Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1922-06-17
GARY DECLARES
BUSINESS is ON
HIGHER PLANE
Head of United States Steel
Corporation Addresses
Alumni.
CHANGE IN COMPETITION

CHICAGO, June 17.-Business through
out the United States is today conducted
on a higher ethical plane that ever be-
fore Judge Ebert H. Gary, chairman Of
teh board of directors of the United
States Steel Corporation. declared in an
alumni day address at Northwestern Uni
versity this afternoon.
Judge Gary, an alumnus of Northwest
ern University Law School, was one OF
the hundreds of old grads" VINO returned
to Alma Mater and participated in the
parade which preceded the luncheon at
which he was the speaker.
The large majority Of business men
now conduct their affairs in accordance
with the avowed belief that right is
superior to might" asserted Judge Gary.
They believe that morality is on 4 par
with legality aud that the observance Of
both is essential to worthy achievement;
that the rights of customers must always
be respected; that employees are associates
rather ithan servants and should be
treated accordingly; that stockholders Of
corporations, as well as all partners. are
entitled to any Information Immediately
upon the receipt of the same by any off
Ger or partner, so that under no circum-
stances can there be preferential rights
or opportunities that destructieY com
petition must give way to humane COM
petition; and that full and prompt pub
Lefty Of all facts involving the public
veal is demanded
The speaker defined "ethics" as the
science Of moral duty-moral principles
and quality in practice.
Not many years ago, he said, the man
ayers of some Of the largest private bust
ness corporations apparently believed
that if their conduct was within the
strict and technical rules Of law # was
immune from public or private attack !;
that if no public law was violated the
corporation should be permitted to Sc
cure unlimited profit and might treat
indiferently its customers, employees. its
competitors and even the general pub
lie.
Competition was tyrannical and de-
structive." asserted Judge Gary. The
golden rule was given no thought.
COMPETITION
DEATH OF TRADE
Instead Of competition being the life
of trade. it was the death OF trade
Weaker competitors were forced ont OF
business, often by means not only I'M
ethical, but severe and brutal The
graves Of insolvents were strewn along
the paths of industrial Development and
operation.
Employees were not given Just con
sideratiOn. The wage rates we're adj
justed strictly in accord with the laws
Of supply and demand. The welfare #
the workmen was decided almost entirely
from the standpoint Of utility and
profit.
But" Judge Gary declared. at may
be asserted with absolute confidence
within the last twenty years or more
there has been a decided change IN the
standards and conduct OF business"
Public opinion" he continued, has
aroused and will always arouse, the
cOnsciences OF men and women. We
cannot sleep and eat well, and we can
not for long enjoy life in the face Of
opposing win Of the majority. and this
IS true OF most persons, Including the
vicious and depraved. We dread the
condemnation Of the general public, If
there is reason for It.
SHRINK FROM
ADVERSE CRITICISM.
I'VE object TO fuIsome praise, even
from our best friends, but we shrink
and suffer from deserved adverse criti-
cism.r
Another reason for the change in bust
ness ethics, he pointed out, is the fact
that ethical management brings nddi-
tional profits to business.
Sooner or later, It pays in dollars and
cents" he explained succinctly.
Conscientious treatment Of employees
which secures their respect and conf
dence, viii tend to increase their loyalty
and efficiency, Judge Gary said. In ev-
cry particular. a contented workman, he
inserted, IS far superior to one who is
dissatisfied and disgruntled.