The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-01-01
GARY FEARS LONG
PERIOD OF UNREST
Warns steel Heads to Conserve
Resources Against Fur
Their Depression.
RADICAL LAWS \ SHOCK
Safety and Relief of Employees,
He Says. Must Not Be At
lowed To Suffer.
RADICAL LAWS \ SHOCK

Judge Ebert H. Gary. chairman Of the
board of the United States Steel Cor
poration, has advised the heads OF the
caution. personal vigilance and conserva-
ton of resources during the present period
Of business depression in order to be pre-
pared for "A longer period OF such depres-
sion than is now expected.
His address to the presidents OF the
subsidiaries was made AT the middle OF
the month when they me: in New York
and has hitherto been unpublished.
since the middle OF summer" said
Judge Gary. " | have felt rather hopeful
of the general situation. based largeiy on
what | have conceived to be reprcsen- .
tation by those In authority In reference
To their intentions concerning the bust
ness world; but latterly 7 have feared
that those who were claiming 20 rsugC-
sent the Administration were not author
iaed to the full extent of their claims
Underlying conditions are sound. There
Is no ground FOR fear in regard TO the
, financial condition OF this country The
agricultural products of the year amount
| 10 $4,000. 900. 600.
The actual necessities of the grea,
purchasing public will secure for us and
| for others who are producers q ls,rs.
| volume of business. and based on this
alone II seems to me we have reason To
feel that we can more than pay our
| fixed charges based Oh our present rates
of dividends, interest, nc.
Nevertheless there are certain things
| which we must not overlook. II seems to
| me 1t would be impossible to enact the in
| come tax law. the radical change in the
tnrln laws. the currency law and a posi-
bic revision OF the present plan of control
! ling the large corporations called trusts
without producing severe nervous shock
| to financial and commercial affairs.
| Great care should he exercised to con-
serve your resources. with the strong
| est hope that BUSINESS will increase In the
near future, We should nevertheless he
prepared FOR "A longer depression In bust
| ness than we now expect.
This corporation and its subsidiaries
| should never run the risk of being short
! OF cash resources. 1t would not he say
| ing too much to suggest that II this cor
poration should find It necessary to borrow
large sums of money ON short time notes,
! as some railroads have DONE II would
have not only bad effect upon the
| credits Of the country but might have II
decided influence in bringing about a
| financial panic.
zone Of the elements Of great strength
| in the financial condition Of this country
during the last few years has been the
| large amount of cash resources In the
possession and control of the United
| States Steel Corporation and its subsidi-
aries.
But necessary expenditure should al
ways be made. Foremost under that head
! would say any money you can pay out
| to increase the safety of your employees Is
| necessary and proper. Unfortunately, you
have been obliged to relieve from work a
| good many men, temporarily, il is hoped,
| and the number may be increased.
| ut IL possible that there may be some
distress among these men and their fam
| lies II necessary to prevent suffering
| on their part, hope that you will be will
| ing to contribute for the relief Of these
people Some of these families while out
| Of work may no unable to pay rent. In
! such cases, leave the families in the houses
| and suspend the rent until they are able to
pay II.
"Give these things your personal at
tention, do not rely upon your subordin-
| ates."