The New York herald., 1922-03-25
GARY SAYS COURAGE
IS PROSPERITY NEED.
With Steel Prices Rising, Busi-
ness Men Have Opportunity
to Aid Normalcy.

American business needs only courage
on the part of business men as well as
other people, with industrial honesty and
a strict maintenance OF laws to return
to normal prosperity. Ebert II. Gary.
chairman OF the United States Steel Cor
poration. declared yesterday in COM
menting on general trade conditions.
"The business men have the oppor-
tunity to bring about honest. reasonable
and fair prosperity" he said. "and they
can do so IL the authorities will main
tain the laws and thus secure for in
dividuals the right to work in accord
ance with their opportunities and de-
sires But the people of the country
must be courageous. industrious and
economical for in that way only can
prosperity be brought back"
Mr.. Gary said that the action of the
United States Senate In ratlfying the
treaties made by the conference in
Washington viii have decided influ-
ence on conditions and will go long
way toward accelerating and establish
ing satisfactory bases.
The policy of the United States Steel
ward revision. following a pace set by
the independent steel manufacturing
companies. he said. This stiffening OF
prices will continue. however, only to
the point which will be fair and reason
able 10 purchasers and no further. he
added.
Manufacturers of steel products gen.
orally have made increases in their
prices in the last few days" Judge Gary
said in response to queries as to the
corporations policy. This is not
surprising. because, as is generally
understood, selling prices have been
SO low in the last few months that
many. If not most, manufacturers
have been losing substantial sums as
the result of their operations.
Il do not think prices now being es-
tablished are high enough to permit
many OF the companies to secure much
profit. Since the prices Of steel products
generally have been less than the cost
of production it has been the practice
of the United States Steel Corporation
to make reductions only after others
have made reductions We have been
followers and not leaders in making low
prices that were unfair and unreason-
able from the standpoint Of the manu-
facturers and in increasing our prices
II Is our present AnttntfOii " AOliON
others rather than to lead.
I'VE can always be depended upon
to do the fair thing by our customers
and our competitors and the general
public and whatever we do will be done
openly. 1t will be our principle and
policy TO follow increases in the SELL
ing prices of others up to the point
which we believe will be fair and rea-
sonable and just to the purchasers and
not any further.
1T Is still fact that the prices OF
many retailers and middlemen are too
high and must be reduced before they
will obtain the patronage to which they
are entitled and that the wages demand
ed by some OF the trades are out of line
and great hindrance to enterprise and
necessary construction.
This is hindering building operations
in a large measure. However, in spite
of abnormal and unreasonable aspects
concerning business matters, there is at
present apparently a marked improve
Inent.
II believe our subsidiary companies
are now booking up to about 65 per cent.
of normal capacity and on account OF
old orders on hand we are shipping at
least 70 per cent. of normal capacity"