The Birmingham age-herald., 1914-07-06


 largest number. We believe they were mistaken in the passage of those laws. and time will probably more fully dem onstrate we are right; but whether you are compelled to reduce your wages or not, I trust you will give due credit to the claims and to the merits of your men in connection with the possibility of your resources before you concluda to make reductions. I am not seeking to influence you at all: have been trying | to draw a picture of your minds as l see them. as indicated by what you have said and what you have done and to | give ,ou to undersserd that so far as tho officials here ar" concerned at least. and as l believe. the members of our heard of directors and our finance com | mittec We share with you the desire to continue the payment of high wages so long as we can
 Personal Expenditures
 l Speaking particularly of your individ- ual and daily work, may l refer again | to the question of economy in expendi- lures. Personally, I do not think extrav- , agant expenditures the part of an | individual who keeps within the limits of his resources is necessarily a bad thing for the country, provided property or wealth is not destroyed or injured. think If a wealthy man distributes hi5 money, even by eXtravagant expenditures.
 
 there Is no harm done. and that others should be slow to criticize. I am not talking from any ethical standpoint or the disposition one may have to ridicue ostentation. Extravagant expenditures by a nation which purchases it's supplies of | other nations Is another thing. We should bring from other nations to this country all the wealth which we can properly and honestly secure In fair. open deal- | ing. Any law which reduces the amount of money received from other countries or increases the amount left in other countries is bad And l am of the opin- | ion that the people of this country will not only more fully realize and appre- ciate this position, but they will by stvdy and thought determine for themselves what ought to be done in order to pro- l tect their interests so far as 1t can be legitimately done. and in order to make | this country as 1t ought to be, pros- | porous and successful without these re- curing depressions that we may con | tinuousy secure and reap the benefit of | the great advantages which we possess, and which is certain sometime in the fu- ture-I hope the near future to place your business on a fair and reasonable basis If time shall prove we are wrong
 in our present opinion of the laws re- ferred to as to their injury to business. we should be the first to admit 1t. Mean-
 while we should do everything practicable to assist in making the laws In their re- suits equal to the benefits claimed by those who are responsible for their adop- ton. Our influence should be exerted in favor of existing laws, and we should cordially support those who are called upon to administer them.
 Strictest Economy Maintained With reference to the expenditures which are being made for our companies we are obliged to use the strictest econ omy all the time. We occupy positions of trust; we are expending daily money which Is not our own. Our Stockholders havo right to hold us to a strict ac- count. The fact that the corporation or any of the companies may be rich or may be prosperous may have money In the treasury, furnishes no Justification Tor needless or extravagant expenditures. We are more inclined perhaps to con- slider these questions in times like these when there Is danger of the continuance of depression which may materially reduce our cash resources; but we should all the time, whether we are prosperous or not, realize that in the distribution Of the funds in our charge we have uo right to pay out any money that is not certainly required.
 Now. I presume that some of you might be surprised to know how your individual expense accounts compare with those of other officials do not say this from the books. I am quite sure many of you would be surprised if you should examine the expense accounts of the officials of the United States Steel corporation. l know they are small
 some of you may be disappointed dur Ing the next few months by not receiv- ing recommendations for extensions. Probably you will secure favorable con- sderation of all recommendations which you may make for expenditures calcu- lated to add to the safety and welfare of your employees. and for all of those wnlch the finance committee determines are necessary to keep your properties in condition or to take care of the business Which Is on your books or which may be placed on your books If proposed expenditure is made But, for requests to make extensions like the Canadian plant, which we all would like to see immediately built, if we could afford it or additions to your plants in places merely because you believe the return would be large. I think you may con- clude that the president will be slow to present such claims to the finance com mittee during the summer and that if he did. the finance committee would he's itate to endorse them. 1 am influenced to say this not because I might disagree With any of you concerning your recor9s mendations. but because I believe if Ia absolutely essential to the continuous suc- cess and prosperity of the corporation and its interests that we keep ourselves as strong in cash resources as may seem practicable and Justified by the partic- ular circumstances which may be pre- scented.
 T hope gentlemen, you will have . good summer I shall have you and your work in mind while I am away [ shall not for a moment forget your loy- atty to the interests of your charge or your friendship for me personally And l shall be more than glad to return to