Evening Republican, Volume 14, Number 192, Rensselaer, Jasper County, 13 August 1910 — STEEL CARS NOW IN DEMAND [ARTICLE]

STEEL CARS NOW IN DEMAND

American Car and Foundry Company Expects Wooden Ones to Rapidly Pass Out. The growth the demand for new equipment by the railroads during tho past year is reflected In the report of the American Car and Foundry company for twelve months,'which shows net earnings of 14,089,479, an increase of $1,193,647. After paying 7 per cent, on the preferred stock there was left a balance equivalent to 6.63 per cent, on the common, compared with 2,65 per cent, earned on that stock in 1908. Out of this surplus 2 per cent, was paid on the common, $1,000,000 was added to the reserve for the construction of steel car plants, and the balance, amounting to $380,478, was added to the company’s working capital, ■jhich was thus increased to a total of $17,770,023^ The arhount of orders on the company’s books on April 30 was considerably larger than on the corresponding date last year. By far the ,larger part of the year’s increase business, however, was handled during the first six months, the orders received during the last half of the year being affected by the curtailment which was put into effect by the railroads during this period. In recognition of the growing demand for steel cars In place of wooden ones the company during the past year added considerably to the steel car capacity of several of its plants, but it has postponed the Construction of the new steel car plant which was to have been constructed at Gary. It was found more desirable during the past year, the report says, to increase the capacity of existing plants rather than to build an entirely new plant. The purpose to build such a plant, however, has not been completely abandoned. In all the Improvements to its plants, the report says, the American Car and Foundry company has in mind the growing demand for steel cars, and it is prepared for the time when steel cars will entirely supersede wooden cars.