The Birmingham age-herald., 1910-12-01
Forty of Leading Producers Meet h Convention In
 New York City
GARY MAKES STATEMENT
 CONCERNING PRICES
Some Time With the Exception That small Producers Cut
 a Little

| New York, November 30.-The price of
 steel will not be cut. Forty of the lead | ing producers and their representatives,
 Nhc stand for approximately 95 per cent l in tonnage capacity of the manufact-
 mers of steel, met here today and decid-
 ed that it was for the good of the in
 dustry to keep quotations where they are now.
 Among these men were Judge F.. IT.
 Gary and W. F. Corey chairman and | president. respectively, of the United States Steel corporation; John A. Top ping, chairman of the Republic Iron and
 Steel company; Willis l.. King, vice pres
 ident of the Jones and Laughlin Steel
 company; Charles M. Schwab president
 of the Bethlehem Steel corporation; l.. A s. Clark, president of the Lacka- wanna Steel company; Alexis W. Thomp- son. president of the Inland Steel com pany, and Wallace H Rowe, president of the Pittsburg Steel company. all of them members of the American Iron and
 Steel institute, of which Judge Gary is president.
 
 some two months ago. when similar
 agreement was reached, there has been
 an understanding in the trade that some
 of the manufacturers were not living up to this gentleman's agreement When last the small makers cut prices the
 United States Steel corporation followed
 their lead and went after the market aggressively, with consequent general unsettiement of the barometer of bus | iness."
 Therefore, there was feeling yesterday and this morning that some such action might eventuate from this afternoons conference and it's outcome was awaited | with the keenest interest. | At the close of the meeting Judge Gary | gave out the following statement Representatives of about 95 per cent of the manufacturers of steel in Amer ca met at luncheon and the two hours following were occupied in ascertaining the condition of business in this particu- lar line, and in the expressions of opin- ion concerning present prices. It was stated that on the average of all branches the bookings were about 50 per cent of capacity and the shipments somewhat in excess. There has been slight increase In daily bookings month by month since the first of August to the present tune.
 Prices, as a rule, are well maintained, though in some lines, as usual, there IS some cutting on the part of the small producers who were not represented Without exception, the views expressed by those present regarding the future were favorable. Also, each one voted the opinion that present prices are fair and reasonable and should not be changed. .'For some time past purchasing by rail roads had been very much below norman.
 but it is the concensus of opinion that there will be an increase in the near ih- ture The account of daily bookings at the present time is about equal to the total capacity of the mills 10 years ago ."The disposition of the manufacturers of steel to cooperate, so far as il IS
 proper remains unchanged
 Pensions for Employees
 New York. November s0-Judge E. H. Gary announced today that beginning January 1, 1911, the United States Steel corporation will pay three classes of old age pensions to those of its employees who have served with either the parent com pany or its subsidiaries for 20 years or more The income from these pensions will be derived from the United States Steel corporation and Carnegie joint fund, to which no employees contribute, and the division into classes will be as follows:
 1. RenSlOnS Dy tohPuisoAS granted to employees who have been 20 years or longer in the service and have reached the age of 70 years for men and GO years for women.
 2. Pensions by retirement at request granted to employees who have been 70 years or longer in the service and have reached the age of 60 years for men and 50 years for women
 g. Pensions for permanent incapacity, granted to employees who have been 70 years or more in the service and have become permanently and totally incapaci- tated through no fault of their own. No pension of more than sl20o will be allowed and none of less than $l2 month Between these extremes 1 pen cent of the regular monthly pay receixG
 during the last 10 years service will ~pe added for each year of total service.
 For instance: An employe who has been 25 years in the service and in the last ID years has received regular monthly
 wage of $60 month. the pension allow ance will be sl5 month. The United States Steel corporation has a pension fund of $S.0oo00o. and the Car negie fund, established in 1901 by Andrew
 Carnegie. amounts to $4. ooo.o0o. so that the joint principal available will be s12,0O0,0oo,
 This fund is entirely separate from tho voluntary accident relief plan. put into effect on May l. 1910, which provides for injured employees and the families of those killed in the service of the corpor- ats