Evening star., 1919-03-19
STEEL MENMEE
INDUSTRIAL BOARD
To Aid the Sterilization of
Basic Industries, Purpose
of Conference.
OPTIMISM is EXPRESSED

half billion dollars, today are confer
ring with the industrial board of the
Department of Commerce. The pur.
pose of the conference is to try to OBJ
tain an agreement with the steel men
to revise prices downward and thus
make a beginning in the stabilization
of basic industries.
No decision was reached at the
morning conference. but George n.
Peek, chairman OF the board. and his
associates are hopeful that some ac-
tion will be taken which will justify
the resumption of normal business.
When the steel men conclude their
conference the lumbermen will be in
Sited to exchange views with the
board.
Big Issues Hang on Result.
Immense industrial issues are de-
pendent upon whether the steel men
agree to some revised schedule which
gives promise of permanency. Mr.
Peek intimated. The steel business
is regarded as the industrial barom-
eter of the nation. and where it leads
other basic industries usually follow.
1t is not believed that any of the
visitors will oppose any reasonable
plan to accommodate the steel bus1-
ness to the needs of the country and
to the purses of the purchasers OF
that commodity
Judge Elbert H. Gary. chairman of
the board of directors of the United
States Steel Corporation, was among
the first members of the steel COM
mittee to reach the city. Judge Gary
appeared to be optimistic regarding
the outcome of the conference. He
was not prepared to say what views
his company holds on the question of
establishing a dependable and stable
price for steel, but he said the Situa-
tion looked good.
Judge Gary Optimistic.
Things look fine. very fine said
Judge Gary and then he. went into
conference with Mr.. Peek and his as
1t is the purpose of the industrial
boa rd to invite the committees repre-
senting the basic industries to sug-
gest lower schedules. The steel men
have already held several meetings.
One OF these took place in New York
yesterday. 1t is understood that Judge
Gary and his associates came to
Washington prepared with a tenta-
tive program.
If prices are lowered, and it appears
that the prices agreed upon are to be
permanent, or at least are to prevail
for a reasonable period. the govern
ment. it was said, would take the lead
in extensive buying. Vast quantities
of steel, lumber and other commodi-
ties are needed to complete the big
naval program.
Purchases by the Navy Department
have been deferred. pending an agree
ment between the industrial board and
the steel. lumber and other dealers as
to schedules. When these are agreed
upon business is expected to take a
leap forward. At least this is the
theory of Mr.. Peek and his associates.
Differs on Antitrust Opinion.
Attorney General Gregory's opinion
that an understanding as to prices,
when the government is a party to
the transaction, would be violation
OF the Sherman anIi-trust law ic be-
lieved not to be shared by his sue
ceSsor. A. Mitchell Palmer. In Mr..
Peek's plan there is no purpose to
restrain trade or limit production.
1T is really conspiracy to stimu-
late production" one of the steel men
remarked.
Charles NJ Schwab, chairman of the
boa rd of directors of the Bethlehem
Steel Corporation, was unable, be-
cause OF sickness. to attend the con-
ference. Clarence c. Grace, the presi-
Z,
Schwabs place.
Fuel Administrator Harry A. Car
field was invited to attend the confer
ence and responded in person. Some
see in Mr- Garield's participation in
the conference some purpose to ar
range price schedules for coal and
coke. 1twas explained by a steel man
that fuel would play an important
part in the determination of the flu
ture cost of steel.
Steel Men Present.
the conference are: Judge E H. Gary,
chairman OF the board Of directors Of
the United States Steel Corporation.
Eugene G. Grace. president of the Beth
lehem Steel Corporation; J. A. Burrll.
president of the United States Steel
Corporation: ]. A. Topping. chairman
of the Republic Iron and Steel Company:
l. b. Block. vice president of the Inland
steel Company; Joseph A. Burden, pres
ldent of the Burden Iron Company; c.
II. Mccullough. president Lackawanna
steel Company; II. c. Dalton A. F.. Hus-
ton. Willis S. King. John A. Savage.
representing the ore producers; ]. G..
Neale, vice president of the MidvaIe
Steel Company. and Leonard Pickett.
president of the Empire Steel and iron
Company
While the committee is limited in
membership to seventeen. number OF
men not IN the organization are taking
part in the conference.
Board Issues Statement.
The following statement was issued
by the board after the morning
session:
after meeting with leaders the
steel and iron trade. representing go
per cent of the country's production,
the Industrial board announced this
afternoon that satisfactory progress
had been made. but that an actual de
cision on a lowered scale of prices
would not be reached until late TODAY
or possibly tomorrow
The question of price was not
toucned upon at the first conference
The entire time was devoted to a dis
cussion of the general situation and
the necessity for reduced schedule
Of steel prices at the present time in
order 10 stimulate buying
I'VE found the steel mea entirely
willing TO cooperate in making eff
ectiVe any program that will hasten
the return to normal conditions said
George w. Peek. chairman of the in
dustrial board. 1t is as yet irnpos-
sible 10 tell just how long il will
take to formulate the new price
schedule. We do not expect, how
ever. that action by the industry and
the board will be long delayed"
Hun Steamers Sail, Seeking Food
LONDON March l9-Eight Ger
man steamers including IN a EaiSerin