The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1908-05-16


Benson yes, McLaren yes, Ewards~
yes Jobe yes, Carlson yes. scott yes.
Whitehead yes, Dawson yes, Richards
yes Resolution aopted unanimously.
On motion the Board adjourned until
June O. 1893.
w. ]. Richards, John Wall,
Chairman. Clerk.
In the face OF the most severe depres-
sion which the iron and steel industry
has ever experienced. the United States
Steel corporation is engaged in Great
ing, at proposed total cost Of $780,,
900. 600, what will be, when completed.
far and away the greatest steel plant
in the world.
Splendid faith in the stability, the
development and the greater progress
Of. this country animates Judge Ebert
II. Gary, chairman of the board OF
directors. and the real head Of the
United States Steel corporation, whose
headquarters are In New York. Judge
Gary. In an interview in New York
said
"We shall expend 800. 00O 900 on the
plant in Gary. Ind. II will undoubted-
ly be the greatest and most complete
and in every particular the most
modern steel works any where in the
world, larger even than the famous
Krupp-plant in Germany. There will
be nothing Of it's kind approaching our
new plant
within three years think we snail
have been able to .expend the whole.of
500, 600, 600 on the Gary plant.
"One-third Of the frontage of.Indiana
on Lake Michigan Is owned by the steel
corporation la other words, the Gary
plant property of 1900 acres has II
miles front on the lake. The plant is
too vast to comprehend from any des-
cription
The head OF the 81. 800 600. 600 indus
trial corporation, which last year en-
ployed 81 900 men and paid out Sli.
600, 900 in wages aud salaries, said,
with impressive decision
The steel corporation is going ahead
with the Gary. plant because we are
convinced that the depression in bust
ness will not last
"Since January there has been a
steady progressive improvement ex-
cept that the last half Of March showed
new business on about the same level
rs for the first half do not care to
make specific prediction about the
future .other than to say that the COR
poration as the man. that within les
, sources is an optimist on this country,
J will succeed.
Total earnings OF the United States
Steel corporation properties from April
T. 1901, mp TO the end OF 1907, over and
above ordinary repairs and mainten-
ance charged direct TO operating ex-
penses, and not sductin0 fixed charges
Of subsidiary companies, amounting TO
5000 O9I 9i3.
OF this vast earnings fund, slightly
more than half. or 1925. l4b. 6is found
its way back into the property for I'M
usual maintenance and undermining Of
old plants. for extraordinary replace
ments payments Of bonded indebted
ness. for acquiring additional property
ana new construction and for other
corporate purposes
During this period Of six years and
nine months the enormous sum Of
Sil7. $50. 206 was paid over TO the owners
Of the properties.
For the now Gary steel plant there
has been So Far set aside ont Of net Ia.
come $50. 600. 0O0 aud work has been
authorized 10 Tho extent Of 500, 900, 900
To tho end Of last year the actual ex
pendituro on the great plant was S29,
eis. 757
Five trunk lines run through or. ad-
iacent to TIE Gary plant. including the
Baltimore & Ohio and Lake. Shore.
Tho corporation itself Is laying out az
Gary what will be one Of tho largest
aud most complete railroad terminal
systoms Ia the country Already 63
miles Of track have been laid
Her nand thls man could not get
Hls health was not as II should be,
He had not lsed the lest as yet,
HOLSTERS Rocky Mountain Tea.