The morning news. [volume] (Savannah, Ga.) 1887-1900, 1896-04-04
STEEL MANUFACTURERS.
The Combination to Maintain Prices
Contaminated.


the Bessemer steel manufacturers. which
was opened at the Hotel Waldorf yester-
day, was continued to-day. They We're
called TO order at 10.30 O'clock, and with
the exception OF half-hour recess. were
In continuous session until 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 par
steel manufacturers would communicate
any Information 10 reporters, but at
o'clock George II. oliver of Pittsburg
emerged from the conference parlors. He
passed down to the office Of the hotel,
where he was found by reporter.
Mr.. Oliver was IN excellent spirits. IL
was evident that the conference had been
satisfactory TO him. He said: We have
accomplished the object for which We met.
The proceedings We're harmonious. We
carried our programme fully into effect,
"Will you explain the result of the days
proceedingsY was asked.
II can say that to-day we have ar
ranged the details of what we decided
upon as a whole at yesterdays session"
The manufacturers decided TO maintain
the price OF steel for the present at $50
per ton. There have been no restrictions
made as to the amount of steel which
shal be manufactured by any particular
hrm or firms; but II will be understood that
all manufacturers viii exercise good judg-
ment In seeing to IL that the market Is not
too greatly oVerstOcked. Business Is to
be conducted In accordance with the actual
law OF demand and supply. Special care
VIII he taken TO do away with the manip-
ulauon of the market by middlemen aud
speculators, who have heretofore caused
much mischief by the manipulation OF
prices The persons who have been in
the habit Of reporting fictitious transac-
tions i'm steel will, Mr. Oliver feels sure,
hnd their occupations gone.
Other portions of the programme which
Mr.. oliver said were ratified by the man
ufacturers I'm conference, are as follows:
"a of N.4lrs
business as to effectively put "a stop to
the losses which they have sustained OF
late. Honest competition will be encour-
aged, but the influence of mlddlemen Will
be restricted so that the interests Of both
manufacturers ana consumers VIII be nd-
equately projected. All negotiations shall
be conducted by ana 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 is met by a corresponding advance
in the price of steel There VIII be no
attempt TO corner the market by the man
ufacturcrs, but middlemen cannot here
after contract for large lots Of steel-not
knowing where they can sell them and
then dump their stocks upon the market,
thus demoralizing prices"
The concerns which agreed TO act to-
gether are as follows. Pennsylvania Steel
Company, Otis Steel Company, Cleveland
Rolling Mil Company, Bellaire Steel Com
pany, Union Steel Company, Shenandoah
Valley Steel Company Maryland Steel
Company, Wheeling Steel and Iron Com
pany. Wheeling and Ashland Steel Com
pany, Carnegie Steel Company, Hams
worth Steel Company, Jones and Laughlln
Steel Company, Bethlehem Iron COm-
pany, Cambria Iron Company, Johnson
Steel Company, Gilbert a. Warner Com-
pany and the Lackawanna Iron and Steel
Company.
AT s O'clock the steel manufacturers re-
assembled for their evening session. The
proceedings continued behind closed doors.
At q few minutes before 10 o'clock the
business was completed, and the meeting
to the lobby of the Hotel Waldorf and
stood in little groups here and there con-
graduating one another on what they re-
garded as "A fully successful accomplish
ment of their confederation.
Mr.. Oliver said. I'VE are through with
our work, and are now ready to depart
for our homes"
Mr.. Oliver also said that so far as the
result was concerned there was nothing
important to add to what he had already
stated. The evening had been spent in
completing details. Committees were APP
pointed, but It was deemed best TO with
hold the names Of the committeeman from
publication for the present. II was thought
wise to arrange for perpetuation OF the
combination; but the agreement to pro-
tect their mutual interests, the manufac-
turers wished, should not be regarded as
anything in the nature of a trust The
steel men declare that they have not even
Indirectly formed trust, but they have
merely adopted regulations designed to
benefit their business within the laws of
the United States and the legislative en-
actments of the individual states OF the
union.
The new steel association will have a
president vice presidents, secretary, treas
urer and other officers, but there VIII be
no shares or stock about the concern. IT
might not inappropriately be called a club
Of steelmen. Another meeting viii be
called in the near future Among the gen
tlemcn who participated In the discussion
at the evening session We're Willis J..
King, John G.. A. Leishmann, George T
Oliver, j ID. Stackhouse and X. NJ. Gill
bert The hope was expressed that half
dozen large steel manufacturing firms
which are now outside the organization
will soon come in, but there are two con-
because of existing agreements with mid
dlemen or consumers.
In Illinois there are peculiar state laws
which may be interpreted as somewhat
against the association
II was the opinion of the majority pres
ent at the conference that the price OF
steel will not be advanced above $50 per
ton. The manufacturers expressed an in
tention TO keep the price only high enough
10 cover expenses and a fair profit. Special
attention will be given to the trial OF i'm
expectation is that the steel
business will soon be on
steadier and more substantial
basis than for several years past. For
short time last fall the business was profit
able, but it relasped into the unfavorable
condition which called for the conference
which has just been held. A circular
containing an official report of the pro-
ceedings win probably be issued to man.
ufacturers within few days.
uTNCF,S WHITE soUAuuoN