The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-03-20
NATIONWIDE PRICE
CUTTING UNDER WAY
Steel Industry First to Confer
With New U. s. Indus
trial Board,
ACTION EXPECTED TO-DAY
Lumber Will Be Next to Aid
in Bringing Conditions
to a Peace Level.
sp.cial DsspatcA TO TUE SOY.

Special DeSpdtch 10 THb bun
WARRINGTON, March 10 The pro-
posed lowering OF steel prices by
benign conspiracy" to cut short the
transition period in the United States
and bring prices down to more or less
permanent peace level made little prog
less to-day. Representatives of the iron
and steel industry met with the new In
dustrial Board of the Department of
Commerce this. morning and got under
way the prelimlnfiries of the price sta
bilixation programme. .....
Apparently this In as far as they got
At the preliminary session the steel men
asked for an adjournment that they
might confer among themselves. and ad-
journment was taken until o'clock this
afternoon.
General Conference To-day.
Representatives of tho steel industry
failed TO appear at the conference room
At the appointed hour, however. Instead
n little late. they told Chairman Peck OF
the Industrial Board that II was neces-
-sry to continue the session among
themselves and were not yet ready to
proceed. The Industrial Board waited
until 5 o'clock. when II received another
message from the steel conferees 20 the
effect that they were ready. but sue.
costing that because of the lateness OF
the hour further conference 60 over I'M
I'll tomorrow morning. As result II
was agreed to hold a general conference
at 9 40 o'clock.
Despite the break there Is a general
tone of optimism on both sides. The
steel men are keeping their own coun-
eel and making no comment for pub
LEGATION except commonplace on the
general situation. Apparently they are
in an optimistic mood. as are members
of the Industrial Board
Small Concerns Anxious.
II was reported that the industry men
were delayed aligning differences be-
tween the big organizations and the
smaller ones as TO how much price cut
ting the industry as a whole can stand.
Some of the smaller organizations had
rome too large margins. IL was said. and
would have to get along with scant
profits II prices were generally brought
down. The larger organizations, 1t ia
understood, are better fortified in this
respect.
The question of steel prices was taken
UP first by the Industrial Board because
OF the preeninent place Of steelmaking
in American industry. Progress in
bringing down steel prices, 1t Is believed
dent on steel
That the industry is interested in what
can be done with the prices of its owr
raw materials was indicated by the fact
that DR.. Garfield was invited and at
tended the conference. Government
coal regulations respecting prices and
zone movement are practically OF. Goa
prices, however. will have an important
bearing on steel prices. whether in
plates, bars or fabricated.
VIII Anect Other Prices.
Government officers are interested il
the belief that II steel prices can be re
vised downward similar action can b'
brought in the other basic industries
stablHzing production and creating a de
nand by bringing out the latent buying
power o. the nation. which is disposed &
wait upop after the war price adjust
ment before going into the market. TIL
lumber industry will be next called.
Judge Gary, chairman OF the Aneri
can Iron and Steel Institute. was opti
mistic when he entered the conference
He said: Things look fine. very fine
This was the limit OF comment for pub
LEGATION by any OF the steel men.
Chairman Peek OF the Industria
Beard believes tremendous industrial &C
tivity will be started as soon as pric
revision is obtained. There is a disposi
ton to delay on Government require
nents for steel and other commoditie
until price revision is secured.
Tho steel men. II is said. want com
plete assurance as to the legal aspect
Of any agreement entered into by the in
dustry respecting prices In this country
While 1t is generally regarded that sue
an agreement having the approval of tn
Government and the Pre- sident would b
perfectly safe C"c.l any attempt at lega
action against the participants, the sts,
men apparently want assurance that
will be free from any faint of illegaIit,
4 representative of the Department {
Justice attended the conference to-da
and will attend future sessions.
Assurances have been given that tn
Department OF Justice will not regar
IN open agreement that does not invol>
restraint OF trade as in violation OF an
of the antitrust statutes. The leg
phases were not discussed to-day.