The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1911-10-27

work of correla.ions, and overshadow-
ed and dominated by tho w OF the
corporation arisen from its pre-
eminence In the business, and the tr.
reslstible strength of it's alliances
come together. from time to timo, and
out the Views of the corporation In
respect OF prices n output, and oil
that hitherto was affected by pools
and Formal agreements, reach q com.
mon Understanding and purpose, anu
proceed to carry them out.
IT Is not here alleged that merely
assembling and mutually exchanging
information and declaration anu
declaration of purpose amounts 10 All
agreement or combination in restraint
Oh trade. These meetings and these
results have gone iurIner. what they
actually accomplished snow the great
ana dangerous power aunieveu by Inc
corporation turouBn unIaStuI cumui-
tatioh' exercised over the traoe anu
commerce VI the country. Inc con-
certtu action taken mas prevented
fluctuations in prices anu competitions
al the meetings have been repre-
sehteu, VI the iron ana steer lruue III
the United States, Iuiiy 80 per cent. on
the totai. IN no line OIL business M
the word at any time has there ueeu
VI " III
s"Sed III u business as the percentage
"a thoSe IN TINS ountry vino at tncsc
.neetiiiss go along aay by day, hand
III manu-, pursuing the sumo cour,,
Al the une OF one OF these meet
mss held in New YORK.. January ii,
lsll, there was not III TINS country
d demand Tor more than 90 per cent.
Oh the total producing capacity i'm IN.
INES oil those there represented. ana
lnerc was not not enuusn business 10
go around, and there was no possible
Ky OF protecting themselves from
competition, except by coming To an
understanding that each would be sat
tsneu WIN Is proportion of the bus
mess "hich was Understood by an,
our umds und~ersta aiding was carrie0
out n no one OF them competed for
the ~recognizcd business OF the others
t Wheh they met the CHER executive
- .he corporation admonished them
that no one OF them should forget the
moral obligation he was under towar1
ms helgnbor, and that IL was OF Tn.
nrSnest importance at that particular
have ,"at eVery one of them should
personal obligation which he had to-
Maro all the others, and TO make no
,nistake OF unning the risk of tres
rights of his neighbor, who had given
ms confidence IL trust. and who was
wiling at all times to put within the
nnSwledge' and therefore more or less
under the charge and control OF the
fairs.
Concerted Action Acquired.
81 THESE meetings and interchange
OIL and understanding each
trade OF the other. and each, by the
concerted action acquired, participate ted
in the direction of the affairs OF the
other. ~
The main purpose of the meeting of
January II. 1911, was the question OF
maintaining or chsnging the prices OF
the commodities in which they dealt
a majority came TO q consensus, whicr
was accepted and followed by all.
AT these meetings They not onl,
exchanged Information. put advocated
control uI prices, and reached a com.
mon Understanding, which was follow.
ed, under solemn adrnonition, that they
We're bound by an obligation more es.
unable than life.
These meetings brought about the
maintenance OF price,"
Attached to the bill, among many
other cXnibits OF alleged agreements,
is a statement showing the extent to
which the steel Corporation is repre-
sented in the d~ircctorates Of other
concerns. 1t SHOWS George II. Baker as
a director In 56 others. Edmund c.
Converse in IS; Miiiiam Il. Corey In
81; :. iierpont Morgan In 81.
OF this the governments petition
says:
Under the policy OF the corporation.
there grew UP ii community Of in
,erest ana power to influence action
10 a common purpose, never exceeded
worin There came INTO existence n
system oI interlacinS of directorates.
when embraced Almost the entire
commercial and financial powers oi
AN the business of the corporation
and It's controlled companies Is con-
ducteo without competition among
them. and az a part OF q general nlaD
lnn COMBINATION h.~. NThINT fhau haze
partially destroyed competition In
trade and commerce among the States
and with foreign nations, and have
by their strength, acquired Z great
and unwholesonle influence over com.
petitcrs. whereby they are brought
into harmonious action with the cor.
poration In restricting competltIonSand
In restraining such trade and com.
inerce.
Since its organization. tho corpora.
ton, by means of it's grec' earnings
power and control over tile trade in
iron and steel derived from and ex-
erclsed by the combinations described.
has further increased It's power. in,
ones. paid for largely from its earn
ings. The investment or earningo has
been from s4oo,0o0.ooo to $4,000. 900.
annual reports, for air months of the
year 1901. II for the years 1902 to
dSsV, inclusive, aggregated S9SO.oi5,-
$3.50. This was an average or about
per CENT; per annum upon the total
capitalization of the company.
The real earnings amounted to an
average approSimating ~ per cent. per
annun upon the actual average In
vfstment In the properties. but in es-
tiinatinE such actual investment there
are included values which arose from
additions made out of earnings. which
earnings were largely and wrongfulIy
enhanced ny the unlawful combination
ana the power and control exerted by
Parties 10 the Suit.
In addition TO the defendants AL
ready named. the following arc parties
| 10 the suit: