New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-06-09
GARY ADVOCATES
FEDERAL LICENSE
,,,cps Legislation That Will Pro-
u'ssy w., interests Of Corpora
vi tions and Government.
ocfENus STEEL DINNERS
Are for the Purpose of Pre-
'u', ',,;np Destructive Compe-
Keep Away from
wall Street. He Says.
-. - TrIhune Rufeau.

,,.,-, The Tribune luieau'I
,,n,,on. June S.-Urging legisla-
,.,lace the sherman antitrust
ton y ,svocating the licensing of cor
a~ Won. %o BY the federal government eX-
Io'S"' cav closed his testimony before
l''.S .osciai House committee which is
'.'..,rating ~ the United states S'ee!
..,on - to-day. He was excused
Oa.s ~ ,ps understanding that he would De
".re5 '@J in rebuttal' if needed
- -. Cary said he hoped the commit
''1 80 report on the investigation
w a,yo the Steel Corporation what
'0''r .,n,i,,ee thought ought to he the
'' .o,,,n,s standing under the law.
%,, y .,,.br he said. that this commit
ronld take advantage of its oppor-
- suggest legislation and use its
.a.,c. - 10 bring about the enactment
,,ooar legislation calculated properly
...ect the property interests OF the
Tho interests Of the government
- no people at large. SO as to permit
:. continue business progress along
:. 81, rro.perlty. Constructive leglsla-
what is needed in this country
:. ave - retain our position in the
,t,b connecting nations of the
wh o.,,od
,..-ssantative Littleton. Ito have Con
~. ,ppoint a joint committee to hear
[,,o-,s Of capital and Of labor ana oil So
"a restrained and unrestrained TRADE
n view to preparing an antitrust
- which would correct features Of the
..,nsn law or errors that might have
- through court decisions on that
and 10 strengthen and elaborate
Z, law2"
Would Fall Into Line First.
Yes do. responded Mr. Gary, "and
,ma he glad to have such an under
(,srg result in something more praoti-
! snd 10 he the first one to fan into
r 70 i've up 10 such law
Y, Garys attention was called to his
1rr declaration that he favored gov
t--sn, control Of corporations. He
hi he would have the government
ws corporations engaged in inter
sp eornerce. first deciding whether
" were entitled 70 such license under
xnti.trust law. He would make the
rinse reyocahle for misconduct. hut in
sltas.s would retain the right of appeal
10 The courts. which right. ne added. "is
he salvation Of this country"
IN place Of absolute supervision Of
rices and methods by the government
bat is what ! would suggest as an al
srnatiye." he said.
rs opinion Of Wall street was given
,'n he vas asked concerning the cari-
h1a'ion Of the United states Steel
'rporaiior and intrinsic values. The
lralzation Of the steel Corporation.
Insisted. was not too great in view of
p additional value given TO all the
npanies included when they were COM
nd into one growing. vitalized con.
sad Commentary" on Wall Street.
Intrinsic values" Mr. Gary said, are
always strictly regarded. particular
u New York There are times when
Tie in the market I'm Wall Street
little attention 10 intrinsic values.
'"naiiy. ! do not know much about
Street do not care about Wall
l''i but | do know that the selling
70 Of securities i'm Wall Street is at
es argely the result Of manipulation.
a Is sad commentary. but il is true
IL Street. Mr Chairman. is good
<f 10y You and ! To- keep away from. -
s'lsF members of the committee had
fas'ed IN criticisinS the Gary steel
iss making repeated attempts 10
Es Nr Gary u admit that the steel
Gathered Al these affairs to perfect
Nhlleman's agreement" for the con-
the steel industry. which they did
iare to do ry written contract. the
ss tlun,ly SAID
have stated repeatedly that | be
~ and all Of MS in the steel bust
BELIEVED. that open and frank dis
'fts 70 each other Of our business
-oons and suggestions as 10 the
interests Of all brought about an
,'lum in the trade and prevented
IE'lye competition.
Purpose OF Gary Dinners"
'~ only question involved in those
N is whether it is good law or
morals 20 endeavor by friendly
"-Tse, such as has been described
~ 70 maintain to "A reasonable ex-
" equilibrium Of business and pre-
destructive competition.
We Department Of Justice or the
~" should say that this is not the
ulhg to do it would not be con
ior one minute.
members Of this committee be-
. " better for all concerned in this
- i'r the steel interests to enter
~ uctiye competition than TO try
: p" maintain an equilibrium Of
4. .'A II is up to you.
; .0l want to take the responsibility
= r.. =" the government OF saying
Inn would be better than for the
4 T.. 'Ss 10 confer with each other,
maintenance Of ruinOus poll
the strongest would sur
49, "eaKest 90 down and business
sN' W 1einOralized, we will not
hs,, acton, but we believe that
ma.. .One the best thing we could
h. ,,r !, the law through the mainte-
Tia, nlendly relations
n me-. o'ed to explain that these din
u.,r. merely friendly Interchange
a. We are frank with each