Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1919-04-21
JUDGE GARY SCORES
Illness PRICE RULING
Railroads Would Have Benefited
by New Schedule, Says Steel
Corporations Head

HobOken, n. j., April 21-Discuss-
ing the controversy between the rail
road administration and industrial
board of the Department of Commerce
over steel prices, Elbert II. Gary, chair
man of'the board of directors of the
United States Steel Corporation, told
its stockholders at their annual meet.
ing here today that if the railroad ad-
ministration had accepted the Judgment
of the industrial board as to prices for
steel products, the railroads would have
benefited to large extent and business
would have been stimulated.
He said that the business of the car
riers would have shown improvement,
and called attention to the fact that last
year the steel corporation had paid to
the railroads $3.50, 900 900 in freight
charges. y No criticism to any extent
had been made. he pointed out, when
railroad freight rates had been in
creased.
The refusal of the railroad admin
istration to accept the industrial board 8
prices. Chairman Gary characterized as
"a misunderstanding all around be-
tween the steel industry, the board and
the railroad ADMINISTRATION The
controversy had been, however, between
the two government departments, and
If there was any blame attached, "the
public will no doubt place it where it
belongs" he said.
Stating that he based his opinion on
statements given to the public by the
railroad administration. Mr.. Gary said
that there seemed to be "a radical mis-.
conception on the part of the admin
istration as to the purport Of the ap-
pointment of the industrial board and
its activities.
The railway department" he said.
seems to have acted on the supposition
that the industrial board was appointed
for the purpose of enabling the railway
department to purchase commodities Mt
prices satisfactory to that department
regardless of whether they are fair or
unfair to producers"
Mr.. Gary Nhen declared that If was
the belief Of the great majority of the
steel trade that the step taken by the
industrial board in respect to prices
was in the right direction and that the
position taken by Director General
Hines in decling to accept the prices
had very materially interfered with
business progress which was in evi
dence at the time
| He appealed to stockholders to Judge
for themselves whether any enterprise
was more concerned in prosperity than
the railroads. He said he would moi
attempt to fix the date on which indus
try would return to normal conditions
but the date was not so important as
the fact that it would return.
THE man who belicves,'' he said
that this country has gone into bank
ruptcy or has entered upon n period o.
depression which will end in disaster
or is going into such demoralizati ton al
will prevent future progress and pros
perity. is the man who does not possess
himself with facts and figures
Judge Gary announced that 30. .27(
shares Of preferred and .O4O. .344 shares
of common, a total of 3,219 .614 of al
stock. was present in person or b!
proxy. The attendance was somewha
larger than usual, about sixty person
being present, among whom was on
woman.
The stock ledgers submitted to tn
stockholders show that the Bankers
Trust Company which is the deposi
tary for the alien property custodian
is holding more than 800 shares of pre-
ferred and more than 10000 shares o
common for the government.