Evening star. [volume] (Washington, D.C.) 1854-1972, 1908-07-26

, had to curtail. There was an urgent de-
mand for cash. Economy had to be prac-
ticed. But has it hurt? Are the great.
sound interests any worse on today?
Perhaps the purveyorS of Injuries didn't
sell as much, and perhaps few corpora
lions had to retrench. But is the country
at large any worse on?
l think not.
Take the one industry with which l am
familiar-steel. When the United States
Steel Corporation was founded predicted
that it would do an annual business of
at least $4OO 900, 600. 1t has done nearly
double that amount. Yet few people be-
lieved me when l made my prediction.
l predicted that ore would be worth
81 ton in the ground. Some people
laughed at me. They said 1t was the wild
est sort of guess. Yet only recently ore
has been contracted form the ground
at rates approximately 81 a ton.
There is no more reason for the increas-
ed value of ore than there is for the in
creased value of any other commodity.
The world must have our products, and
we are here to deliver the goods. The
ply.
ture as it has III the past The recent
contraction has given everybody breath
ing SPELL Reduced credits will supply
more and cheaper money. Bank reserves
are growing. There is already an inquiry
for good investments. During the recent
breathing spell the country has gathered
its energies for greater strides.
Development Of Steel Business.
In 1850 there were about 100000 tons
OF steel manufactured In the United
States. Last year there were $4,000 600
tons manufactured despite the depression
This shows the development Of the bust
ness Of the United States. In less than
ten years you may be sure that the steel
output of the United States will be 40, OOO,-
600 tons.
Does that show inherent prosperity or
not? should not like to speak for other
Industries. but for steel 1 say that all the
important interests would like to main
tain prices, and there is no indication of
weakening. Stability Of prices has been
the dream of the trade for years: the
dream seems now to be actually realized.
Large consumers are just as anxious
to have prices maintained as are the pro-
ducers, for the reason that they are COM
PEELED to carry a large amount of steel in
stock. purchased at present prices. Any
cut would mean reduction in the value
of the stock held by them. Small con-
sumers. on the other hand, are equally
satisfied with stable prices, for they are
then assured of equal treatment against
the larger consumers.
Business has about gone down to rock
bottom. From now on 1t will get
brisker and brisker. There will, in my
opinion, be no boom, but things will grow
better and better as the months roll on.
Business will be safer; 1t will be on a
sounder basis.
Things Normal After Election.
We are on the verge of national cleo
ton. l don't care to discuss politics, but
l may say feel that the settling of poll
tics always helps business sentiment. The
times will show gradual Improvement
from now on, and after election-if not
before-things will be normal again.
l am intimate with only one great in
dustry-the steel manufactures of the
country-which is one of the largest in
the land; but I hear that the feeling of
better times prevails everywhere now
We have had our lessons and we have
profited by it.
The country is too big to be hampered
by anything. Nothing can stop US, no
matter what happens. We shall have
these periods of depression, such as the
one that we have just been through,
again, but they are merely Incidents, eco
nomic incidents, eventually making for
better and sounder conditions. The ulti-
mate trend is always upward. There
has never been a period Of prosperity In
the country which. in my opinion. will
equal the normal condition of the coun-
try In the future.
There is no cause for pessimism. l am
an optimist, bull on the United States
The world must take of its hat to us.