The sun., 1919-04-22
Asserts Administration Should
Have Accepted Schedule
of Conference.
BOARD AND TRADE AGREE
q. s. Corporation Stockholders
Hold Annual Meeting in
HobOken.

tives OF the steel industry In conference
with members Of the Industrial Board
at Washington. 10 the opinion Of Judge
r. H. Gary, chairman OF the board Of d.
rectors Of the United States Steel Cor
poration. With the announcement that
schedule Of fair prices had been de-
cided upon, he declared that business
showed an immediate tendency to pick
up to a considerable extent, but that the
moment that 1t was announced that there
was likely 10 be q controversy over these
prices because OF the Railroad Admins
tratlons attitude business Immediately
fell away again. II the Administration
had accepted the original price schedule,
he said, the railways would have bene-
fitted TO large extent as result Of
the greatly increased business which
would have manifested itself In all lines.
Ir that connection he said that during
1918 the corporation and Its subsidiaries
paid s1S9,o0o,o00 for freight charges to
the carriers.
Judge Gary expressed these opinions
at the annual meeting of stockholders of
the United States Steel Corporation.
held yesterday at Hoboken. He pointed
out that there were no differences be-
tween the Industrial Board and the
steel industry. and declared that the con-
troversy between the board and the Ad-
ministration is most unfortunate.
There has been a disposition on the
part of the chairman to be very frank
with the stockholders" he said. and II
10 perhaps appropriate to say that in
talking, giving interviews or making re-
tt,,,a n
poration or the iron and steel industry
the chairman is talking to the stock
holders and the industry generally and
is not speaking to Wall Street The
controversy, so-called. between the rail-
road department Of the Government and
the Industrial Board is most unfortu-
nate. If any department or individuai
should properly be blamed that blame
Will no doubt be placed by the public
where 1t belongs, There has been no
controversy between the steel Industry
and any department Of the Government
The steel industry was requested
by the Department OF Commerce
to cooperate In the endeavor to
stabilize business conditions. 1t seemed
to be recognized by the Department OF
Commerce that to return from war
basis to a peace basis without depress-
ing or dennoralizing business required
good judgment. discretion and open ana
fair dealing so that no one interested In
business or trade conditions or its results
should DO unnecessarily injured or
prejudced.
Scores RaiIyxay Administra tion.
After a conference between the lead
ing steel interests II was unanimously
decided to cooperate as requested and
a In a q
were necessary to render proper aid in
stabilization of business 80 far as the
same can be done without undue pref
udice to the rights, interests and legit-
innate demands of the great business
public. both producer and consumer.
and to the large number of employees
II was stated by the Government repre-
sentatives that as the steel industry
was a leading one It's influence would
probably be great and other lines would
probably follow the course which might
be adopted.
"A general committee was appointed
with authority to represent the iron
and steel industry and appeared be-
fore the Industrial Board In Washing
ton and although there was a difference
OF opinion as to what reduction in
prices could be made without undue
loss. after careful examination of the
then present production costs and full
discussion there was finally submitted
by the iron and steel industry to the
Industrial Board schedule Of prices
representing substantial reduction over
those which had obtained from about
December 10, when the steel industry
had voluntarily made substantial re-
ductions in PRIZES.
This schedule submitted TO the Indus
trial Board was after l might say some-
what prolonged discussion with the In
dustrial Board and after that board had
insisted on further reductions of some
materials. approved by the board
Easing an opinion on statements
given to the public by the railway de-
partment there was radical miscon-
ception OF the purport OF the appoint
mant OF the Industrial Board and it's
activities concerning the subject mat
ter The railway department seems to
have acted on the supposition that the
Industrial Board was appointed solely
for the purpose of enabling the de-
IL
modites In which II was particularly
interested at prices to be entirely salts
factory TO the department regardless
as to the question of whether or not
they were fair to producers or unfair
TO the extent OF driving at least a num-
Der Of them out OF active operation.
IF the industry mad supposed that
TO he the intention OF the railway de-
partment il would not have appeared
before the Industrial Board at all. be-
cause the representatives OF the steel
and iron industry understood their obli-
cations not only TO the stockholders
but also to the large number OF EN-
ployees whose standards of living were
seriously involved"
Judge Gary asked the stockholders
present IL they had any questions they
desired to ask, and few OF them took
advantage OF the opportunity to clear up
points doubtful in their minds. One
stakeholder inquired as to the future
prospect OF the industry. to which the
chairman replied;
81 have been accused OF being more or
less optimistic. but I am never 30 opti-
Inistic as TO shut my eyes to facts and
10 danger. II there be any All can say
Use that any man who believes that this
country has gone into bankruptcy or has
embarked upon a period of depression
which will end in disaster 10 a man who
does not possess himself with facts and
ngures II you ask me how soon the
steel Industry will return to the pros.
perity upon which It had embarked prior
to the action taken by the Director-Gen-
eral of Railroads I cannot give you the
important as the exact facts. The date
depends largely upon the business mer
themselves and not upon any individual
or corporation"
~.