New-York tribune., 1919-05-10
No Further Price
Cuts ON Steel.
Judge Gary Says
Head of U. S. Corporation
Looks for Good Business
Despite Views of the
Railroad Administration

Leading steel interests are adherinp
to the schedule of prices approved bv
the industrial board, despite the view
of the railroad administration that thew
are not low enough. This policy, in
the opinion of Ebert H. Gary, chair
man Of the United States Steel Cor
poration, will continue to be the atti-
tude Of the manufacturers, because
present costs of production will per-
nit of no further cuts in selling prices.
Judge Gary, who. with other mem
bers of the general committee of the
American Iron an Steel Institute, con-
ferred with the representatives of the
railroad administration at the con-
ference in the Hotel Plaza Thursday.
declared yesterday that the steel men
did not intend to enter into any contro-
versy with Director General Hines over
the price question.
Judge Gary's Attitude
Referring to the statement of Mr..
Hines, in which he presented figures
purporting to show that the steel COM
panles, on the basis of the industrial
Boards prices, would be able to earn
handsome profits, owing to lower op-
Grating costs since the signing of the
armistice, Judge Gary said:
The statement of the Director Gen.
eral, IT 1T had been made after full ac-
qualntance with the facts and figures
and had been accurate in all resnects'
would not, in my opinion, have any
bearing upon the exact present situa-
ton: On the present basis, costs of
production, as shown in the books Of
the manufacturers and verified by the
Federal Trade Commission, would not
permit any further reductions in the
presently selling prices. without lowering
wage rates.
Our subsidiary companies are
strictly maintaining the scale of prices
approved by the industrial board of the
department of Commerce, and it seems
to me that will be the attitude of other
manufacturers, for the reason, if for
no other, that their costs of produc-
ton will not allow any further reduc-
tlons in selling prices. They have vol
UNFAIRLY made two substantial reduc-
tlons since the armistice was signed" /"
Judge Gary expressed regret that
the opinions of the railroad administra-
tion and the iron and steel industry
over the matter Of prices have differed.
ut is time," he added, when all
interests should cooperate in aiding to
facilitate the movement for improved
industrial conditions, which is certain
to take place, if it is not already in
evidence"
Sees Good Business Ahead
The head of the Steel Corporation
declared "there has at all times been
an open market in iron and steel, and
opinion to the contrary is misconcep-
tion of the facts"
There has been no effort" he said,
"to establish fixed prices. The fact
that seller cannot or will not reduce
his selling price, or that a purchaser
cannot or will not pay the price asked,
does not modify the fact that the mar
ket is OPEN"
Judge Gary held that despite the un-
settlement caused by the controversy
between the industrial board and the
railroad administration there is good
business ahead for the steel manu-
facturers.
at is for the best interest of the
whole country, producer and consumer,
employer and employe and the general
public, to take advantage of the ex-
traordinary resources Of the United
States by standing together for greater
progress and prosperity than we have
ever before experienced," he added