Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1922-05-18
COMMITTEE BEGINS
STEEL SALES PROBE
Method Of Fixing Prices Abroad
Described by Selling
Agency's Head
! MAKERS POOL PRODUCTION
Ry the Associated Press

New York, MAY 1S.-The Lockwood
Housing Committee today began an in
Quiry into the steel business. first turn
ing its attention to practices Of pools
which sell to foreign buyers.
A. s. Clarke. president Of the Con-
soidatcd Steel Corporation. exclusive
export agency for The Bethlehem Steel
Corporation. and nine others. including
the Lackawanna. Midvalc. Republic.
sharon and Youngstown was the first
witness. He waved immunity and then
described how the Executive Committee.
made up Of the presidents of member
corporations. fixed prices for sales in
foreign lands.
An effort 10 bring out that steel prod.
ucts often arc sold abroad below the
domestic price received tho answer that
while competition sometimes made this
The case. in the long run tn" prices at
home and overseas are substantially the
same. The Cndcavor was 10 make them
tho same. the witness asserted.
Price Information Hard to Get
Mr.. Clarke said he was n friend Of f..
+. Thomas. president Of the United
States Steel Products Corporation. for
cgn selling agency for the United States
Steel Corporation. and admitted that he
sometimes sought TO learn from him
what his prices we're in given markets.
But hc said he usually found no dispo-
sition on the part Of Mr.. Thomas to give
him the information. About the only
way one group has Of learning what
the other is charging for steel products.
he said. is through buyers and reports OF
salesmen.
The member companies sell shirs and
ordnance individually. but otherwise
virtually all their commercial forms OF
steel are pooled through the Consoli
dated. Mr.. Clarke said. Each sells a,
uniform price. the Consolidated tax
ing D per cent as its commits
| sion. In 1920 its gross business reached
SS5. 600. 600. the witness reported. II
was divided among member companies
proportionate TO their pledges. of ton
| the proportion Of capital stock of the
Consolidated which each member held
Mr.. Clarke said.
Consolidated Prices Met
The witness said he was unable tc
give an instance where the Consolidated
got more than the United States StCc
| Products for steel when the latter com
pany had something ~ sell.
| The Consolidated was organized il
January. 1919. under the Webb .Pomc.
rene law. he said. with an authorized
capital OF $1,000. 900. of which
S2.47O 900 has been paid in.
L. II. Gary. chairman of the United
States Steel Corporation: Charles NJ
Schwab. chairman of Bethlehem. anc
Moses Taylor. chairman Of the Lacka
wanna Steel Company. had been sum
moned to testify today. bur the commit
tee agreed to defer their examination
when informed President Harding ha,
invited them to a White House Dime
tonight.
Washington. May 1S.-lRy 4. P.)-
Attorney General Daughertv today in
vted representatives of the eight stee
companies named in tho Senate rcsolu
tion directing an inquiry into pro
posed merger of independent companie
to meet him Saturday to discuss thci
plans for the proposed merger.
The Attorney General addressed hi
invitations 10 the presidents Of tn
Bethlehem Steel Corporation. lnlan,
Steel and Tube. Brier Hill Steel
Youngstown Sheet and Tube. Mdval
Steel and Ordnance. Republic Iron an,
Steel Lackawannu Steel and the Stce
and Tube Company of America.