The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1911-08-11
CORPORATION
REGULATIONS
ANTIQUATED
u. W. Perkins Makes Recommends
tons to Reform United States
Control of Business.
EXISTING LAWS ARE
THREATENING BUSINESS
Denies Steel Trust Was Responsible
For Panic That Occurred
in 1907.

WASHINGTON. Aug. lO-Georr.
W. Perkins. financier and director n,
the United States steel CORPORATION
made some striking Recommendation,
today. with reference 10 the go,7
ernmens control of corporations
witness before the House steol ,rus,.
investigating committee. he declared
that existing laws We're seriousI,
threatening his business interests anf
thelr rlGld enforcement Was render
ing II impossible for corporations u
continue operations i'm conformit,
with the statutes.
Mr.. Perkins went over a vrido rarc,
OF subjects. lie touched on needed
reform in the laws. discussed the ex
lstlng conditions OF CORPORATIONS ant
pointed out changes that couId n,
made by congress in the financial svs
ZEN OF the country. some of his OBJ
servatiOns follow:
Ihat great corporations. grown M
under demands of existing conditions
could no longer successfully exist nm
der the Sherman antitrust law, n
now rlgidly enforced.
That the government dissoIItio,
OF the Standard oil Company serve,
as waving OF a rcd flag of warnin,
10 every corporation ia the United
States
Federal Price Regulation.
Ihat something OF constructiv,
nature must be done by Tho GOVERN
ment with reference To the contro
OF corporations and rather than IN,
present conditions 10 confiuuo
would be better 10 20 to the limit -
permitting government regulation q
prices.
That the very .rcason subsidiar,
companies OF great corporation car
violate the law without knowl,acc o
the Officers OF the holding compau,
Is the law which prevents such cor
poration from operating and rul.af
inc subsidiary concerns. instead o.
merely advising them.
That one great stride toward avert
ing financial panics I'm New YorI
could be made IL the govcrnmen
would prevent banks In Chicago ant
the middle west loaning m>ncv OF
call in New York during the summe.
at cheap rates. and suddenly callins
II back in the fall for the crop move
ment, making high money and trouble
IN the New York market.
That the establishment Of a gov
ernment bureau which could give ac
curate Information 10 tho public a!
TO the condition OF corporations woulC
be an active inducemcnt 20 the peo
pie 70 make wise investments
That one Of the most striking De
velopments OF the present system o
conducting business on a large scale
is the dividing OF great interests int
the hands OF many investors. rathe.
than conducting them iu the haudi
OF a few"
Very Forceful Statements.
Mr.. Perkins made the foregoing OBJ
sorvations during the third day o
his examination by the steel commit
tee inquisitOrs. and 40 times ,c wa
eloquent and forccful ia his deciara
lions. He frequently emphasized hl.
remarks by waving his arms. pound
Ing upon the witness table with hlr
fists and rising from hl= seat 20 ad
dress the committee. When the com
mittco adjourned Dat. today 90 hat
not concluded with Mr Perkins. ant
again tomorrow ho will take ttl
stand. lie has been held longer D.
The committee than any witness since
the hearing began ldst May
Mr. Perkins made other interesting
statements Ilo said there was toe
much alarm over 'hc cry of an ore
monopoly ln tie country. ana thl
valuable ores constantly were htiui
discovered and ores set uuayaiiabi'
were being studied and soon wouit
be- available The witness denounced
a. an Infamous falls ,nOd' th.
charge that tho panic OF l!.l was pre-
clpitatcd for the purpose of uininf
certain bankers lIc stated cmphau
cally thai tho corporation WAS no
opposed fo organized I1bUr hut 90
sisted merely upon thc rIrlt to rm
an open shop
ON tho question of wages the wn
ness declared 30 always bad been IN
policy of the steel corporation to mair
tain wages ilc related lrH iu i90
be- and ludrc Gary. with 'ho ac1mof
conce ~ Il Ticrpont N.reln aud o.
G. Frick. had refused tr cHf wages
when William g. Cnr.t th.1 pres
dent and other directors url,i cuf
because comi.ett.l htd sltshc
prices and reduced ua.,t
Representative UeaI r Texas. q