New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-11-23
DINERS HEAR ATTACKS
ON ANTITRUST LAW
Senator CumminS Urges Defining
What Is "ReaSonabIe" and
What Is Not.
TALKS TO ECONOMIC CLUB
Samuel Untermyer Argues for
Federal Charters-Regulation
by Congress, Littleton's
Remedy.

gatherings al a dinner in recent years In
this city the Sherman antitrust law was
generally and il some instances spe-
officially attacked by the speakers at the
first dinner of the season of the Eco
nomic Club at the Hotel Astor last
night.
More than fourteen hundred members
and friends of the club filled the grand
ballroom to overfowing and listened to
the discussion of the subject, Govern
ment Regulation Of the Trusts. with
Special Reference 10 the Sherman Act
John G. Milburn. president Of the Eco
nomic Club, presided. The speakers were
Senator Albert Baird Cumniins. of Iowa;
Chancellor James r. Day, of Syracuse
University; Samuel Untermyer and Con-
gresham Martin w. Littleton.
Attorney General George W Wicker
sham. a. Barton Hepburn. president of
the Chamber Of Commerce, and ]. Pier
pOnt Morgan We're recorded as guests of
hCnor, but Mr.. Wickersham and Mr..
Morgan We're unable TO attend. Men
prominent in all the professional and
business walks Of life in New York oc-
cupied the three hundred or more small
tables, and there were many women In
the galleries and boxes
inadequate, Says cummns.
Senator Cummins criticised the Sher-
man law as inadequate to meet the pur-
poses for which it was intended. He
maintained that the law with all the
decisions which have been rendered un-
der it by the courts, does not furnish the
guide which business can fairly demand.
He was strongly opposed he said. 10
giving the government any power by
which it would seek to control the big
business combinations by fixing prices,
as has been suggested by some law
makers.
Mr. Untermyer suggested legislation
making effective dissolution DEGREES and
regulating the trusts. He advocated the
issuance Of federal charters. or licenses.
10 all corporations doing an interstate
business, and the appointment of an in
dustrial commission similar TO the Inter-
state Commerce Commission, to see that
the law was inforced.
He characterized the outcome of the
| Tobacco Trust case as "puerile," and de-
clared that the whole subject should be
| taken out of politics and put in the
realm Of economies, where it properly
belonged.
Chancellor Day also was severe in his
structures, and declared that the law
/ should be repealed, because it restrained
trade and destroyed traders.
SAYS Commerce Is in Danger.
| He declared for monopoly in preference
to ruinous competition, and said that
the statute under which the government
has brought its recent antitrust suits
was paralyzing the commerce OF the ma
| tion.
! Senator Cummins laid down seven
propositions i'm regard 10 which he said
/ he believed almost every one interested
not in form. Referring TO one of his
rules" he said:
/ II IL is true that some combinations or
agreements u restraint Of trade or com
merCe are reasonable AMI therefore law
4 ful and some are unreasonable and there
| fore unlawful. must at least describe
/ sheen and goats so clearly that an honest
man Of average intelligence Will know
/ from the beginning of his venture whether
/ he Is a sheep or goat II is most dis
I coiuaging 10 90 on for years believing that
/ you are the one ana then be told by the
/ court that you are the other
To put IL in a more serious phrase. I'm
our day aDd with our development and
with our glimpse Of the day to come and
/ the development to come. il Is i'm the high
! est degree essential that the standard OF
| reasonableness, or unreasOnabeness, TO be
/ aup,lcd to a trade agreement or practice
/ sbsll be so we'll defined that all law abid-
/ ing citizens can apply II TO their business
/ affairs with certainty and therefore with
safety.
/ & doubt would always ex,1t in regard
| 10 q large class Of combinations and
agreements as TO whether they trans
eressed the meaning Of the law he said
Economic Views of Justices.
Each case would remain in that state
until it had reached the Supreme Court
# the United states, and there would be
adtudged lawful or unlawful, according
IN the individual economic views OF the
several justices. lie added:
10 state what is restraint of trade is
5ia1c,,It enough but to say what is an un-
d,,a ar unreasonable restraint OF trade Is
girorIv TO declare ones judgment OF the
offert of n combination, or agreement. upon
thc rublic morals, the public welfare and
u. Lrommon good. ! cannot escape the
conclusion that the men OF this country
Continued ON second page.