The Washington times., 1902-01-30
OUTLOOK IN
STEEL TRADE
Bright Prospect for the Pres
ent Year Reported.
FACTS FOR THE SHAREHOLDERS.
United States COrpOratiOn Prepare,
Resume of First Nine Months
of business.

| NEW YORK, Jan. ga very favorable
representation is made in the preliminary ry
report to the stockholders OF the United
States Steel Corporation, to b. submitted
at the first annual meeting of the cor
/ poration, on February Il. The report ex-
hibits. SO far as is possible, the opera
tions for the nine months ending De-
cember 81, 1901. Ii is signed by Charles
NJ. Schwab as president and by Ebert H.
/ Gary as chairman of the executive COM
mittee.
The Annual Meeting.
1t states that the business of the cor
poration. for all practical purposes. he
gan April /, 1901, at which date interest
on the bonds and dividends on preferred
stock began to accrue. The board Of di-
rectcrs has determined that the fiscal
year. instead of running from April to
April. shall correspond with the calendar
year, and in order to give sufficient time
for the preparation Of annual reports to
stockholders the bylaws have been
amended so as to provide that future an
nual meetings shall be held in April.
Directors Seek Reelection.
Eight directors whose terms are about
three classes. namely. Marshall Field.
Daniel G. Reid, John d. Rockefeller, jr.,
Alfred Clifford. William E. Dodge,
Nathaniel Thayer, Abram s. Hewitt, and
Clement A. Griscom, will be candidates
for reelection at the annual meeting. The
report says the several companies have
effected many economies which have been
attended with most satisfactory results.
and the outlook for further improvement
in this direction is most gratifying.
On a Cash Basis.
The business of the companies has been
put on practically cash basis. The losses
actually incurred through bad debts have
been very small. and little, if any, loss
in collection OF notes receivable is ex-
pected. About 20 per cent of the total
current monthly accounts due from Gus
toners is now being generally collected
within thirty days. and il is the effort of
the several managements to maintain the
business on strictly cash basis.
Statement of Earnings.
The report contains the same statement
OF net earnings for the nine months end
ing December 81, 1901. which has already
been made public. The assets OF the com
pany are placed at s1,S47, ,443. .02I.62. of
which 81 437, ,4s4 ,s6253 is credited to cost
of properties owned and operated.
The current assets include in round
numbers $4,000, 900 in Inventories: s4S.-
and $4,000, 900 in cash. The report shows
a surplus OF s17i i.34i ,229.32.
The business outlook for 1902 is referred
to as very bright. Everything indicates
that all of the facilities of each subsidiary
company will be taxed to their utmost to
supply the demand that is being made.
Not to Advance Rates.
The report says as to policy as to
prices"
The demand for the products of the
several companies has been so great that
prices could easily have been advanced
Indeed, higher prices have been voldn
tarily offered by consumers who were
anxious for 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 the properties in
satisfactory physical condition. and that
the many collateral advantages to he
gained in the long run by refusing to ad-
vance prices would be of substantial ard
lasting value, not only 20 the companies
but also 10 the general business interests
of the country