The Richmond Virginian. (Richmond, Va.) 1910-1920, 1911-06-02
Admits That Meeting Will be
Held in July at Brussels
to Perfect Scheme
HEAD OF u. S. STEEL
TRUST EXPLAINS THE
REASON FOR COMBINE
Tells ProberS American lnsti-
tute Was formed to Pre-
vent Ruin Of Manu-
facturerS

WASHlNGTON, II. C., June .
That an international iron and
steel institute, worldwide In
scope. To prevent destructive
fluctuations OF steel prices" will
bc proposed and probably formed
AT meeting of the steel mag
mates OF the world TO be held in
brussels july and o. was admit
ted to-day by Ebert I'll. Gary,
moss" of the steel trust on the
stand before the Stanley steel In
sestigating committee.
Gary talked for an hour. explaining
me aims and objects OF the Ameri-
can iron and Steel Institute. after
which the big worldwide combina-
ton will ne modelled
Severely griiled by Chairman Stan
icy az TO the purpose ana methods OF
the American Iron and Steel Insti-
tute. Gary declared that IL was origf-
naliy formed to prevent ''ruinoEs COM
petition and price cutting" and To
maintain business equilibrium In
the steel industry
Stanley ON the Scent.
STANLEY. who yesterday demanded
specific information as TO the inten-
lions of the steel masters 10 form a
big world wide trust Kept steadily
after the magnate regarding the pro-
posed -Interna Lat. / 3 TN
ally Gary said
The American Steel and Iron In
sttute recently invited several foreign
manufacturers 10 VISIT this country
They were here for several davs and
were much impressed with the meth
"da Of the American Iron and Steel
INSTITUTE. As a result nf that visit
Il meeting has been called for Jniv 5
ana q IN Brussels. ana representatives
OF all the steei-makimg countries of
the world have been invite to attend.
Nj thai feeeting IL ulil he suggested
unless J am convinced that II would
be legally OF morally wrong, that III.
steel makers of the world form an
association similar to the American r,
Iron and ss~sl Institute.
Il do not wish Intentionally To
place myself in a position OF y!olat-
Ing the law or doing anything that
would not be for the best interests Of
the people. These are my sentiments
and those or the ffnanc committee OF
the United States Steel Corporation '
What VIII this proposed inter
national association do besides pre-
vent 'ruinous price fluctuations % . de-
naanded Stanley.
To Have Broad >co,pa.
1t will discuss moral, ethical and
sociological questions connected with
the making ot iron and steel said
Gary. -
Gary. IN relating the formation Of
the American Iron and Steel Institute.
declared that the United states Steel
Corporation cannot control the price
OF steel products. He said that The
institute was formed after tia panic q
1907 The United States Steel Cor
poration then, he said. owned sixty
per cent. Of the stesl business " the
country, Now he ees.la.ys.a., Il, e@ns
only SO per cent.
AZ the time OF the panic In New
York." said Gary. there was a great
Generalization OF business and "a great
f"nr existed tht IL would spread and
continue over G. period Of years. The
iron and steel Industry 10 one Of the
most important in the country and II
10 believed by many that the iron and
steal industry was to be an import
an, factor Ia the situation and II that
irouetry could be made solid "a great
deal OF the decentralization could be-
prevented. Johbers throughout the
country held large quantities OF steel
and iron products. 1t was apparent
that II the prices OF these products
should suddenly depreciate. these Job
beers Inventories would go down, fhe
banks would call their loans and many
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