The Detroit times. [volume] (Detroit, Mich.) 1903-1920, 1911-06-02
GOVERNMENT must
CONTROL ALL B|G /
CORPORATIONS
E. H. Gary, President Of United
States Steel Corporation, Says Alb
solute Supervision Is Positive
Necessity.
Tells Investigating Committee Sher-
man Law Is Inadequate To
Protect Public.

WASHINGTON, June 2.-Absolute
government control and supervision OF
great combinations OF capital Is q
positive necessity, Ebert III. Gary,
president OF the steel trust, told the
Stanley investigating committee to-
/ day.
Il think IL is question of great Inn
portance," said Gary, "as to how the
| people shall be protected against
| great organizations OF capital. per
sonally believe that the Sherman anti
trust law does not and never can fully
prevent the imposjtions OF big aggre-
cations OF capital. The time must
come, in my opinion, when there must
be absolute governmental supervision
and publicity of all the affairs OF the
big corporations"
do you mean government control
OF prices?" asked Chairman Stanley.
Yes, prices and everything else"
said Gary. 80 far as / myself and
our corporation Is concerned, | would
be glad IL we could do TO some respon-
sible governmental authority and say:
Here are our facts: here Is our prop
erty; here are our costs and produc-
ton; and they could tell us Just what
prices 10 charge and just what we
could do"
DO you think you could turn to gov
ernmental regulation without the ulti-
mate end OF governmental owner
ship?" demanded Stanley.
We'll, the government regulates ma
tional banks and railroads to a more
or less extent" replied Gary.
That. an international iron and
steel institute, worldwide in scope,
| to prevent destructive Quotations OF
steel prices" will be proposed and
probably will be formed at a meeting
of the steel magnates OF the world to
be held In Brussels, July and g.,
was admitted today by Mr.. Gary. ON
the stand before the Stanley steel In
vestigation committee.
Gary explained the aims and oh
} jects of the American Iron and Steel
, Institute. after which the big world
( wide combination. would. he modelled
! Severely grilled by Chairman Stan
ley as to the purpose and methods OF
: the American Iron and Steel Institute
!. Gary declared that II was originally
2 tformed to prevent 'runious competi
ton and price cutting" and to main
tain business equilibrium" in The
steel industry.
Stanley who, yesterday. demanded
: specific information as to the inten-
lions of the steel masters to form q
worldwide trust kept steadily after
the magnate regarding the proposed
international agreement. Finally
Gary said:
nd Irnr n
stitute recently invited several for
eign manufacturers TO visit this coun-
try. They were here for several days
and were much impressed with the
methods OF the American lror and
Steel Institute AS result OF that
visit, a meeting has been called for
I July and 6, IN Brussels, and rsTss
4 sentatives OF all the steel making
countries OF the world have been in
vited TO attend At that meeting IL
will be suggested unless | am con-
vinced that IL would be legally pr
morally wrong, that the steel makers
of the world form an association sim
| liar to the American Iron and Steel
/ Institute.
| II do not wish intentionally to
place myself in a position OF violat-
! ing the law or doing anything that
would not be for the best interests
| OF the people. These are my sei,ti-
ments and those of the finance COM
mittee OF the United States Steel Cor
/ poration."
What will this proposed interna-
tional association do besides prevent
.Ruinous price fiuctuationsT de-
manded Stanley.
1T will discuss moral, ethical and
| sociological questions connected with
,CoptInacd ON page I5D.