The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1896-04-04
THE Steel COMBINATION
Arrangements That.Will Protect the
Manufacturers.
MEETING AT HOTEL WALDORF
The Price Of Steel win for the Present Bs
Maintained at $50 o Tou-An
Agreement That viii
Help the Trade.

New York. April 3.-Conference Of the
bessemer steel manufacturers which
was opened at the hotel Waldorf yes
terday was continued today. They were
called to order at 1880 o'clock, and with
in continuous session until $3.50 o'clock
this afternoon. The proceedings were
behind closed doors and q sentinel was
stationed In the corridor to keep out
siders twenty feet away from the en-
trance to the parlors. During the con-
ference none of the steel manufacturers
would communicate any information to
reporters. but at o'clock George r,
Oliver, Of Pittsburg, emerged from the
conference parlors. He passed down to
the office Of the hotel, where he was
found by q reporter.
Mr.. Oliver was in excellent spirits.
1t was evident that the conference had
been satisfactory to him. He said: 1--WE
we met. The proceedings were har-
monious. We carried our programme
fully into effect
"Will you explain the result Of the
days proceedings?" ne was asked.
II can say that today we have ar
ranged the details Of what we decided
upon as q whole at yesterdays ses-
sion.
The manufacturers decided to main
tain the price Of steel for the present, at
$50 per ton. There have been no re-
strictions made as to the amount of
steel which shall be manufactured by
any particular firm or firms; but It will
be understood that all manufacturers
will exercise good Judgment in seeing
to 1t that the market is not too greatly
overstocked. The business 10 10 be con-
Quoted In accordance with the actual
law Of demand and supply. Special
care will be taken to do away with the
manipulation Of the market by middle
men and speculatoes who have hereto
fore caused much mischief BY the man
ipulattons Of prices. The persons who
have been in the habit Of reporting
fictitious transactions in steel, WILL Mr..
oliver feels sure, find their occupation
gone.
COMPETITION ENCOURAGED.
Other portions Of the programme
which Mr.. oliver said were ratified by
the manufacturers in confidence are as
follows:
The manufacturers will SO conduct
their business as to effectually put q
stop to the losses which they have sus-
tained Of late. Honest competition will
be encouraged. but the influence. Of
mididlemen will be restricted SO that
the interests of BOTH manufacturers
and consumers will be Adequately pro-
tected. All negotiations shall be con-
Quoted by and for the producer, as
the contracting party on the one hand,
and the consuming purchaser on the
other hand. The advance in the price
of pig iron IL met by corresponding
advance in the price Of steel. There
will be no attempt to corner the mar
ket by the manufacturers, but middle
men cannot hereafter contract for large
lots Of steel, not knowing where they
can sell them. and then dump their
stocks upon the market, thus demor-
alizing prices.
The concerns which have agreed, to
act together are as follows: Pennsyl-
vania Steel company, Otis Steel COM
pany, Cleveland Rolling, Mill company,
Bellaire Steel company, Union Steel
company, Shenango Valley Steel COM
pany, Maryland Steel company, Wheel
ing Steel and Iron company, Wheel
ing and Ashland Steel company, Car
negie Steel company, Hainesworth
Steel company, Jones and Laughlin
Steel company. Bethlehem Iron COM
pany, Cambria Iron company, John
son Steel company, Gilbert and Warner
company, and the Lackawanna Iron
and Steel company.