The Birmingham age-herald., 1911-11-30
Recommends License


 Judge Gary recommended federal license Of corporations, their control by trade commission, the publicity of all their af- fairs, and the sanctioning of certain acts which the commission might consider mot to be restraint of trade.'
 Ha aset,ised to appear aeair hefc' lln Sofnfrfttee next week.
 How would the commission know al agreement amcrg steel men to fix tlie price of rails at S2S was not restraint Of trade?' asked Senator Cumnins.
 Ut would soon become competent to know that" retorted Judge Gary, "as the interstate commerce commission has he- come competent to decide whether rates are just and reasonable.'
 The speaker declared unrestricted com petition meant the ruin of the small individual or concern and the gradual strengthening of the natural monopoly of the larger. As opposed to this he urged that the government recognize the need of partial agreements between cor porations and individuals so that an ac- tual competition might still be main tained that would be fair and free to all Interests.
 "Is there any particular thing now clearly forbidden by the sherman law that you think ought to be permitted?" asked Senator Cummns.
 MT. Gary thought not, but he said the business difficulty lay in deciding be- forehand what amounted 'to a restraint of trade"
 Gary Dinners
 The famous Gary dinners where steel magnates gathered to discuss their af- fairs were not to fix prices, but rather to disclose their business wholesomeness to each other, lie said.
 Every man there could go away with a full knowledge Of his competitors af- fairs and could shape his business so as not to ruin his competitor," said Judge Gary.
 Judge Gary added that he had not dared even to hold these conferences . lately: that there was no means of knowing exactly what constituted a vio- iation of the sherman law, and that some governmental commission likewise ought to have power to pass on agree ments or mergers that would rebound to the public good, and at the same time benefit the industrial interests concerned
 Congress should test the decision of the supreme courts right to test tlts law. said James Gray of the University of Minnesota, who followed MT. Gary.
 We have apparently come to point where the national legislature" he said. ''is about to be abolished The courts a who interprets the law is actually the one who makes it."
 Professor Gray recommended the insti tuition of commission to interpret the laws. thus forcing upon the supreme court test of that body's powers. He said that combination among industries must come about as a natural develon- ment and that the government should control these combinations through an administrative commission
 Prices Advanced
 New York. November 29.-An ad- vance of s1 to s1.50 ton in the nric.s of steel bar for delivery after Januars 1 was announced today by the Re- public Iron and Steel company and th. United States Steel corporation. Jobn A. Topping of the former concern made public statement to the effect tha steel bars will sell hereafter. spot de- livery at $1.10 Pittsburg basis and s1.15 for future delivery. The Steel corporation announced that it was selling bars for delivery durinr ths first quarter of 1912 at s1.15 and ar S1.10 spot.
 Orders for steel are coming at the rate of about 10000 tons a dav tb's Steel corporation announced, and one,- htions are now about T5 per cent of ca pacity. If orders increase the oner ations of the plant will have to be ex- randed to take care of them the an nouncement continued.
 Brokerage and banking houses to day received a request from the Unit ed States Steel corporation for list of shareholders in the corporation. The steel organization. it is understood is seeking to learn the actual number of its shareholders in order to show J. that steel shares are not concentrated kin the hands of the so-called "steel nterests,'' hut are generally dstrtb- Pdted over all the world, Thousands of shares are held by individuals in the so%s nonsss. /SSlkSssraFe and banking Tho Dryi lrs A4 promised that any