The times. [volume] (Richmond, Va.) 1890-1903, 1902-01-30
preliminary REPORT
OF Steel CORPORATION.
Present Business and Future
Outlook Bright.
REFERENCE TO PRICES
Steadily Refuse to Advance Them
Despite Tempting Offers.
BIG BUSINESS NOW BOOKED
;mounts to Kore Than Half Total Combined
Annual Capacity of All the Companies.
Condensed Balance Sheet for
November 3Oth Slowed
Grand Total Of
slo3, 3,406,444.
(By Associated Press.)

NEW YORK, Jan. GA preliminary
report covering the operations Of the
United States Steel Corporation since it
came into existence ten months ago was
maze to the stockholders to-day The re-
port, signed by both Cllas NJ Schwab and
Ebert H Gary. declared present business
and future outlook, viewed ahead through
1902, to be highly satisfactory. The re-
port said:
The outlook for the year 1902 is very
bright. Everything indicates that all of
the facilities of each subsidiary COM
pany will be taxed to their utmost to
supply the demand that is being made.
The actual business now booked and of
which shipment is being called for faster
than it can be supplied amounts to more
than half the total combined annual
capacity of all the companies. The ex
pectation of those closely connected with
the manufacture and sales of these highly
finished products is for a. demand even
larger than that of 1901 and UP to the
INIT of production"
PRICES KEPT FIRM.
Discussing prices, the report said they
could have been advanced, but that it
was decided to be better policy to refrain
from doing so. The reference to prices
follows in part:
The demand for products has been SO
great that prices could easily have been
advanced. Indeed higher prices have
been voluntarily offered by customers
who were anxious for the immediate
execution of orders. but the companies
have firmly maintained the position of
not advancing prices, believing that the
existing prices were sufficient to yield
a fair return on capital and maintain
te in, S1tiSfa ni1CSca1
condition, and that tne collateral adj
vantages to bc gained in the long run
by refusing to advance prices would be
of substantial and lasting value, not only
to the companies, but also to the general
business interests of the country"
FINANCES.
The settlement with the underwriting
syndicate was thus stated:
..The residue of the common and pre-
ferred stock of this corporation, delivered
10 the syndicate under the contract of
March l. 1901, and not used for the ac-
guisition by it Of the stocks of the speci-
fed companies, amounted to 6499sl shares
of preferred stock. and 6i9,9SS shares OF
common stock This residue of stock or
the proceeds thereof, after reimbursing
the syndicate the So, 900, 0G0 in cash which
it paid to the corporations, and approNi-
mately $3000,000 for other syndicate obl-
cations and expenses, constituted surplus
or profit of the syndicate"
The condensed balance sheet for Nov.
Seth showed that on that day the ac-
counts receivable aggregated $4,000 453.
the bills receivable S2.S21, ,463, and the cash
on hand s55,Sl5,527, a grand total of s10S,-
4o6 IA.
The current liabilities on November 30tl,
were stated at $50. .269. $50. and the surplus
of the corporation and the subsidiary COM
panies was placed at Sl74,S44,229. The cos
of the properties owned and operated by
the several federated companies was CIV
on as Sl,437,494.