The Daily Ardmoreite. [volume] (Ardmore, Okla.) 1893-current, 1915-06-04

the result of power exerted over
trade by such vast combination.
II was further charged by the gov
eminent that many millions of dol
lars were issued for mere promotion
and underwriting. the petition stating
that Morgan & company and the syn
dicate il represented receiving S25,-
GOO 600 in cash and their expenses,
services, and risks and sl29,9sS, 16S
of stock OF the corporation.
The Steel Corporation acquired
works, the petition stated, with an
annual capacity ranging from about
60 TO So per cent of the country
production, with the exception OF pig
iron. spiegel and ferro, which was
43.2 per cent.
The petition also charged that sub
sequent to the formation of the cor
poration numerous companies were
absorbed to suppress competition, in
Guiding the Tennessee Coal, Iron and
Railroad company, which was acquir.
ed during the money panic of 1907.
BY the acquisition from the Rookie
fellers of the Lake Superior Consoli-
dated Iron Mines and allied trans
portation companies for more than
$50 100000; the leasing of the Hill
ore deposits and the absorption of
the Tennessee company with its large
ore holdings, the government charged,
the steel corporation achieved COM
mandiDg position over its competitors
in the matter of ore Owership and
transportation, and that through the
acquisition OF the II. G. FriCk Coke
company it controlled large areas of
the hes, coking coal lands in western
Pennsylvania.
The petition further said:
1T controls over $50 companies.
From the time of its organization
down to near the time of the filing
of the petition, it, by the paricipa-
ion of various of its subsidiaries in
unlawful pools, agreements. assoca-
tons, meetings, and undertakings,
and from time to time, and over long
periods of time, helped to control and
maintain prices of various steel pro-
ducts artificially, thereby subiecting
the public to unlawful tribute.
Through interlockine directorates
II achieved and has maintained a
power to exercise vast influence over
the commercial and financial affairs of
the country and thereby advance it's
interests to the detriment of its com
petitors. Thirteen of its directors
| were variously directors in trust com
| panies, banks. railroad companies. and
other large consumers of steel pro
ducts"
The government alleged that the
corporation, as well as the formation
of several OF it's subsidiaries were in
contravention OF the law and urged
that several of them be divided and
| placed under separate control. with
no stockholders in common, and with
the result that no person or company
should control works whose produc-
tiOn exceeds a percentage TO be fixed
by the court OF the countrys entire
production. The maximum production
suggested was 10 per cent.
Separation both from the corpora
tion and from each other of its ore
| carrying railroads. and the divorce
of the Tennessee Coal and Iron com
pany were included in the requests
The government asked also that
Andrew Carnegie be adiudged party
to the unlawful combination" and
TO rule that he took the - of
The corporation with all the infirmi-
ties attaching 10 such participation. "
\ receiver was also asked to take
over all the dissolved properties and
| 10 Tt'bNtT from lHp ShHuifdlt sun
>cr.hers and promoters the difference
between the par value q, the stock
| received by them and the case value
of the properties or services given
heretofore. in order that restitution.
% 'ar as possible. he made to the
other stock holders.
Only one Of the three Judges who
were on the bench when the suit was
fled figured in the decision, Judge
| William NJ I.anuinc having died and
! Judge George Gray having retired
/ from judicial lie When the case
came up for final arsumen; in Phila-
| delnhia in October 1914 j; vas heard
by Judges Burlington McPherson.
Dwho succeeded Judge Lanningl:
Woollcy. appointed in Judge Gray's
place: and Hunt, who was called in
10 sit on the case. The argument
| consumed eight days.
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