The Sun. [volume] (Price, Utah) 1915-1932, 1916-01-07
HEAD OF GREAT STEEL CORPORATION
TALKS OF WAR And OVERPRODUCTION

NEW YORK, Jan. Gilbert II. Gary. chair.
man of the United States Steel corporation. YES,
terday issued statement dealing in detail with
prevailing prosperous conditions in the steel and
iron trade, together with forecast of the fu-
ture of thai industry. Reference is made 10 the
European conflict in its worldwide application
to economic conditions. Judge Gary calls at
tention to the dangers of overproduction or in
flation by manufacturers and bankers, resulting
from overconfidence, and the aid of the govern
ment is invoked for adequate protection of the
country's industries. In part, the statement fol-
lows:
Garys Statement.
ut will be admitted by all manufacturers of
these products that there is no reason for com
plant at the present time as to the volume or
urgency of the demand, nor, in most cases. the
prices received, notwithstanding the cost of pro-
duction has been larger during the last five
years because of increases in wages, freight
charges, etc.
The rate of production at present in the
United States Is about $4,000 900 tons of pig
iron and about al 100000 tons of steel ingots
per annum. This is compared with at rate of
100000 tons Of pig iron and 100000 tons
of steel ngots one year ago, and 80 500 900 ztons
of pig iron and 35,000,000 tons of steel inguts
at high water mark in the year 1913 for pig iron
and 1912 for ingots.
Prices Are High Enough.
prices could easily be materially advanced.
and perhaps will be, although | believe as to
some Of the commodities, at least, they are high
enough IL is not certain they can be controlled
Tor the reason that the requirements of pur-
chasers and the offers they make fix the prices
TO large extent. Apparently about 10 per cent
Of the sales is for domestic consumption and the
balance for foreign use, directly or indirectly
The influence Of the export sales upon domestic
sales do not undertake TO say.
Conditions pertaining 10 this industry reflect
more or less those of other lines, and perhaps are
an indication Of the general situation Certainly
there are evidences which cannot reasonably be
questioned of great prosperity. Il is not my
purpose TO discuss the reasons for these satisfac-
tory conditions. They exist. and Il now seems
probable that they may continue for months 10
come
Words Of Caution.
when there is possible danger ahead, the To-
comotive engineer is directed by his rules for
NAL instructions and signs TO proceed with eau
lion, and sometimes 10 stop. look and listen
We may draw an analogy. ! would offer words
Of caution. We are proceeding at a rapid pace
There Is great expansion at present. fear there
Is great initiation. Some of the circumstances
the financial and industrial world
are peculiar and not justified. There will be
lars and jolts when eyes are opened and things
become normal We ought 10 stop. ponder, rea-
son. We shall be all the better for Il. Legiti-
mate enterprise and progress will be benefited
Z We read all the signs, consider the past and re-
flect upon the future.
What Of the Future.
What of the future? Who can say with any
feeling Of certainty? II may be very dark and
desperate. II will be thus in Europe, and we in
America will feel the effects 10 n greater or
lesser extent. The destruction of the billions
upon billions Of property in any country must
affect in some degree all other coun-
tries. Economic conditions in the United States
may and should be good in the long future. with
the usual Interruptions. II we are fully alive TO
)ur opportunities.