Fort Mill times. [volume] (Fort Mill, S.C.) 1892-current, 1901-10-09
STEEL TRUSTS 'SBiGSURPLUS
More Than Sl2,OOo,OOO After Pay
ing the Usual Dividends.
UNINJURED BLYTHE GREAT STRIKE
Official Statcmcnt For tho First Six
lar Combination is in II Ear More
Prosperous Condition Than Was sup
posed-Drily Earnings S3oo.OOO.

New York Ci;y.-Nct earnings of tho
United States Steel Corporation fo,. the
first six months of the company's ca
| reer. rs announced officially. are sol.
| 95i.SI1. These figures were given out
! after meeting of the company's di-
| rectors. at which the usual quarterly
dividends We're declared on both the
common and preferred stocks.
Unusual interest was shown hv
Wall Street regarding the probable ac-
tion of the directors on the matter OF
their issuing; Il statement of opera
tionS. All doubts were scattered
however. after The close OF the Stock
| Exchange by the formal statement OF
the company'S sound position. The
figures show an enormous business.
which was moi injured. apparently. hy
the steel strike.
President Schwab tells tho story of
the company's operations since April
last when the "Hillion Dollar" Trust
was launched. in the following figures
describing the net earnings: April.
SI,316.1li; May. S9.612.3i9: June. So
39i.1iI; July. $9.5S0,15 August. 50
| Slo.SSo; September cstimatedD, So
-Oo.Onn; total. SJi.95t. .SI1
The actual financial requirements Of
In" steel Trust which include divi-
dcndS II the rate of seven per cent
ON the preferred and four per cent. on
! the common stock. together with the
! interest on the bonds. are Sal. .O21 .9OT
for full wear. SO far this year IT can.
he seen the company has earned with
/ in Sl6u0o,0oo of this required amount.
I I \
! when The steel strike was wagcd the
! iicTccS'. the earnings or the steel
| Trust did not show any decrease. The
! closing down of the entire system of
! plants of thc American Tin Plate Com
: pany. half of the mills OF the American
| Sheet steel Company. ana large per
| 'enta%c OF the properties of the Steel
ltoop Company. according to the state
ment. was not reelected in the earning
capacity of the big steel company.
This is explained by The statement
| that the executive management of the
! company WAS able - distribute rhc
business which otherwise would have
! been LEFT unhandlcd among The various
mills which were unaffected hy The
strike
Probably the moSi important part Of
/ the official statement iS the announce
from tame To time for the maintenance
! FUND and for tine establishment OF a
/ sinking fund. 1t has been generally
! known in Wal Street for some time
! that The company had established Z
! sinking fund. but no one WAS taken
/ into the confidence 0i tho corporation
regarding is extent. In the statement
| IL is announced that S1.O19. 1OI has
! been set aside. After this amount was
deducted The company charged off thc
interest of the bonds. amounting to
SI,GoO.oOo. tine interest for half Il wear
on the S305.on0.O0O five Per cent. bonds
issued when the company was formed.
The net earnings rs stated in the
official announcement represent. there
fore. all the funds applicable To divi-
dcnds ana interest on the bonded in
dcbtedneSS. When these amounts are
deducted there remains Il balance ap-
plicablc for surplus or new construc-
ton, as the directors may decide,
amounting to Sl2.326. 40
When the process of concentration
was completed the corporation was
thrown face TO face with strike Of
immense proportions. which threat
cned the integrity of the consolidation.
Under these conditions the showing
is considered by the directors most IA
Vorablc.