Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1913-06-04
Memorandum Submitted Tells
OF Conferences With Repre-
SentatiVeS of President
r
nQoSeFell I'VE ledlS ago.
FAMOUS DINNERS NOT
FOR FIXING PRICES
rice Of Rails at S28 a Ton
Maintained Because Only
Fair Profit Is Made by Man
uiaclufers at That Figure,

New York. June @ Judge flhert
H. Gary. chairman Of the United
states Steel corporation. threw some
interesting light today on the attitude
of the Roosevelt administration to-
ward the corporation when the presi-
dent ordered the bureau of corpora
tions to investigate ii In 1908. an in
qulrN which hats heen going on ever
since As Il witness for defense in the
government suit Ia dissolve the cor
poration. Judge Gary introduced into
evidence heretofore unpublished
letter from former Commissioner of
Corporations Garfield which contained
memorandum of "a meeting between
President Roosevelt Secretary Met
calfs of the department of commerce
sud mhor. Commissioner Garfield and
judge Gary held IN November. 1905.
This memorandum quoted Commits
sianef Garfield as saying that the OH
leet of the proposed Investigation SIS
to a0ord the president fun lnfofma-
tian of an the faets relating to the or
sanitation. conduct aud management
Of the corporation upon which recon-
mendaten for legislation might be
made.
The president spoke Of the dues-
tion of capitalization. the mem
oanaum continued not as applying
alHeetg g. Tie steel eeftefptian hnt
generally aud stuffed that It is 81
course. usually impossible To undo
that which hHa already been done and
the work 1T the bureau Is faf the pres
ent aH we'll as for the future
IN answer. Judge Gars stated. that
it, from the facts obtained Air car
held Waa satisfied TINT the steel cor.
poratioH was over-enpltaii4ed. it
would be- ms duty "a 10 state and
that the steel corporation could not
be punished IN any more severe why
than by such publicity
Judge GHry introduced the letter
IN connection with testimony that the
corporation had thrown It's books open
to the government investigators and
mover had refused any Information
asked Il was unun The information
thus furnished. It was brought out
that tho bHfeau Of corporations based
lis several reports upon the corpora
tion that have been published from
time 10 time. Hundreds Of dollars
h'u p.eh spent ny me corporation,
s'lp 'he "lt'''ss' N eolleeuns ttis
information.
Price fixing as charged hy the
s"N'fnineht was moi the onlect OF the
so-e1lled 8atN dinners lie sald that
Wneh th' uinner was called during
the panic oi lAot there was danger
ot getting baek to the old days Of de-
sline i've competition ana Tricky dis
hollesl W'llate.
ne pufpase ot these dinners nc
eehtlhued' WIS 70 bfIhs mahuiaetuf- I
efs iosethef 70 establish = friendly
iFf'lhE ~ ofdef 70 prevent sueh de- /
iil't"l'Hauoh ana estaelish Stability Of +
business II was my object 70 prevent (
i"l ny asieeipeht--ptlt ~ eNhorta-
llpu Wlae ana Apaaeh fluctuations ol
prices "eieh would nave been ihiufl~
"us % steer manufacturers, Ihere was
no agreement expressed of Implied TO
llSe pfiefs u was proposed that eaeh
lnanufaelufer iet the either know
What he was DONG what prices he
was charging, what wages he paid
ahd What methods he employed II
Was our purpose to come together as
friends moi as enemies
rms cooperative plan suhse-
quentlS failed to work, the witness
continued and IN 1908 the corpora
ton was forced to abandon the plan
Of giving information to other manu-
laeturefs
Conditions changed. he said,
prices were being made below the
advertised prices N the trade journals
tnd Il became evident that there was