Evening star. [volume] (Washington, D.C.) 1854-1972, 1908-05-09
Prices to Be Maintained and Wages
Continued.
PUBLIC MORAL SENSE BETTER
Recent Experience Declared to Be Of
Great Value-Need of Reforms
Clearly Recognized.
RY WILLIAM f. CURTIS
Special Correspondence Of The Star and the
Chicago Record Herald.

thorough optimist concerning the finan-
cial and industrial future. He believes
that conditions in the business world are
already normal with a few scattered ex-
ceptions. and that these weak places will
be strengthened by natural causes very
soon.
Judge Gary does not expect boom: he
does not anticipate so active and prosper
Gus a year as 1906 or the first eight
months of 1907. but he believes that the
business interests of the country are rap
idly settling down into healthy. whole
some conditions; that prices will be main
tanned and wages will be continued, and
that the. demands for all products both
of the soil and the factories will! afford
a reasonable profit to all concerned I'm
the production. There has been no period
in the history of the country in the
history of the world when the financial,
commercial. industrial and transportation
interests were In such an encouraging
condition. and although the freight traf-
fic has fallen off and a great many cars
and locomotives are idle, Judge Gary
says that a comparison between the vol
ume of business handled today and that
of five or three years ago will show that
the movement of commerce is natural
and encouraging. There has been a con-
siderable falling off from the enormous
traffic of 1907. but that was unreasonably
with any other year.
Restoration Of Confidence.
The prices of stocks are gradually ad-
vancing, which shows that the confidence
of the public in the great corporations is
being restored. seat on the stock ex
change was sold the other day for it's
full value; men who mortgaged their
homes and other real estate to raise cash
to carry them over the panic are paying
off these obligations: the banks are
showing greater confidence In their Gus
toners: the wholesale trade In all lines of
merchandise Is resuming normal condi-
tiOns; the spring trade In the retail stores
is as large as it ever was, except in
jewels and some other luxuries and the
army of unemployed Is being gradually
reduced in numbers, because nearly all
the factories are now running on full
time to fill orders and the demand for
every form of manufactured goods Is be-
coming healthful and natural. The drum
mers are all out on their regular routes
and they are sending in the usual lists of
orders in most cases. showing that nor
NAL conditions have been resumed in the
mercantile trade Throughout the interior.
Large enterprises which were abandoned
or postponed are being taken up again
and are likely TO be carried out as origi-
naily proposed. Several large loans have
recently been negotiated on ordinary
terms by corporations. and the money
will be expended In the employment Of
labor and the purchase of materials. All
signs point to q complete restoration of
activity and confidence, and Judge Gary
Is convinced that the remainder of this
year will be as prosperous to everyb body
as could be expected in a presidential
campaign.
Il don't know why 1t should be so.'
said Judge Gary, but the year of a
presidential election is seldom a good
year for business Nevertheless. 1908, in
min vlf11 h<a 4,
every respect.
For the near future much depends
upon the platforms and the nominees of
the conventions to be held by the two
great political parties during the early
summer Of 1908 II platforms should be
adopted which are SCUM. reasonable and
conservative. and the candidates to be
selected are men who have proved them
tous for the welfare of the whole people.
the effect on business will be Of great
and immediate benefit
Prices to Be Maintained.
Judge Gary asserted very positively
that there would be no reduction in the
prevailing prices OF the products of the
United States Steel Corporation and other
manufacturers in the same line of bust
ness. That is assured by common agree
ment.
NOhAPCthFou - hot W NC Stihcu, hC
continued. but will be encouraged by
the competitors themselves on q fair and
honorable basis. 1t is not the intention
10 control prices nor TO restrict output
ny any penalties or agreements. but the
leading representatives of the iron and
steel trade in this country are now CO.
operating under an agreement which
places every one of them upon his honor
to deal fairly and justly toward his COM
petitors his employees. his customers and
the public. This agreement Is something
entirely new in the history of the indus
try. 1t is a radical departure from Old
methods. and it is not only extremely
important 10 the trade. but also to the
public, because II gives steadiness and
buoyancy TO other Industries and pro
notes a conservative disposition In the
business world. Almost every line OF
trade and manufacture is more or less
involved in the iron and steel industry:
The price OF pig iron has often been said
10 be the thermometer that indicates con-
ditions in the business world, and the
activity and prosperity Of the iron ana
steel manufacturers will have a tremen-
dous influence upon the healthfulness OF
other branches OF production and COM
MERGE
"A committee Of seven of the managers
of the great iron and 81 eel plants of this
country has been appointed 10 CONSIDER
and supervise the interests or all the
producers i'm the United States. and al
| lines. they recognized as wise. just
and fair men. who will do right by every
body concerned. The experience OF those
| directly involved with this committee
| since ii was first organized. last NoNenl-
| Der. has taught them that 1t represent
sense of business honor and standard OF
| integrity that can be relied on.
Not long ago" continued Mr.. Gary.
"a question arose in one OF the commit
tees of the United States Steel Corpora
ton as to the recognition of certain
claims upon the company and Mr.. Henry
c. Frick expressed the sentiment OF the
corporation and the firm conviction tnat
was In the mind OF every man present
when he declared that he would rather
| lost half a million dollars In the transac-
| ton than leave the corporation under a
| suspicion of having been guilty of dis
honorable transaction in any particular
Public Moral Sense ouickened.
One of the results Of the recent panic.
continued Mr.. Gary. has been the quick
ening OF the moral sense of the business
community and the adoption of a higher
standard Of business morals by the lead
| ing fnanciers of this country. Our pros
perity was so great and our wealth so
| large that we were becoming selfish. care
| less in our methods. Indifferent TO the
| opinions nf our neighbors and oblivious
| to. il not defiant of. some of the laws or
the land. All of us are willing to ADMIT
that lax methods existed In the manage
ment Of some of our banks, manufactur-
ing companies. railway companies, fnsur-