The Mitchell capital. (Mitchell, Dakota [S.D.]) 1879-1918, 1911-11-02
GOVERNMENT SUES
GREAT STEEL TRUST
ALL ARE SURPRISED
Washington and Wall
Street Ignorant Of
the Plans
SLUMP IN STOCK
Common Falls off Over S
Points, Thousands of
Shares Dumped

New York City.-rhc widest c>.
caei''cnt prevailed in the steel pit ON
The Stock Exchange today. S,,..,
common closed last nigh, at 5s L..
and opened at 90. IL sold or Ia -,
l.. III Il minute and by noon il WA,
Down to 30, II loss of y :;.S points.
thousands upon thousands of shares
VI the stock were unloalcu,
International Harvester stock ,n.
DAY lost live points on rumors %,
trust prosecution. The same decline.
was shown M American smelling.
London. Ensland.-1hc United
States governments suit against the
steel t,ust had an affect ON tho AMER.
lean shares on the stock exchange
this morning. Steel common went
down . 81 points md the preferred
) III.
Mex York City.--Enitcu States
maFsllals wrrc busy today serving
papers in the steel trust suit on \.
f1cTpont Morgan, John d. Rockefc!-
]cr u other masnates.
n secret conference OF the steel
Kings was beld in the residence of j..
Ptcfpont Morgan till one O'Clock this
morning. They were planning for a
lsht against the governments suit
10 smash the steel trust. No state
ment was given out. On the stock
exchange steel common dropped ear
~ from four to six points. Steel pre-
frrred went down nearly as much,
there being heavy trading and much
excitement.
Washington, ID. C.-.At,orncy-Gcn-
cral Wickersham, in an interview to-
day. said j. NJ. Dickinson, former
secretary OF var, would have charge
OF the suits against the steel trust
and that he personally would not ap-
pear.
Trenton. y. 1.-The governments
lons planned suit TO break up tho So
called steel Trust was begun here to-
day In the United States circuit
court. 1t is the most sweeping anti
trust action ever brought by the dc
partnlent of justice. The govern
ment asks not only for the dissolu-
ton Of the United States Steel COR
porntion, but for the dissolution OF
all constituent or subsidiary com
panics which are alleged to have
combined in violation OF the Shcr-
man law to maintain or attempt 10
maintain a monopoly OF the steel
business.
There arc thirty-six subsidiary cor
porations nained; as dependents.
j. Pierpont Morgan, John u.
Rockefeller, Andrew Carnegie, Chas.
NJ. Schwab, George w. Perkins, e.
III. Gary, Johu ID. Rockefeller, .Ir..
Henry G. Flick. Charles steele,
James Gavlcy, William II. Moore, j..
II. Moore. Edmund G.. Converse, Per
ciyal Roberts. Jr., Daniel G.. lteadc.
Norman =. lseam. L. a. /. Widucr
and W. +. Palmer are named inuivid-
ually as defendants.
Lewis w. Hill. James j. hin. Wal
ter n. Hin, j.. T. Nichols and j.. II.
Grubcr are named rs trustees in con-
ncction with the ore companies.
Ore Lease Attacked.
The steel corporations lease OF the
Great Northern railways orc proper
ties which the directors OF the steel
corporation yesterday formally de-
cidcd to cancel is alleged TO be Illegal.
This action Of the directors was talk
cn but a few hours before the filing
OF the bill. The government ac-
knowIcdges that it was advised Of
the steel corporations intention in
this respect, but states that under
the terms Of tho lease no cancellation
would be effective until January 1,
1915. aud; there is no limit upon the
The amount Of ore that can be taken
IN in the meantime.
Sensational allegations fairly top
pic over each other in the govern
ment's petition which is at equity
proceeding praying for injunctions
TO stop continuance OF the alleged
monopoly and such other relief as the
court may grant.
Tho steel corporation acquisition
of the Tennessee Coal and Iron COM
pany during the panic Of 1908 is de-
c]ared Illegal ant; scathingly critics.
cd. The petition declares that +. II.
Gary and Henry G. Flick misled form
er President Roosevelt when they
toldfilim that bu, little benefit will
come to the steel corporation from
the purchase
Deceived Roosevelt.
Tho president" it says. was not
made fully acquainted With tllc state
or affairs ,is1t New York relevant to
the transactions os they existed. If
lie had been fully advised he would
have known then that q desire to
Stop the panic was not the sole NOV
ing cause but that there was also u
desire and purpose TO acquire con-
troll Of a company that had
recently assumed q position Of po-
tential competition of great signiii-
canoe.
cit is certain that the corporation
awaited itself of the embarrassment
of Moore and Schley (New York
brokers who had large holdings OF
Tennessee stock) at a most critical
period, and the hammering OF the
Tennessee stock and the threatening