The sun., 1919-05-24
GARY SEES RECORD
YEAR FOR STEEL
Indications Are Manufactures
Will Exceed All Outputs,
He Tells Institute.
PUBLIC'S NEEDS PILE UP
Country Has More Room for
Optimist, but Little Place
for Pessimist. !

That there Is a large and profitable
business ahead for tho iron and stee,
industry is the opinion expressed by
Judge L. II. Gary. president of the
American Iron and Steel Institute in his
opening address yesterday morning be-
lore the fifteenth general meeting of the
institute. He declared that the needs of
he purchasing public are piling up, and
tie believes from present indications that
production OF iron and steel manufac-
lures this year will exceed all previous
records.
Judge Gary reviewed the efforts of tbs
steel manufacturers during the war and
auded the great part the Industry
played in the conflict Instead of being
iisheartened. he said. at repeated calls
upon them for further efforts. they
carefully considered claims put before
them and lin every substantial particu-
lar the iron and steel Industry made
good all its promises
Believing that the war is ended and
that peace will soon be declared, we in
effectively turn our thoughts to the
present and future economic situation"
said the Judge. I'VE realize that COM
petition between the business men OF the
country and those OF other countries
and between ourselves, however good
1atured and friendly. will be persistent
and aggressive. So far as the members
Of this institution are concerned Il will
never Intentionally be wanton and de-
structive. We have learned the folly and
wrong OF such a course, but we believe
that the underlying reason for precipi-
Eating the late war was economic and
that the question which Is uppermost In
No tnAe ~
representatives at the Peace Conference.
is economic and that a desire for eco
nornic advantage and success will actuate
the political. financial and Industrial ad-
illustrators of affairs of all countries
In future decision and effort.
As between ourselves we believe
fairly in competition, but in cooperation
ls often expressed. We believed in this
before. during and after the war 1t Is
principle that will not yield to destruc-
tive forces, although It 10 sometimes sell
ashly forgotten
Prices Are Improvfns.
Since the armistice was signed the
steel industry has made substantial re-
auction in selling prices, first by volun-
tary action December 8 and then March
81. after consultation and discussion
with the members of the Industrial Board
OF the Department OF Commerce. At
present there is a perceptible and grad
ual improvement. 1t seems probable that
this will continue and Increase As /
have said before more than once, there is
a large and fairly profitable business
ahead. The necessities OF the purchasing
public are piling up. From present ap-
pearance the production this year will
sxceed all former records. There IL still
room in this country for the optimist. but
little place for the pessimist.
Tho price of copper is increasing. It
Is expected to be selling in the near
future at 20 cents. Most II not all of US
are making expenditures in preparation
for the future business that is coming
1t is remarkable how many evidences
Of business activity there are The people
Of this country are. rich and growing
richer 1t Is estimated that the wealth
Of this country Is equal to one-third Of
the total of wealth of all countries; that
there is held by the banks $15. 900, 600, 900
or $4,000. 900. 000 that the money in
circulation is about SIS per capita,
against about ss4 before the war What
Is II to be supposed will be done with II ?
Why, invested and expended in order to
Increase wealth.
"A great change has come over the
people Of all nations since our last
annual meeting. The world war seems
70 have been terminated though the
details Of the peace terms have not yet
been fully agreed upon. We may prop
eriy rejoice that negotiations have
reached the point where 1t seems prob
able peace will be established, although
We cannot as yet see clearly in the far
future. Right has triumphed. An over
ruling Providence has protected civil
ization against ruthless attacks. All
nations and peoples rendering service
on the side OF justice. faithfully and
effectively performed their respective
part.
Steel Men Loyal During War.
During the progress of the war we
we're frequently informed by representa-
uves OF the United States Government,
who were directly connected with the
purchase OF supplies required for war
purposes that steel was OF the highest
Importance and we were urged to in
crease capacity and hasten production.
We were requested to devote our time.
money and energy in behalf of our Gov
eminent and its associates in the war
70 the exclusion of everything else. 1t
was emphasized that II disaster was
TO be averted there must be additional
war material. food supplies and trans
po1ation facilities and that larger and
larger quantities Of steel were funda-
mental TO all these means Of carrying
on the war. Repeatedly statements
were made TO us that the demands made
for steel as to quantity and delivery
were impossible Of fulnlment.
The manufacturers never became dis
heartened or demoralized. They listened
patiently TO the claims and reasons pre-
sented and then considered carefully all
figures bearing upon the subject OF
necessity and ability to produce. and
made their calculations accordingly.
Fired with feelings of patriotism. yet
with composed mind and determined
spiS!t those in control OF the iron and
steel industry again and again promised