The Birmingham age-herald., 1911-06-09


 bility of prices and the regularity of business conduct on the part of all that is calculated to recognize and advance the interests of others.
 Employees Risk Most
 T have urged you to remember and again call attention to the fact that when you make substantial reductions in your prices, if you reduce to price that is un- fair and unreasonable and you make so small a profit that it does not yield you a fair return on your investment and your risk, you at least place for consideration before every one the possible necessity of reducing the cost of production, in- cluding prominently, if not principally, the wages which you are paying, or may be allowed to pay. to the man or the men in your employ.
 Do not forget that the laboring men the employees of the corporations-have more at risk, when these questions are considered of reducing prices below what is reasonable and fair. than the employer You have no right to run the risk of be- ing compelled to put their wages below what they ought to be unless you are driven to it."
 Referring 10 the bombshell which the Republic company threw into the steel market by reducing prices, MT. Gary said:
 We are confronted with very serious and disagreeable problem. It is not for me to criticise men or to pass judgment on the motives of men. Whether people who have changed their minds suddenly are actuated by motives of cupidity or | motives Of necessity is not for me to say One thing we know, that one of the leading iron and steel companies hither- to joining in our councils learning from us our intentions, our business, our meth ods, our clients, our customers-every- thing of benefit and interest for one to know concerning his neghbor-has sud- denly, for reasons considered good by those in charge, given notice that for the present, at least, 1t is not desirable to CO., operate with us.
 T would not expect or ask anyone to do anything he believed wrong, legally or morally.
 Attitude Toward Company
 But, on the other band, gentlemen, if anyone who has been cooperating in lawful way suddenly changes his opinion
  terest for the time being to withdraw from associating with us, leaving him self free to go to your customer or mine and get the business for himself, regard less of price, then l do not hesitate 10 say that, so far as l am concerned, l am perfectly willing to let him stand outside of the circle of intercourse and open and above board fair dealing and frankness in expression, but if I have sufficient in- Hf1a claall not In laac al Q rela ations of all the rest of us.
 Tn my opinion it is highly important for the long future that we continue our relations of friendship and open and frank expression with reference to what we are doing.
 Ready to Keep Faith
 Now, I do not know the feeling of the rest of you; l do not know what you are disposed to do.
 "I think that so far as we are concerned we would be largely influenced by the ac- ton of the others, and, while insisting upon the position from which I have never varied I would not under any cir cumstances make any agreement, ex- pressed or implied to maintain certain prices, to keep away from customers, 10 divide territory, or to restrict output with you or any of you, because, as l understand. the law, I have no right to do it.
 Yet, at the same time, l would do what l have always said l would do, l would tell you and each of you at any time ex- act1y what we were doing; I would give you any information concerning our busi- ness that you wanted to have. so long as you have the same disposition toward me.
 "On the other hand, if it is your opinion that the time for cooperation has gone | by or that 1t should be suspended, then we ought to find that out, and we will | all go our way parting as friends, but at the same time separating entirely; which means that we will simply go upon our way, doing our own business in our owrl way, when, how and where we please
 View of Oil Decision i In discussing, at the outset of his ad- dress. the Standard oil decision, Mir. Gary said that he disagreed with the statements of some persons to the effect sherman law and had read into that act | the word Unreasonable" He said he was inclined to think that even if that were true, the adoption of that view and conduct based upon 1t might result in very great harm to the business interests of the country generally.
 '"The supreme court, instead of saying that there may be reasonable restriction of trade or reasonable monopolies," he said, intended to say that In the appli- cation of the law to the facts in c case AL L