New-York tribune., 1901-09-12

The report OF the Republic Iron and Steel Com
pany exhibits. expected, a considerable reduc-
ton profits compared with year ago
The known facts of the company's business, how
ever show that the loss in surplus was not due 10
factors that permanently crippled the company's
earning power Indeed, the result of the years
work is highly encouraging. In view OF the lact
that for three months the company's plants were
shut down, owing labor troubles. Then, under
the wise policy OF the management, 1t was decided
to spend a large amount of money the property,
TO the end that its earning power would be in
creased by greater physical efficiency. Upward or
81 $4,000 thus expended last year In August
of the current year the companys business was so
per cent heavier than in the same month year
ago. and there are now enough orders on hand
to keep the works busy for several months without
a single contract. At the meeting yesterday
the board of directors reduced from hfteen
twelve members. and to fill vacancies caused by
designations the election OF men who understand
the iron business made. The president of the
company in his report says:
To improve the physical condition of our blast
furnaces We were obliged 10 have them all out OF
blast during the first six months of the year On
account OF this pig iron production for this
fiscal period 1916 tons less than for the pre-
vious fourteen months period our blast furnaces
now in first class condition, and our annual
output OF pig iron will he increased to $1,000 tons
or more The increased tonnage ana economy ~
manufacturing derived from these expenditures are
long both the mills and furnaces and the
reduction in tonnage produced OF both finished ma
this period 1t took all of earnings until April
10 absorb the hxed CHARGES repairs and general
while idle have both been absorbed in operating
newaIs have been made during the year All OF
blast furnaces in first class condition, and
should for two or three years without further
extensive repairs The billet mill. which
adding 20 our BeRsemer plant at Youngstown
Ohio. is practically completed, and Will increase
our output bilIets to one thousand tons or more
day The new blast furnace & at Thomas aSan Aa
for the year have been amicahiy settled We have
a large tonnage of material sold. and the outlook
for the company is very encouraging The changes,
that have taken place In the iron and steel world
stable prices and thereby inure to the benefit of the
business
Profit and loss account for the fiscal year ending
June 30. 1901
Profits from the business OF the company after
dcducting expenses. excepting repairs
and renewals and after deducting $3.50. 1876 so
expended In maintenance and repairs OF
plants while idle during the months OF July . :.
August and September. 1900 ....-.-.. $loSi 2's 81
Less amount expended for i'm
provements. renewals and re .-.. e.o g..
Less amount Deducted from ledger
values OF materials. ....--....' IoS,o%' VI
Net profits during year............... s3oeoss 70
Surplus the books on June 80 ,,oo.oo -,
~, -, roets during the year..... 3oooes 70
ro,., .... 2ss1.14s 6s
Deduct dividends declared during
500 500 900 preferred stock out 49,, .. -
standing -'-.'--''-'- i'S-i'So'o'
Surplus on the books June 80. 1901 81 100 6e' IS
The general balance sheet as or June 80 compares
a follows:
1900
la,,s machinery etc Sal O93 T2S Sii. i+2 Isl
- - Hns,,,,c,ion ...... 1852 3Ts 1.2is.H3
Stock in other companies .. ..'.'...' i7'i-'' o'''-
Northern furnace Improve
ment' - -. o15 III ife $50
-" 50 sr,shad 332S. $50 ABB $50
ta" ana nm hliHn III. racs,red 52I 200 3.O0S06S
Accounts ana pi''s ie / 1o7 iO7 1.2O3. 1872
Ca hand. i''-'''''
$50 a32 ais s5l. .309. 2I5
Liabilities. 500 sos 900 $40. .3o6. 900
Preferred stoch' 81 l9l 600 81. 1871 900
Common l.o23.oOi
Current accouhts 1855. $40
Dividend July q 1901. 11SS5n0 3I4 900
Insalment coal purchase- oSe eso osS
Reserye for taxes etc.
peserve for collections % CO. o4o
s5oe523 3l5 s5I, ,ass 2l6
- "o0''
1890.
,rba following new directors have been elected by