Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1911-06-05
Advised Cooperation and The
Stability Of Prices.
Oyer-ruIed by Majority, Who
Vote 10 Meet The SIashing.
House Committee VIII investigate
Farther In Steel Case.

New York, June 5.-The arguments
with which Judge Ebert II. Gary.
chairman of the directors of the Unit
cd States Steel Corporation. addressed
iron and steel manufacturers whom
he had here as guests at a luncheon
a week ago today to discuss tire in
dependent action of the Republic Iron
and Steel Co. in reducing prices. be-
came public today, when Judge Gary
made public the text of his speech,
and threw more light upon what oe-
CURED behind the closed doors of the
dining room at the Metropolitan Club,
where the conference was held.
Judge Gary argued for contiE Ied
cooperation among the steel makers
and for stability in prices. but his
apparent wishes on the price question
were overrnled by a general decision
70 meet the cuts IF the Republic Com
psiiy. In the course of his remarks,
Judge Gary touched upon the posi-
billy of wage reductions. the value of
fair dealing and frankness among The
manufacturers. AMI the rights and
duties of great corporations in view
of the recent supreme court decision
IN the Standard oil case
Il have advocated. and shall 81 :
Ways advocate. 81 long as / believe
l have a right 10 do So" said Judge
Gary the stability OF prices, the reg
uIarity of business conduct on the
part of all that is calculated to rec3g-
ize and advance the interests OF
cthcrs.
Il have urged yoa to remember and
again call attention 10 the fact that
When ycu Rakesslibstantiai reductions
III your prices If you reduce 10 a
pfiee.s that is unfair and unreasonable
and sou make so small profit that
il xipea not yieid you fair return
eiApssr Investment and your risk.
IA least place for consideration
eyeryone the possible necessity
Rducing the CO.'S OF production, in
yyS7g proirinently. if not principal
me- wages wilich you are paving,
Tray be allowed TO pay. TO the man
<ne tnep In Your employ Do not
fr Shat the laDorine men--the en-
*eS OF the eorporation-have more
z9kg when these question are con-
Ut reducing prices below what
Z<onable ana lair, than the en-
go You have no right 20 run
N or being compelled 10 put
ftisiwa ges below what they ought
toEnN unless You are driven to it. and
hoi,e, under the present circum-
stances, gentlemen. that whatever
may be done, or whatever may happen
as a result Of present conditions. YOU
viii not reduce the wages of your en-
pioyes until you feel il is an abso-
late necessity to do So"
Referring TO the bombsheIl which the
Republic company threw into the steel
market by reducing prices. Judge Gary
sald:f 1--WE are confronted with a very
serious and disagreeable problem 1t is
not for me to criticize men nor TO pass
Judgment on the motives of men. Wheth-
er people who have changed their minds
suddenly are actuated by motives of GU
pidity or motives of necessity is not for
me to say One thing we know that one
of the leading iron and steel companies
hitherto joining in our councils learning
from us our intentions, our business our
methods. our clients. our customers, ev.
erything of benefit and interest for one
to know concerning his neighbor, has
suddenly, for reasons considered good by
those in charge, given notice that fol
the present at least 1t is not desirable tc
cooperate with us. I would not expect
or ask anyone to do anything he believed
wrong, legally or morally: but on the
other hand gentlemen. If anyone whC
has been cooperating in lawful way
not In secret, but under conditions wei
known and frequently exposed by all Of
Continued on Page Ten.)
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