The Birmingham age-herald., 1924-07-30
CONFIDENCE EXPRESSED BY GAR Y Still Holds To His For rler Prediction,
 He Says WOULD NOT HEED
 THE PESSIMISTS End Of Election Season To Mark Upward
 Trend PITTSBUPG PLUS
 IS DISCUSSED Another Meeting In August Is Called To Decide Course
 Of Action
WOULD NOT HEED
 THE PESSIMISTS
PTTTSBUPG PLUS
 IS DISCUSSED
fBy the Associated Press)


 NEW YORK, July 29.-Despite a perceptible slackening in steel op- erations in the second quarter of the wear, directors of the United States Steel corporation today de clared an extra dividend of 6O cents on the common shares for the third successive quarter, in ad. dition to the regular dividends ol SIPS a share on the common ana SITS a share on the preferrea stock.
 srotaI earnings of che corpora lion, amounting to $A1 2s1 ,e39s though almost $9,0O0,000 below those of the previous three months vere. however. about SC, ,0OO, ,000 showe preliminary estimates made in the financial district
 Gary Confident
 C5nfiaence in the busSns outlook ot tssn sksslfssfV s W ez pressed W ts Ssary. chairman of the board after the meeting.
 aI made a statement early in April fhat | believed that as soon as the s'r.s ,,res;denfial election has occurred and at least d month before, we would have rood business in this country, MT. Gary said ssIf I were to make a prediction st fke present time, I would not change materially what I then said.
 ..An immediate settlement of the renarations questions" Mir Gary de- rlared. sswould have a favorable effect n fhe worlds business. Failure to reach d settlement probably would not hsve a decidedly adverse. effect but vsould be harmful as the days and months go by.
 ..It takes less now to effect business favorably than to affect 1t adyersely; Tlhe tendency is forward, onward, ana th;s is narticuiarly true with the ITritais states. Politics may interrupt, hnt cannot for long hold back natural and reasonable progress in this conn- try. .,,I. ,,arsop do. .;rosn n the steel official explained. "is s.onoroic progress and prosperity, be- Oeuse comfort and happiness depend ,noy, them. At the same time we must ,.a,nemher that some people talk and act ss though they would like to see adver- e;tv snd failure. It is not necessary for @ ms to give heed or to place any re, e, iionce mon that class of individuals.
 ReDOrts Increase
 NTr Gary said there had been a con siderabie increase in steel buying this
 Refore the directors meeting, presi- 5s,ts If the subsidiary companies or the limited States Steel Corporation con ferred with Chairman Gary regarding fhe federal trade commissions order 10 abandon the Pittsburg plus system. Another meeting will be held on AugasI 19 to determine what action the cor poration will take.
 "The passing point at Pittsburg, MT Gary told the presidents, M pracue- able. should be used, as. It has aIways been intended simply as a gulde' or means of fixing in each case a market price which should enable not only the seller. hut also the buyer, to know and sa4 ,,,,on n baAis of calculation. This hss been and probably will always be the custom throughout the world as to su kinds and classes of commodities, srcept as supervised by some public agency.
 The InexOrable Law
 .srhe inexorable law of supply and demand must always tlnaiiy ueleEAhlnee E what shall be the selling price of what ;s sold. fl and so long as there is natural, free and uninterrupted com merce. Any country which unneces- sarily interferes with this will retro 9rsde and fail of reasonable success.
 "So far as we are concerned there never should be any reason for govern mental action to compel us to do what sis right. Tn all respects, concerning all interests. we would act fairly, justly { and Hberally up to the full limits ot properiety."
 Criticising the federal trade com mission for its methods in handling the case. MT. Gary revealed that he urged if 10 take jurisdiction of the Pittsburg base matter on condition that indepen-- dent iron and steel manufacturers and Officials of different cities interested should be made parties to the proceed mgs. Jurisdiction was assumed, he said. but the conditions were ignored, and the decision was unjust In falllne to adopt these conditions.
 a.vr.gI.