Perth Amboy evening news., 1911-06-09
GARY FOR LAW
TO FIX PRICE
Steal Corporation Head Fa-
vors Federal Control.

Washington, June 9.-Judge e. H
Gary of the Steel corporation conclud
ed his testimony before the Stanley
house investigating committee by urg
ing a federal license law under which
all great corporations could get gov
eminent sanction for methods and
prices.
Judge Gary suggested that under a
federal license system directing heads
of great business enterprises could
submit their business operations, cost
and selling prices to some authorized
government official. If the selling
price Is exorbitant this official could
direct its reduction. If the bushes ;
methods be bad the license could be
revoked and the corporation kept out
of interstate business. Appeals should
be permitted to the courts.
He approved the suggestion OF Rep
~resentative Littleton that congress ap
point a special commission to draft
antitrust legislation to cure defects In
the Sherman law.
The suggestions go far beyond the
plan outlined In President Tafts vol
untary federal incorporation law and
carry into general business the system
which has been put into practice by
the government in dealing with the
problem of railroad rates.
When asked about price regulation
at the SO called Gary dinners he said
these had been calculated to influence
people to maintain prices"
The head of the steel corporation
fastened to add that this influence was
entirely within the Sherman antitrust
law, but members of the committee
were persistent in their efforts to have
him explain if this mutual exchange
Of information among manufacturers
did not accomplish In effect what the
Sherman law was designed to prevent.
Judge Gary In the curse of his testi-
mony added several interesting state
ments to the views that he had already
expressed in regard to the future of
Industrial corporations in this country.
The other day he declared that en-
forced publicity and enlarged federal
control, ever to the extent Of fixing
prices, would be desirable. Now he
expands that statement, explaining
that he had In mind a federal licensing
plan, the license to be revoked in the
event of the corporation violating the
law. Judge Gary added, however,
that he would give corporations the
right of appeal to the courts.
l. C.u- ta-t1A1 bnrC Of rho
committee when he readily Endorsed a
suggestion that a joint committee of
congress be created to obtain the
views Of both capital and labor in re-
gard to the strengthening and elabo-
ration of the Sherman antitrust law.
81 would welcome such a plan,"
said Judge Gary.
The statement of the steel corpora
hon chairman was surprising to mem
bers Of the committee chiefly because
they believed the big industries of the
country were firmly opposed to any
further tinkering with the antitrust
law.
Judge Gary also had several state
ments to make in regard to speculative
Wall street, which he characterized as
a good place to avoid. Judge Gary In
timated that he practiced what he
preached in this regard. He promptly
defended ]. P. Morgan when his name
was mentioned In this connection, de-
claring that Mr.. Morgan was not a
Spectator"
Judge Gary's ordeal on the witness
stand ended and Chairman Stanley
thanked him for his frankness and
willingness to assist the committee.