Evening star. [volume] (Washington, D.C.) 1854-1972, 1908-05-09
have been made by official Investigations

have been made by official Investigations
and by newspaper publications.
"All that has been charged. l am conf
dent. is not true, but there has been suf-
f1cient cause for distrust to bring about a
moral revolution in the management of
great public interests. and hereafter BUSH
ness will be more fairly and honestly
conducted Managers of great corpora
lions and those who are intrusted with
the management Of public utilities will
hereafter observe more closely the re-
Quirements of the law. They will have
more regard for the rights and interests
of their stockholders. their patrons, their
employees and the public generally. Man
ayers of large interests now recognize
more keenly than they ever did before
the fact that they are acting sin the ca
pacity Of trustees for others and are I'M
der strict obligations to serve their share
holders and to deny themselves personal
perquisites and advantages which may
have been considered legitimate hitherto.
or at least have been accepted in many
cases. The consequence of this revival
of conscientiousness is to make property
more valuable. TO make investments more
secure; and the interests of those who
have intrusted the management of their
estates to others through the ownership
Of securities or otherwise will hereafter
be better protected.
Duty Of the Individual.
again continued Judge Gary 1.-The
experience of the last two months has
been of great value in other directions
1t has awakened people to a consciousness
of their extravaganza In every direction
1t has compelled them to realize that our
financial systems not perfect and
that there is need of reforms in methods
OF conducting business. of closer super
vision. Of more generous policies and
greater mutual respect and consideration.
Everybody has duty to perform in this
connection. Every man who does bust
ness. no matter how large or how small
his interests are. Is propOrtionately re-
spOnsble for a restoration of confidence.
for strengthening credit and for IAN i'm
provement in the business methods of the
country. Nobody can shirk this duty.
Common honesty is the common need.
men. to professional men. to public Off
Gals. to Legislators. to politicians and to
all members of society. in proportion to
their influence among their fellow men.
Every human being is more or less an
imitator of his associates and will copy
the good that they do as we'll as the evil.
and will reflect the standards of honor
shown by his neighbors. We are I'M
conscious. both in exercising this influ-
ence and in submitting to ii. The hidden
forces that form character are often
stronger than those which are recognized
openly. The standard of business in
tegfity throughout the country can be
raised only by general observance of
the laws of honor and by frank and
fair recognition of the rights of others
by every Individual in the business world.
Iron and Steel Compact.
AN example in this respect is being
offered by the iron and steel manufac-
turers who have banded together infor-
mally for friendly intercourse and to do
everything in their powers to promote
the common welfare. 1t is gratitica-
ton to know that since We entered into
our agreement the representatives of
other Industries have adopted similar
course. Hereafter everything in our line
of business will be done openly and above
board. OF course prices may he Increased
or decreased at any time If there be
good reasons. But nothing or that sort
will be done without due consideration or
without previous notice to all concerned,
including customers If any good reason
can be offered for advancing or lowering
the price of any commodity. the question
will be promptly considered In all It's
bearings and decided on its merits. Prices
should at all times be reasonable and
fair. The mere fact that the demand is
greater than the supply, that the necas-
stiles of the purchaser are great. does
not justify an increase in price. Nor
does the fact that the demand Is less
than the supply furnish an argument for
lowering the price. In neither case would
the quantity bought or sold be more or
less. What the manufacturers and the
consumers require Is stability i'm prices.
with a reasonable profit to all concerned.
and that Is what our informal organiZa-
ton has been able to accomplish since
last November and what We hope and ex-
pect to establish as a principle upon a
firm: and permanent basis"
Steel Corporation Profits.
Judge Gary tells me that the United
States Steel Corporation did business
of $751; O14, 787 during the year 1907. with
net earnings Of $i6O.364.673. compared
with $3.50, 624.27S In 1905 and $1l9, 1853
in 1905.
These are stupendous figures. They are
almost incomprehensible. They. surpass