The Birmingham age-herald., 1909-02-20
Judge Gary Announces That An Open Market Is Created
 By the Manufacturers
NECESSARY ID PROTECT
 REGULAR CUSTOMERS
Prices Will Be Modified in Iron and Steel By the Principal Manufac- turers Who Still Retain
 Friendly Relations.

New York, February 19.-An open mar- ket in the iron and steel trade that manu- lecturers believe will lead to a stimula- ton of the industry was created late today when former Judge Ebert H. Gary, chair man of the directorate of the United States Steel corporation. made an off cial announcement that the leading manu- lecturers of iron and steel have de- termined to protect their customers and for the present sell at such modified prices as may be necessary with respect to different commodities in order to re- tain their share of the business
 The prices which may be determined upon will be given by the manufacturers to the customers direct The action of the leading manufacturers in effecting an open market followed a series of confer ences here for the last three days of Judge Gary and the heads of the various sub sidiary companies of the Steel corpora tion together with officials of other steel manufacturing companies.
 Judge Gary, in the official statement. says that the smaller steel misunderstanding concerns, for one cause or another par ticularly the tariff agitation, have be- come more or less excited and demoralized and have been selling their products be- low those prices generally maintained. and this led to unreasonable price cutting by certain manufacturers who opposed change and felt the necessity of pro- tecting their customers
 Following in part is the statement made public by Judge Gary after the meeting: ''Following the panic of October 1907. the iron and steel industry was in jeopardy. Jobbers and consumers throughout the country had purchased large stocks at prices prevailing when conditions were favorable, and these were undsposed of An immediate and radical reduction of prices would have meant bankruptcy to multtudes. To prevent disaster and ruin, and at the request of scores who were interested, large percentage of the lead ing men connected with this industry met to advise with each other in regard to the best interests of all concerned and in- cluding the general public. Partly, at least, as a result of stability of prices, as distinguished from wide and sudden fluctuations existed until about the begin ming of 1909, although no agreements were made to maintain prices, and knowing a small percentage of mans-4cturers stood aloof from the conferences.
 For a year preceding January l. 1909. there was a gradual though not entirely regular improvement in the iron and steel trade and an increase in the sales made. During the last two days many of the manufacturers have been in conference for the purpose of giving to one another all the information and facts obtainable concerning actual conditions in detail It appears that for one reason or another including particularly the tariff agitation, many of the smaller concerns who have not been disposed to cooperate during the last year have become more or less excited and demoralized and have been selling their products at prices below those which were generally maintained This feeling has been somewhat extended of prices by some of those who were opposed to changes but felt compelled to meet conditions in order to protect their customers. As a result of these condi- tions there has been material decrease In new business during the last month for the reason, stated by consumers, that they proposed to wait untdl satisfied that bottom prices had been reached
 "The leading manufacturers of iron and steel have determined to protect their customers and for the present, at least. sell at such modified prices as may be necessary with respect to different con- modites. in order to retain their fair share of the business. The prices which may be determined upon and the details concerning the same will be given by the manufacturers to their customers d. rect as occasion may require
 "The friendly relations which have ex- isted between the principal manufactu- rers will continue.