The upward swing in business since 1898, combined with the growth of trade unionism and with the successful negotiation of the Interstate agreement in the soft coal mining industry, created an atmosphere favorable to trade agreements. For a time "recognition" and its implications seemed to all concerned, the employer, the unions, and the public, a sort of cure-all for industrial disputes. Accordingly, in March 1899, the National Founders' Association (organized in the previous year and comprising foundrymen engaged principally in machinery manufacturing and jobbing) and the International Molders' Union of North America met and drew up the following tersely worded agreement which became known as the New York Agreement: "That in event of a dispute arising between members of the respective organizations, a reasonable effort shall be made by the parties directly at interest to effect a satisfactory adjustment of the difficulty; failing to do which, either party shall have the right to ask its reference to a Committee of Arbitration which shall consist of the President of the National Founders' Association and the President of the Iron Molders' Union or their representatives, and two other representatives from each organization appointed by the respective Presidents. "The finding of this Committee of Arbitration by majority vote shall be considered final in so far as the future action of the respective organizations is concerned. "Pending settlement by the Committee, there shall be no cessation of work at the instance of either party to the dispute. The Committee of Arbitration shall meet within two weeks after reference of dispute to them." The agreement was a triumph for the principle of pure conciliation as distinct from arbitration by a third party. Both sides preferred to run the risk of a possible deadlock in the conciliation machinery to throwing decisions into the hands of an umpire, who would be an uncertain quantity both as regards special bias and understanding of the industry. The initial meeting of the arbitration committee was held in Cleveland, in May 1899, to consider the demand by the unions at Worcester, Massachusetts, and Providence, Rhode Island, for a minimum wage which the employers had refused. In each city one member of the National Founders' Association was involved and the men in these firms went to work pending the arbitration decision, while the others stayed out on strike.