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STEEL TRUST MEETS CUT STREET NOT MUCH EXCITED Continued from first page. Tobacco Stock Sells Above 500 referred to the Trust Company of AmerBefore News Is Out. ica with the intention of deliberately or maliciously causing a run upon that institution. REST OF MARKET DULL Mr. Thorne, he said. might not have accepted his interpretation of Mr. Perkins's remarks. Mr. Stone said he had Suspense and Desire to Spend not read Mr. Thorne's statement as to To-day's Holiday in Open Air Mr. Perkins's actions. He said, however. that he considered Mr. Perkins's Reasons for Inactivity. original statement about the Trust ComEvery one had expected that the decision pany of America unwise. although he in the Standard Oil case would be adverse did not attribute to Mr. Perkins any mato that company, but there were many who licious intentions. held the belief that the Supreme Court Mr. Thorne was asked if he had ever would not order a dissolution of the Amertalked with Mr. Perkins about the stateican Tobacco Company their impression being based upon the fact that the Circuit ment. Court in its decision in November. 1908. "Oh. yes," he said, "several times. Mr. finding that there existed a restraint of Perkins and I are on friendly terms. and commerce did not touch upon the charge If he says that he cannot recall the exact of monopolization made by the government circumstances, why, what is one to do?" against the Tobacco Company, and also that that court found that there was "an Thorne Saw Mr. Morgan. absence of persuasive evidence that by "On the day the statement appeared," unfair competition or improper practices inhe continued. "I came to my office at dependent dealers have been dragooned 6:30 a. m., and the Perkins committee. into giving up their individual enterprises which was then investigating the condiand selling out to the principal defendant" tion of the company. did not arrive until (the American Tobacco Company) Moreover, it was recalled that the lower 7:30 o'clock. Meanwhile, the statement court had dismissed the government's pehad appeared in print. I went to see tition as to three of the defendant comMr. Morgan about it. of course. panies: that the decision of the court was "I had known him long and rather innot unanimous upon all points, as was that timately. and he said to me: of the Circuit Court in the Standard Oil knew your father and your grandcase. and that all of the judges had decidfather. and you know that I am telling ed that no receiver should be appointed for any of the companies. a procedure you the truth when I say that I knew which the Supreme Court now indicates as nothing whatever about that statement a possibility. "I am onfident that this was true and As on May 15. when the Standard Oil dethat he knew nothing of it. If he had, It cision came out, the decision yesterday was would never have been issued. Now the announced long after the close of the stock Perkins committee never finished its inmarket. it being well on toward 5 o'clock vestigation of our condition: that work when the tickers began to print the sumwas done later by a committee appointed mary of the points of the Supreme Court's conclusions on the case. The market had by various trust companies which came to our aid. Henry M. Francis, secretary been lifeless during the session up to 2 o'clock, the uncertainty regarding the Toof the Morton Trust Company: George bacoc case tending to restrain operations. H. Church. and Benjamin Strong. of the The fact that the conference of steel manuBankers' Prust. Mr. Morgan came to facturers called by Judge Gary to consider my aid with $10,000,000, and he indirectly the policy to be adopted in view of the Reinduced certain trust companies to help public Iron and Steel Company's price cutwith $15,000,000 more. When they did ting was still in session also operated. in a so, I was asked If could pay back the smaller measure, to curtail activity in loan in eighteen months. I answered stocks. that I could in ten. And though I was Delay Makes Market Dull. warned not to make any rash promises The announcement at 2 o'clock that the to pay it back. I paid in nine months." court would take an adjournment until 3 One of the men at the steel confero'clock ended whatever hope might have ence yesterday gave some figures showexisted that before the close the fate of the ing the value of the Tennessee Coal and Tobacco company would be known and enIron Company to the Steel Corporation. lightenment might be had as to what con"The Tennessee Coal and Iron Comstitutes a "reasonable trust." and the mar. ket dragged along as before, closing with pany has contributed very little toward net price changes which in only a few inthe earnings of the Steel Corporation," stances exceeded fractional proportions. he said. "Its net profits for the ten The American Tobacco has not. like the months ended October 31, last, were a Standard Oil Company, announced that it little more than $2,000,000, equal to has prepared no tentative plans for reabout 6 per cent on its common stock, organization in anticipation of an adverse for which the Steel Corporation paid ending of the government action against about $120 a share These earnings are it, but no intimation has come from any authoritative source as to the form which in face of the fact that there has been the reorganization now compelled to be spent for new construction for the Tenmade is likely to take Whatever plan shall nessee Coal and Iron Company since be.settled upon. the common stock holders 1907 close to $15,000,000." of that company are in a strong position, Judge Gary is to go to Washington on and the strength of the issue shows their Wednesday to testify before the Stanley confidence that all will be well with them committee. He said yesterday that the The common stock. which closed on Saturday on the curb at 484. opened yesterday at finance committee of the Steel Corpora490 and advanced to 510, closing at 505, a tion would meet this week on Wednesnet gain of 21 points. It sold as low as 450 day instead of Thursday, and that he on the day of the Standard Oil decision, would leave here for Washington on and a week later on May 23, had risen 70 Wednesday night. points to 520, a new high record. VI am prepared to give the facts and The stock was brought out at the end of all the truth." was all that he would 1904 at 250. and for a long time held at about that figure. gradually rising then to say about what he would tell the com513 in January, 1906. its high record prior mittee. to Tuesday of last week. It was then payThe meeting of the manufacturers was in 2216 per cent yearly dividends. against held at the Metropolitan Club and was 40 per cent now In 1907 in the panic preceded by a luncheon given by Judge period, the stock dipped to 1741/2, the diviGary The discussion began immedidend in that year being 25 per cent. In 1908. in which year it paid 321/2 per cent ately after the luncheon and lasted until dividends, it moved between 210 and 395. late in the afternoon. Judge Gary gave In 1909 the dividend was advanced to 35 per out the statement of the prices decided cent, and an additional 5 per cent was on at the Waldorf last night, The stategiven to the stockholders in the following ment follows: year. Representatives of the leading manuTheory of Advance in Price. acturers finished steel (not including the Republic) met at luncheon at the One surmise as to the reason for the Metropolitan Club to-day and existing conditions were fully discussed It was sharp advance in price after the Standard the unanimous opinion that co-operation. Oil decision was that the controlling inas heretofore fully explained should be terests in the tobacco company were precontinued Opinions were expressed that recent developments seemed to require paring for a possible order by the Supreme some changes in prices. Court for its dissolution, and had planned Cuts In Many Products. to exchange its shares for securities in subsidiary companies, which would be listSubsidiary companies of the United States Steel Company have decided to ed on the New York Stock Exchange and make adjustments to become effective. would find a readier market there If their June 1. 1911. and It is believed these will bringing out price should be based upon a be generally followed The commodities affected with new prices are as follows: high quotation for the stock of the old Steel bars (15 cents per 100 pounds off) company $1 25 base There is outstanding $78,689,100 6 per cent Plates and structurals (5 cents per 100 pounds off. $1.35 base. cumulative preferred stock of the AmeriBlack sheets (20 cents per 100 pounds off) can Tobacco Company, which is listed on 2 cents per pound for No. 28 gauge the Stock Exchange. It closed yesterday Galvanized sheets three cents a pound, No. 28 gauge. at 1011/2. This issue has preference as to Blue annealed sheets 10 cents per 100 assets in case of liquidation of the compounds off) $1 50 a pound for No. 10 pany to its full par value and accrued gauge Steel billets four inches square and dividends It has no voting power at an larger. $21 per gross ton. election of directors or at any meeting of Sheet bars, $22 per gross ton stockholders, except as expressly provided All prices. f. b. cars. Pittsburg. effective June 1911, for shipment prior to by statute. October 1. 1911. The 6 per cent bonds. of which $53,341,300 There was no cut in either wire or wire are outstanding. were issued in exchange products or steel rails. The bulk of the for old American Tobacco Company preferred stock and Continental Tobacco Comoutput of the wire mills has been conpany preferred. The $47,705,200 4 per cent tracted for for some time ahead. while bonds were, with the 6 per cent stock, exthe manufacturers have contended right changed for the old Consolidated Tobacco along that as a result of greater exac4 per cents, while the American robacco tions as to quality the cost of producing and Continental Tobacco common stock rails has advanced from $2 to $3 a ton. received in exchange common stock of which, they say, is equivalent to a rethe present American Tobacco Company duction in the price. Rails have reThe 6 per cent bonds closed yesterday at 1093 having advanced 13 points and the mained stationary at the present price Is closed unchanged at 85½ Neither of of $28 a ton since 1901. Structural steel these securities is a mortgage issue, and and shapes in large sizes are not made by the fact of the wide divergence in price the Republic company and the cut does between them makes it open to question not affect them. that the plan of reorganization following When John A. Topping, chairman of the dissolution directed by the highest the board of directors of the Republic court will involve their retirement. as each company, was told last night of the deof the issues is entitled to receive par in the event of dissolution. like the preferred ision of the onference to make a genstock. which is ruling close to that figure. eral cut in the prices of all the products
