The daily morning journal and courier., 1907-10-30
CARY EXPLAINS
 STEEL DULLNESS
(continued from Finst Page.)

during the last few years been con stantly increasing and that the present necessities are very great. This is es- pecially true of the railroad corpora tions who, generally speaking, are sad ly in need of additional transportation facilities to take care of the business which is offered. As a rule, the stocks on hand of our customers, tobbers and others, are unusually low. It has been difficult during the last few months for those desiring to purchase our com modities to secure adequate funds and this has resulted in some curtailment; but it is believed these conditions will rapidly improve, especially if the un- warranted excitement which has been witnessed shall soon entirely disap- pear.
 Our collections during the last few weeks have not been quite as good as usual, but are not bad. We have few accounts receivable, that are past due and very little, if any, that will not soon be paid.
 
 ed the possibility of some diminution in orders, and have therefore made pre- parations accordingly. Our inventories are not large, the total stock of pig iron, for instance, being only SS,469 tons (about the minimum in the histry of the corporation.) We were never be- fore so strong in cash and cash re- sources.
 Prices have been well maintained The leading steel manufacturers are in frequent consultations, though under no agreement concerning their business interests. It seems to be a recognized fact that stability of prices is to be desired by both the producer and the consumer; that extremely high prices and extremely low prices are both ob- jectionable.
 Since the corporation was organized, in addition to the payment of divi- dends and interest, there has been pro- vided from earnings a reserve for ex- tinguishment of capital of $79,57O 900.
 "Also there has been added to the assets from the same source, $266, ,1s0.- 900.
 "The latter is represented by invest ments in additional fixed property, and formally written off to profit and loss surplus. SIP. 2.S5OOOO.
 And invested in additional fixeed property and not written off because securities to cover the same have been created and are held in the treasury as salable assets, 4S,4O0,000
 And there is represented by liquid assets on hand, $1O4, 4,9S0, 900.
 'The total assets of the organization October 1, 1907, amounting to $S31,- 596, ,000," Of this amount MT. Gary sald $75,973, 900 is in cash in banks.
 The current liabilities, including ac- crued taxes, accrued interest and the dividend for the last quarter, he said, were $52,187,000. MT. Gary added: When the. corporation was organ ized subsidiary. companies had out standing unsecured notes and bills, l $42,000,000 All of the above, except | $1,047, 900 have been paid. The lat ter amount represents deposits of ern- ployes under savings account ar- rangement.
 Upon the completion of the new work now under way the productive capacity of the manufacturing plants twill be materially increased. Up to January l, 1907, the average increase already amounted to 4433 per cent.
 There has been reserved and set aside to date funds for the Gary plant st Indiana amounting to sums of $49,- 100000 Of this amount $1S,539, 900 has already been expended
 "As to the future: If the results are measured by the necessities and the pecuniary ability of the people of this country generally, there should be no doubt of continued prosperity. There has existed during the last week de- lirium of excitement The feeling in a large measure has been without cause, and there Is already change for the better. If all of us do every thing in our power to maintain high standard for the conduct of affairs in our charge we can be of great benefit In restoring the confidence necessary to success. What can be accomplish ed by one man and associates has been abundantly demonstrated in this city during the last week"