The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1908-02-01
CONCLUDED TO
KEEP Up PRICES
Meeting of Representative
Members of Iron and Steel
Combination.
NOT DISPOSED TO COMPETE
FEAST FOLLOWED "GENTLE-
MEMS AGREEMENT"

New York, Jan. 31.-That no necessi-
ty exists for a reduction in the prices
of iron and steel. and that none will
be made, was the general understand
ing arrived at by the representative
members of the iron and steel COM
binatiOn at a meeting held in this city
yesterday. No agreement for mainten-
ance of prices was made or suggested
but the belief was expressed by all
those present that maintenance of
prices would result in benefit to the
manufacturers, to their customers and
10 the employees and to interests gem
orally"
This understanding is the substance
of what took place at the conference
of seventy-fve manufacturers and pur-
chasers of steel, as given out tonight
by Judge f. H. Gary, chairman of the
United States Steel corporation. The
statement says:
Gary's Statement.
cat the close of the deliberations,
which occupied the greater part of the
day, every manufacturer present gave
the opinion that no necessity or reason
exists for reduction of prices at the
present time, and this view should be
stated at the large gathering which
WIS 'xnected or The evening. I1pon
the invitation Of The general advisory
committee heretofore appointed there
were present at the dinner served at
the Waldorf Astoria about seventy-five
gentlement representing the principal
manufacturers of iron and steel in this
country, including several leading pur-
chasers of these commodities.
Mutual Benefit.
Brief addresses were made by prac-
tically everyone present, including J.
P. Morgan, and without exception the
opinion was voiced that present prices
are fully justified and should not be
changed. While no agreements for
maintenance of prices were made or
suggested, il was the expressed belief
of all that such maintenance would re-
suit in benefit TO the manufacturers,
to their customers, TO the employees
and TO business interests generally;
that stability of prices is desirab BILE;
that violent fluctuations, resulting in
abnormauy high prices when the de-
mand exceeds the supply and unrea-
sonable low prices when the reserve is
heavy, are to be deplored.
Hanging Together.
1T was also remarked that the pres
ent disposition to assist one another by
khe friendly interchange of views rath-
Yer than a resort TO unreasonable and
destructive competition, which would
ultimately result in the application of
the law of the survival of the fittest,
is in accordance with the present state
of the public sentiment. The meeting
afforded striking illustration of the
fact that there can be active. sharp
competition iii business without neces-
stating an unfriendly and bitter war
fare that in the end must be most in
furious to the manufacturers, the pur-
chasing public and to the hum
dreds of thousands of employees
who are dependent upon the success of
their employers for work at fair
wages. AS to the future opinions We're
WITHOUT exception, conservatively OPP
timiStic. Already there is marked,
though slight improvement. 1t is not
expected that the volume of business
will be large in the immediate future
and the manufacturers are prepared to
meet the circumstances. That the
wealth and wonderful resources and re-
Operative powers of the country will
before long bring a restoration of bust
ness that will employ all the furnaces
and mills to their full capacity is the
expectation in the iron and steel in
duStry.