The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1911-06-09
BELIEVES THE
STEEL PEOPLE
OBEY THE LAW
Judge Gary Sees No Harm
in Little Dinners Where
Maintenance of Prices
Is Suggested.
HOPES CONGRESS
WILL LEGISLATE
Desires Permit to Continue
Business Progress, With
Opportunity to Ap-
peal TO Courts.


replace the Sherman antitrust law to
protect property interests and the peo-
pies welfare alike was urged by Ebert
II. Gary chairman of the board OF di-
rectors OF the United States Steel cor
poraton. in concluding his testimony to-
day before the house so-caled ''steel
trust Investigating committee
Judge Gary said he hoped the commit
| tee in its report would give the United
States Steel corporation what the COM
mittee thinks ought to be, the corpora
lion's standing under the law,
Il wish said he. this committee
would take advantage of It's opportunity
| fluence TO bring about the enactment OF
| proper legislation calculated 10 protect
the property interests Of the country. the
| interests of the government and The
people at large. so as to permit us to
continue business progress along lines Of
| prosperity
Representative Littleton. "to have con-
sress appoint joint committee to hear
| representatives of capital and labor and
OF so-called restraints and unrestrained
trade with view to preparing an anti
| trust law which would correct features of
! the Sherman law or errors that might
| have come through court decisions on
| that law. and TO strengthen and elaborate
that law"
Would Fall Into Lire.
eyes I do" responded Mr.. Cary. "and
would be glad to have such an un-
derstandlng result in something more
practical and to be the first one TO- fall
| into line TO live UP 10 such law"
The so-called Cary dinners where
steel men acquant each other with facts
relating to their business and suggest
the maintenance OF prices 10 precent de
| structive competition were delved INTO
by the committee. Representative Bean
sought to show that the result OF those
understandings was tantamcunt TO
l control DrlcGS-3
violation OF the Sherman ANTITRUST law.
Il have said repeatedly. said Mr.
| Gary that / believed. and all of us in the
steel business believe. that open and
| frank disclosures to each other OF our
business conditions and suggestions as
to the best interests OF all brought about
an equilibrium in trade and prevented de-
| structive competition.
The only question involved in these
dinners is whether ii is good law or good
| morals 10 eDdcavor by friendly inter-
course, such as has been described by
me, 10 maintain To q reasonable extent
an equilibrium Of business and prevent
! destructive competition.
| III the department of justice or the
| president should say that this is not the
right thing TO do. IT would not be con-
tinued for one minute.
Up to the Committee.
III the members of this committee be
lieve il IS better for all concerned in this
country for the steel interests to enter
! into destructive competition than TO try
/ legally TO maintain an equilibrium OF bust
ness. IL is up 10 you.
IF YOU want 10 take the responsibility
on behalf of the government OF saying
destruction would be better than for the
steel interests To confer with eacn other
and for the maintenance of ruinous pol
iCes whereby the strongest would sur
ylve and the weakest go down and bust
ness generally he demoralized. we VII
not oppose your acticn, but we believe
we have done the best thing We could
do under the law through the main
tenance of friendly relations"
did you not mean TO accomplish tho
same result, through your friendly inter
change Of ideas at the Gary dinners
as would have been accomplished hy a!
Illegal agreement to control prlces?'
Mr.. Gary replied that this was not Sc
in his opinion that whatever had beer
/, done was legal and The men who at.
free 10 do as they pleased. but that hon
es. disclosure of competitors price!
placed men on their honor to secl! tc
maintain prosperous conditions
Mr. Lindaberry. counsel for the United
States Steel corporation. referred 10 tn
efforts of men in the steel industr.
to put into practical operation the COLDER
rule.
Attempt to Maintain Prices.
Mr., Gary said he had made no attemp
To disguise the fact that the steel me,
of the country sought 10 maintain price
as near a leve! as possible througl
friendly interchange Of ideas for the pur
pose of getting between The restraint o
trade and monopoly provisions OF th
4 Sherman law on one hand. and destruC
tive competition on the other. He ha
never stood for unchanGing prices. ne de
. Clared. but against wide nuCtua tions.
. The recent action OF the Republic Iro
& Steel company In reducing prices. h
said, was because officials of that com
pnny had decided not To cooperate wit
others I'm the industry. which proved, h
! thought, that there was nothing bindin
in the Gary dinner deliberations.
o Mr. Gary's attention was again Calle
= TO his former declaration that he favorc
C government control of corporations II
= said he would have the government Ii
u censc corporations engaged In interstat
e commerce. first deciding whether II wa
}. so entitled under the antitrust law:
c He would make the license reNocable "a
| misconduct. but in all cases II should re
8 tain the right of appeal TO the cour
I which right, he added, 'is the salvatio
=, OF This country.
e Opinion of Wall Street.
II His opinion Of Wall street WAS draw
out when he was asked concerning III
corporation. and concerning jntrlns
values. The capitalization Of the ste
], company. he insisted not too grca
u in view OF the additional value given a
companies Included when they were con
"A biued into one growing, VltaliZed coDcerl
a. Intrinsic values Mr.. Gary said. .'ai
If not always strictly regarded. particular
,c in New York. There times who
III people in the market in Wall street pD
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