United States Steel: A Corporation with a SoulCotter, Arundel
History
United States Steel: A Corporation with a Soul
Cotter, Arundel
United States Steel Corporation
I stated the purpose and object of the meeting were if possible
to prevent the demoralization of business. I stated that the
first object of the meeting was to secure a better acquaintance
with each other, and come into close contact in order to know one
another, hoping that we might deal with and toward one another as
gentlemen and not as enemies. That the purpose was, if possible, to
prevent demoralization of business, to secure as far as practicable
stability of business conditions, as opposed to wide and sudden
fluctuations; to prevent, if possible, failures on the part of
our customers and to comply with their wishes in every respect;
to prevent, if we could, a long continuance of the panic, which
meant failures to a great many people and manufacturers themselves,
because of their debts at the banks or because of their commitments
for extensions, and to customers because of the large stocks they
had on hand, the sudden change in the prices of which might be
very damaging; and so far as we properly could, to maintain, or to
assist in maintaining, business conditions generally, the opposite
of which should be deplored.
* * * * *
I stated distinctly ... at that time that, as they all understood,
we could not make any agreement, expressed or implied, directly or
indirectly, which bound us to maintain prices or restrict territory
or output; it must leave us free to do as we pleased, and must rely
upon a disposition of all others to do what they considered fair
and right, and for the best interests, not only of themselves, but
all others who had any interest in that or any other work. I made
that perfectly plain.
Judge Gary’s remarks made a profound impression, and his hearers
unanimously agreed to adopt the means he suggested for obviating the
worst of the panic dangers. Resolutions creating a general and several
sub-committees were made and passed and the meeting adjourned, subject
to call.
Following this dinner similar sessions were held in January, April,
May, and December of 1908. The December feast was the last of the Gary
dinners proper, although some meetings were held subsequent to that
time.
Were prices fixed at the Gary dinners? Let us settle this point as it
was one of the chief things charged against the Corporation in the
Government suit, and is the question on which the ethical morality of
the holding of these dinners rests.
Public-domain text, read in full here on John Shaqi.
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