New-York tribune., 1908-07-08
& Gates SEES FUTURE
NIL. Business improvement Wm
Not Come Until 1909.

- -.tIa5 Yesterday for Europe on the
JON w -. recflie having fellow passenger
E-onp' = y GARY chairman or the Chi'eN
sz-'aI- a-eo,o-ation. In a statement lssueu o-- -,
see ,sse Gary had expressed hiiise,t ,..,,sass
day 1uoee e..;stic regarding the future OF business
orally opli--s also optimistic, but he thought the
NT. Ga'e ,--,roveInent was further away IMAM III
penos ~ Judge Gary. He said; -
cics1e0 ..sness OF the country recelNeU 80,
The - ,os, October from which we coulu
severe .,,act a rapid recovery 90 not io0A 1o'
hardly e 1.,-caa business Improvement IN the I'M
any S+T,re About the latter part OF tnls 90
u. ue0a get the definite turn lof 'e
we '-,aysrnent U.s. viii be gradual
The lnliiO look TO see business back 10 Norman
Il 90 .,,il the latter part OF next year. am
ccnoi.io, that 1910 and 1911 VIII De lne Oa4ioi
Of the ,sei as well as other lines Oh pusI"eso
yesIs - ,-n,ted States. All previous hish
for me .as,ction viii be dwarfed by the results
N iron >. ,,,astion. The railroads cannot re
% the s.s. ,,,s market for any great iengIh Oh
rasln O- eoufprnent is wearing out oaS 10y
Tine .roy viii eventually be forced h'o .ne
DAY 1"e ,srge buyers Whether TINS VIII DC ms
plslh ,,ext year cannot say pul uo N0' 'O0
yen beayy buying until Is's' ~,
for aNs before US political uncertainties. ioU
we ho,t e4ect the election Of Bryan would have
ssk VIA of the country. His election. natu-
on tne - i've business a severe jar, but 40
rally. - he could do much harm as some
not Re. - we will have Republican sen
peote or,,sr7s Republican House. whlch WIN
ate ant ahs+scle to radical legislation that
serve q - 20 undermine the country's business
nisht W. .sn tell more definitely VINO is going
sruc1u,'' ex+ President three months hence
70 o - 'r,- all the steel companies are IN eA-
Pa, f-erae and well able 10 bridge over the
csieN' ss,ression The preceding prosperous
cur 80 made them strong in cash- oeS'ueS'
Yeas ,s have been expended Tor lhcieasiIie
la1e' efficiency and adding to Iroouc'ioi. az
oP,+ The charge a ton OF S'eel PioNU P,
8 Tesu" ,-bfcb has contributed largely toward
+-o-bsntng many Of the steel CON -.
srtns 7;+l,o,7t its good features it has taught
panic i N0' +ta,s tie wisdom of economies The
man m he that they will proceed more cauuous
~ IN the future. Willch VIII De
= she security holders. ...,,-
10 iAs -. s,ocl, market, have not been watch
AZ - = .t,selv and would not care 10 venture
III an, r1Irving no stocks, neither am
81 OP hold securities which might go up
stl--s & ,i,+s without inducing me TO sell Shouu
We p"e-'- sou-, ten points ] might take on d II"
ues Lo-ss Many good stocks are selling lar
l'.e - intrinsic values. but canot say Wheh
l7f II resrh 2 level more in line with theh
INK :, .1,s-ion We are going to have large
80 .tis year. which will help 10 restore ousl-
- f % normal conditions. In gauglng the stoch
l'ss ., on-look the large buying Of ODD lots over
-. +z-e1ye months must not be lost slght OF
N' -.ne-ful factor in determining the course Oh
securities -..., .V-nsnsior.
.a,,.-r,, * vet in its infancy In the present
--- N..;or the recent high figures of production
+n ,ook small when compared with the new hlsh
lords that are yet 10 be made