The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1911-06-09
G a ry Believes Present
Statutes Are Entirely
Inadequate.
ASKS COMMITTEE
TO LEND IT'S AID
Steel Corporation Always Willing
to Stay Within Laws Con
fines, but 1t Wants to Know
Just What Law Is-Re-
peats Views on Gov
eminent Control.

Washington, June S-Le gislation to
replace the Sherman antitrust Law
SO as to protect property interests and
the peoples welfare alike, was urged
By L. H. Gary. chairman of the board
| OF directors OF the United States Steel
| Corporation, in concluding his testi-
mony to-day before the House So
called Steel Trust Investigating com
| inittee. Judge Gary said he hoped
the committee. in It's report on the in
! vestig ton, would give the United
States Steel Corporation what the com
| mittee thinks ought to be the CORPORA.
1 tons standing under the law
| Il WISH said he. that this com
/ niittee Will take advantage of its OPP
\ portunity to suggest Legislation and
use It's influence to bring about the
/ enactment of proper legislation CAL
eulated to properly protect the prop
/ erty interests of the country, the in
| terests Of the government and the peo-
pie at large. SO as to TO permit us to
| continue business progress along lines
of prosperity.
whnt Country Needs
"Constructive legislation Is what is
needed In this country IL we are to
retain our position In the ranks with
| q.
! Would you believe It sensible"
asked Representative Littleton, TO
have Congress appoint a joint commit
tee 10 hear representatives OF capital
| and of Dor, and OF so-called restrain
! cd and unrestrained trade. with View
to preparing an ANTITRUST law which
| would correct features OF the Sherman
law or errors that might have come
| through court decisions on that law.
and TO strengthen and elaborate that
| law?"
Yes do" responded MIR. Gary,
and would be glad 10 have such an
Undertaking result in something more
practical. and to be the first one TO
ifali into line to live UP 70 such law
4 The So called Gary dinners.", VIII ere
| steel menof the country acquainted
/ each other with all facts relating to
/, their business and suggested the main
tenance OF prices to prevent ''des;ruc-
| tive competition" were delved into by
the committee. Representative Bean
sought to show That the result OF those
| understa ndings was tontamount to a
| signed agreement to control prices.
violation OF, the Sherman antitrust
| law.
Il have stated repeatedly" said Mr..
Gary. that believed-and all OF US
in the steel business believed-that
open and frank disclosures TO each
other OF our business conditions and
! suggestions as the best interests Of
| all brought about an equilibrium in
| the trade and prevented destructive
4 competition.
One Qucstion Involved.
The only question involved in those
| dinners is whether 1t is good law or
good morals 10 endeavor by friendly
intercourse to maintain TO reason
able extent an equilibrium of bus
mess and prevent destructive compe-
tition.
III the Department of Justice or the
| President should say that this is not
! the right thing to do IL would not
! be continued for one minute.
III the members of this committee
believe 1t Is better for all concerned
[ in this country for the steel interests
| to enter into destructive competition
! than to try TO legally maintain an
equilibrium Of business, it Is up to
] you" IA
| air. Lindabury, counsel for the
United States Steel Corporation, refer
! red to the efforts OF men in the steel
industry through the Gary dinners, as
| an attempt to put into practical oper-
alton the golden rule
You mean the steel rule, don.t
] your" asked 4hr. Littleton.
Mr.. Gary declared he had made no
attempt to disguise the fact that the
l =
| tain prices as near level a possible
| through friendly interchange of Ideas
| for the purpose of getting between
the restraint Of trade and monopoly
provisions of the Sherman law, on one
hand, and destructive competition. on
the other. He had never stood for
unchanging prices. he declared but
against wide fluctuations.
| Mr.. Gary's attention was again
| called to his former dacla 49,, 4I,,.
he favored government control OF cor
| porations. He said that he would have
the government license corporations
engaged In interstate commerce
first deciding whether it was
SO entitled under, the antitrust law.
He would make. the license revocab,e
! for misconduct. but In all cases would
retain the right of appeal TO nc
courts. which right, he added. lis the
! salvation of this country"
What He Thinks of Wall Street
His opinion CT Wall Street was
| drawn out when he was asked con-
corning the capitalization of the
United States Steel Corporation and
| concerning intrinsic values The capt.
taiization Of the steel, company, he in
! sisted, was not too great In view Of
the additional value given all compa.
| mics included when they were com.
| bined into one growing vitalized con-
Germ. ms lf
| Intrinsic values" Mr.. Gary said,
ARE not always strictly regarded, pa r.
| ticularly in New York. There are
times when people in the market IN
| Wall Street pay little attention to In !.
trinsic values Personally, I do not
know much about wall Street, but do
not care about Wall Stroet, but i do
know that the selling price OF securi-
ties in Wall street Is a times largely,
the result of manipulation That is
sad commentary. but 1t is true Wall