New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-05-10
WANTS STEEL PRICES UP.
President Farrell Declares Re.
duction Is Unnecessary.
BLAME CONGRESS AT DINNER
Belated Institute Speeches
Show Dulness Was Laid to
Special Session.

Verbatim copies OF the speeches delivered
at the dinner OF the American Iron and
Steel Institute Thursday evening were dis
trbuted yesterday az the offices II the
United States Steel Corpora ton.
As Judge Gary chairman Of the board
Of the Steel Corporation. who was toast
master at the dinner. said at the time.
there was no general discussion Of prices.
but the speech Of James 4. Farrell, presi-
dent NJ the Steel Corporation. was largely
devotnd 20 the subject. Mr.. Farrell taking
the ground that reduction OF prices was
unnecessary under present conditions In
the industry.
Plans for improving tho condition Of en-
ployes were discussed by several speakers.
including r. A. s. Clarke. president Of the
Lsckavanna steel Company. who Is chair
man Of the institutes standing committee
on welfare: J. a. Campbell. president of the
Youngstown Sheet and Tube Company: F.
W Wood, president of the Maryland steel
Company; w. y. Schiller, president of the
National Tube COMPANY and q. G. Craw-
ford president OF the Tennessee Goa, Iron
and Railroad Company. all OF whom are
members Of the welfare committee
Judge Gary, In his Introductory remarks.
also touched upon the suptect. taking the
position that the man who has the in
telligence and the success and the capital
to employ labor has placed upon himsef
voluntarily a responsibility in regard 10 his
men which he cannot escape and ought
not TO endeavor to escape.
Business in the frs, three months of the
wear was very good, he said. but the extra
session of Congress Rad had effect on
general business conditions throughout the
country. II was q fact. he continued. that
when Congress was in session a sudden and
marked hesitation. fear and DOUBT and
d,strust entered the mind Of the general
business public.
But" he went on. the fundamentals Of
the country were never better than they
are to-day Financial conditions were never
before on as sound basis IN TINS country
as they are to-day
Mr.. Farrell said in part:
great deal is said about the present
range OF prices. OF course. those OF US "
the steel business. you gentlemen here this
evening are aware Of the fact that prices
to-day are from s. TO % ton lower thah
they were at the time that the readlue'
ment was made IN 1913. 40 hot peie ~
that any business can be forced by any
change Of prices Furthermore, am nrm-
Is convinced that this anSstheuc condltion
that business has gotten into since April
this chloroformed conditions OF business
and 1t is likely to continue untli ooi is'
adjourns-Cannot be revived by any chahse
In the policy which we have been carrying
out here for many months
There il no doubt whatever that the busi-
ness In in the country: II has simply been
Interrupted. That was demonstrated IN the
months Of January, February ana Marcn.
| think. without exception, every manufact-
urer here in this room tonight felt
gradual impetus TO his business during the
months of January, February and Marcn
particularly As soon as the extra session 1oi,
OF Congress convened business began 10 fail
OFT / think to some extent II was Sreatly
assisted by pessimistic statements, when
were not altogether warranted. as 10 the
condition Of business but which great
many gentlemen Of the press felt II vas
necessary TO discount in order that tney
might perhaps be right If conditions should
happen 10 grow poorer
Mr.. Farrell cited the prosperity of Great
Britain. Germany. Canada and other coun-
tries and drew the conclusion that In
practically every country but ours the gov
eminent as we'll as the people. Is engaged
In building up the commerce OF their re-
spective countries. while most OF our tlme
is spent I'm defending it IA for the nut
lIre he believed that within comparatively
short time all the steel manufacturers
would be busy. He added:
In the mean time IL is going 10 require
We have got TO sacrifice our or
der book unless We want to precipitate a
condition of affairs which. as Mr.. Schwab
saws. means an era Of low prices and per-
haps a continued situation In that line
II we have patience. ] am SATISFIED "lthln
a very short time We are going 10 ne very
well pleased with tho trade conditions in
this country, although We should bear in
mind that even boom in this country to-
cay would not absorb the existing capacity
Of the country.