The Sentinel=record., 1911-08-11
ON
 LAW MAKING
TELLS COMMITTEE WHAT LAWS ARE NOT NEEDED TO CON.
 TRoL CORPORATIONS.
Says Sherman Law is IntoIerab;e and That Big Corporations Cannot Exist Under it if it is
 RigidIy Enforced.

Washington, Aug. 10.-George w. Perkins, financier and director of the United States Steel Corporation, made some striking recommends tions today with reference to the governments control of corporations. witness before the house steel trust" Investigating committee, ne declared that existing laws were ser iously threatening big business in- terests and their rigid enforcement was rendering it impossible for cor lporations to continue operations in Iconformity with tht statutes.
 MT. Perkins went over wide range of subjects. He touched on need ed reform in the laws, discussed the existing conditions of corporations and pointed out changes that could be made by congress in the financial system of the country. Some of his observations follow:
 That great corporations, grown up under demands of existing conditions, could no longer successfully exist un- der the Sherman antitrust law as now rigidly enforced.
 That the governments dissolution of the Standard Oil served as a way ing of a red flag of warning to ev- cry corporation !n the uuited States.
 That something of a constructive nature must be done by the govern ment with reference to the control ot corpolatlons, and rather than TOT present conditions to continue, II would be better to go the limit oL permitting government regulation ot prices.
 That the very reason subsidiary companies of great corporation can violate the law without knowledge of the officers of the holding com pany is the law which prevents suc1 a corporation fsom operating and ruling the subsidiary concerns, in stead of merely advising them.
 That one great stride toward avert ing financial panics in New York lcould be made if the government would prevent banks in Chicago and the middle west loaning money on call in New York during the summer at cheap rates and suddenly calling it back in the fall for the crop move ment. making nigh money and trou- ble in the New York market.
 That the establishment of gov. ernment bureau, which could give ac Icurate information to the public as to the condition of corporations would be an active inducement to the people to make wisss investments
 "I'nat one of the most striking de- lvelopments of the present system oi conducting business on a large scale is the dividing of great interests in- to the hands of many investors rather than concentrating them in the hands of a few.'
 MT. Perkins made the foregoing observations during the third day oi his examination by the steel commit tee inquisitors, and at times he was eloquent and forecful in his declara ltions. He frequently emphasized ms remarks by waving his arms, pounu- ing on the witness table, with ms lists and rising from his seat to au- dress the committee. When the com mittee adjourned late r0Cay it had not concluded with MT. Perkins ano again tomorrow he will take the stand. He has been held longer De fore the committee than any witness since the hearing began last May.
 Mir. Perkins made other interest ling statements. He said there was too much alarm over the cry of ar lore monopoly in the country and tna' valuable ores constantly were beina discovered and ores now unavailable were being studied and soon woulC be available.
 The witness denounced as an m famous falsehood.' the charge tha the panic of 1907 was precipitated fol the purpose of running certain bank CTS He stated emphaticaiiy that tn' steel corporation was not opposed Il Organized labor but insisted merei. upon the right to run an open slnop
 On the question of wages. the VII ness declared 1t always Na1/oeen tn policy of the steel corporation t, lmalntain wages. He related how Il