The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1911-08-11
Director of United States
Steel Corporation Gives
His Opinion as to the
Needed Reforms.
OIL DECISION RED
FLAG OF WARNING
Impossible for Great Cor
porations to Exist Under
the Anti Trust Law as
Now Enforced.

TASHlNGlONs Aug lu'-Seot &c
NM w, Perkins. fnancier and direc-
wv tor OF the United states Steel
corporation, made some strik-
ine recommends iions today with
reference to the govern rnmcnt's control OF
corporal tions. 4 witness before the house
"steel trust investigating committee, he
declared that existing laws were serious
" threatening big business interests, and
their rigid enforcement was making 1t
impossible for corporations TO continue
operations In conformity with the stat
utes.
Of SUBJECTS. He touched on needed re-
form In the laws. discussed the exist
ing conditions OF corporations and point
ed out changes that could be made by
congress in the financial system Of the
country. Some of his observations fol-
low:
''That great corporations. grown up
under demands OF existing conditions,
could no longer successfully exist under
the Sherman antitrust law as now rig
idly enforced.
the Standard OIL served as a waving Of
red flag OF warning to every cor
poration in the United States.
THAT something Of a constructive ma :
with reference to the control OF cor
pora tions. and rather than for present
conditions to continue II would be bet
ter to go the limit OF permitting govern
ment regulation OF prices.
Why Law Is Violated.
THAT the very reason subsidiary COM
panles Of a great corporation can vio-
late the law without knowledge OF the
officers OF the holding company is the
from. operating and ruling the subsidiary
concerns Instead Of merely advising them.
That one great stride toward avertinG
financial panios In New York could be
made II the government would prevent
banks In Chicago and th. middle west
loaninR money on call In New York dur
ing the summer at cheap rates and sud
denly calling II back In the fall for the
trouble In the New York market.
THAT the establishment OF govern
ment bureau which could give accurate
information to the public as TO the con-
diton OF corporations would be an ac-
tive inducement to the people to wise
investments,
THAT one of the most striking develop
ments OF the present system OF conduct
ing business on A large scale Is the di
viding OF great interests into the hands
Of many investors rather than concen-
trating them In the hands or a few"
Mr. Perkoins made the foregoing op-
servatlons during the third dav OF his
examination. and at times he was elo-
ouent and forceful in his declarations
by waving his arms. pounding on the
witness table with his fists and arising
from his seat to address The commit
tee.
Mr. Perkins again tomorrow will take
the stand.
On the question OF wages the wilt
ness said II had always been the policy
OF the Steel corporation to maintain
wages. He related how, IN 1909. he and
Judge Gary, with the ac1uiescence OF
j. P. Morgan and H. c. Frlck. had re-
fused to cut wages when William /
Corey. then president. and other direc-
tors urged cut because competition had
slashed prices and reduced wages.
Representative Beall, after other mem
ness in a long review OF the bond con-
version plan OF the Steel corpora t!on
whereby per cent preferred stock was
converted into 5 per cent second mort
gage bonds $50 900, 900 OF which stock
was turned In by a syndicate of stock
holders, asked: