Omaha daily bee., 1921-08-01
Head of Steel ~,
III!
| Company Voices
| Spirit Of Hope
Although Earnings Not Suffi-
cient to Pay Dividends,
Judge Gary Predicts
Big Business Soon.
By HOLLAND.

Judge Gary's reference to Presi-
dent Harding in the brief address
which he made at the quarterly
meeting of the Uui,ed States Steel
corporation, contained an indirect
suggestion which points to one of
the reasons why he spoke in words
OF encouragement.
1t was All unusual presentation OF
facts, figures and opinions. The
master mind Of the United States
Steel corporation was compelled to
admit that the earnings Of the cor
poration in the second quarter Of
the year were not sufficient 10 pay
the regular dividends. 1t was neces-
sary to turn to the abundant surplus
in order TO make regular dividend
payments possible. And yet Judge
Gary's address breathed the spirit
OF hope and was in thorough accord
with much which he has said since
reaction from feverish prosperity be-
gan.
Estimates s0 Per Cent Low.
Perhaps one Of the reasons why he felt
justified in his hopeful view was the fact
that the corporation earned twice as much
in the second quarter az was commonly
presumed TO he the fact. fxcellent
Judges of the Steel corporations business
had predicted thst the net earnings Tor
the quarter would be only $4,000 900. II
is rarely that these estimates are out OF
the way but this tlrns they were 30 per
cent out OF the way because the earnings
were s21. 900. 900.
Judge Gary has frequently alluded to
the fact that one OF the causes Of CON
tinued business depression was morbid
mental condition. Business men could not
see straight. 1,1I Their vision was ooscuren
Although business continues to be some
what dull and is characterized BY hesi-
tator, according TO Judge Gary, the out
are not doubtful Those who are best
informed nov realize that sentiment ia
growing better and better. Upon senti-
ment needed confidence Is based and when
confidence Is complete then may begin
the era OF which Judge Gary has frequent
iy spoken which will bs one Of unpre-
cedented and yet wholly sealthful pros
perity.
Predicts Big business.
Judg. Gary does not qualify an opinion
which he first voiced some time ago, for
lie says that some time in tho future.
probably not distant. there is TO come
"the biggest business this country has ever
witnessed"
There are several reasons for the opinion
which Judge Gary holds. His reference
to President Harding contains one Of the
reasons. It was possible to learn at al
most the very moment when Judge Gary
was speaking that congress was listenins
to a Communication from tho president
which involved the appropriation OF not
penny but which would facilitate the
payment to the railroads OF the United
States OF a large amount Of money.
Another reason upon which Judge Gar%
bases his encouraging opinion is TO be
found in the fact that no longer Is there
eYtravagance. frantic attempts TO gain
enormous profits and reckless waste In
industry. On the contrary what Judge
Gary calls the orgy OF ertrsvagance is
cnded.
World Conditions.
Another CT the reasons upon which he
bases his opinions Is the improved condi-
tions elsewhere in the world Peace
throughout the world Is apparently about
to be established 1t Is now partially es-
that construction. renewed development,
increased industry. will soon bs under way
and In the benefits which will follow the
United States will fully share.
Then again there 10 the financial sit
uation. In this country II is good. Judge
Gary calls IL bright and in other countries
finances are improving. Many times
Judge Gary has called attention to the
magnitude Of our national resources not /
only TO those which are under develop
lnent. but to the larger amount which "a
financies are improving. MANY times
Ing the day when the prediction mat this
country is to have the biggest business it
has ever enjoyed will be fulfilled