The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-05-10
REDFIELD ENDS
PRICE FIXING
Industrial Boards Stabilize
ton Plan Met Test at
Steel Meeting.
FAILED TO LOWER COSTS
designations of Peek and
Other Officers Are Accepted
by Secretary.
FAILED TO LOWER COSTS
Special Despufch to The suy,


WASHINGTON. May 9.-The Govern
ment's price stabilization programme
initiated by Secretary of Commerce
1tedfield. is at an end. The Secretary
announced to-day the acceptance of
the resignation Of Chairman George
N. Peek and the full membership of
the Industrial Board. This action fol-
lowed the declaration by D. ector
General Hines that he was in effect
through with the board and would
proceed to buy steel products by
competitive bids.
The Industrial Board was created
by the President nearly two months
ago to bring a lower level of prices
in the United States and to stabilize
them at point which would encour-
age buying and bring quick industrial
and economic adjustment to peace
conditions. Steel prices were taken
up first and a price schedule was
agreed on between the board and rep
resentatives Of the Iron and Steel In
sutute. Director General Hines de-
INJURED at these prices, declaring they
were too high and refusing to buy.
Controversy Divided Cabinet.
The controversy became heated and
divided the Presidents Cabinet. The
President was appealed to in Paris
and at his suggestion another effort
to obtain an agreement was made.
This definitely failed in New York
yesterday. when representatives of
the Administration and the steel In
terests could not get together.
In the meantime members of the board,
meeting an insuperable barrier in the at
titude Of Director-General Hines. had
handed in their resignations on April 22.
Prices kept on rising. and according to
the Federal Reserve Board and the De-
partment Of Labor still have a decided
upward trend.
Mr.. Redfeld gave up the fight to-day
and sent identlc letters to Chairman
Peek and board members accepting their
designations.
He issued the following statement also
AT my desire the members of the In
dustrial Board have retained their Off.
clal positions until the outcome of the
| conference between the Railroad Admin
istration and the steel industry, which
took place on the sth inst. should be
known. That conference was arranged
at my suggestion by the Industrial
Board. with the approval of the Direc.
tor General OF Railroads
"It appears from the statement issued
by the Railroad Administration that the
conference has failed to bring an agree
ment, and the further assistance of the
Industrial Board IL not desired. In view
of tho announcement made by the Rail-
road Administration 1 have regretfully
| concluded that It is not proper longer TO
detnin from their respective affairs the
gentlemen who comprise the Industrial
Board"
Letter to Chairman Peek.
Secretary Redheld also sent this letter
to Chairman Peek:
You have not sought to control but
cooperate. You have exhausted the
resources OF courtesy. Your attitude
has been unselhsh, generous and your
vision broad.
The members OF the Industrial Board
were:
George n. Peek. former member and
assistant chairman of tho War Indus
tries Board. chairman Samuel p. Bush,
president OF the Buckeye Steel Casting
| Company. Columbus. Ohio; Thomas X
Glenn. president of the Atlanta Steel
| Company Atlanta. Ga; George r.
James. president OF the William NJ.
Moore Dry Goods Company, Memphis /:
| Anthony Caminetti. Cen
eral of immigration, Department OF
Labor; William NJ Ritter. president Of
| the William NJ. Ritter Lumber Company
| Washington, and II. G. Powell director
| OF the division OF capital expenditures of
the Railroad Administration.