The Sentinel=record. (Hot Springs, Ark.) 1900-current, 1914-10-23
"GARY Dinner"
A LAUREL CROWN
STEEL TRUSTS DISCUSSION OF
PRICES AND CONDITIONS A
PUBLIC BENEFIT.
So Declares MIR. Lindaberry, Whose
Opinion of the Steel Corporation is
His Religion.

Philadelphia, Oct 22-The Gary
dinners, to which 80 per cent of the
iron and steel manufacturers of the
country came to discuss the situation
in the dark days OF the panic of 1907,
are a laurel and crown in the his
| tory of the industry" Record v Lin
dabury said in his argument for the
defense today in the federal suit to
dissolve the United States Steel Cor
poration Instead Of apologizing for
the action taken by the corporation at
that critical period of the countrys
financial history, he added, the steel
corporation is exceedingly proud of
what it accomplished.
MIR. Lindabury said the iron and
steel industry during the panic was
lbeooming demoralized; that Z. Ii.
Gary called together the directors to
exchange views and to prevent wide
and sudden fluctuations in prices that
would ruin everyone in the business.
AS a result he said, there was not
one failure in the iron and steel
trade, for the first time in the his
| tory of panics. No prices were fixed
at these dinners, as alleged by the
| government. nor was territory allot-
ted or outputs limited. counsel said.
Mr.. Lindabury concluded his argu-
ment late today after speaking cen
| hours.
Most if his address today was taken
up wit hthe conduct Of the steel cor
| poration after its organization in
| 1901. He denied the government
charges that the earnings of the cor.
poration we're excessive and asserted
that on the other hand they were only
| ordinary. The billion dollar concern
was always fair to competitors, ne
went on TO say, never coerced dealers
| into taking its products; did not So
| licit or receive rebates from railroads
| and did not countenance participation
with Independent manufacturers in
pools of any kind
Counsel for the defense spoke in
glowing terms of the treatment ac-
corded the employees by the corpora
ton. In this respect Mr.. Lindabury
| said the steel corporation led the
world Long before the states began
| to place worimen's compensation
laws upon their statute books the
steel corporation had adopted a
method of compensation which, he
said has become model for all the
states.
That the steel corporation main
tanned artificial prices as charged by
the government was denied by coun-
sci. Figures were produced by Mr..
I4indabury to show that tn trend of
prices in the steel industry has been
downward. In disputing the govern
ment's contention that the steel cor
poration was monopolistic in its
tendency MIR Lindabury said that its
percentage of the country's iron and
steel business was not as large as it
Twas when the concern was organized,
while on the other hand the percent.
age of the business done by other
steel corporations had increased.
The famous Tennessee Coal and
Iron sale was touched upon by coun-
sci, who denied the corporation had
acquired more property for any other
purpose than to assist in preventing
this period of the 1907 panic. The
charge OF the government that the
directors Of the steel corporation had
deceived President Roosevelt as to
the amount of Tennessee stock HID
by the New York banking firm which
was said to be in trouble during the
panic and whose Tennessee stock
was finally purchased by the Steel in
terest, was false and should never
have been injected into the present
suit, Mr.. Lindabury said.
Henry f. Cotton, special assistant
to the attorney general, will begin
his argument tomorrow on certain
phases of the suit Five lawyers still
are to be heard for the defendants
Ibefore Mr.. Dickinson closes the case
with rebuttal argument
The extent and importance of the
suit has led the court to extend the
time for closing tao case until next
Tuesday.
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