The Bridgeport times and evening farmer., 1919-03-21
DEFER STEEL
 PRICE VERDICT

bers of the Department of Commerce Industrial Board conferred yesterday in an effort to reach an agreeme-As on price reduction and stabilizatiOn. At the close of the conference it was announced that a further meeting would be held tomorrow, and the fol- lowing statement was issued.
 After meeting with leaders of the iron and steel industry representing approximately go per cent. of the country's production, the Industrial Board announced this afternoon that satisfactory progress had been made, but that a final decision on a lowered scale of prices would not be reached until after full consideration of all phases of the subject.
 The question of prices was not touched upon at the first conference The entire time was devoted to dis cussiOn of the general situation and the advisabII of a reduced schedule of steel prices at the present time in order to stimulate buying"
 George \. Peck. chairman of the Industrial Board, said:
 We found the steel men entirely willing to co-operate in making eff fective any program that will hasten the return to normal conditions II is as yet impossible to tell just how long it will take to formulate the new price schedule"
 According to reports in circulation some of the smaller high cost com panies are fighting to avoid the rec ognition of price reductions which might seriously endanger comfortable profits made under war conditions.
 Io h al soon was conceded by practically all who participated in the conferences It is possible that announcement will will come tomorrow which will make 1t known whether there is to be gen. eraI cooperation with the industrial board along lines suggested by that organization. Big steel interests are said to lean toward some such agree rnent if price schedules which they present are acceptable to the govern nent as a basis for making govern ment purchases, thus establishing price barometer for the trade.
 One of the most interesting and important of the developments was found in the attitude of most of the representatives of the steel interests as well as the government represen- tatives in regard to the future of the steel industry and other industries the prosperity of which are closely Identified with the conditions of the steel trade Every one was in a cheerful mood. Judge F. H. Gary, chairman of the Board of Directors of the United States Steel Corpora tfor. who was one of the first to reach the conference rooms in the morning said: Things look fine; very fine" That spirit seemed to be present everywhere.
 While there was much discussion concerning the fate of the plan for voluntary co-oDeratiOn with the Gov ernment board and courses which might be pursued in the event that a final agreement was reached, il IS rumored that the steel industry is looking ahead to a period of heavy sales and general prosperity. and is shaping it's plans on that basis.
 Representatives of the steel indus try who were reached last night stat ed that there would be nothing to say until today's meeting. Reports that there had been a definite break be tween the steel interests and the in dus.triaI board---set in circulation by the fact that Q joint conference which had been announced for o'clock in the afternoon and did not materialize were denied by all involved in the meetings. Chairman Peck let it be known that he had received word from the steel conferees that they could not complete their deliberations in time to present any program of value at the hour set and asked for delay until today.
 Added interest was lent to the con ference because of the failure to get together which had characterized for uer attempts on the part of the steel interests and the Government, and also because of the realization that any decision which might be reached would have far-reachirg effect on the entire industrial fabric of the nation
 The steel men held a separate ses- sion in the afternoon at the Willard hotel It is understood that several questions are under dispute. The smaller companies, it is said, are seeking assurance of protection in the event that price reductions might threaten their life, but their final stand undoubtedly will be controlled by the decision of the big corporation whose activities necessarily will dom mate the situation.
 The big corporations, it is said, are seeking definite assurance that prices which may be agreed 10 Eiy the JOint conferees will be respected by the Army and Navy Departments, the Railroad Administration, and the Shipping Board in making purchases.
 There is a determination also on the part of the steel interests to set tie beyond doubt the attitude of the Department of Justice as to the ap- plication of the Sherman act to the agreement which is proposed A rep resentative of the Department of Jus tice attended yesterdays conferences. It. is felt, however, that this point can be settled satisfactory.
 Fuel Administrator 1T. A. Garfield attended the morning conference, at which there was a discussion of the coal and coke situation as it afferted the steel industry.
 It is possible that the steel interests will present today the scale of price reductions, which they believe will be fair to all interests involved in the deliberations. Up to this time the program which the steel men have in mind has not been given in any detail. even to the members of the Industrial Board, and they were in ignorance yesterday of the rates which might be suggested.