The Birmingham age-herald., 1923-10-26
CARY PUTS HIS !. X. ON PRES. COOLIDGE
Declares There Is No Need To Fear Business Depres-
 sion In Near Future

NEW YORK, oct. 25.-Hearty in dorsement of the policies and record of President Calvin Coolidge was voiced today by Judge Ebert H. Gary, president of the American Iron and Steel institute in his first ad- dress since the new chief executive took office.
 The speech made at a meeting of the Iron and Steel institute at the Hotel Commodore was full of optim- ism for the business future. Gary Said:
 If the business men will do their part and cooperate with the Presi- dent and his assistants In conduct ing their affairs in conformity with the high ideals which we believe &C., tuate the President in the perform ance of his duties as the chief execu- tive, there is no reason to fear there will be serious financial or commer- cial disturbance or depression dur ing the next few months.
 There are as always, some hin- drances to the natural progress and prosperity of the United States. There are the turbulent conditions in other countries, the unreasonably high and burdensome taxes, national state and municipal, the high costs of produce tion, in some lines unconscionable and the high costs of living brought about largely by those who complain the most
 Many Reasons For Confidence.
 s"But there are many seasons for confidence in the economic future in this country, oustside of those which are basic and paramount, including our enormous wealth and immense yearly income. which increases as the years go by.
 Tt may be stated with confidence that the outlook is good.
 Let us have faith in the future and do our part, proceeding always with good judgement, prudence and within the limits of our resources but steadily forward towards the goal of our prosperity which we know is ahead and will be greater than ever before"
 Gary devoted a considerable portion of his address to reviewing the career of MT Coolidge. Quoting from the Presidents attitude business and industry as already revealed by his words and actions, Gary said:
 Tt may be assumed that President Coolidge would be governed by the same motives as those which have actuated an honorable and useful life. Consequently the prosperity of this country will apparently have cordial, appropriate and effective assistance from the national government. limited not only by established rules and principles, but by the general welfare of the people"
 Refers To Lucey Letter.
 Gary referred to the Presidents famous letter to James Lucey, the aged cobbler of Northampton, Mass, who years ago assisted Mir. Coolidge to gain his first political victory In this letter written shortly after his inauguration the President said:
 T want you to know that if it were not for you l would not be here"
 Commenting on 1t. Gary said. nothing nobler, more tender, more unselfish, has ever been written by human hands. Such Is the strength of character and courage and the heart and spirit which actuate the President of this great nation"
 Turning to European situation, Gary said that while the United States undoubtedly was affected by developments there, it is doubtful if our government can at present be of much assistance in attempts to restore the equilibrium. Voluntary advice or sympathy just now would not be acceptable. Practically we can be of benefit only by example
 Tt would not be appropriate for us to- take sides in European con troveries nor to condemn individual attitudes or conduct but we know the great seas are not wide enough to separate us from the influences or disaster in Europe"
 But while America is affected by Europeon developments, 1t Is not dominated by them, Gary emphasized. o O O
 Independent In Prosperity. We are, or at least We may be, independent of all other countries so far as business progress and pros- perity are concerned" he said.
 Gary opened his address by con