On April 9, 1908, steel production was running at a rate barely half of that which had marked 1907. But on that day the late Judge Elbert Henry Gary assumed an unusual position. Said he: "The mere fact that the demand is greater than the supply does not justify an increase in price, nor does the fact that the demand is less than the supply furnish an argument for lowering the price." For the rest of 1908 the composite price of finished steel remained virtually unchanged. In January 1909 it was 1.82ยข a...
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