The Birmingham age-herald., 1909-10-25
Business and Friendship

Duolu6OO anu TIlOHuoulp
 The effect of the panic of two years ago which paralyzed the business of the entire country would have been seriously felt today had it not been for the optimistic leadership of strong men like Pierpont Morgan, the master fnancier, and Judge b. H. Gray, chair man of the United States Steel cor poration And nothing has contributed so much to the complete disappearance of the prejudice against the so-called steel trust as the broad, straight forward and statesmanlike methods of the directors of the United States Steel corporation, which were revealed dur ing the short period of depression.
 At the dinner given by Iron and steel operators, bankers, railroad pres idents and others complimentary to Judge Gary on his return from Europe recently, the guest of honor made a notable address that will raise him higher than ever in public esteem. Among other things he said:
 During the last 10 years methods and conditions have been changed for the better. As between the gentlemen who are in control of the iron and steel industry in America at the present time there exists most intimlite rela- tion. In your intercourse and con- munications you are open, frank and unreserved. In your treatment of each other you intend to be just and fair. You can witness the success and pros perity of your neighbors without the slightest feeling of envy or discomfort. You believe in competition, but not hostility; in rivalry, but not antagon- ism; in progress and success for all; but not in the punishment or destruc- l tion of any.
 "We do not advocate combination or agreements in restraint of trade nor action of any kind which is opposed to the laws or to the public welfare. We do not expect the survival iii busi- ness of anyone who, by reason of in- competence. dishonesty or fault, is un- able to cope with his competitors in an open market and fair field The public interest is opposed to any ar- engagement which will secure the pecu- niary success of any individual not able to reach it in competition with others. What we advocate is fairness and friendship in business. cordial ] intercourse, confidence in each other, frankness in disclosure when informa- 1 tion is properly requested. If it is claimed the suggestions referred to are not practical, the answer Is they have been carefully considered by the gentlemen who attended this reception and dinner and have been adopted. 1 With you they are no longer theories. IT. many ways and on many occasions you have personally and individually given evidence of this fact. By your 1 decision and your action you have ! irxI x1o l in the estimation of the entire indus trial world"
 Judge Gary in referring to the financial cyclone" of 1907 pays MT. Morgan a splendid tribute
 Under those circumstances and on that occasion there stood up in our midst financial giant who turned his face toward the storm, and with keen perception which pierced the clouds and saw on the other side the sun of prosperity, and with confidence in this country and her people, and comprch CD sion of the basic conditions
 
 and recuperative power of the coun- try, then decided to invite his friends to join him in providing financial as- sistance to the weak or affected banks, and to give aid and encouragement and words of hope and cheer to the communities at large. The result you know. The response was prompt and hearty. The necessary aid was quickly given. And when the public knew that this band of fnanciers under the leadership of this great man was in session almost literally day and nlEnL