The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-06-04
FOREIGN Trade Upheld.
TENNESSEE COAL DEAL
UPHELD BY THE COURT

The subsequent acquisitions OF several
properties, including the Tennessee Coal
and Iron Company and the James J.
Hill ore properties, were then consid-
cred as TO whether or not they showed
an intent by the Steel Corporation TO
~monopollze.
As to the Tennessee Coal purchase.
the court said that on the one hand II
was alleged hat the Tennessee COM
pany was "A corporation of great power
and that its purchase was for the pur-
pose OF suppressing competition oil the
other hand, II was contended the COM
petition of the Tennessee was OF small
relative moment, and its purchase was
practically forced on the Steel Corpora
ton to avert the panic OF 1907.
After citing the testimony, which in
cluded that OF Col. Roosevelt and his
communication with Attorney-General
Bonaparte. the court held that the Ten
lessee production at the time was only
IL per cent. that up to that time 1t
had not been a business success tnat
It's principal product. rails. was made
at n loss that its ultimate success was
doubtful and involved a further outlay
Of SIS, 900, 600. and that this purchase.
as well as the purchase of the Shelby
Tube Company, tho Union Steel Com
Idny ana Tue ,ldlTAOl Stttl COMPANY
were made In "A fair business course and
were the honest exert!on Of ones right
to contract for ones own benefit, un-
accompanied by any wrongful motive to
injure others.
As to the Hill leases. the court held
the lease gave the Steel Corporation the
option to cancel, and that as this power
had been exercised before the bill was
filed and the lands surrendered to the
owners they ceased to be a mater
Of concern.
The Gary Dinners.
The court then considered the Gary
dinners and the committee meetings OF
different branches of the steel trade
which followed them. These meetings
we're attended by some 20 or Is per
cent. OF the steel industry In addition
to representatives OF the Steel Corpora
ton, In all about 80 to rs per cent. OF
the steel industry of the country.
The court then quoted the concession
In the Governments petition that 1T Is
not here alleged that merely assembling
and mutually exchanging information
and declaration of purpose amounts to
an agreement or a combination In re.
straint Of trade" and said
with this concession We are In full
accord. In these days every large bust
ness has It's societies and association
and these meet periodically to exchange
information OF all kinds. TO compart
experiences, to take notes OF improve
ments In machinery or process, to dis
cuss problems and generally to profit by
the interchange OF ideas and a study OF
observed facts.
when the business Ia manufacturing
OF course all this has direct hearing OF
the subject of prices and those con
ferences may therefore consider tina
subject specifically. 1t is probably un
usual. however. to find such a meeting
making a declaration of intention 4
charge such and such prices. although
a mere declaration to hat effect coulC
hardly be regarded az unlawful.
Freedom OF speech and freedom o
individual action are Justly priced II
American society. and no Legislation
forbids men to come together and speal
freely to a C other about every detai
OF their common business.
And II each individual should choose