The Richmond palladium and sun-telegram. [volume] (Richmond, Ind.) 1907-1939, 1911-09-27
JOINT STATEMENT.
Issued BY Morgan and Gary az a
Committee.

NEW YORK, Sept. 27.-The atti-
tude which the Board Of Directors of
the United States Steel corporation
takes in reference to the reports OF
impending action by the Department
of Justice at Washington looking to
its dissolution was set forth last night
in the following formal statement
made at the home of ]. Pierpont Nor
gan:
Pursuant to the unanimous vote OF
the board of directors of the United
States Steel corporation at meeting
held this afternoon, at which there
were present J. Pierpont Morgan, II.
C. Frick. Norman B. Ream, p. A. B.
Widener, Robert Winsor, Ebert H.
Gary, George w. Perkins, John F. Dry
den, Samuel Mather, Daniel G. Reid,
Henry Walter, James A. Ferrell and
James H. Reed, the following state
ment is published:
mo negotiations whatever have
taken place between the Steel corpora.
tion and the Department of Justice,
looking to the dissolution or disinte-
grafton of the corporation. The cor
poration was organized for business
reasons and purchased its various
plants to promote such business and
not to restrain trade or obtain a mon
opoly.
''In all its operations the company
has scrupulously observed the law
and recognizing the just rights of it's
competitors and the consumers Of its
products. So far as it's Directors are
aware no complaint has ever been
made against it by either of these in.
terests. The Directors are advised by
it's counsel that it's existence is not in
violation of the Sherman act as inter
preted in the recent decision of the
Supreme Court.
I'm view of this record and, this ad
vice the Directors feel that their duty
to their stockholders, their employees
and the public require that they should
set at rest all rumors to the effec,
that they are contemplating the disso
luton or disintegration of the corpOr
alton, either voluntarily or at the de
mand of the Government We believe
that the organization is legal; that its
management is proper: that its prop
critics are of immense intrinsic value
and that the corporation is Of benefit
to the public interest.
q. Pierpont Morgan,
Gilbert H. Gary,
Committee of Board of Directors
Official Wall street has seen the big
slump coming for more than year
The decisions of the United States
Supreme Court in the Standard Oh
and Tobacco cases are months old
The Stanley committee investigating
the Steel Corporation adjourned weeks
ago Many of the important insiders
were aware of the gathering storn
and aided in concealing the truth bJ
issuing the most optimistic interviews
| RockefeiIers' Big Slice.
It follows that some very handsome
profits should have been taken. vii
! liam Rockefeller, brother of the oi
king, is credited with having made
from $4,000. 900 to SIS. 900 900, in as
sociation with Mr.. Frick. while Mr.
Roekefeller's two promising sons, vii
liam IT, ana feICS, are sdlO 10 HdFs
made over 5000, 600 each trading OF
| the short side of the market
The winnings of Daniel G. Reid
the tin-piate magnste and inyeteraft
bear. are not nearly as great as wa.
at first believed. for the reason tina
Mr.. Reid remained in Paris too long
That he has been on top of the mark
ct for seven figures is joyousIy admit
ted by his friends. and Mr.. Reid Il
still on the waTpath-