New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-10-15
FOR WORLD COOPERATION
Iron and Steel Trade to Avoid
"Cut-Throat" Competition.
EUROPEAN PRODUCERS ACT
Prominent Men from Abroad at
First Institute Convention
Introduce Their Views.

The first step toward the establishment
Of full and well defined cooperation among
.he interests represented by the leadins
steel and iron men not only OF America
,,,,r Of F,urope as well. 20 prevent cut-throAt
connection and to bring about greater
STABILITY Of trade conditions was MADE yes
.erdav at the session Of the American Iron
and STEEL Institute, assembled for ITS ITsl
annual convention. in the Waldori-AstoIla-
Among the go leading men Of the trade
who gathered in the Myrtle Room were
more than thirty Of the most prominent
steel men Of Europe and they took part
sn the discussions and gave their views as
10 the best means 10 achieve the desired
enc. The presence Of the foreigners mace
this meeting one Of the most signlhcant
Of its kind ever held, forecasting' perhaps
a new epoch in one OF the greatest indus
tries of the age.
In his opening address ex-Judge Ebert
II Gary. chairman Of the board Of directors
OF the United States Steel Corporation and
president OF the institute. pointed out the
necessity OF eliminating cut-throat COM
r,etition and the finding of some basis on
which producer and consumer may meet
each other. with the result Of making prices
more stable and avoiding sudden huctua-
tons and disturbances OF trade conoiuons-
Disappearing OF price agreement not only
as against the law. but also because Of Its
economic inefficiency. Judge Gary expressed
himself n favor Of healthy competition
aided by fair understanding among al
concerned through business publicity This
he declared 10 be the main purpose Of the
institute
Opportunity for Trade Advance.
After welcoming the foreign men,
Judge Gary described the development OF
the steel industry in this country during
the last thirty years TO emphasize the need
and the opportunities Of the American Iron
and Steel Institute.
And so this institution was created" he
said, upon a basis so broad that there
IS no limit TO the good which may be &C
complished. II is intended that ethical
questions shall be considered as important
as economic or scientific ones Primarily
the institute was organized, and should be
conducted. for the benefit Of its members.
1t should result in decided pecuniary ad-
vantage to all Also, the consideration and
discussion Of ethical questions. particular
" affecting those outside OF the member
shin, but connected with or interested in
the conduct Of their affairs. should be
deemed Just as essential and should re-
suit in material benefit TO all.
zone Of the most important business mat
tiers at this time. and perhaps at all times,
IS tie maintenance Of stable conditions in
the iron and steel industry. and 20 this is
attached the question OF prices. For peri
ods. at least, in the past, unsatisfactory
conditions have been the rule and not the
exception. Violent, sudden and wide luc-
tuations IN prices have REQUIRED and they
have been detrimental TO every one con-
nected with the business and to the public
generally The steel and iron industry
more or less recognized as the barometer
OF trade, has had an influence on general
\ conditions for good or bad, and much Of
ID Iae time for bad"
y JGd-e Gary said that he did not advocate
fixed. unchangeable prices. He denied that
the effort to maintain reasonable prices In
The steel trade is contrary 10 the law Of
supply and demand. but the whole ques-
1ioa. he said, should depend upon mutual
consideration and decision. The remedy
iiveu by Judge Cary is that in times Of
lew demand production should be reduced
and when high prices prevail the customer
should wait.
Overcoming Destructive Competition.
How shall We bring about these ideal
conditions he continued. Real, hearty
and continued corporation on the part Of
the members OF this institute viii secure
satisfactory results Full disclosure Of his
business by each TO the others, a DISPOSE
zion 10 assist and benefit each other as far
as practicable and proper, and conduct
founded on the belief that healthy COM
petition is wiser than destructive COMPETE
1ion viii be effective
Some Of you may say that, in your
opinion, based on the past, fair and just
equilibrium cannot be maintained except
by some agreement on the part Of those
interested. 1t is a sufficient answer to
make that you have no right TO enter into
such agreement, but the law does not COM
pei competition-it only prohibits an agree
r1nent not TO compete. If competitors are
IN frequent communication and make full
disclosures to each other in regard to their
business, Il viii follow as a natural result
that no one will take advantage Of the in
formation thus received TO act unjustly OF
oisbonorably toward his neighbor."
Many Papers and Discussions.
After Judge Gary's address various pa
cpers were read and discussed during two
sessions. Intercepted by a luncheon. James
"A Earrelrs paper on Foreign Relations
was discussed by E c. FELTON,. president OF
she Pennsylvania Steel Company; George
f. Perkins. OF J. p. Morgan & Co.; =.
Echal oenbrand. OF tie Stahlwerksverband.
aad E. A S. Clarke. president Of the
11ackawanna Steel Company.
William 3. Dickson made an address on
r.PetteTTnent Ct Labor Conditions in The
Steel Industry" which was discussed by
Charles Kirchhoff. Edgar s. Cook, presi-
cent OF the Warwick Iron Company, and
Edward Bailey, president Of the Central
Iron and Steel Company
Charles Kirchhon read a paper On The
International MetallurgicaI Congress in
dusseldorf" and Willis L. King one on
Contract O5ligatiOEs," which were dis
cussed by Charles NJ. Schwab. Charles s.
Price. president OF the Cambria Steel Com
1pany; H. i. Bope first yice-president Of
abe Carnegie Steel Company, and others.
Ia the evening the members OF the insti-
1ute and their foreign guests were enter
GAINED al dinner IN the Waldorf-Astoria-