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Show i STEEL CD. HEAD IfSPEOPLE Must Be on Guard Against Possible Panics Following Follow-ing War. Gary Believes Country Will Be More Prosperous Than Ever. NEW YORK, Nov. 12. Elbert IT. Gary, head of the United States Steel corporation, corpora-tion, today warned tii American people to be on their guard against "economic, demoralization, depression and possibly inics," which might accompany read-j13 read-j13 tments after a world war. fn,t a statement issued before he left for jjshtngton to confer there tomorrow twfth the war industries board regarding steps necessary to return the steel trade to a peace basis, Mr. Gary cautioned the public to "oxerclee prudence, deliberation and courage," as "much depends upon the attitude and the speech of jnen." He added that "It is easy to precipitate a feeling of demoralization, and no more difficult to develop a sentiment of confidence con-fidence and serenity." Purchase Reduction. Asserting that although there would be reduction In purchases for military purposes, pur-poses, which might interrupt the conduct of general business, Mr. Gary declared there would still he "a normal and certain cer-tain volumes of business." Any attempt to secure more than a proper share of this business, he said, would impede rather than accelerate prosperity. "If all business men recognize conditions condi-tions and conduct their dlfflcu.lt lines so as to adjust the questions of supply and demand on a legitimate basis, all will be benefited and may look forward with confidence," con-fidence," said Mr. Gary. "Upon a careful care-ful survey of the situation". It will be found there are many reasons for believing believ-ing prosperity In this country should be continued. The United States is richest of all countries. If industry Is protected and foBtered In accordance with its merit, the war burdens surely, even though gradually, will be lifted. Aid Business Effort. "And, judging the future by the experience ex-perience of the last few years, there will be a disposition on the part of those In authority to assist rather than to attack business effort. There will be study, reflection, re-flection, friendly concern shown In relation rela-tion to the needs and requests of enterprise enter-prise and investment, legislation and administration ad-ministration will be founded on ascertained ascer-tained conditions, deflciences and requirements. require-ments. Both capital and labor will be protected and rewarded. Employers will lead in the effort to promote the welfare of their workmen. "Co-operation wilt be seen on every hand. Capital and labor will continue to co-operate with governmental administration, administra-tion, and the latter will reciprocate In e;ry practical and proper manner. This sjiwMt has been exhibited in a marked jjPregree in this country and other coun-4 coun-4 tries during the last four years, and ite benefits haye been demonstrated so clearly clear-ly that they will not permit a return to the methods of destructive competition. "As a general proposition. It is still true that the optimist who keeps within jihe limits of cash or stable cash re-7Trces re-7Trces will succeed. For the long future we have reason to believe that the country will be more progressive and more prosperous pros-perous than ever before." ', |