Part: 123456789         Session: 1         Page na123456789101112131415161718192021222324252627282930313233343536373839404142434445464748495051525354555657585960616263646566676869707172737475767778798081828384858687888990919293949596979899100101102103104105106107108109110111112113114115116117118119120121122123124125126127128129130131132133134135136137138139140141142143144145146147148149150151152153154155156157158159160161162163164165166167168169170171172173174175176177178179180181182183184185186187188189190191192193194195196197198199200201202203204205206207208209210211212213214215216217218219220221222223224225226227228229230231232233234235236237238239240241242243244245246247248249250251252253254255256257258259260261262263264265266267268269270271272273274275276277278279280281282283284285286287288289290291292293294295296297298299300301302303304305306307308309310311312313314315316317318319320321322323324325326327328329330331332333334335336337338339340341342343344345346347348349350351352353354355356357358359360361362363364365366367368369370371372373374375376377378379380381382383384385386387388389390391392393394395396397398399400401402403404405406407408409410411412413414415416417418419420421422423424425426427428429430431432433434435436437438439440441442443444445446447448449450451452453454455456457458459460461462463464465466467468469470471472473474475476477478479480481482483484485486487488489490491492493494495496497498499500501502503504505506507508509510511512513514515516517518519520521522523524525526527528529530531532533534535536537538539540541542543544545546547548549550551552553554555556557558559560561562563564565566567568569570571572573574575576577578 of 578

As far as competition was concerned, they believed that the codes were codes of fair competition, in which they were going to limit competition by agreement supposedly during an emergency period. However, nobody said, “What will we do when the emergency is over?” Hugh Johnson perhaps did once in a while. He really conceived of the thing going on on a permanent basis. I suppose there were also some among this group of employers who did, but for the most part the employers hoped to return to a free competitive basis, I'm sure.

Previous to the depression there had been competition. They had a tradition of competition. Certainly there were informal agreements made, which had to be pretty informal because they would have been against the law otherwise, to restrict competition. This basing point of the price of steel, Pittsburgh plus, was of course one of the elements of unfair competition which the southern producers felt very bitterly about. Those who wanted it felt very strongly for it just because they had always been able to have it. It was just a part of the economics of the industry. It was one of the elements which entered into competition, but the other mills had to be more efficient, more productive, had to produce at a lower cost, had to distribute more widely, had to have a more varied product meeting a greater variety of needs in order to compete. U.S. Steel was king