The Birmingham age-herald., 1917-01-08
JUDGE GARY VERY ! OPTIMISTIC IN HIS
 BUSINESS REVIEW
Says Conditions at Open ing of Year Are Bet ter Than Ever
 Before

Chairman E. H. Gary of the United
 States Steel corporation has made pub
 lie statement on business conditions
 which is striking1y optimistic. Among
 other things Judge Gary says:
 Tt is only a repetition to say that during 1916 conditions have been, and
 still are, more favorable than ever be-
 fore. The ordinary observer is witness
 ito the great prosperity which prevails.
 In the expenditure of money for nec-
 essities, for luxuries and for charities,
 the amounts are largely in excess of
 any former corresponding period. Prices of everything offered for sale have
 more than kept pace with the increased ability to purchase.
 Tt is apparent that, as a nation, we are,sto certain extent, up in the air; that we have no sure foundation for an uninterrupted continuance of the present volume and profit in some and perhaps many business lines; that, in many respects, conditions are in- fiuenced by circumstances which are unusual.
 "In the steel and iron industry the results have been not only extraordi-
 ' ! than any one has ever predicted for this period, though many are apt to think, if they do not say, that they prophesied what was coming.
 "The demand for steel, for more than a year, in all departments, has been in excess of the supply; the production for 1916 was about 2S per cent greater than for any previous year; the prices have been higher for many, and probably nf the a cnId hne a received for many years and they have generally been influenced by the pur- chaser in consequence of his eagerness to supply his requirements; collections have been entirely satisfactory, delay | in payment being the exception; and much to the pleasure and comfort of both employer and employe, the wage l scale has been and is the highest ever paid. It follows that profits have been large. Figures will be definitely ascer- tained later, and published, though the 1 final net will be in some~cases modified 1 by the amounts which prudent manage
 ment justifies in charging off for inn provements necessitated by changes in design, method or practice. The un- filled orders on hand surpass any pre- vious record. With respect to the lines in which it Is customary to contract for future deliveries there are commit
 
 for 1917 and a part of 1918. This busi- ness is firm and not subject to concel- llation.
 "The steel and iron conditions prob ably reflect the general business situa- l tion There is little cause for com plaint so far as the present prosperity 1 is concerned.
 And the general economic condi- l tions of the whole country present a picture of financial, commercial and in- dustrial growth and magnitude that can 1 be realized only by one who studies l the facts and figures. They have been I too frequently stated to need repetition 1 here 1 have given many of them from time to time at the meetings of oul | Iron and Steel institute.
 l "Ours is the richest of all nations We have the most gold. We have the l largest amount in cash. We have be- l come a creditor nation. The annual pro- ductive capacity of the United States l exceeds in value all other countries. We Iare practically self-contained for the purpose of supplying our necessities With the Philippine islands (which, fol 1 our benefit and the benefit of the Fill
 pinos as well, provided the latter shall l finally so decide, should remain per- manently a part of our territory, and with full and adequate facilities fol I transportation between the united States and other lands of this con- tinent, we could, with respect to tht necessities and comforts of life, be per fectly independent of all other parts