Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1911-06-09
GARY RECOMMENDS
SUBSTITUTE FOR
SHERMAN LAW
WOULD PROTECT PUBLIC
AND BIG BUSINESS ALIKE
Chairman of Steel Corporation
Concludes Testimony Before
House Investigators By Sug-
geStion Of Needed Legislation

IBy Morning Journal Special leased wirel
Washington, June S.-Legislation to
replace the sherman antitrust law. to
protect property interests and the
Albert II. Gary chairman OF the
board of directors of the United
States steel corporation, In concluding
his testimony today before the house
so-caled steel trust" investigating
committee.
Judge Gary said he hoped the COM
mittee In its report would give the
United States Steel corporation what
the committee thinks ought to be the
corporations standing under the law.
II wish" said he this committee
would take advantage of its opportun-
ity to suggest legislation and use its
influence to bring about the enact
ment of proper legislation calculated
to protect the property interests of
the country. the interests of the gov
ernment and the people at large, SO
as to permit us to continue business
progress along lines of prosperity"
Would YOU believe 1t sensible,
asked Representative Littleton, TO
have congress appoint joint COM
mittee to hear representatives of cap
ta and labor and OF so-called re-
strained and unrestrained trade With
a view to preparing an antitrust 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?'
"Yes, | do, responded Mr. Gary
"and would be glad to have such
an, understanding result in something
more practical and to be the first one
to fan into line to live up to such a
law"
The so-called Gary dinners where
steel men acquainted each other With
facts relating to their business and
suggested the maintenance of prices to
prevent destructive competition
xore delved into by the committee
Representative Beall sought to show
that the result Of those understands
ings were tantamount to 4 signed
agreement 10 control prices--a viola
tlon of the Sherman antitrust law.
II have said repeatedly" said Mr..
Gary that ! believed, and all OF us
In the steel business believed 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
the trade and prevented destructive
om9ettion.
THE only question involved in
those dinners Is whether II is good law
or good morals to endeavor by friend
ly intercourse, such as has been de-
scribed by me- to maintain to a
reasonable extent an equilibrium OF
business and prevent destructive COM
petition.
"If the department of justice or the
president should say this is not the
right things to do It would not be
continued for one minute.
III the members of this committee
believe it 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 business 1t Is np 10
YOU
Mr.. Gary was asked concerning
statements of value placed by Andrew
Carnegie upon his steel properties
II understand that DIR. Carnegie Is
to be witness before this commit
tee" said Mr. Gary with smile,
"and | am sure he Is a good judge
of values, particularly regarding ms
own property. When Mr.. Carnegie
appears / am sure this committee VIII
hear about some very high valua-
tions."
The committee In eXcuslng Mr. Gary
asked him to hold himself under the
subpoena and to rGurn II his pres
ence was desired.
you know ! plan to go to Europe,
said Mr.. Gary.
"Go ahead" said Chairman stan
ley. "That will make no difference.
You viii return before long and If the
committee wants you It can get you
Than