The Richmond Virginian. (Richmond, Va.) 1910-1920, 1911-12-08
Judge Gary Tells Commit
Of Senate Much About
Big Corporation
BENIGN ADVICE TO
GENTLEMEN IN N
Senator Pomerene Asks r.
tinent Question and =
Told How the Trust
Was Organized

WASHINGTON, D. c., Dec. 7.-
are the chief points in the t09t1n4
of Judge Ebert H. Gary. tho uI
OF the steel trust before the 01
committee on interstate commsscG
day:
1--WE, the United States Steel C
! pany, keep about 100000 on 49,
In the banks Of the country. VI
we can shift about where 1t 10 No.
by our business. saSa
I'VE could undersell our compe4
and still make a profit. Asoo9
that We have power to fix prices
assuming that we are not cOntEN
by the Sherman act. we could Ao1
competitors out OF business.
I'VE do about IS per cent. At
| foreign steel business done by Arr
can concerns; about IS per cent t
the domestic business.
II do not deny that the men 81
formed the syndicate which dmaN
the corporation realized large pEf|
believe In the sharing Of proflt1 ~
consumers and employees, but
| could be carried SO Ear as to dop9
the incentive Of those In CONTROL IL
laborer IL worthy Of his hirA
Il am In favor OF a commission T.
power to fix maximum prices ard RI
prove trade arrangements bokWN1
competitors subject to review " E
courts (this emphasized). ! 49,
favor OF anything that will fix reeUQ
stbility and insure publicity.
In my judgment It would b unNl1
for Congress to limit capitAltn041X
The dissolution OF the corporAtior IL
t.. t~S
ducts, transportation and mAnuf40e
suit in higher prices.
"On a basis OF the Original cot
J the subsidiary companies the ut9oo@
/ poration IL over capitalized. On II
| basis Of tho actual values In my nG1
| ion II is not.
The estimate of over cApItalf18{1
to the extent OF 3500.000.000 doeo r
take into account the value Of tn n11
pany as going concern nor Tho (
| crease Of value OF raw products sss
We cancelled our lease In the 1o11
ba ore district embracing perhap
per cent Of our Northern ore pFel
ties partly for business reasons
partly of criticism OF the ioaoeo
fore the Stanley committee. W1
not want to do anything that vii
be approved by Congress, tho do
ment of justice. or even BY ~
sentiment"
Advice to Government
Judge Gary spent the greatar
, OF the day telling the committees II
the government ought to manaGas
great corporation. OF which ~
chairman Of the executive boat
the real head. M
He was questioned in turn
Senators Clapp. Cummins. Popsee
Brandegee. Gore. Oliver, Lippftt
! Townsend.
Most Of the senators assured
/ that they were not making aaY
cusations against the Steel
Whenever he hesitated somebody
him he needn't answer the Gu
II he didn't want to.
Judge GSry's attitude was 49,
a man giving benign advice III
/ tiemen much In need Of Il. U13
sisted that he was strong for, -
ment regulation OF the biz O.
ttons--always with review ~ W
1 courts. He pictured the dtrecfoa s
the Steel Trust as chiefly actuoA
the highest business motives
| perfectly willing to take WhSX
big profits were imperviOus u
| ctsm and that generally thaI
eager to abide by the laws kn61
| was OF the decided opinion thn
dissolution OF the Steel Truat
result in an immediate rise a.
and would play havoc with
/ terest of the 10000 sharehol1
the country. Judge Gary has q
out-turned lighting nose. ~
mouth, with muscles below tf1
have been trifle Over-dovolu1IN<
=, pulling It down 1T the coSl
slightly over-hangtng brow.
short gray moustache. Hio
confined to q small iron GraS N
above and behind his ears
He was clearly DESTROYS of
! over" everything he said. H
ured his words carefully. -
small blue eyes seemed to IT,
a. he pondered his answere
than to return the seaPchtn9 r.
OF the senator's
J. p. Morgan himself .coan<
have been treated with moru ~
than was this square built
headed general director Or ~
gan's greatest financial crool
The shining mahogany tabto
which the senator's were rnl
the marble trimmed hoarinm s
In the Senate Office buildtnn
we'll have been q directors
the Steel Trust odices, viii
Gary laying down the polsuS
pursued BY the governmenf
! would map out the policy
great corporation. some az
ators gulped when be tod
having $76,oo0.0e0 ON hAn&