The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1911-06-09
ANTITRUST LAW
Continued From rirst Pags.)

but that honest disclosures OF COM
peutors prices placed men on their
honor 10 seek TO maintain prosperous
conditions. Mr.. Lindabury, counsel
Tor the United States steel Corpora
ton. referred TO the efforts OF men
IN the steel industry through the Gary
dinners. as an attempt TO put into
practical operation the golden rule.
You mean the steel rule. don't
Sou,' asked Mr.. Littleton.
Maintaining Prices.
Mr.. Gary declared he had made no
attempt TO disguise the fact that the
steel men OF the country sought 10
maintain prices as near a level as
possible through friendly interchange
OF IDEAS Tor the purpose OF getting be-
tween the restraint of trade and mon
opoiy provisions OF the sherman law
on one hand. and destructive competi-
tion on the other lie had never stood
ior unchanging prices. he declared.
out against wide fluctuations.
ne recent action OF the Republic
Iron steel Company in reducing
prices. he said VAS because officials
or that company had decided not 10
cooperate with others in the industry
which proved. he thought. that there
was nothing binding In the Gary din
ncr deliberations
Government Control
Mr.. Gary attention was again
called 70 his former declaration that
he favored government control of cor
porations. He said that he would
nave the government license corpora-
| uons engaged In interstate commerce.
| hrst deciding whether b. was So on
| Titled under the antitrust laws. He
would make the license revOcablc for
| misconduct, but i'm all cases would re
: tain the right OF appeal 90 the courts
( which right. DC added. is the salvation
/ of this country"
His opinion OF Wall street was
; drawn out when ho was asked con.
corning the capitalization OF tho
/ United States Steel corporation and
/ concerning intrinsic values. The cap
italIa'lou of the steel company. ne
insisted. was not too great ia view O.
D. 'he additional value given all con!
panies included when they were com
h'ncd INTO one growing. vitanzed
concern
Wall Street Views.
Intrinsic values" Mr. Gary said
/ ar" not always strictly regarded par
tcuiari} Iu New York There are
times when people On the market .u
, Wall street pay little attention 10 in.
trlnsIc values. Personally ] DO not
know much about Wall street. do
not care about Wall street. hut ] 90
know that the selling price OF sccur
tiles boz Wal! street Is az times largely
the result Of manipulation. That i-
b % sad commentary bur 10 Is true
Wall street. Mr. Chairman. is good
4 place Tor you and 70 keep away
from
/ Mr. Gary was asked concerning
statements OF value placed by An
drew Carnegie upon his steel proper
. ties
"l understand that Mr. Carnegie is
l 90 Dee witness before This commit.
te"' said Mr. Gary with q smile. and
| D am sure that be- s. GOOD judge OF
/ values particularly regarding his own
F properties When AIR. Carnegie 40
pears ann sure This committee vu.
B hear about some hush valuations
The comu.ffc boo cvcusiuc Mr. Gary
late This afternoon asked him 'o hold
himself under subpoena to return 81
Dis presence Was desired
James Gat.oy. former vice Pre-i
d'r' o' fle stool corporation VIII he
fhc first witness Tomorrow