Bisbee daily review., 1911-06-14
GARYS PHILOSOPHY
 STRICTLY MODERN
CBoston News Bureau.))


 cant chapter to the economic chronicle of the time. Alike in tenn per and contents. they would be dubbed iconoclastic by old-school magnates and economists. Their sweeping frankness is ar the very antipodes from the old haugthy se- recy; their concepts would be frowned upon as rank and radical heresies
 Such a school of thought-to Judge Gary as archaic as is the Sherman law ftsels-cgung to two herent sanctity of individualism. unchecked by government: the oth- CT, Inc sacredness of competition. Such a school would have heard with amazema1t the Gary declara-
 ion that government might well regulate prices for the products of industry. It would have been only less startled at his gospel of cooper ation among trade competitors.
 His la est sermon on the latter text. containing a yelled excommuni- c;stion of Republic steel, expounds at length the philosophy of dinner table cooperation It does not mean secret and Illegal agreement as 10 price or territory; it does mean, when analysed. little more than the swapping of information in a broth erly sharing of what were once bought trade secrets Each competi- tor would trust the others with pock- etbook or order book; trust sup Ilants trickery in trade relations.
 Is not this largely a commendable adaptation of a growing practice in another line--that of banking? It duplica es the credit bureaus that the banks are finding so helpful to each and to all A kindred protection against interruptions customers in either steel or credit. is afforded. EXchange of information does not prevent compe' ition in the money market: it need not in steel.
 But the larger aim is the stabil- ity of prices. And this idea is like wise the handspring of ,he Gary suggestion of government regulation It gracefully accepts. also, the mod ern tendency toward increased fed eral jurisdiction. Indirectly. if not direC ly, the judicial and legislative branches of government have been drc ~- N~---~-- r~- r-lway prof it's The machinery of iuauisition is now at hand. to reveal inordinate in- dustrial returns; t is easy and plausible to use it for regulation as well as ascertainment.
 The process might be cumbersome and not very flexible: il could gov ern only essentials. not details. But VT h the responsibility and the pow CT vested in government, there cer- tainly should accrue a large meas use of stability. Ina, undoubtedly. is the valuable recompense held in mind by Judge Gary for what must to semi-socialism. Government will at intervals, after examination, post fair prices for staples-peThaps max mum and minimum.
 The celebrated quotation of S2S for rails is a case in point At times under the old regime. the price would doubtless have varied Sl0 either way; but at he begged price. the producer and the consumer both fnew where they stood. and in the long run neither gained much on the other To be sure, there is dis parity in cOsFs at individual mills but that is Q perennial factor. and would merely emphasize the huctu- alton and '.he confusion il there were no stable price. Steel rails are simply a pioneer instance. Were there a similar standard for copper. say fl cents, it. would doubtless be more welcome to. the iNaugg uck val lev than have been the wild price gyrations Of copper history. Some H Inf rosts. would, like some rail mills. be assured handsome dividends. bIE that would be merely the good for tune belonging in any sphere to the most efficient The industry and the country would profit in overshadoW- ing degree.
 Under such price standard supply and demand come still nearer abro- gation. Neither side can make haul" Im5ussrial corporations will become the risk bearers for the community as against inevitable fluctuations in raw materials-witn lean and fat seasons averaging up. The consumer can reckon ahead just as the householder now does on his coal bill. Only. let the basic price be fair
 Here also. q may be surmised, may we find some of the meat in Judge Gary's words. He is not solely the theorizing prophet of co-opera- fion and control: he sees the prac- tical value thereof 70 United States Steel. just as he discerned the val De to 1t of publicity The informa- ion bureau brand of cooperation wfU 5est. serve sthe Steel corpora ton. as agaiust the petty haras'f ments of the small fry. And if Un- cle sam puts the price tags on steel wares. the Steel corporation. with its mulatudinous activities. will be euaram eed the lions share of prof it under any schedule fixed as fair for the whole country
 Judge Gary is not a socialist. He Is philosopher: and his philosophy is the lucrative. not the impecunious kind