The Detroit times. [volume] (Detroit, Mich.) 1903-1920, 1911-10-27
GOVERNMENTS SUIT TO
BREAK STEEL CORPORATION
BRINGS RAID ON STOCKS
Market Opens Excited and Few
erish, U. S. Steel Common
slumping to 52lS.
ISSUES SOLD HEAVILY
flnanciers Will Put Up Stub
Dorn Fight Against Action BY
Department of Justice.

NEW oRK. Oct. 27.-The stock
market opened excited, weak and
tleverish today on the news of the
soVernments steel trust-busting suit.
On very heavy selling United States
steel common opened at 55. glided 10
SSl-2 and then made a slight recov-
cry This was a decline of five points
over last nights closing price.
| United States Steel preferred
which closed at los 5-S last night.
opened this morning at 1O4, sagged
10 lO3 l-2 and then momentarily skid.
ded around l04.
the heavy selling in both steel Is.
sues kept the stock tickers buzzing.
Declines OF from fractions TO two
points ranged throughout the indus.
trial list
After 10 minutes OF trading, the
market steadied on the support offer
ed TO Steel issues. Steel common con.
tinued TO fiuctuate fractionally around
"a, or 4 1-2 points below last nights
| close
In the rst quarter-hour of trading.
something like $4,000 shares OF Steel
common were thrown onto the mar
| ket
The preferred fiuctuated between
lO3 l-2 to 104 Ia, There were frac-
tional recoveries all through the list.
! In three-quarters of an hour. Steel
common receded, under constant sell
ing 10 SO 1-S. decline of six points
over last nights closing sales
AT this low mark there was slight
reaction. the next 1900 shares going
at So IA.
rhe steel kings will not be usurped
from their throne of power without
a fight that will become classic in
American legal annals.
p meeting OF the men higher up
in the great corporation was held
last night in the library of ]. Pier
pont Morgan's uptown house. II did
not adjourn until ] o'clock this morn
ing. just who attended cannot be
said. The financiers arrived uncere-
moniously in closed limousines, with
curtains drawn in darkened carriages.
They merged hurriedly from their
vehicles and dashed into Morgan's
home, Window shades were drawn
and reporters brushed aside by the
"strong-arm squad
What went on in this famous meet
inc is not known IL Is only known
that for hours the men who hold the
destinies of the blllion-dollar corpora
ton In their hands discussed the sit
uation thoroughly.
While no official statement was
Forthcoming, the indications are that
the governments dissolution suit will
be fought TO the last ditch. The view
is based not only on the formal state
HeRt recently issued by j. Pierpont
Morgan and udge Ebert H. Gary, in
which they stated they were advised
by counsel that the activities of the
corporation were within the pale of
the law, but also upon the comment
OF Francis Lynde Stetson, general
counsel OF the Steel corporation.
Stetson said
When we know just where we
stand and with what we are charged,
and We can act accordingly
Stetson declared II had been gem
orally believed the suit would be
brought, but he declined to discuss
the action further than this until he
had had time To examine the papers
In the case
Incidentally to these more impor-
tant matters, United States Marshal
Woodbury. Snowden. OF Trenton, N.
j., is here, endeavoring to serve in
ldividual defendants in the suit. Snow
tten succeeded in serving Judge Gary
at the Waldorf last night. and today
he is rounding up John ID. Rockefel-
Ter, j. p. Morgan. Daniel c. Reid, Nor
man B. Ream Henry c. Frick, An
drew Carnegie, Judge William H.
Moore and the others OF the score or
mCIe men named in this suit. To
this end, Marshal Henkel, OF the
southern district OF New York. put
all his deputies at Snowden's dispos-
al