New-York tribune., 1922-10-28
Gary Predicts
A Rising Tide
OF Prosperity
Demand for Every Kind
of Steel Is Far in Ex-
cess of Mills Capacity
10 Produce, He Declares
Against Debt Cancellation
Warns of Amy Interference
With the Natural Laws
of Supply and Demand

tinued prosperity Of the iron and stee
| business In the United States, except
such as may arise from interference
with the natural course OF supply ant
demand, Judge Ebert Fl. Gary, presi
dent Of the American Iron and Stee
Institute. told 1000 members assem-.
bled for their semi-annua1 meeting al
the Hotel Commodore yesterday.
At the opening Of the session Judge
Gary stated that no report had YET
been prepared regarding the abolition
Of the twelve-hour day in tine steel in.
duBtry, as recommended by President
Harding. He said he deeply regretted
this failure to act and urged all the
members to express their opinions to
che committee in charge Of the prob
lem.
The demand for every kind and char
acter of steel is far in excess of ca
pacity to produce, Judge Gary said.
Steel, he asserted, is needed immedi-
ately for buildings and other struc-
lines, for canning, for equipment Of
every kind, for guns, tools, wire, cars,
automobiles, airplanes and other vchi-
cles.
Steel Stored at Mills
Notwithstanding recent labor trou-
bles at the coal mines and on the rail-
roads, the chairman of the United
States Steel Corporation said. finished
steel aggregating thousands of tons is
stored at the producing mills. One of
the "fies in the ointment" he found
to be the interference with the mining
and delivery Of coal, the transportation
of finished iron and steel and an in
sufficient labor supply.
IF the natural course Of business
had not been interrupted" Judge Gary
declared, 1--WE would now be enjoying
success and prosperity in our industry
volume is concerned. Who is blamable
The answer is: Any one who by word
or deed has interrupted or hindered
the operation of the natural law of sup
ply and demand, or has interfered with
the full, free and unlimited right to
work, to operate and to produce"
Throughout Judge Gary's entire ad-
dress was the exhortation to conform
to that basic domestic principle relat-
ing to supply and demand. This doc
trine, he said, was germane to the pres
ent public and private discussions re-
lating to the debts owed the United
States by foreign nations. He declared
that, as they were voluntarily, openly
and fairly contracted" they cannot be
properly cancelled or disposed of on any
we'll recognized principles of justice
and rules Of propriety."
"To cancel these debts or any part
of them without full payment" he con-
tinued, "would be forced charity, and
that is never agreeable to the donor,
and, as rule, equally disagreeable to
self-respecting person or nation.
Americans generally would not be con-
tented with governmental action which
relieved from debt the citizens of a
foreign nation by increasing the bur-
dens Of the former"
Disapproves immigration Law
Judge Gary ascribed as the reason
for the shortage of labor the fact that
many workmen have returned to their
homes in foreign countries, but the
chief cause, he said, lies in the present
percentage immigration laws, which
have limited the number of workmen
who would now come to this country il
not prevented by these statutes. He
advocated that these laws should be
promptly changed and that the restric-
tions on immigration should be direct
ed to the question of quality rather
than numbers of foreigners coming to
the United States.
The hope was expressed by Judge
Gary that there will soon be held an
other peace conference for the full and
frank discussion of all unsettled fnan-
cial, commercial and industrial prob
iems, to be participated in by repre-
sentatives Of the different nations,
such as those who attended the limita-
tion Of armament conference. !.
tIf there shall be such meeting"
he said, "there will result incalculable
good to all who are parties. They
would not decide or discuss how to
abolish or overcome the old established
law of supply and demand, how to
avoid or repudiate existing legal obli-
cations, but rather how and when to
fulfill them without irreparable injury
to any one or the sacrifice of principle"
Referring to the present rates of pay
for labor Judge Gary said that workers
generally are not receiving more than
Is proper in view Of the continued high
cost Of living. He paid compliment
to President Harding for the manner
In which he has handled the country's
problems, and said she is doing much
better than any one who unjustly criti-
cizes him could do il in his place"
At Is Per Cent of Capacity
In spite OF the difficulties which have
confronted the iron and steel industry
and frightened investors, Judge Gary
said that manufacturers are now pro-
ducing on an average about rs per cent
of their estimated capacity, more than
double the total capacity Of the mills
twenty years ago. Manufacturers, he
asserted. are making better quality
of steel, are increasing the diversified
tion of shapes for additional uses and
are extending capacity and effecting
economies, although selling prices have
not kept pace with larger costs.
In this greatest, richest, most ad-
mirable country" he concluded, "there
should be a continuance Of prospsrity
without prolonged depressions. Il The
iron and steel industry can be ID de-
cided influence toward progresH and
stabilization."
ADVERTISEMENT III
AsaM am.ee IN A.