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I JUDGE GARY CANDIDLY FACES THE CONDITIONS, BUT SOUNDS ;t_;_RE SONANT NOTE OF OPTIMISM TO THE AMERICAN PEOPLE . PRESIDENT IS GIVEN ■ KEEN ATTENTION AS . HE RECITES FACTS - ABOUTJNpUSTRIES ‘ Conditions Better During Next Three Months Than During Past Three „ •' Months, Says Gary QUESTION AT ISSUE IN WAR IS LARGELY DOLLARS AND CENTS iiBays if Men at Head of World’s Iron and Steel Industry Had Control There Would Have ft Been No War Candidly facing the fact that at f present business conditions in general in the United States, the iron and steel business in particular, are not as good as they have been, but sounding ! a strong note of optimism and hope , fulness at one and the same time, Judge Elbert H. Gary delivered one $ of his characteristic addresses at the opening of the iron and steel insti tute in this city yesterday. The paper read by the chairman of the board of directors of the Uni ted States Steel corporation was easi ly the feature of the meeting of the institute, as far as the general pub . lie is concerned. He was given rapt attention by the members and his re marks were at times greeted with en thusiastic applause. ' Judge Gary frankly stated that "at present we are not very prosperous in .our lines;” that “the volume and prices < of iron and steel were very low before the war began;” that “business condi tions will be better In the next three months than they have in the last three ’ months;” that “If the men who are at the head of the great iron and steel com panies of the world had had anything to do with it “there never would have been . ajiy war” in Europe; that the question at issue in the war was largely one of “dollars and cents;” that “commercial war” in the final analysis “should be just as distasteful as the battles which kill malm soldiers.” ■flis address in full is given as follows: if "We may felicitate ourselves on the privilege of holding our convention wlth ir. the confines of the beautiful city of Birmingham. The splendid achieve '*m«nt8 of the city during its 40 years of growth excite our admiration; and the : hospitable sentiment of her people which J pervade* the atmosphere enlists our grat itude. Highly appreciative of the tradi tional warmth and friendship of the peo ple of the sunny south for the stranger | who enters within her gates, we are especially pleased to be the Invited guests i *>f this^ great city and to witness what has been and is being done to establish ■ It as a great industrial metropolis. ! “Everything I could say to you con- J /* ce-rning the American Iron and Steel institute and the work it is doing would be favorable. In the collection and dls-! tribution of statistics and other data re-1 Hating to our industry it has been diligent, I thorough and efficient. It is generally recognized as a reliable source of in formation; and it may safely be pre | dieted that its reputation in this respect | will never be diminished. It is and will continue to be authority on all the ques tions within the domain of its inquiries. ! lor it is recognized that Its publications of facts may be depended upon. It will be in the future as it has been in the 4 past the effort of those who are especial ly responsible for its management to con duct its affairs in such a way that it will be of assistance and benefit not only to its members but to all others! l who may be directly or Indirectly In terested in its work. Value of the Research “The value of the research concern ing. d exposition of. the various sub jects which are referred to In the papers, addresses and discussions presented at the I • meetings of the Institute from time to time might be dwelt upon at length. The ! ability, learning and Industry which have | been displayed by the participants In these considerations have been striking end they evidence the fact that we have (Jn our membership talents fully as good * as any that may be found In this or any other country. What you shall have the pleasure of listening to during the day will be fully equal to that which has been piesented at other meetings; higher praise could not be given, ft "Moreover, the feeling of business I You Want Your Full Dress , Clothes Absolutely Correct We direct attention to Full Dress Suits f uxedos very comnlf evening cessories. WMk , EvenL Collar*, Links 8Uk Opera Everything To Yeaiman-Daush High Lights in Judge Gary's Speech "I aui an optimist in principle as well as in practice. There is always a bright side, although it may be temporarily obscured. However, nothing is to be gained by closing our eyes to well known and clearly recognized facts; and at present we are not very prosperous in our lines." • •• "It is sufficient to say at this time that the volume and prices of iron and steel soid in this country were very low, comparatively speaking, dur ing the months immediately prior to the commencement of the European war; and with respect to the volume there have been substantial decreases Blnce that time ” • n “Without particularizing, it would seem safe to predict that in many im portant respects business conditions in the United States for the next three months at least will be better than they have been for the last three months. As to the long future, I do not hesitate to say. with emphasis, that the opportunity for progress and success in this country are greater than ever before. If we can get out of the ruts of antagonism, distrust, hypocrisy, individual indifference to the rights and interests of others, which seem to have prevented natural anti legitimate progress during the past few years, so that the people generally will disregard undue personal ambition and will work together, joining hands for the protection and the promotion of the welfare of all alike, having a disposition to utilize to the best advantage the privileges which this country affords, It will be only a question of time, and short at that, when the United States will be firmly established as the leading country of the world.” • •• “In passing, I will add, that, if the large numbers of business men who were represented upon this memorable occasion (meeting in Great Britain and continental Europe of representatives of the iron industry in all parts of the world) from all of the countries engaged in the iron and Bteel in dustry could have had opportunity to consider and determine the questions leading up to the war which is raging in Europe, there would have been no war.” “I venture the opinion that the struggle for commercial supremacy was the underlying cause of the war, or at least had a decided influence on Its precipitation; that the questions at Issue largely relate to dollars and cents.” “The nation that wins will surely lose, although this would seem at first a paradox. The enormouB cost before mentioned and the long continued suffering on the part of the survivors will not be fully covered by any suc cess or glory or indemnity.” “Commercial warfare, which means destruction and oppression, should be as distasteful as the battles which kill and maim the soldiers, for they are the same in pecuniary results. They are injurious to all of those who are engaged and they seriously distress those who may be dependent upon the concerns which are eliminated.” *** “It is a remarkable fact that the efforts and spirit of you men for the past several years to bring about a principle of competition has at last been put into legal language by the Congress of the United States and the policy being carried out.”—Extemporaneous remark made by the judge, not ap pearing in his manuscript. friendship between the members of the institute from the time of its organiza tion has not decreased, but is growing stronger and more deeply rooted as the years pass by. We are all proud to be considered honorable and worthy mem bers. The institute has before it a great future for service and results. Let us make it even better and more useful. It will be a power for good in the in dustrial world. The magnitude of the iron and steel industry in the years to come is probably beyond even the imag ination. It is not too much to expect that this institute will be one of the potential factors in the further develop ment and utilization of the economic forces of the country whlqh entitle her to he considered as a nation of commanding position and influence. Always a Bright Side “We are accustomed on occasions of this kind to refer to conditions of busi ness. I am an optimist in principle as veil as in practice. There is always a tright side, although it may be tempor arily obscurbed. However, nothing Is to be gained by closing our eyes to well known and clearly recognized facts; and at present we are not very prosperous in our lines. This is reflected in the pub lished reports of some of the larger com panies. The president of on* declares that “earnings from January 1 to October 1, 1914, on the tonnage produced have been at the smallest margin of profit since the formation of the company.” The report of another company shows that the income from manufacturing and operating, after deducting all incidental expenses, is less than one-seventh as much for the first nine months of 1914 as it was for the same period of 1913. Btill another sets forth that, for the first six months of 1914, the net earnings from operations were less than one-half of the amount realized for the same period of 1913. For the company last referred to I have no repot*! since June 30, 1914. I do not refer to the results of the Steel corporation nor to those of any other company because those of the former are extensively advertised from time to time, and are *.ell known; and the reports of the others are not published at all, so far as I have been able to ascertain. It is sufficient to say at this time that the volume and prices of iron and steel sold in this country were very low, compara tively speaking, during the months im mediately prior to the commencement of the European war; and with respect to the volume, there have been substantial decreases sine© that time. These facts are well known to all of you, and I would be doing an injustice if I were to assume that any of you was unfa miliar with them. Remember Fundamental Facta “But what of the future? What Is there to encourage and stimulate us In our struggle for present existence and future success? It Is well at all tlmea to remem ber fundamental facts. At the semi annual meeting of the Institute of Oc tober, 1918, there were given some fig ures In relation to the comparative wealth of tha leading nations of the world. While they ought to be modified to some extent on account of the figures which have sub sequently been published, »stlll It Is true that the enormous wealth of the United States Is Increasing and largely exceeds the wealth of any other country. And as an additional and Important Item It may be observed that of the 19,600,000,000 o^ gold held throughout the world, the United States la possessed of considerably more than one-fifth, If we may rely upon published statistics. “But of more consequence, even, we are always comforted by the fact that the productive capacity and the actual production of wealth In the United States *s growing year by j*ear; and this ability to produce will not and cannot be dimin ished. Actual realisation of profits may be Interrupted, but the great variety of Its products and the length and breadth of its domains, with a climate and atmos phere unsurpassed, continuously serve to insure a certainty of lnoreaelng wealth and prosperity, and enables ua to rely upon the ability of the nation to com fortably support her own Inhabitants and to furnish a surplus to other nations In large and, Increasing quantities with cor responding returns In value. You are ac quainted with the figures and realise the eytent of our riches and the magnitude of our production. They are not referred to In a boastful spirit nor for sny reason except one of encouragement for the fu ture. Exports are Increasing "Besides, at the present time the ex ports of a large variety of commodities are Increasing, and although not equal to the volume reported just prior to the commencement of the war, yet much larger than It was Immediately following the beginning of the war. This will have a material influence upon other Unee. All are stimulated and brought Into service. Without particularising, it would seem safe to predict that In mgny Important r» epecta business conditions in the United States for the nest three months at least will be better than they have been for the last three months. As to the long future I do not hesitate to say. with emphasis, that the opportunities far progress and success |n this country era greater than ever, before. If we can get out of tbe ruts of antagonisms, Inconsistency, distrust, \ ’1 • • ' J- ! \ ’ V. , .... hypocrisy, individual indifference to the rights and interests of others, which seem to have prevented natural and legitimate progress during the past few years, so that the people generally will disregard undue personal ambition and will work together, Joining hands for the protection and promotion of the welfare of all ulike, having a disposition to utilize to the best advantage the privileges which this country affords, it will be only a question of time, and short at that, when the United States will be ilrmly estab lished as the leading country of the world. Times and conditions are auspicious. The United States, with its vast wealth and resources, should be the financial, indus trial and commercial center of the world; and to a corresponding degree will be op portunities for worthy achievement In every direction. To the extent that we prosper legitimately and without prejudice to the rights or interests of others we may be able to render assistance to oth ers who may need and are willing to ac cept it. faith in Possibilities "It is wise for all of us who are here to day to place our faith In the wonderful possibilities of this country. In this con nection It is to be remembered there is a growing sentiment throughout the coun try in favor of just and fair treatment to ali the people and all departments of human endeavor. There is a derided change for the better In tills respect. Much has been said during the last few years In favor of according full attention to the rights of individuals, particularly those less fortunate In the contest to ac quire the comforts of life; and this is right and must not be minimised nor in terfered with; but in discussing these questions w riters and speakers have some times been unreasonable in placing the blame for objectionable conditions. How ever, It now seems clear that in the fu ture greater regard will be had for the rights and interests of all classes of the people without discrimination. Equal jus tice will be done to all, rich or poor, strong or weak. Politics or partisanship will not be used to obstruct the normal and legitimate growth of the country; and one of the most gratifying and encourag ing signs of the times Is the attitude of the leaders In public discussion and of the administrators of public affairs. "About three years since a few of ui had the privilege of meeting in Great Britain and continental Europe the lead ing representatives of the Iron and steel manufacturing interests of the world. Foi several days we were in close associa tion with those men and became well acquainted with them and the spirit anc motives which dominated their attitude Bnd treatment of one another. The coun tries represented included England, Scot land. Wales. Belgium, France, Germany Austria, Italy, Russia, Spain, Hungary Canada and the United States. All were pecuniarily interested In the Iron and steel industry. All were active competitors individual concerns of a single country with each other and each country- with al other countries. While those engaged lr many respective lines of manufacture were protected to a considerable extent against ruthless and destructive antago nisms by virtue of cartels or arrange ments, recognized, if not fostered, by the chief authorities of their respectlvi countries, yet there existed rivalry anc competition which might, and at timei no doubt did, produce feelings of envy and dlssatlslactlon. Nevertheless it war evident, that a feeling of business friend ship permeated the minds and Influenced the conduct of these men, and this In the main tended to establish and uphold ar. orderly and profitable management ol the affairs entrusted to them. And t.h« disposition shown towards and the hos pitality extended to the Americans by all others on this occasion secured fot them our everlasting gratitude and es teem. Those of us who were enabled tc participate will never forget the Inci dents connected with our visit In Eng land. Belgium and other places, or the disposition shown by everyone to evi dence his respect for and confidence lr his rivals lr business. Also, we remem ber, with grateful appreciation, the cor dial reception given to us by the King of Belgium, -and the Interest he mani fested In the^nislness welfare of the rep resentatives of other nations. Xri passing, I will add that If the large numbers ol business men who represented on tlile memorable occasion all of the countries engaged In the Iron and steel industry could have had opportunity to consider and determine the questions leading up to the war which Is raging In Europe there would have been no war. These Intelligent, experienced, practical, sensi ble and Christian men, being from time to time in close contact, and therefore well acquainted with each other, would have been pa-tlent, considerate and fair minded and would have made adjust ments and reached conclusions calculated to protect the Interests of all and to prevent the pnsalblUty of the present de plorable hostility. ' - The European Cataclysm “And because the subjects attracts our attention and occupies our minds almost to the exclusion, for a portion of th« time at least, of all other topics; and also tor the purpose of making appli cation to our own affairs, I ask your In dulgence while t briefly refer to th« cataclysm which envelopes a lares par \ &' ;" -. V* i. ... A • . I TODAY DEVOTED BY VISITORS TO SEEING THE DISTRICT’S INDUSTRIAL OPERATIONS I I-— The second day of (he meeting of the American Iron and Steel institute in Bir mingham will be spent today in a taur of a part of the Birmingham industrial dis trict, a feature of which will be a good old-fashioned southern barbecue at Bay view Inke of the Tennessee company at noon. The remainder of the time of the in stitute. in fact, is to be spent by the visitors in sight-seeing over the Binning ham district and in and about the city itself. Tomorrow a trip Is planned whlen will tuke in sections of the Iron and steel district not visited today. With the trip today, some of the dele gates will begin leaving for home tonight and tomorrow morning, it is said ; hut by far the larger part of them will stay over Saturday and probably Sunday. Tonight about 50 autohobiles will be fur nished by the citizens of .the town to take the visitors to the Country club from the Tutwiler and tomorrow afternoon at 3 :30 the automobiles will again he utilized to take the vicitors on a tour through the residential sections of the city. The fol lowing letter in this respect has been sent out by John I*. Kaul, chairman of the committee In charge: “October 28. 1911. “Pear Sir—Birmingham la being hon ored by .the presence of the members of the, American Iron and Steel insti tute. The impression we make on these representative men will be lasting. “It is up to us to* show what Bir mingham can do. It wfll be necessary to havp about . 50 automobiles on Fri day night. Oetbber 30. at 8:30 o’clock, to carry our guests to the OoiMitry club from the Tutwiler. We will also need those' cat s on Saturday, * October 31, at . 1:30 p. in., to take our visitors for an automobile tide. In .order that they may become acquainted with Bir mingham's residential section. “Knowing that you have the Interest of Birmingham at heart, wo will ap preciate tlie uso1 of your car on the above occasions. The responsibility of making this meeting a memorable oc casion rests on such public spirited citizens as yourself. “Please fill out the enclosed card and return at once in order that we may publish the list and make our ar rangements accordingly. “Thanking you in advance for your co-operation, we are, cordially yours, “JOHN L. KAUL Chrm., “J. W. M’QUEEN. 'P. G. SHOOK. “FRANK B. FOWLKES. ‘ ROBERT JEMISON. JR. CULPEPPER EXUM, "Committee." The Itinerary of the excursions tu be made today and tomorrow is as fol lows: FRIDAY. OCTOBER 30. 1914. Leave Birmingham (Louisville and Nashville railroad station) via Louis ville and Nashville railroad. 9:15 a. m. Arrive lshkooda (mine No. 13V via Louisville and Nashville railroad. 10 a. m. Leave lshkooda vis Louisville and Nashville railroad. 10:80 n. m. Arrive Woodward Junction^ via Louisville and Nashville railroad, 10:45 a. in. Arrive Woodward (W. I. Co. Fees.) via W. 1. Co. K. R.. 10:55 a. m. Leave Woodward, via Birmingham Southern railroad. 11:30 a. m. Arrive Bayview, via Birmingham Southern railroad. 12:15 p. m. Barbecue served. Leave Bayview. via Birmingham Southern railroad. 1:15 p. m. Arrive Edgewater (Edgewater mine)., via Birmingham Southern railroad, 1:25 p. m. Leave Edgewater, via Birmingham! Southern railroad, 1:55 p. m. Arrive Fairfield (T. C. T. by-product plant), via Birmingham Southern rail road, 2:15 p. m. Leave Fairfield, via Birmingham Southern railrdad. 2:40 p. m. Arrive Fairfield (American Steel and Wire plant), via Birmingham Southern railroad, 3 p. m. liCave Fairfield, via Birmingham Southern railroad. 8:45 p. ni. Arrive Birmingham (Louisville and Nashville railroad station), via Bir mingham Southern railroad. 4:30 p. m. SATURDAY. OCTOBER 31, 1914. Leave Birmingham (Louisville and Nashville railroad station), via Bir mingham Southern railroad, 9:15 a. m. Arrive Thomas (Republic Iron and Steel Co. I ces), via Birmingham South ern railroad. 9:80 a. m. Leave Thomas, via Birmingham Southern railroad, 10 a. * . Arrive Ensley (East End furnace plant), via Birmingham Southern rail* road, 10:20 a. m. Leave West End furnace plant, via Birmingham Southern railroad, 11:05 a. m. Arrive open hearth, via Birmingham Southern railroad. 11:15 a. m. Arrive rail mill, finishing depart* ment (walk), 11:40 a. m. Arrive rail mill (walk), 11:55 a. m. Arrive Turbo station (walk), 12:15 p. m. Tie a vc Ensley Turbo station, via Bir mingham Southern railroad, 12:30 p. m. Arrive Birmingham (Louisville and Nashville railroad station), via Bir mingham Southern railroad, 1 p. m. tion of Europe and Involves the lives and Interests of hundreds of millions of people. We cannot think of this conflict without feelings of horror. It Is im possible to realize the extent of the suf fering and misery which it entails. If it should continue for 18 months from the time of commencement, the loss of life by reason of injuries received on the bat tlefields and sickness directly resulting from participation in the war will ag gregate 4,000,000 In number; and the direct and indirect pecuniary loss to all the nations concerned will amount to $35,000. 000,000. Indeed we will never be informed j of the actual loss in lives or money which j will result from this war. And after the Var is ended what will he the conse- j quences? Millions of widows and orphans! bereft of protection or support; the loss of millions of dollars annually hv rea- j son of the deaths or crippled condition i of soldiers whose productive capacity j has been eliminated or decreased; nations groaning under the burden of taxation to pay Interest on enormous national debts; pensions to survivors amounting annually to millions upon millions. The United States is still contributing $172,000, 0PC per annum for pensions and from this: basis we may form some idea of the j amounts that must be paid by the Euro- j pean nations. And more than anything else the anguish of mind on the part of survivors is something which cannot be described or measured. A Possible Cause “Without attempting to locate the blame for the war, because the people of this country are disposed to main tain a position of strict neutrally, we may perhaps consider, though we would hesitate to do more than suggest the possible cause or causes. We hear from those who advocate tlie settlement of international disputes by resort to force many different reasons, some giving one reason and some another, which is believed In and insisted upon as suf ficient. wars have been influenced and prosecuted from motives of revenge for the perpetration of some wrong in the past, fancied or real; others for conquest of territory; others for com mercial supremacy; others on account of religious questions; others for liber ty of person or speech. Some go so far as to insist that when a country be comes thickly settled so as to tax the resourecs of the country in order to secure the necessities of life, it is Justi fiable to depopulate the country by deaths in battle; and still others that the destruction of a portion of the people in battle, particularly the weak er ones, is the only way to keep the people strong and healthy. It would be useless on this occasion to discuss these reasons, some of which at leuat must seem foolish to the average in dividual. There are many who claim to believe the present war is the out growth of a feeling of antagonism and animosity between the Slav and the Teuton. Others equally sincere believe It Ih a contest to secure additional ter ritoy. Without giving reasons in detail at the present time, I venture the opin ion that the struggle for commercial supremacy was the underlying cause of the war, or at least had a decided Influence upon its precipitation; that the questions at issue largely relate to dollars and cents. And many believe if representatives of the different nations had previously met in a spirit of friend ly and considerate inquiry for the pur pose of definitely and finally’ settling the financial interests of each, all trou ble could have been averted. The Final Result “if this be true, ami I will assume it for the purpose of making a point later on, it may’ be inquired what will bo the filial'result of the conflict? The nation that wins will surely lose, al though this would seem at first blush a paradox. The enormous cost before mentioned and the long continued suf fering on the part of the survivors will not be fully covered by any success or glory or indemnity. Before now every participant in the contest must realize that it would have been better to have settled, if possible, all the existing dif ferences. real or imaginary, and on a basis approved by some competent and impartial tribunal. The sums expended and to be expended by the different na tions would have greatly extended their opportunities for success and hapiness if wisely’ used for those purposes. Per sonally’, I believe In a positive and binding agreement between all the na tions for tiie settlement byr arbitration of all international disputes on a basis to be decided by a competent and im partial tribunal and for the enforce ment of decisions by the nations not personally involved in the question at issue. Such an agrement could be made, such a tribunal could be permanently established and such an enforcement made practical If the nations were so disposed. These ideal conditions may never be brought about. Human nature is the same the world over. It is self ish and inconsiderate. Might too often makes right: the strong become arro gant, unreasonable and aggressive; the evil-minded is reckless and indifferent. I am not willing to admit that the ma jority of individuals are controlled by these infirmities. I think the average man is honest and fair minded and de sires to he just towards his neighbor; and that the world Is growing better. I hope the time will come, even though not in my time, when wars and rumors of wars shall cease. Applies to Business “All that I have said applies forcibly to our business. We who are here today are engaged in competition; we are naturally selfish; we are often incon siderate and indifferent. In represent ing the interetsts of those who place us in official position, we feel obligated to strive for success, and we go be yond reason or Justice. As many of you have remarked at previous meetings, it was customary In the days gone by to harbor the .«ame feelings and to pur sue the same line of conduct in the iron and steel trade that have been exhib ited in the Rtiropean conflict. Business men struggled for revenge, or conquest, or suppression, or other reasons just as bad. The graves of concerns de stroyed were numerous; this lias lately’ been testified to In open court by thort< who were familiar with the subject. "As bearing upon these conditions I quote from an address made on i certain notable and well remembetfec occasion by one of your number: " ‘The old '#i8ic principle was baiiet on a distrust of one’s competitors; or the feeling that to succeed yourself, yoi must crush your rivals; and an the solid belief that they were meat enough to feel the same toward you As a result, every man went out? knif ing for his competitors; an industrial panic ran like wildfire. The sjnallei concern went down to ruin nnW th. stronger, which worried througlh t« harbor, required financial experts t»: heal or to hide his wounds. N.'o one benefited by thiB—all suffered, man ufacturer and consumer alike.’ New Order of Things “Today I congratulate you on youi success in bringing about a new or der of things in business. You bavc become well acquainted; you have con fidence in each other: you believe what is told you; you recognize the infect esU of your neighbor; you are glad when he prospers and equally sorry when lie falls of success. You have a. better and clearer understanding of business obligations. You can faithfully repre sent your stockholders or the owners of your properties and Indulge in the keenest competition, without doing anything that Is destructive and op pressive, or unfair. “I quote further from the speech already referred to; "‘A voice rang strong and clear: “Steady, boys, and play the game.” And by the Lord you played, and played it fair.’ “And from another speech on the same occasion: “ 'The real test of friendship is in adversity. It has enlarged our horizon and given us such a broad and clear view of duty and opportunity, that we have been able, without the sacrifice of any fundamental principle, to change and avoid much that was undesirable and costly in the old time business methods. “‘It is true that the law of Hiipply and demand still governs the output, and that we still have competition, but It is reasonable competition. “ 'It is certain that we have much to be thankful for in this delightful gathering that marks the era of friend ship and good fellowship, which has gradually but surely taken possession of us even against our will. We have gotten the habit of considering our neighbor, and of putting a value on his good opinion. It is a decent habit and a great asset.' “And from another speech; " 'The broad principles that have been brought into this business wer** new. Their effect was marvelous, their success unquestioned. It was a renais sance and a newness of things that were necessary and Invigorating.’ “And from another: “ 'The Iron and steel manufacturers of this country stand on a higher, broader and fairer basis of business relationship.’ “This institute at the outset adopt > ml, by tacit consent at least, as one of Its principles, the following senti ment ; " 'Kent, hearty, cheerful ami con tionued co-operation on the part of the members will secure results which * should he entirely satisfactory, Frank and friendly Intercourse; full disclos ure of his business by each to tho other; recognition by all of the rights of each; a disposition to assist and benefit each other so far as practicable and proper; conduct founded on the be lief that healthy competition Is wiser and better than destructive competl* tion.’ Commercial Warfare Distasteful "And so l trust that in all our delibera tions we bear these principles In mind. Commercial warfare, which means de struction and oppression, should be as distasteful as the battles which kill and malm the soldiers, for they are the same in pecuniary results. They are Injurious to nil of those who are engaged and they seriously distress those who may be de pendent upon the concerns which are eliminated. Without taking more time to further discuss those questions, f sug gest that it In to the benefit and Interest of all of us to have each one of those en guged In competition proportionately suc cessful with all others: and that by all l'alr, honorable and proper means we should encourage these conditions. Un doubtedly it would be to the best in terests of all the nations engaged in the present war, and Indeed tlio world at large, if the integrity and geographical lines of each of these nations could he Mubstantially preserved. Do not think by this 1 am Intending to express any opin ion in regard to the merits of this un fortunate controversy, t mean only to say that It is well for the world at large to have honest, active, keen and success ful competition; and it Is uhhealthy and distasteful to have national conditions which lead to destruction or oppression of rivals In trade. This Is equally true of Individuals, including ourselves. "One of the fundamental principles of this Institute Is comprehended by the words ‘conciliation’ and ’co-operation.’ Tills should never he abandoned or modi fied. it should be extended to every branch of our acitvltles. Nothing Is to be gained and much is to be lost by antag onisms. Communities succeed or fall to gether. Competitors in trade, producer and consumer, employer and employe, the private individual and the public—all se cure the bast results Jf they work to gether. The success of one on legitimate lines means the benefit of alf, and the fail ure of one means loss to all. The more we consider these questions, the more clearly we realise that what 1 have said Is true. Brjt the unreasonable critic or agitator Is the enemy of mankind, Includ ing himself. He objects and destroys and he does not. create or Improve. One who is controlled by selfish, unfair or dishon est motives—oven though he may secure a temporary advantage—will never receive any lasting benefit. This applies to all classes of people and to every depart ment of life. It applies to us in consid ering our attitude and conduct toward others, and, with equal force, to those whose action or disposition affects us. (Continued on Page Seven) I In Peace and [ in War 8 —in Sickness and in Health — in Good Times and 8 in Bad Times—in all climes and in all seasons— I Shredded Wheat «■£ i | is the one staple, universal breakfast cereal and sells at the i s same price throughout the civilized world. War is always 1 8 the excuse for increasing the cost of living, but no dealer can 1 8 raise the price of Shredded Wheat. It is always the same— 1 ■ in price and quality—contains more real nutriment than meat | or eggs—is ready-cooked and ready-to-serve. / 1 Two Shredded Wheat Biscuits, heated in the oven to restore crispness and eaten with milk or cream, will supply all the nutriment needed for a half day’s work at a cost of not over four coats. Deliciously nour- * ishing and satisfying for any maal with fruits or creamed vegetables Made only by The Shredded Wheat Company, Niagara Falls. N. Y.