The Washington times., 1911-06-02

TO say we can control prices, but CO.
operation has biven much needed sta
bility."
- Proposed Meeting.
Judge Gary said it is proposed to have
a meeting of the Steel interests in Brus-
sells, July and for the purpose of
deciding whether it is advisable to have
an international steel institute.
This will be done" said Judge Gary,
unless l am convinced that morally or
legally it would not be we'll to form
such an organization. I will not per-
NIT myself to be placed In a position
where any man can rightly say that 1
am opposed to the best interests of the
public. l want to say. too, that the
same views are held by the members
Of the United States Steel Corporation"
When Chairman Stanley switched his
questions to ore deposits and in Ger
many and also tariff subjects, Judge
Gary went over much of the testimony
he gave before the House Ways and
Means Committee of the House two
years ago.
Price of Armor Plate.
Judge Gary said he knew of no
agreement to keep up the price of
armor plate.
Does the Steel corporation make
armor plate?" asked Chairman
Stanley.
"The Carnegie Company does" an
swered Judge Gary, but from dol
lars and cents standpoint / wish we
did not touch armor plate.
Chairman Stanley then directed his
questions toward the various ore
properties of the Steel corporation.
Judge Gary answering these questions
at great length,
Representative Bartlett asked Judge
Gary as to the accuracy of an article
written by Frank A. Munsey for Mum
sey's Magazine, regarding the Steel
corporations ore holdings and also
the other ore fields in the United
States.
Judge Gary said that the article. so
far as it related to the Steel corpora
ton, was correct. He said Mr.. Nun
sey had applied to the Steel corpora
tion for information. This informa-
tion, as furnished to Mr.. Munsey
dealt only with the steel corporation.
Judge Gary said he doubted the pro-
priety of giving Mr.. Munsey informa-
tion about other ore properties and
he referred Mr.. Munsey to the James
J. Hill interests.
Organization of Company.
Asked as to the organization Of the
Federal Steel Company, Judge Gary
admitted that after its organization in
1898 prices improved. He said, however,
that there was an improvement in all
lines of business. The price of steel
tails, which had been SIS in 1898, was $33
and $35 in 1909.
Steel rails are now sold at s28," said
Judge Gary, because we would never
consent to an increase. Many times the
demand has been such that an increase
would have been justified. Many of our
competitors wanted to put the price up,
but we would not do SO. eW are in a
position where we can keep the prices
down, but can't force 1t up;
Have any of your competitors put the
price below SIS" asked Representative
Beall
1T would not be profitable to sell at
less than $2S,' said Judge Gary.
Export Prices.
Asked by Representative MCGillicuddy
as TO the practice Of selling abroad
cheaper than at home Judge Gary said
that at times the corporation does sell
for export at less cost than II home.
He said 1t was the same principle which
impelled the merchants to clear their
shelves by selling at and below cost.
By taking advantage of a market
abroad, he said, II was possible to keep
the mills going.
Judge Gary said the average price of
export rails today is $3.50.
isn't there an agreement between
British and American rail makers on
the price of rails?'
NO. said Judge Gary.
What is the difference in the price of
rails in countries where there are no
rail agreements as compared with prices
in countries where agreements are al
lowed?' asked Chairman Stanley.
Judge Gary said the United States is
the only country where there no agree
ments.
Cost Increasing.
"The cost of making rails is increas-
ing al 1.-The time said Judge Gary,
land l think the time ST not far off
when we will have to increase the price
of rails. l think our competitors will
have to dc the same thing"
Going back to the institute, Represen-
tative Littleton asked how many mills
were represented.
AT some OF the dinners 90 per cent of
the tonnage was represented.
us there a feeling among steel makers
that they must get between the Sher-
man law en- theSone side and destructive
competition on the other asked Little
THAT is true" said Gary. 81 wish I
knew how we could do 1t.
rs there feeling that you can't
avoid the dark corners Of the Sherman
Yes" said Gary.
DO you feel that we are face to
face with a loss OF the competition or
policy and doctrine?" asked Mr.. Little
ton.
TT seems to me that is true" was
the reply.
''If we have the Government con-
troll you suggest said Chairman stan
lev, ''where will be the stopping place
between Government control and Gov
ernment ownership"
"The Stopping Placer"
Il think there is a stopping place,
replied Judge Gary I'VE control ma
tdonal banks and the railroads without
making any attempt to own them
Judge Gary said there is no noSsible