The New York herald., 1921-02-26
GARY DENIES STEEL
PRICES OR WAGES
WILL Be REDUCED
Makes Announcement After
Long Meeting of Indus
trial Leaders Here.
CUTS NOT CONSIDERED
Foreign Producers Again
Urge Formation of Inter
national Institute.
PROPOSAL UNDER DEBATE
1t Is Referred to Steel Trusts
Chairman-May BE Acted
Upon in May.
PROPOSAL UNDER DEBATE

The United States steel Corporation
as yet has found no reason in the
slump of buying and in the gradually
declining tendency OF living costs for
a reduction of steel prices and a pairing
down of wages of it's employees. FL
bert II. Gary, chairman of the corpo-
ration, made that clear yesterday at
the conclusion of a long meeting of
directors OF the American Iron and
Steel Institute at the Metropolitan
Club.
While the meeting was monthly
affair, which usually considers routine
matters dealing with the welfare of
the entire steel industry. II attracted
widespread interest in the financial
district. It was believed beforehand
that wage cuts running from 10 10 25
per cent. among certain independent
steel companies would cause a change
Of policy on the part of the steel cor
poration.
IT can merely reiterate what / have
said before" said Judge Gary. I'VE
have no present intention of reducing
wages and the subject of lowering
prices of steel products has not been
considered"
Fourteen Directors attend.
The meeting began with a luncheon
attended by fourteen of the twenty-one
directors of the institute. The full d.
rectorate consists of Thomas Cantley of
the Nova Scotia Steel and Coal Com
pany. Judge Gary. James A Farrell.
president of the steel Corporation; A.
c. Dinkey, president of the Midvaie
Steel and Ordnance Company; e. @.
Grace. president OF the Bethlehem Steel
Corporation; c. NJ. Schwab, chairman
of the Bethlehem Steel Corporation :
John A. Topping, chairman OF the Re-
public Iron and Steel Company F. A.
S. Clarke, president of the Consolidated
Steel Company; l.. f. Block, president
of the Inland steel Company Willis l..
King, president or the Jones & Laugh
lin steel Company George i. Downs,
president of the I.ackawanna Steel Com
pany: ]. A. Campbell, president OF the
Youngstown Sheet and Tube Company .
William IT, Donner. president of the
Donner Steel Company; Samuel Mather
of the Pickands Mather Company: j.
r. Wellborn, president OF the Colorado
Fuel and Iron Company James a. Bra
den of the Braden Iron Company; Jo-
seph G. Butler, Jr., president OF the
Brier Hill steel Company; Thomas X,
Glenn Of the Atlantic Steel Company ;
w. A. Rogers Of Rogers Brown & Co. ;
Robert Hobson Canadian steel maker,
and Edwin Bailey. banker OF Harris
burg, Pa The absent members were
Messrs Schwab. who is abroad: But
ler. Campbell. wellborn and three 9TH
ers located In the West.
Following the luncheon the directors
entered into discussion of international
aspects of the steel market. The text
for this, It was learned lay in sugges-
tions received during the last few weeks
from steel producers of England, France
and Belgium by Judge Gary and other
manufacturers here for the establish
ment of an international steel institute.
whose members would consist of steel
makers Of all the nations which are
active in the trade.
Received Most Attention.
Judge GARY Salu tldt tnlS subject re-
ceived most of the attention during the
meeting. He asserted that prices and
wages had not been touched upon. In
the end the decision about tho formation
of the institute was referred to Judge
Gary in his capacity as president of the
American Iron and Steel Institute. In
1911 a similar proposal came from
abroad and was taken under considera-
tion by officers of the Steel Corporation
and other large companies.
At the time uncertainties over the np-
plication OF the Sherman law led the
American producers to hesitate over
close relationship with foreign manu-
facturers. but now the Webb law cover
ing export transactions gives producers
OF goods on this side a freer hand than
they had before I'm considering plans for
the export markets.
II Is expected that the proposed In
ternational conference Of steemakers
will be studied by officials Of the Amer
ican Iron and Steel Institute and a re-
port made at the spring meeting of this
body. which usually Is held in May.
The programme which the foreign inter
ests have In mind could not be learned
yesterday but II is believed. In the light
OF the advances made ten years ago,
that they are anxious to have coopera-
ton leading TO stabilization OF prices
and output as well as an interchange OF
ideas dealing with economies of manu-