The Birmingham age-herald., 1914-10-30

friendship between the members of the institute from the time of it's organiza- tion has not decreased, but is growing stronger and more deeply rooted as the years pass by. We are all proud to be considered honorable and worthy mem bers. The institute has before it great future for service and results. Let us make it even better and more useful. It will be power for good in the in dustrial world. The magnitude of the iron and steel industry in the years to come Is probably beyond even the imag- nation. It is not too much to expect that this institute will be one of the potential factors in the further develop ment and utilization of the economic forces of the country which entitle her to be considered as nation of commanding position and influence.
 Always Bright Side
 We are accustomed on occasions of this kind to refer to conditions of busi- ness. I am an optimist in principle as well as in practice. There Is always a fright side, although 1t may be tempor- arily obscurbed However, nothing Is to be gained by closing our eyes to we'll known and clearly recognized facts; and at present we are not very prosperous in our lines. This is reflected in the pub lished reports of some of the larger com panies. The president of one declares that earnings from January 1 to October 1, 1914, on the tonnage produced have heen at the smallest margin of profit since the formation of the company" The report of another company shows that the income from manufacturing and operating after deducting all incidental expenses, is less than one-seventh as much for the first nine months of 1914 as it was for the same period of 1913 Still another sets forth that, for the first six months of 1914, the net earnings from operations were less than one-half of the amount realized for the same period of 1913 For the company last referred to I have no report since June 30, 1914. I do not refer to the results of the Steel corporation nor to those of any other company because those of the former are extensively advertised from time to time and are well known; and the reports of the othNs are not published at all, so far as I have been able to ascertain. It is sufficient to say at this time that the volume and prices of iron and steel sold in this country were very low, compara- lively speaking. during the months inn mediately prior to the commencement of the European war; and with respect to the volume there have been substantial decreases since that time. These facts are well known to all of you. and WOQlQ De COl1S LII lHJuSlCc II WCkc to assume that any of you was unfa- n.iliar with them
 Remember Funda mental Facts
 "But what of the future? What Is there to encourage and stimulate us in our struggle for present existence and future success? It is well at all times to remem- Der Fundamental facts. At the semi annual meeting of the institute of Oc- tober, 191s there were given some fig ures in relation to the comparative wealth of the leading nations of the world. While they ought to be modified to some extent on account of the figures which have sub sequently been published sstill 1t Is true that the enormous wealth of the United States is increasing and largely exceeds the wealth of any other country. And as an additional and important item 1t may be observed that of the &,6 300 GOO, 900 of gold held throughout the world. the United States Is possessed of considerably more than one-fifth. if we may rely upon published statistics.
 But of more consequence, even, we are always comforted by the fact that the productive capacity and the actual production of wealth in the United States .s growing year by ySeari and this ability to produce will not and cannot be dimin- ished. Actual realisation of profits may be interrupted. but the great variety of ltB prOOucta ana pue ten8tn ana Dreaotn of it's domains, with climate and atmos- phere unsurpassed. continuously serve to insure a certainty of increasing wealth and prosperity. and enables us to rely upon the ability of the nation to- com fortably support her own inhabitants and to furnish surplus to other nations in large and increasing quantities with cor responding returns in value. You are ac- quainted with the figures and realize the extent of our riches and the magnitude of our production. They are not referred to in q boastful spirit nor for any reason except one of encouragement for the fl- ture.
 .s' ExSorts are IncFeasing
 Besides. at the present time the ex- ports of large variety of commodities are increasing and although not equal to the volume reported just prior to the commencement of the war, yet much larger than 1t was immediately following the beginning of the war. This will have a material influence upon other lines. All are stimulated and brought into service. Without particulArising. 1t would seem safe to predict that In many important re- spects husiness conditions in the United States for the next tbree months at Ieast will be better than they have been for the last three months. Al to the long future do not heaitate to gay. with emphaGii, that the opportunities for pFoGresD and success tn. this country are 0reeter than ever before. If we can get out of the ruts oP nv<n fusrnm nfn<ns.nrx <zf~k~.