what had been done.
formed that they terminated at each
meeting and were perpetuated to the
next
The report that indictments were pend
ing circulated in Wall street all day to-
day. The effect upon Steel common, de-
spite the rumor that Steel officials were
those against whom the indictments were
was not apparent. At the close
OF the market the stock was three-quar-
ters of a point above the opening prices.
SntterIee Keeps Silence.
The indictments were returned at
o'clock. Herbert L. Satterlee was in the
Federal building with United States At
torney Wise before the jurymen indicated
that they were ready to hand up their in |
dictrnents. He went to the grand Jury
room with Mr.. Wise, remained inside a |
few minutes, and came out at about the |
time the jurymen got ready to go before |
Judge Hough. satterlee did not want to |
express an opinion on the action Of the
grand jury.
A member OF the United States attor- !
ney's office said that there would be no |
arrests. The cases would go before the |
United States circuit Court next week, |
he said, and that each man indicted |
would appear then In person or by coun-
sell
wan street ala not understand the
scope Of the action until It was almost
time fo- the brokers to 90 home. A men,
ber of y large banking firm said that
while rumors had been going around Of
action by the Federal authorities, he had |
had no Yinkling OF what interests were In /