Tulsa daily world. [volume] (Tulsa, Indian Territory [Okla.]) 1905-1919, 1914-10-21
10 MILLION ENOUGH
Profit SAYS ANDY
BEGIN ARGUMENT OF U. S.
STEEL TRUST DISSoLU-
TON CASE.
Opening Statement of Govern
ment Consumed All Time
Yesterday.

DHlIADELpHIA, oct. 20--Argu-
l. ment in the suit Of the federal
government TO break up tho United
States steel corporation ON the ground
that combination Of It's subsidiaries
is u violation Of the antitrust laws
was begun here today before four
Judges sitting as the United states
court for the district of New jersey
Jacob NJ Dickinson, former secre-
tary Of war, who has been in charge
of the governments side of the case
since it was Instituted IN October,
1911, took up the entire day IN pre-
sentiLg the prosecution and VIII con-
tinuc tomorrow,
The entire week win be taken up
by the final arguments Of the counsel
for each side.
Nothing New said.
Tho opening days argument pro-
duccd no sensations and thore was
little brought out that was new
Counsel for the government told
the court that the billion-dollar cor
poratlon, in magnitude and strength,
Is the greatest combination of capital
ever brought together under one con-
trol.
Mr.. Dickinson told how the five
great Industrial and financial inter-
csts camo together and formed the
steel corporation In 1901.
The fWo great interests he named
were headed by the late j. T. Morgan.
Andrew Carnegie, W. II. and j. H.
Moore, John W Gates and John H.
Rockefeller. IIo went into intricate
detail to show how the steel corpo-
ration's capital Of moro than $l,4OO,-
100000 was made up and he charged
that more than $500, 100000 OF this
Is in water.
in continuing Mr. Dickinson told
how the steel corporation and It's sub
salaries kept up prices and he
charged that tho men at the head OF
the big corporation in every way pos
sible restrained trade and crushed out
competition. The famous Gary din
ucrs were touched upon at great
length.
Deceived President,
The purchase by the steel corpora
tiOn of tho Tennessee Coal, Iron u
Railroad co. during the money panic
Of 1907, In which President Roosevelt
figured, was also touched upon. Mr..
Dickinson said that the steel corpo-
ration did not purchase tho Tenucs-
see stock from the New York brokers.
who were said 10 be I'm financial trou-
bic, through any patriotic motives to
prevent the panic from spreading, but
to get control Of the company. lie
made no reference to former Presi-
dent Roosevelt, but in the brief filed
by the government. II was set out that
tg.... - !
ration, who went to Washington to
consult with Mr.. Roosevelt over the
propriCty of purchasing the Tennes-
see stock from the New York brokers,
had deceived the president as to the
amount OF stock held by the New
York firm
In the course OF his argument, Mr..
Dickinson read letters and minutes
Of corporation meetings. one letter
that caused a smile to 20 round and
lcsseucd the sOlcmnlty OF the court
room was one written By Andrew Car
negio at Skibo castle, Scotland, IN
1893. II appears that Mr.. {, rnegie's
company. with the Illinois Steel and
other concerns, were I'm a steel rail
pool.
Carncgic's Letter.
Mr.. Carnegie wrote a letter 10 his
company which appeared on the min
utes, stating that the Illinois company
was ninety million tons ahead OF its
proportion OF the steel rail business
and that 1t was bad policy TO allow
the Carnegie c0mpanys proportion Of
orders 10 fall below that OF others.
"If you can fill next year at present
prices, you have at least forty million
profit-but II may be fifty. TO want
more than that seems wicked" said
the letter
At another time when competition
was brisk before the days OF the steel
corporation. and there was a scramble
among manufacturers for business.
Mr. Carnegie wrote TO his partners:
"If | were car | would make no
dividends upon common stock, save all
surplus and spend 1t for hoop and
cOtton-tic mill. for wire and nail mills,
for tube mills. for boats upon the
lakes. for our manufactured articles
and bring back scrap"
Richard V. Lindabury Of Newark.
n. j., will open the argument for tho
steel corporation tomorrow after Mr.
Dickinson concludes. There Is long
q l..st -. l.s. .s.a