The Birmingham age-herald., 1908-07-11
BANKERS INDORSE GARY'S PROPHECY Optimistic Forecast Is Made Of
 Business
PROSPERITY IS RETURNING
Henry Clews, John w. Gates and E. H. Hartman Unite In Expressing Hopeful Sentiment for More
 Activity In Trade.

New York, July 10.-(Special.) )-The op- timistie forecast of business conditions in this country by Judge E. H. Gary, chairman of the finance committee of the Steel trust, was generally supported by prominent leaders in all lines of in- dustry who discussed the interview with considera ble interest.
 Men at the head of railroad and indus trial companies with offices in this city reported that not only is the outlook bright, but that already there are to be seen many signs of returning prosperity. These signs have especially been apparent in the last two weeks.
 In the opinion of many of these men the rigid economy that has been prac- ticed to the limit by railroads and other corporations must now be resisted, as the actual need of going into the market for supplies is pressing and cannot be de- nied. The re-entry into the market of the great corporations will affect industries of every kind. and this good sign, con- nected with the promise of good crops in all sections, demands an optimistic view by all who have studied the situation.
 F1GHfV OlCW6 SCSS 0ilAnb FiSAds
 Henry Clews, head of the banking firm of Henry Clews & Co.,, and recently deco rated by the Ankado for formulating the Japanese banking system, which has with stood several severe strains, said:
 Plentiful and cheap money with boun- tiful crops, which are foreshadowed, con- ing on top of complete liquidation and the rigid practice of economy for prolonged period, certainly makes a substantial foun- dation for business interests to build up on, so I can clearly see prosperity looming up in the distance, rising phoenix-like, from the ashes.
 Business methods will be hereafter on a higher standard of morality, hence on d sounder basis generally. The new emer- gency currency law will prove ample to bridge US over until a permanent scientific currency law passes Congress to take it's place. Meanwhile we will be free from de- structive panics, and that means good deal to the country.
 What we want now is a united effort of the business men to become brave in business dealings and do what they can to restore confidence to admit of transactions
  like. With the great natural resources of the nation and the usual marvellous ener- gies of our people, we ought to now for get the past gloom that has overhung the situation for so long a time, and look through vista of light into a bright and successful future for all who will put their shoulder to the wheel and push things along to bring about the result"
 Gates Forecasts Banner Years.
 q do not expect to see business back to normal until the latter part of next year. said John ". Gates yesterday. T think 1910 and 1911, however will be the banner years in the steel industry as well as in other lines. All previous high rec ords in iron production will be overtopped in those years. The railroads which have been practicing the most rigid economy in the past yehr cannot remain out of the market much longer. Their equipment and rails are wearing out.
 The panic is not without it's good fea- tures- It has taught many corporations the wisdom of economy. The result will be they will proceed more Cautiously in the future to the lasting benefit of the stockholders. As to the stock market many securities are far below their actual value. I have not bought or sold in a long time. I hold securities which might go up 20 points without inducing me to sell. On the other hand. if they went down 10 points I would buy more.
 Hartman In Accord.
 "The revival of business throughout the country this fall depends largely on the development of the crops" said Edward H. Hartman at his home in Arden. N Y., last night.
 Mir. Hartman had read the optimistic interview with ex-Judge Gary in yester- days American, and expressed himself thoroughly in accord with Judge Gary's views after a survey of conditions in the agricultural districts.
 Ex-Judge Gary, chairman of the finance committee of the United States Steel cor poration, before he sailed for Europe yes- terday, said:
 T have little to add to my interview in this mornings American. I repeat that after 60 or 90 days, when the election of the republican nominee is assured busi- ness will begin to get brisk. The necessi- ties of the purchasing conmrnitv are greater than ever before and the ability to pay is greater"