The Birmingham age-herald., 1918-12-18
FOUR INDUSTRIES
 SURE TO FLOURISH
By HOLLAND

New York, December 17.-(Special. LA few days ago small group of men who are of influeRce in American industries and who have been recently looking ahead so that they might forecast industrial conditions in the United States when peace Is established, agreed after several discussions that four industries are to be maintained and probably increased in the early months of readjustment
 They spoke of these industries as first of all copper. next oil. then cotton and then agricultural products It was also said that if there could be a good un- derstanding of the outlook for the steel industry that would be favorable, then at.-feast five leading industries of the United States would be in excellent con ditiou 10 maintain and increase the pros nerity which has characterized them in war days The hope was strong by ex- nerience that Judge Gary would at an early day set forth his views respecting inc immediate future of the steel indus try. If he were to do that and in so doing make it plain that he looks into the future with confidence then it would he certain that all American industries will prosper because all the others are directly or indirectly dependent for their prosperity on the activities of the cop per- oil, cotton and agricultural indus tries.
 Only few days passed after this state ment was made in private when Judge Gary did speak for publication. His views were presented to She meeting of the American industrial leaders which was held at Atlantic City. It has been said of this meeting that it was certainly the most important of all the gatherings of American business men since the European war began. Business was rep- resented by larger number than ever met before and the gathering was prob- ably the largest of the kind ever held in the world. Therefore the opportunity was favorable for such comments as Judge Gary was disposed to make. His address, evidently prepared with great care and after a thorough study of pres ent and prospective conditions in the steel industry. has been, since it's de- livery, one of the important topics for discussion among men of finance and industrial leaders. The first impression after reading the address was favorable. Now after three or four days have passed since Judge Gary set forth his views that impression has become Substanglal- ly a general conviction that he spoke with accuracy and with admirable foresight.
 WAGES AND RICES
 One comment which was made by Judge Gary is spoken of as being char acteristic of the policy adopted by the United States Steel corporation. espe- cfally since the European war began. For Judge Gary asserts that in his view it is inevitable, if the industry is to prosper, that wages. be maintained at the present rate, although on the other hand, it will probably be advisable to cut prices.
 Tn one of the darkest seasons in the entire experience of the steel corpora ton in the mid-autumn of 1914, the aues, ton arose as to what was the better part to take. The late Norman B. Ream who was perhaps as influential as any other one in the management of the cor poration, spoke of the discussions sub- stantially in these words: We were confronted with two alternatives. Our surplus was very low. Our business had fallen almost to the lowest point in it's history. It was therefore deemed im- possible to pay dividends to the com- mon stockholders and at the same time maintain the rate of wages we were pay Ing Ono or the other must be cut. With one accord all of my associates in the corporation decided that wages must be