The times. [volume] (Richmond, Va.) 1890-1903, 1896-04-04
BESSEMER STEEL LEAGUE
IRRIyE At a
DEFINITE ARR1NGEMENT.
The Present Price OF Steel Fixed at $40
Per Ton-List Of Concerns In
the League.

NEW YORK April 3.-The conference
OF Bessemer steel manufacturers. which
was opened at the Hotel Waldorf yester-
day. was continued to-day. They were
called together at half-past 10 O'CLOCK
and, with the exception of half an hour
recess. were In continuous session until
half-past 3 o'clock this afternoon. The
proceedings were behind closed doors. and
a sentinel was stationed IN the corridor
TO keep outsiders twenty feet away from
the entrance to the parlors.
During the conference none OF Ne steel
manufacturers would communicate any
information to reporters. but at o'clock
Mr.. George I. Olyer. OF Pittsburg.
emerged from the conference parlors. lie
passed down TO the office OF the hotel.
where ne was found by a reporter. Mr.
Oliver was in excellent spirits. IL was
evident that the confer~lce had been sat
isfactory to him. lie said:
we have accomplished the object for
which we met. The proceedings were
harmonious. We carried our programme
fully into effect"
"Nll you explain the result OF the
days proceedingsg' he was asked.
ranged the details OF what we decided
as a whole at yesterdays session." he
replied.
AT $40 PER TON.
The manufacturers decided TO maintain
the prire OF steel for the present az so
per ton There have been no restrictions
made as 10 the amount of steel which
shall be manufactured by any particular
firm or firms; but it Will be understooc
that all ma 1lifdcturers VIII exercise good
judgment I'm seeing 10 that the market
Is not greatly oNerstOcked. business is
10 be conducted in accordance with the
actual law OF demand ana supply.
Special care will be taken 10 do away
with the manipulation OF the market Dy
middlemen ana spectators, VINO nave
heretofore caused mischief by the mapip-
ulatons Of prices. The persons who have
been In the habit Of representing fictitious
transactions in steel VIII ind their occu-
pations gone.
other portions OF the programme which
Mr. Oliver said were ratified by the manu-
facturers in conference are as follows:
The manufacturers VIII so conduct their
business as 10 eteCtuaiiy put { stop 10
the losses which tnev nave sustained OF
late.
Honest competition VIII be encouraged,
but the continuance OF m'cdlcmen Will be
restricted. so that the interests OF bnth
manufacturers and consumers VIII be ade-
quately protected All negotiations shall
be conducted by and for the producer, as
the contracting party ana the consuming
purchaser. The advance IN the price All
pig Is met by corresponding ADVANCE III
price Of steel.
FIRMS IN THE LEAGUE.
The concerns which have agreed to act
together are as follows:
Pennsylvania Steel Company, Otis Steel
Company. Cleveland Rolling Company.
Belair Steel Company, Union Steel Com
pany. Shenandoah Valley Steel Company,
Maryland Steel Company, wheeling steer
and Iron Company. Wheeling ana Ashiahd
Steel Company, Carnegie Steel Company,
Hainsworth Steel Company, Jones ~
Loughlln Steel Company. Bethlehem Iron
Company. Cambria Iron Company, john
stOn Steel Company, Gilbert a warner
Company. Lackawanna Iron and steel
Company.
NIGHT SESSION.
At S o'clock the steel manufacturers
reassembled for their evening session.
The proceedings continued behind closed
doors AT a few minutes before 10 O'Clock
the business was completed and the meet
ing adjourned. The manufacturers came
down TO the lobby OF the Hotel waldorf
and stood in little groups here and there,
cOngratuating one another upon what
they regarded as successful accom-
plishment Of their programme. Mr. Il. 1.
oliver said:
are now ready to depart for our homes.
Mr. oliver also said thar so far as the
result was concerned, there was nothlnS
important to add TO what he had already
stated.
The evening had been engaged in COM
pletlng details. IL was deemed best TO
withhold the names OF the committeeman
from publication for the present. IL was
thought wisest 20 arrange Tor perpetual
tion of the agreement but the agreement
40
manufacturers wished should not be re-
garled as anything in the nstare OF
trust.
NOT A TRUST.
The steel men declare that they have
not even Indirectly formed a trust. but
they have merely adopted regulations de-
signed 10 bennt their business with inter-
est 10 the dealers ana ieslslautS ehaSs-
ments OF the individual States. The new
steel committee will have president,
vice-president, secretary, and treasurer,
but there viii be 10 shares or stock. IL
might not inapproprately be called club
OF steel men. Another meeting VIII De
called IN the near future.
Among the gentlemen who participated
in the discussion at the evening session
were willis l.. King, John q. A. Ellis
man, George T. Oliver j. ID. Stack
house, and r. NJ. Gilbert. The hope was
expressed that half a dozen large steel
manufacturing firms which are now out
side the organization will now come In.
~ present there may be state laws
ich may be interpreted as somewhat
against the organization. IL was stated
that the price or see Will not be adj
yanced above $50 per ton. The manufac-
turers expressed an intention 10 keep
the price only high enough To cover ex-
penses and fair profit. Special attention
will be given 10 the trial or Improved
methods OF manufacture and the steel
business win soon be on a more sub
stantial basis than for several years. \
circular containing an official report OF