The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1908-01-05
New Year Promising Financial
ly, Judge Gary Says
OTHERS ARE NOT 50 SURE
Some Stories About Governor Johnson,
One of the Presidential PossibiIi-
ties-Why He Is Compared
To Lincoln.
BY sEWELL HAGGARD.


chairman OF the United States Steel cor
enough to hazard prediction on the
financial outlook for 1898; he says that
the present depression should not be long
continued
Judge Gary is known as a conservative
man and his opinion carries great weight.
There are many prominent financial lead
ers, however, who do not agree with
him. The result of the Evening Post 5
efforts to obtain the views of a large
number of authorities on the financial
situation shows in a striking way the
feeling that pervades the business world.
Few men were willing to answer ques-
lions. Some made the plea that they
could not read the future at SO short a
distance of time from the crisis, and
with the countrys banking system not
yet back ON a basis of full cash pay
ments TO depositors. Others frankly de-
clared that their judgment was unfavor-
able, and that for this very reason they
did not care to put their names publicly
to It, One eminent financier, who would
not permit the use of his name, said:
Il think that We are in for period of
very dull times. 1t is natural to expect
a cessation of activity after such panic
as we have passed through, and with a
presidential campaign ahead
The head of a powerful International
banking house was another who wanted
his name withheld. He said
II do not think that 1903 will be an
easy money year"
Judge Gary, man of broad Judgment
as to the evils in the management of cor
porations is exceptionally well qualified
to discuss financial conditions. That he
has compelled a policy of caution.
economy and conservatism in the manage
ment of the Steel corporation has long
been known. Asked for the primary
cause of the panic of 1907 he said it was
due to the exposure of the condition and
management of certain banks In eX.
planning the panic's abnormal violence no
said:
Its great violence was the natural Gull
mination of existing conditions. The
volume of business had been greater than
the supply Of money. The imperfection of
our financial system had a large infiu-
ence. People had been unreasonably eX-
travagant in personal matters, and also
in business methods and expenditures
More or less mismanagement in large al
fairs was being exposed and investors
were surprised and frightened. Legisla-
ton in various states hostile to railroad
and other corporations interfered with
financial plans Prices of commodities
rapidly, and were too high All these,
and many other things, had their effect
when the alarm was sounded.
% VIII the resultant period of depres-
sion, in your judgment, be long or short
"Ita requires courage to make public
an oBinion in regard to the future. The
depression should not be long continued.
There ought to be noticeable improve
ment in business before the middle of
1908 and decided Improvement before
the end of the year.
"a What factors of encouragement can
you see in the financial and Industrial
future?'
1.-THE wealth of the country Is great,
and growing greater The necessities of
the country are rapidly increasing. There
are both ability and disposition to spend
money when confidence is restored. The
experiences we have been passing through
during the last year will Ufimatly be OF
great benefit. Business will be done on
a higher plane. Every one will be more
disposed to recognize the rights and in
terests of others. There will be a better
observance of the laws. The people gen.
orally will be less extravagant for a
time at least. The great prosperity of
the future is fully demonstrated by the
facts and figures of the past"
The candidacy of Governor Johnson of
Minnesota for the democratic presidential
nomination has reached the stage where
they are telling stories about him. Here
is one that is said to illustrate one his
chief chara cteristics
A commission had been appointed to
select and present a silver service for the
batteship Minnfsota as gift from the
state The Legislature appropriated &c.
900 for the purpose. Those who have
been concerned in similar undertakings
will admit that usually when appropria-
lions of this sort are made part OF the
money is expended for the silverware
and the remainder for the junket, say
$1,000 for the gift and the balance of the
$4,000 for champagne, railroad fares, no.
tel bills and expenses of those concerned.
When the commissioners met for the
first time they Immediately agreed that
not one dollar of the states money should
be expended for expense, but that every
cent Of the appropriation should go into
the gift The commissioners also de-
cided that. should it be necessary for
them to attend the formal presentation
they would consider it their duty to pay
their hotel bills and travelling expenses
Justithen Governor Johnson came into
the room. The commissioners told him
of their agreement, subject of course, to
his approval. The governor replied in eff
ideas, but | would also like to call your
attention to another condition. The legis-
lature has given us $4,000 for this pur-
pose. While the sbill was being consid-
cred I talked to several legislators OPP
osed, to it, They thought $4,000 was a
large amount to spend for silverware.
told them did not know about this. but
that Minnesota should neither be waste
full nor shabby, and l promised them
that should the bill pass I would see
that no more of the appropriation was
expended than was necessary to do the
proper thing. They voted for the bill,
and 1t passed. Now, would propose that
we go ahead and get suitable service
for the battleship; that we do the proper
thing in the right way. Let the Incl
dent be a credit to the state, by all
means, but when this is done, and well
done, turn the remainder of the appro-
priation back into the state treasury. Do
not think you are obliged to spend $780,,
0OO because that is the amount appro-
priated.'
I'm Governor Johnson's boyhood Is found
the analogy with the life of Abraham
Lincoln. which has doubtless influenced
the governors friends to compare his
career. or rather his character, with that
of the great President. His father was
Gustaf johnson, a blacksmith. who came
to America from Sweden and settled in
the little town of ST. Peter. Minn some
time early in the SOS. When John A.
Johnson was a candidate for governor
for the first time, in 1902 his political
opponents tried to affect his standing
by referring to the habits of his father
and saying that the latter had been an