Evening star., 1908-12-02
GARY ON THE OUTLOOK
Head of U. S. Steel Corpora
tion Predicts Better Times.
ORDERS GIVEN FOR CARS
Says Taft's Election Has Restored
Peoples Confidence.
GREAT LESSON OF THE PANIC
Business Conscience Has Been
Awakened and Investors, Not
Spectators, Active Now.
GREAT LESSON OF THE PANIC
BY WILLIAM r. CURTIS.
Special Correspondence of The Star and the
Chicago Record Herald.

Special Correspondence Of The Star and the
Chicago Record Herald
NEW YORK. December l. 1905.
AS the head of the largest corporation in
sition to speak with authority concerning
the industrial situation In the United
States, and his views are strongly opt-
mstic. He anticipates prolonged period
of prosperity, although he does not ex-
pect or encourage a boom. Indeed, he
considers the prudence and caution with
which the manufacturers of the country
are resuming operations to be the most
favorable sign of the times
We haven't resumed to our full
capa city" said Judge Gary, speaking of
the United States Steel Corporation, but
are gradually increasing the number of
men at work as the orders come in. We
are acting only on actual orders. We are
not anticipating the market, and are
proceeding slowly and consistently. Dur
ing the recent depression we got down
to ~ per cent OF our capaclty-that Is,
more than one-half of our men ana
machinery were idle. We have gradually
| worked up to about 20 per cent Of normal
and are increa sing that percentage every
dav. But it is all on orders and not on
speculation.
Force to Be Increased Soon.
I'VE shall have to increase the force
still farther considerably very soon. be-
cause of some big contracts that are
now under negotiation.
I'VE have had in our employ as many
as o16,oOO men. Our payroll in 1907 aver
aged 10000 men and reached total
of $3.50 S25, SO About one-third OF the
men were laid off. We have put back
| half of them and the rest Will pe en-
ployed as fast as business VII! pelnla, na.
I hope that before the end of the year
every man will be back in his Old place
| There has been no decrease IN wages
during the depression.
What do the new orders lnclude.
..Thev include practically everything
+h.+ is made of iron or steel, from loco
motives TO tenpenny nails. The signs o,
prosperity appear in every directlon anu
in every line of trade and industry. mere
are no spasmodc outburSts here or tnere'
hrt an aven. regular demand for all kinds
of machinery materials and supplies 20
replenish the stocks of merchants as Wen
as the equipment of railways ana the III
stallation of new machinery. One vi tno
most favorable signs is the active inquiry
for large quantities of railway suppiles
and construction material-ralls, orldge
material locomotives, cars, equipments OF
every kind.
Large Orders Given for Cars.
Freight cars are being ordered by the
thousands by several railways, and other
RAILWAYS are negotiating for contracts. l
notice also that the Canadian roads are
pla cling large orders for locomotives and
freight and passenger cars I see by the
apers that the Grand Trunk has just
ordered 10000 new box cars, and the
Canadian Pacific two million dollars worth
of new passenger coaches. which SHOWS
that Canada is sympathiZing with the
United States. and that the railway mana
gers up there anticipate full resumption
of business.
+ The number of idle freight cars is be-
ing rapidly reduced to minimum. They
are being hauled in from the side tracks
very rapidly, and the dead locomotives are
being sent to the shops to be put into
order for business There will be very
few idle engines fit for use by the END or
the year The number of freight cars that
are being ordered indicates that the rail-
road companies anticipate heavy trafnc
during the coming year. and are preparing
for it, They have to look ahead like peo-
pie in other trades, because We cannot de-
liver cars in a day or week or month.
The roads that get In the orders first OF
course get the first deliveries, and by the
time we have built the cars they will be
needed.
THE official report of the American Rail
way Association shows that on the 1st of
| May last there were 413,6O5 available cars
| idle on the side tracks and 100000 in the
| shops being repaired. That number has
been gradually reduced until on the 11th
of November the total was 121,174
nrdere fo, Po;1c Evpacfad