The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1913-10-24
MONEY is SCARED
That Is What Ais Business,
Says Judge Gary,
Chairman of the Steel Trust, in
an Address.
THERE IS TOO MUCH AGITATION
And Too Much Criticism of Of
ficials, He Declares.
Business of Country Halted by
Lack of Capital.

Chicago, Oct N-Judge EiDerl n. Sdiy ~
chairman of the u. S. Steel corporatlon'
in an address today at the semi-annual
meeting of the Steel and Iron institute,
declared that the stability of business
has been interfered with and the conf
dence of capital shaken by "unreason-
able and uncalled for agitation and at
tack. In spite of the country's wealth
and resources foreign capitalists Won
der why we are not more continuously
prosperous he said.
There are exceptional cases., de-
clared Judge Gary, lin which mlsman-
agement has caused distrust or dissat-
isfaction on the part of foreign ana
domestic capitalists but this is not the
principal reason for hesitancy at pres
ent on the part of these capitalists in
making investments in our securities.
They wonder why it is that with our
great and growing wealth and re-
sources and our superior advantages we
are not more continuously prosperous;
why We are not more stable in prices
and values and in general conditions;
why there is ever any disposition on
the part of any to interfere with the
normal and natural progress in the de-
velopment of our country and its in
dustries. Every one who travels ex-
tensively abroad is confronted with
these inquiries by foreigners friendly
to and interested in our commercial
and financial conditions and success;
and we assembled in this room are ask
ing ourselves the same question.
Too Much Agitation.
Il venture the assertion that it is
largely because of such unnecessary
agitation and ill-considered criticism
by those who. have not the nations
best interests at heart. There is too
much demagogy, too much mud sling
ing. The man out of office criticiseS the
one in office and the one in office in
turn, seeks to advance his own inter
ests regardless of the effect upon all
others. In many public speeches and
in magazine articles the author is in
Huenced by motives of selfishness or
cup1d1ty. Appeals are made for the
purpose of creating a feeling of dis
satisfaction and unrest when it is I'M
necessary and unjustified. Fortunately
this is partially offset by the conserva-
1--WE attitude of some of the leading
journals and the number is increasing
1t is not uncommon in public dis
cusSlon to treat success as an offense:
to consider the possession of wealth.
however honestly acquired, as wrong.
Legislation calculated to create classes
Is urged persistently; also laws to i'm
pose unnecessary and reasonable
burdens to forcibly take from ono
something which he has and is en-
titled to have and turn it over to an
olheI' 70 prevent or to lessen the sue
cess of legitimate enterprise and en-
deavor.
Capital Is Frightened.
capital, always timid, has been SER
1ously affected by this unreasonable
and uncalled for agitation and attack.
Indeed it is becoming frightened Con-
f1dence has been shaken. 1t is becom-
ing almost impossible to secure on
fa1r terms on good security and a rea-
sonable rate of interest the necessary
capital to equip or literally maintain
going and successful properties. to say
nothing OF the additions and extensions
which the interests of this great and
growing country demand
Inc stability of business which is
essential to its proper and reasonable
growth and success, has been inter
fered with. Our great and growing
population can use our products: il
needs food and clothes and material TO
build, and it is willing and anxious to
buy them. 1t is in need of railroads
and ships with the best equipment 70
carry these products from one point
to another and it is willing to pay fair
rates for the service. Laborers are
willing to work at a reasonable wage
and employers are anxious to furnish
work and to pay liberal compensation
The carrying companies are DESTROYS
OF providing necessary facilities for
adequate transportation. Producers in
all departments of industry wish TO
satisfy the demands for their products
at fair prices and to that end they
would make the necessary increases in
capacity and those who are able are
quite ready to furnish the necessary
capital provided they can be certain
OF protection against loss or risk
Eager for Business.
In short, gentlemen, this country,
The volume of business at this time al
though large because the country is so
vast, is not half SO great as it ought to
Der or it could be. It is high time for
All OF US to wake up to a realization of
the fact that we are in competition with
other countries, who by every means IN
tnelr power are striving for supremacy;
that it is not difficult for us by good man
agement, to reach the greatest measure
of success in competition with other ma
lions of the world and yet that it is just
as easy to fail if our vision is narrow or
If We act without due regard to the re-
suits.
I'VE would not discourage honest sin
cere movements which are intended to
maintain fair equilibrium as to the
intended to prevent oppression or wrong;
or such as may furnish full and equal
opportunity to every one to honestly and
properly advance his own welfare and
pecuniary interests. But at the same
time it should not be forgotten that the
people of a nation prosper or fail to-
gether; that the unnecessary destruction
of one or a few adversely affects the
whole body: that while the application of
the principles of good morals Is of the
highest Importance nevertheless to the
man whom it is sought to influence by
these considerations lends an unwilling
ear unless, at the same time his material
wants are satisfied