The events of the closing months of 1920 completely vindicated the judgment of Judge Gary and his associates, both on the matter of prices and in their preparation for the inevitable reaction of the earlier boom period. During the previous three years the Corporation had been steadily creating a reserve for anticipated inventory losses, this reserve amounting to $90,000,000 at the end of 1919. Thus, when the reaction did arrive the Corporation was not faced with the necessity, as others were, of scaling down inventories with consequent losses of earnings. Within the past few weeks the independents, who for a year or more had been quoting prices greatly in excess of those charged by the big company, reduced their prices to an average several dollars a ton below the Corporation’s, with an accompanying, and substantial, cut in wages (20% to 30%). The Corporation at the time this is written (February 18, 1921) is “still doing business at the old stand” both as regards prices and wages and is thus safeguarding the interests of both its customers and its employees. We have now followed the Corporation’s fortunes through practically twenty years, seeing it grow stronger and more firmly established both as a manufacturing entity and financially, as well as with the public and particularly with the investor, from year to year. What of the future? There are, of course, uncertainties at present, and there will be from time to time as the years go by. The history of business has been one of prosperity and depression periodically, and the Corporation is not exempt from the effect of these. But its immense accumulated financial strength, its huge working capital, the good will it has erected among consumers, employees, and the public generally, combined with the fact that it has come scatheless and with increased honor through a bitter attack by the Government, give ample justification for the belief that it will grow and expand along healthy lines and to the increasing financial benefit of stockholders as the years roll on. The Corporation, in the past, has proven itself strong enough to weather business depressions and it is now many times as strong financially and in every other respect as it has ever been.