The Montgomery advertiser., 1904-01-10
1so4. by Frank c. Csrpenter.)

. Hanna as we chatted together in his room at the Arlington Hotel this after. noon.
 No" was the reply. '-rhere is only a halt in ottr march of unbounded pros perity.> We shall have q limited period in which business must run at slower pace. Many factories will cut Gown their forces, and in some wages will be neces- sarily reduced. As to the country. ft Is in a healthy condftionThe crops are good, the people are well off and the outlook is not serious.' What is the cause of the halt, sena- tori Does it not come from the in- creased wages demanded by and the other exactions of organized labor?'' | T do not think so," replied Senator Hanna. 'Tn New York and Chicago and I one or two other places a depression has been created by the troubles in the build ing trades. These have been nearly set tied, and look for better times there.v What Causes the Hard Times.
 Then I suppose it comes from organ | ized capitai?"
 "No; it does not. The chief reasons are the natural ones of oversupply and sun- derdemand. You remember the business situation of from 1893 to- 1898 We had been over-producing and the market was glutted. Business came almost to q standstiil and the people lost confidence in everything. Every one bought as It, tle as he could. and the factories did It, tie more than to manufacture to order. while all enterprises, including the rail- roads. cut their purchases to the mini- mum.
 "At the same time capital became tim. i'd. and the savings were stored away in the cafe deposits and in low interest bearing securities. Then In lSee we woke up to the Iaot that we had excellent crops, vast material resources and at the same time Q market which was out of everything. The financial sky bright ened. The demands came in like a. de- luge. Money crept cut of the banks. the factories and mills went to work and prosperity, like a .gnowban running down seemed that the powers of diversity would be crushed by 1t The great de- mand brought about combinations of capital to supply it. New inventions created to save labor in the hard times increased the capacity of the factories, and the new forces Of modern industry produced in quantities unknown in the past. At the same time the confidence of the people ran neck and neck with the times The home market sprang into such enormous proportions that raw ma teIdals and manufactures were brought in from abroad in vast quantities. This was especially so of iron and steel. the supplies of which. then ordered, are stilI being delivered.
 Then ali at once 1t was found that the homo demand was satisfied. The more ] conservative business men, including small merchants all over the country saw there must be q turning of the tide confidence wavered. and the result Is the condition of today"
 The Future.
 'How about the future?"
 T have no fear of that.'' replied Sen. ! afor Hanna. "Our normal condition is one of good times, and the present de | precision will soon pass away. We al. ways move more Slowiy during the year of the presidential elections. As to the country. we have the same muscle and brains that have succeeded in. the past and we are as good as ever. In times | like these. however, the sensible mar shore. began to do 50 moro than three months ago.
 The Age of Organization.
 "But. senator do you think great com. hnations of organized capital are good for the country7"
 "Yes. The great industries of the world can be carried on in no other way. This is an age of organization. Such combinations are among the eyolutions of our industrial development. and they are to the interest of both laboring mon and capitalist. They have increased trade and Increased wages. -.at 4.
 "A few years ago, the balance of trade was against us. and especially so in the industrial hnes. It is largely owing to the organized capital that we are now not only able to manufacture for our. selves, but to export to all parts of the world. The export trade will increase and we shall hold our own as the great est industrial nation on earth by our combination of capital and labor.
 Not Afraid of Trusts.
 T am not afraid of such combina- tions," the senator went on 'Tf they abuse their privileges competition will regulate them. Every field of industry in this country is open to all and extra ordinary profits will lead to naw organ nations. Our only monopoiies are those protected by the patent laws."
 You occupy a peculiar position on the labor question. senatoF.'' said l. '"You are looked upon as the representative of both capital and labor. What do you konw about working men?"
 'I have been associated with them ali my life. have been large employer oi labor for more than thirty years, and am now interested in enterprises which give work to many"
 What kind of enterprises? asked.
 Various kinds,'' was the reply. s1Coa, mines In Ohio, iron mines in Michigan vessels and shipbuilding works .on the lakes, street railroads and various fac. tories and foundries.''
 The Question of Strikes.
 How about strikes. senator, have you had many2''
 None of importance. and none which were not amicably settled" was the re- ply, The first strike of which I had any experience was that of the coal miners or the Tuscarawas valley. It occurred In lSI4. about thirty years ago. At that ume l went to Masil1on, near where the mines were, and lived with the people. fThe strike was Q hard one, and 1t caused great suffering. In trying to settle it, 1t seemed to me the situation was all wrong and there got the idea about such matters upon which I have acted ever since. It ia that upon which the Civic Federation is based, and is that all such things should be settled by conference and mutual conciliation between the workmen and their employers"
 Was that strike settled in that way, senator?" asked.
 ''No; it was fought out to the end. Not long after it was settled the representa- lives of the bituminous coal mining or ganixations came to Cleveland and asked me to organize the operators in order that we might cooperate together and avoid such troubles in the future. did form an organization. and as long as 1t continued. which was for several years,