The Birmingham age-herald., 1920-04-26
EFFECT OF CARTS
 SPEECH IN MARKET
By HOLLAND

New York, April -(Special.)-
 Judge Gary might have been amused could he have heard the gossip and conjectures which were made by many 1 of those who gathered around the stock I ticker and saw that the figures were showing a falling market for securities | because the explanation commonly given for this depreciation was the ad-
 cress made by Judge Gary that to the stockholders of the United States Steel 1 Corpora ton. So it was said that as Judge Gary clearly intimated that the
 corporal ton would declare no extra div- idend therefore the situation was not l hopeful in the securities market and the falling quotations were the asnwer te- Judge Garys intimation.
 Judge Gary presumably had not the slightest idea that whatever he might | say to the Steel stockholders would | have an immediate and depressing eff | feet upon the market. Since he spoke jthere has been excellent opportunity for careful reading of his remarks and also lfor reading between the lines. Now 1t is seen that Judge Gary is really optim- 1 istic. His intimation seems to be clear | that our business activity is to con- tinue and increase. In order to meet the new opportunities and trade de-
 mands the Steel Corporation will coh- tInue it's policy of utilizing its cash | surplus or a reasona ble part Of IL in
 improving its plant, and increasing ts l producing capacity so that IL will be able to meet the expected demands. As the corporation is in possession of abundant supplies of cash. it is able to | take advantage of spot cash opportuni- ties and in fact recently secured a prop 1 erty which will be of great avail in aiding in the increase of the output Ii secured that property because it pos sessed the cash with which to make a satisfactory bargain.
 In the last week of April there will meet at Atlantic City a body of~men who as a whole will represent nearly l 300 commercial and industrial organ ! izations in the United States They are 1 to meex under the sponsorship of the Chamber of Commerce of the United States. They are to discuss chiefly if 1 not exclusively increased production.' I Just at this time when the domestic trade demands of the United States are unparalleled there seems to be an l especial need of increased production and of enlarged facilities for production both in plan and with labor. Gatherings of this kind are not solely held for the sake of taking. They usually are followed by influences which add 10 the material prosperity of the country, and it is presumed that | this gathering at Atlantic City next week will be of great influence because 1 1t will be demonstrated that one of the factors necessary for increased produc- tion is a change in and 5implication of cur tax law. There is not a business man of ability in the United States who does not believe that the tax law as it l row stands. especially the excess profit l tax. and some features of the income tax, have tended greatly to curtail pro- duction.
 | There will also be discussion of the antitrust laws The experience to the government in war days has shown that 1 II was vital for tue country that some features of the antitrust laws be ig nored Combination, unification, even trade agreement and trade prices were rot only authorized, but enforced by ths government.
 The results Justified this ignoring of the law by the government as. of course. it had the authority under the war legislation to do.
 It has been said that 1t will be a lib- eral education for any business man to i ming1es with this selected group of American business men and to hear what they have to say and get their | points of views. Not only are these conventions inspirational. but the par ticular programme marked out for this year is filled with concrete suggestions. the outcome of which may be of the greatest value and stimulate increased production"
 l It will be large and representative | body of business men and manufactur- l CTS for those who take part in the pro- ceedings will come from every part of the country. bringing detailed infor- n,ation respecting business conditions a nd possibly the means by which in- creased production of all kinds of som- l m odities can be secured.