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Newspaper
Boston Post
Location
Boston, Massachusetts, United States of America
Date
Oct 28, 1911
Page
9
The Steel corporation denies allegations in a dissolution suit and announces an immediate public response. The market reacts with a frenzy as Steel stock plunges from 58 1/2 to 55 1/2 amid heavy trading, while the preferred shares slide and overall volume reaches 696,000 shares.
General stocks were dragged by the movement and railroad and industrial shares fell 2 to 5 points. In the afternoon the market recovered some losses and closed with prices well above the day’s lows. United States Steel common rose to 62 68 and the preferred to 106.
The government delayed serving about sixty subpennas against United States Steel Corp. amid awaiting Washington orders. In Trenton, court officials and district attorney prepare for a lengthy proceedings, with Judges Lanning Gray and Buffington to hear the case and potential dissolution of the steel trust following past anti trust rulings.
In a dispute over Tinols mine operators both sides accepted US decisions that sent the workers back to work. Judge Joseph Bufington of Pittsburgh rose from district to circuit court and issued a dissent in the commodities clause case. Gray and Dallas held the clause invalid in favor of railroads. Buffington, born in Kittanning, PA, 56, is a Trinity College graduate and long-time judge.
The United States Steel Corporation will face the government in a dissolution suit with a December 4 start before the U.S. Circuit Court in Trenton New Jersey. Expectation is to file an answer by January 2 1912 with possible delays and appeals leading to the Supreme Court.
President Taft defended his administration against political motives in the U S Steel prosecution remarks he would enforce the anti trust law to the letter He spoke in Chicago during a three day visit joined by key officials including Fisher and Meyer and attended by many senators and party leaders for a packed program of mining taxation and civic events
Washington officials say Supreme Court oil and tobacco rulings should not guide the Steel Corporation case. Attorney General Wickersham insists each trust matter must be judged on its merits and warns a return to pre trust conditions is impossible. He notes no clash with the Stanley committee and calls the DOJ suit a legal effort to enforce the law.
Double virtues purity and price unite to satisfy in Snow's Liquors. Bottles hold true half pints pints and quarts with full tested gallons. The jugs and service are described as enduring at 59 North Market Street, OPEN UNTH.
Henry J. Higginson, president of the Lee Higginson Company, warned last night that the steel slump will cause suffering for investors and workers. He blamed government actions against steel makers for the drop, doubting Sherman law violations and predicting an eventual withdrawal of prosecutions. A dozen bankers and brokers echoed caution, while few could forecast the suit’s outcome.
In Brockton Massachusetts Judge Joseph TF Quinn sentences 22 year old Gladys Byer of Montello street after pleading guilty to disorderly conduct. She selects life exile and leaves by train for New York.
Ephraim Adams, a descendant of President John Adams, died yesterday at his Arlington home. He was a longtime Boston bookkeeper and was born in Portsmouth New Hampshire in 1828.
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