The New York herald. [volume] (New York, N.Y.) 1920-1924, 1920-11-20

u. s. STEEL HOLDS TO
: PRICES OF PRODUCTS
Gary Says Sterilization Bene-
fits Producer, Consumer
and Workman.
WARNING BY CAMPBELL
Youngstown Man Sees Less
Work i'm Winter, With Low
er Wages to Follow.
WARNING BY CAMPBELL

Present prices charged by the United
States Steel Corporation for it's products
Will be maintained until such time as al
tered conditions make a change advis-
able, according to statement given out
yesterday by Judge e. II. Gary, chair
man of the board of directors of the
corporation The sterilization of bust
ness-and prices at this time is consid-
cred OF highest Importance by Judge
Gary. who declared thai producer. con-
sumer and workman will all be bene-
fitted by this attitude.
"Our subsidiary companies" Judge
Gary said, have consistently and unin-
terruptedly maintained the base selling
prices of all iron and steel commodities
which were mutually fixed by repre-
sentatives of the iron and steel interests
of the United States and representatives
of the Government on March q, 1919
Since that time producing costs of all
manufactures of iron and steel includ-
ing an advancement of wage rates ag-
Bresating $51, 100000 per year to the Steel
Corporation and larger freight rates
have materially increased. Under usual
circumstances we would be justified in
making additions to the average base
prices.
However. after deliberate and care
ful consideration we have decided TO
recofimend to the presidents of our
subsidiary companies that the present
basetselling prices of all commodities
continue in force unless and until it
becomes necessary and proper to make
changes to meet altered conditions. We
think stability in business is of the
highest Importance. and that every
man, to the extent of his opportunity
and ability, and even at some sacrifice.
is Obligated to assist in stabilizing and
maintaining prices on a fair and sane
level, The producer, consumer and
workman will be benefited by this at
titude'
JAMES A. Campbell, president of the
YOUNGSTOWN Sheet and Tube Company,
a large producer of iron and steel prod
ucts, predicted lower wages yesterday,
although not Immediately, and advised
workers to curtail expenses, save their
wages and prepare for reduced employ
meRtuin the winter months.
.'1,he outlook for business" Mr..
Campbell said. '1s not so promising as
Il has been. There is less disposition
on the part OF the public to go on with
improvements and building operations
of one kind or another on the high
basis obtaining for materials and labor
and the high cost of money, even where
Il Is possible to secure loans at any rate
Of interest.
"People generally seem to believe that
lower wages will prevail in the future
and1for this reason there has been a
cessation of buying in all lines. IL is
probable that some of our departments
will not continue to operate on fun time
but at the same time the cost OF living
wii17be considerably reduced.
&c is not likely that any general re-
dnction In wages will come about for
snme. time. but it will surely come later
on mot. however, until the cost OF living
has been further reduced. In the mean
timesthe workman who has steady en-
nlcy,nent should earn. He can save MS
money by putting off buying as Tar rs
rossible until a later date, when he VIII
he able to get more for his dollar. Those
vvbo--have been thinking Of buying or
building a home may find 1t proiitapIe
20 unit until spring, as there Is every
indication that building costs are gong
to he lower.
"Esrices of steel products are consider
ablv lower to-day than they were thirty
wears ago, so that the margin or pront
I'm our operations is now very small. we
are hoping however, for lower prices
on coal. which have been unreasonably
high This would be of some help, but
,resent costs OF ore, limestone and
froight will not change much over the
-next.six or eight months. and during
this time we shall be operating on a
very close margin and probably not TO