At the first of the Gary dinners the host explained that the fixing of prices was forbidden by the laws concerning restraint of trade, and that nothing could or should be done which would not conform in all ways to the law. Yet it is plain that the effect of these dinners was to stabilize prices for steel. It does not appear that there was any definite agreement between the different interests represented as to what quotation they should ask for their products, but it is obvious that the mere statement, between gentlemen, that one intended to adopt a certain course in regard to prices tended to influence his colleagues to follow a similar course. It must be suggested, nevertheless, that there was never any question of restraint, as all were free to act as they saw fit, and it seems that on some occasions there was not even absolute agreement. At the worst the participants at the Gary dinners stretched the interpretation of the law a little to do a great right--the financial salvation of the steel industry, which, remember, was, and still is, the leading industry of the country. What was the result of the Gary dinners? Simply that, whereas in previous panics gravestones of steel producer and middlemen had been numerous, not one important failure in the trade was recorded as a result of the 1907 panic. There is no question that this was due to the leadership of the head of the Steel Corporation. Early in 1909--on February 18th--another meeting of the steel leaders was held, this time taking the shape of a luncheon. This occasion, in a sense, was the formal breaking up of the Gary dinner programme, as it was then that Judge Gary, satisfied that several of his competitors had departed from their intention to maintain for themselves respectively stability of business and prices, announced that the Steel Corporation would in future “go it alone.” That it would get what business it could and would not divulge its affairs to competitors. This was followed by the so-called open market in steel which sent prices down to a very low level.