Evening star. [volume] (Washington, D.C.) 1854-1972, 1911-07-25

printed copies, and of one being held out
by the printer.
Within a month another agreement was
drawn up and signed at a meeting in
New York
What attorney was present then?"
Il don't know" He said that only one
agreements was signed, and 1t was turned
over to w. c. Temple. 1t was not print
ed. but was typewriter.
He said that the second agreement was
in operation until 1904. His company
paid penalties when it exceeded its al
lotment of output.
I'm what way did the new agreement
differ from the first agreement"
The witness could not recall. He iden-
titled a number OF checks and vouchers
showing that his company had partici-
pated In the agreement. He made month
ly reports to Mr.. Temple, the commits
sioner" under the agreement. and pro-
duced copies of some of the reports.
He said that every year the percentage
allotment of output was rearranged to
suit changing conditions.
Exchanged Information.
The witness said that after the asso-
citation ceased to operate the parties to 1t
continued to supply each other with sta
tistics of their output. although they were
not required to conform to the old terms
Wasn't your association intended to fix
the amount each concern could producer
1T was intended to prevent one firm
cutting prices and to maintain reasonable
prices"
He said that meetings were held about
once a month to determine what prices
should be maintained. 1t required the
affirmative action Of all the firms to keep
up the prices.
Mr.. Gardner of the committee then
took the witness In hand.
Previous to this agreement were
you operating under any agreement
Did you stick to the list of prices
fixed by the association?'
I'VE were supposed to-
why was the agreement given
up?"
WAS it because Of any court decf-
sions?"
Not that l recall"
Did you run free-handed after that?"
that?"
Eyes, but the effect was that we all
operated with greater consideration for
each other"
Trust Firms In It.
The witness admitted that such Of
the parties as became subsidiary to
the United States Steel Corporation
continued to live up to the agree
m mt until the end OF 1904.
Mr. Littleton then took over the wit
ness.
''Your desire was to steady prices?"
''Yes, Just as the government regulation
of railroad rates does today.
After 1906 the steel manufacturers met
In New York from time to time to discuss
business conditions, but no attempts were
made to fix prices.
Were not the Gary dinners cont1nua-
ton Of this policy of cO-operation?"
'tOh, no; those dinners only brought us
together for general felicitations."
''Haye prices been going lower since
you abandoned your agreement"
mo marked decline beyond the panic g
effect and the recent cut by the Republic
company"
I'm the main, since you abandoned your
agreement have prices been steady?"
'"They have fluotuated varying accord
ing to the demand
"Do the parties to the original agree
ment have an implied understanding as
to prices?"
NO"
Have you told any of your competitors
that you intend to hold to certain
price?"
No"
Have your competitors said to you they
would?'
Eyes, at some of. our meetings follow
ing the panic of 1903, in New York, there
was general expression Of opinion that
certain prices should be maintained"