Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1915-06-04
FEDERAL COURT
DECIDES |NFAVOR
OF STEEL TRUST
Renders Unanimous Deci-
sion, Refusing Petition
for Dissolution.
FINDS NO VIOLATION
OF ANTITRUST STATUTE
Keynote of Entire Opinion Is
That Case Is One of
Business Facts"
FEATURE OF STOCK MARKET
Expected That Appeal VIII Be Taken
to United States SUI
preme Court.
FEATURE OF STOCK MARKET
Expected That Appeal VIII BE Taken
to United States SUI
preme Court.


STAGES District Court for New Jersey
today handed down unanimous deci-
sion refusing the petition Of the Fed
eral government TO dissolve the United
States Steel Corporation.
As against the government, the court
refused to dissolve tho corporation,
holding that In acquiring it's foreign
and home trade the concern did not
violate the Sherman antitrust act. and
refused all the injunctions prayed for
by the Department OF Justice.
AS against the Steel Corporation. the
court held that the committee meet
ings participated in by % per cent OF
the stec! trade OF the country, includ-
ing the Steel Corporation. subsequent
70 the famous Gary dinners of eight
or nine years ago were unlawful com
+ bina,ions 10 control prices. but, as
these meetings had stopped before the
government filed its complaint In Oc-
tober, 1911. the judges held that there
was no occasion for an injunction.
The opinion Of the court suggests
that such practices lie within the
province Of the new Federal Trade
Com mission, but adds that II their re-
petition is apprchended. the court WILL
on motion OF the government. retain
Jurisdiction OF the case for that par
t!cular purpose.
PROCEEDING LARGELY ONE
OF BUSINESS FACTS
\ synopsis of the decision of the
senior judge. Joseph ]. Burlington, pre-
pared by direction Of the court. states
that the keynote of the entire opinion
is that this case, proceeding under
the sherman antitrust law, is largely
one OF business facts"
In another part ot the opinion the
court states that the real test OF
monopoly Is not the size OF that which
is acquired. but the trade power of
that which is not acquired"
IF mere size were the tcs' OF
monopoly and trade restraint" the
court said, further on. we have not
one. but half dozen. unlawful monop
ol!es in the large department stores
OF single city
The court found nothing wrong in
The Steel Corporation acquiring the
Tennessee Coal and Iron Company dur
ing the financial panic of 1907. and this
indirectly approves the attitude OF the
Roosevelt administration in not inter
ferinG with that deal. on this point
the court held that the output of the
Tennessee company at the time was
only IL per cent of the country's total
output; that up to that time it had not
been a business success; that its ulti-
mate success was doubtful, and in
yolved a further outlay OF SIS 900, 900,
and that the purchase of the Tennessee
property as well as OF several other
steel concerns earlier in the history OF
the big corporation. was made in fair
md no. ncs
exertion Of ones right to contract for
ones benefit unaccompanied by a
wrongful motive to injure others"
With regard to Andrew Carnegie,
whom the government charged was a
marty to the unlawful combinations"
the court found no proof that he ac-
cepted any other relation in the forma-
/. tion OF the Steel Corporation than
that OF seller of his stocks and bonds,
and the court declared to be true Mr.
Carnegie's statement that he disposed
of his interests in a desire to retire
from the hazards and responsibility of
active business Four judges. Buff
inrton, Mcpherson, Hunt and Woolley,
sat in this case
APPEAL. TO SUPREME
COURT is PROBABLE
trict court, IL was heard on a writ of
expedition by the judges of the Third
judicial Circuit, who form the Court of
Appeals. The next step will be the
fling OF formal decree, and the gov
ernment then proba bly, will take an
appeal TO the Supreme Court of the
United States.
o. Judge Burlington wrote the principal
opinion and Judge Woolley concur
ing opinion. in which Judge Hunt
oncurred. The court stated that all
the members were in agreement as to
the decree. although not in complete
accord concerning every step by which
that result is reached.
The suit, instituted by the govern
ment, was prosecuted by Jacob FL. CAL
lnger.
The decision of Judge Burlington is
4 discussion Of the business of the
steel Corporation covering it's ten