The Birmingham age-herald., 1914-11-05
Furnished Valuable Discus sions Despite UnfavOr-
 able Conditions
CARTS ADDRESS
 VERY ENCOURAGING
Agreed With Willard Straight In Fundamental Facts-Present Op- portunities of People of U. s.
 For Securing Trade
ny HOLLAND

l New ! ork, November 4.-(Special. )-lf It
 were not for the overshadowing anxiety which prevails throughout the cotton planting states on account of the serious cotton market situation, the recent meet ing of the American Iron and Steel insti-
 tute at Birmingham would have been the topic of leading interest throughout the
 south. 1 When a year ago decision was made tc
 hold the annual meeting of this institute
 at Birmingham, the recognition was gen
 eral of the underlying purpose In the se- lection of that city There is now estah-
 lished in that region one of the greatest iron and steel industries in tho United l States and an industry which Is beginning 1 to take rank in it's magnitude and infiu-
 ence with the larger ones of other nations. Furthermore. the presumption that the Panama canal would be opened to naviga-
 tion for the year 1914 was one of the req l sons why Birmingham was selectud AS the meeting place of the institute The south, 1t was known, was rapidly gaining ] a most important relation to the general | iron and steel industry in tho United States and the presumption year ago was strong that after the Panama anal 1 was opened this industry would be rapidly increased and valuable commerce with l South American nations secured.
 l The institute met. however. when con ditions are not favorable. In the first place, the United States Steel corpora ton found it expedient, If not imperative, to reduce the dividend upon the common | stock from an annual rate of per cent to
 2 per cent. It was known in commercial
 circles that there had been recently heavy 1 sales of the common stock of this corpor-
 ation as a consequence of the depressing
 domestic business conditions in the iron | and steel trade. In tlfe next place there | was the somewhat perilous cotton stua- 1 tion in the south which was created in | August, and still exists, and every inapor- | tant executive in all the American indus- | tries engaged in Iron and steel production l knows well how vital to the whole coun- try and how necessary to the iron and l steel business Is the marketing of a cot
 ton crop with reasonable profits to the | cotton planters.
 | In the next place, the European war
 had seriously affected the iron and steel
 export excepting those commodities as- | sociated with arms munitions and equip
 ments of war into which iron and steel l enter. In addition, the International and | to considerable extent the domestic money markets were In confusion at the I time the institute met although there be-
 gan to be heard reasonable promises of relief.
 Judge Gary's Address
 | Nevertheless, in spite of this somewhat | gloomy condition. far as the iron and steel industry is concerned. the meeting ls,ft some valuable, because encouraging, dis cussions and communications. The ad- dress of Judge Gary, who is president oN the American Iron and Steel institute | reflected an undercurrent of reasonable hope, and as Judge Gary is known to be cautious, not over sanguine in prediction 1 although not always an optimist his re- l marks, 1t is understood, stimulated a l good deal of the hope and encourage
 ment which he himself expressed.
 A few days before the institute met, Willard Straight delivered an address be- fort a commercial body at Chicago. He | is esteemed one of the leading experts | in the United States upon subjects of l international trade from governmental points of view, well as international | finance. He was for a time trusted coun- | sellor for China and shortly before the | downfall of the imperial dynasty of China | he had to work out for that government
 a plan which would facilitate the change l Of China's fiscal policy so that the gold basis could be established He had also practically perfected negotiations for a
 lean in the United States to China of $50, 600, which was to be exclusively used in facilitating the change in China from the silver to the gold basis.
 In a Chicago address, MT. Straight | sroke at some length and considera ble detail of the opportunities which now
 await the United States and of the meth
 .xlr
 ourselves of these opportunities Among 1 these methods is financial assistance in the form of loans made by the bankers of | the United States to other governments
 than our own, especially South America
 and possibly the far east.
 l MT. Straights address was delivered at an opportune moment. for the members lpof the Iron and Steel institute went to Birmingham having in mind many of the things Mir Straight said. The address was supplemented in an adequate manner. in the view of the members of the institute l by the address of Judge Gary These two addresses. if they were printed in pamph-
 let form under one cover and were given 1 wide circulation, would be of value in the opinion of those who have read them, in instructing the people of the United
 States as to their present opportunities.
 Judge Gary in his fundamental thought
 did not differ at all from MT. Straight, for
 he asserted that the productive capacity in the United States Is something which
 when carefully considered almost stag
 gers the ina gination. As was pointed out
 by David A. Wells at the time of the
 civil war. the natural resources of tho
 United States and the capacity of the people to develop them furnish the means
 for yearly increase in wealth greater
 than any other nation of the world can
 gain. It is it's capacity for production and still utilizing our natural resources upon which MT. Straight relied in some part
 as the basis for his argument that we 4I- =