United States Steel: A Corporation with a SoulCotter, Arundel
History
United States Steel: A Corporation with a Soul
Cotter, Arundel
United States Steel Corporation
Next the Court considered the subject of restraint of trade in the
export or international field and found that: “we are warranted in
holding that the foreign trade of the Steel Corporation, its mode of
building it up, and its retention when built up, are not contrary
to the Sherman Law. To hold otherwise would be practically and
commercially to enjoin the steel trade of the United States from using
the business methods which are necessary in order to build up and
maintain a dependable business abroad, and if the Sherman Law were so
construed, it would itself be a restraint of trade and unduly prejudice
the public by restraining foreign trade.”
On the charge that the inherent nature of the Corporation was
monopolistic, that the object of its organizers in bringing it together
was for restraining trade the Court says, in part:
“In view of the fact that the proportionate volume of competitive
business has increased since the Steel Company was formed and that
the proofs show no attempt by it to monopolize it to the exclusion of
its competitors, to now attribute to those who formed the Corporation
an intended monopolization would be to say that, having formed the
Corporation for the purpose of monopoly, they immediately abandoned
such purpose and made no effort to accomplish it.”
The Court disposes of the matter of the purchase of the Tennessee
Coal, Iron & Railroad Co., and of other purchases of steel properties
criticized by the Government, by saying: “We cannot but feel, in the
light of the proofs, that they were made in fair business course and
were, to use the language of the Supreme Court in the Standard Oil
case, ‘the honest exertion of one’s right to contract for his own
benefit unaccompanied by a wrongful motive to injure others.’”
Perhaps the most important point of divergence between the two
opinions lies in the fact that Justice Woolley, with whom Justice Hunt
concurred, held that it was the original purpose of the organizers of
the Corporation to restrain trade. These judges found, however, that
the big company did not attempt to exert a power, if it possessed
it, to destroy its competitors; they say: “Upon the finding that the
Corporation, in and of itself, is not now and has never been a monopoly
or a combination in restraint of trade, a decree of dissolution should
not be entered against it.”
In denying the petition for a dissolution of the Corporation the Court
stated that it would, if requested by the Government, retain the bill
of complaint to restrain further action of this sort by the defendant
corporation.
Public-domain text, read in full here on John Shaqi.
Reviews
Reviews
No reviews yet
Be the first to share your thoughts on this work.
Elsewhere in the archive
Join the Discussion
Join the discussion
Sign in to leave a comment or review.
Sign InorCreate an account