New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-07-01
HOPEFUL NOTE IN
CARY'S SPEECH
Steel Man Expects Better
Business Conditions
in Autumn.
URGES DELAY IN
WAGE REDUCTIONS
Holds Tariff Law Responsible
for Depression and Looks
for Change of Policy.

In speech delivered to the presi-
dents Of the subsidiary companies oil
the United States Steel Corporation on
June 25. the contents Of which became
known yesterday, Ebert II. Gary,
chairman of the board Of directors,
made the assertion that conditions IN
the steel trade during the last few
months had been worse than at any
time during the last decade. The vol
ume of orders during the last two
weeks, he said, had increased some
what. but prices were so low that 1T
tie encouragement was felt.
Among the causes for the general
depression in business Judge Gary
named the great destruction and waste
of property by the wars OF the last
two wears, which have depleted the
financial resources of the world. lie
included the advance influences result
ing from individual effort TO succeed
POLITICALLY and the antagonlsm be-
tween classes. m,
an this country" he continued, "the
depression has been worse than IN
MANY other countries, Notwithstanding
we NAV not have been closely con-
nected with some of the causes ! have
referred to. Moreover, we have been
adversely affected by legislation and
threatened legislation, particularly
such as seems to be discriminatory.
"As | view it, one of the worst things
that could happen to any country IS 10
enact laws which are calculated to pro-
tect or punish one class of citizens 70
the detriment OF other classes. Both
are injured and both become distrustful
and dissatisfied
Judge Gary asserted that the new
tariff law he'd adversely affected the
business conditions of this country.
lie predicted that because Of the
changed conditions resulting therefrom
the earnings of manufacturers would
not be as large as they ought to be TO
furnish to the investor fair return
on the capital actually invested in his
business or TO pay the wages employees
are entitled to receive.
"If this be true" said the head Of the
Steel Corporation, ait is only question
Of time until a majority of the people
will realize that unreasonably low
tariff rates are not of general benefit,
and there will be a change in the policy
Of the country.
1--WE have always the production
from the ground" he said, which is
steadily increasing in quantity and
value, and we have an energetic, per
sistent, courageous and fair-minded
people to deal with. | believe in the
early autumn we shall see an improve
ment in business conditions.
Expects Rise in Prices.
ave are already witnessing an in
crease in tonnage, and this will i'm
prove prices. Our earnings should be
more satisfactory in the latter part OF
the year
Calling attention to wage reductions
that have gone into effect and 10 those
contemplated, Judge Gary said that
the Steel Corporation would take no
action until it became imperative to
10 so. .,
81 hope we shall not do it," he add
ed. Eve must admit our men have
been very faithful to US. No large
body of laboring men ever before
treated their employers as fairly ana
decently as have the 25O.OOO employees
of our companies. Considering their
education and experience. their belief,
formed largely in other countries, con-
corning the attitude OF the Ordinary
EMPLOYER of labor. and their lack Of
opportunity for nvestleating and IN
Outstanding motives Of their employ
ers. our rsen have been very decent IN
their conduct toward US. They are not
all blind to the fact that you have
treated them on the whole better than
any employers ever before treated
their workmen.
Wages May Be Reduced.