New-York tribune., 1902-12-28
U. S. SHIPBUILDING PROFITS.
Surplus Net Earnings of the First Quarter
Shown To Be S697217.

The United States Shipbuildng Company on
Thursday filed with the New-York Stock Exchange
an application to list it's securities and with it
statement of It's earnings for the quarter ending
November 30 1862, being the first three months of
its business. The showing made is surprisingly
good. and, coming as it does. in a regular. bust
nesslie way, is clear evidence of the intention of
the management to make public its earnings and
operations at regular intervals In this they follow
the example set By the United States Steel Cor
poration which has been looked upon as the proper
and consistent method of dealing with large in
dustrial organizations.
STATEMENT OF EARNINGS.
Net earnings for quarter ending November So
1902 of United States Shipbuiding Company and its
constituent companies, including Bethlehem Steel
Company:
BaGnnasS beGnct: VI l6''CzS 2S
Reserve on estimated profits on
contract work in shipbuilding
construction. ...;....-.;-..:.;.... S4,13s s04
Accrued interest and sinking
fund payment all United
States Shipbuding Conpanys
bonds, for quarter. .............- 39166 81
~ 100oV, -
Surplus net earnings gs................. sss7217 81
The conservatism of the management will be
noticed in deductng from the earnings the item of
reserve account of estimated profits.
In all large work under contract where full COM
pletion does not take place, in ships times
for year more. the current earnings and profits
profit There is always a contingency of some
Should should be provided for in giving the estimated
profits. The Shipbuding Company has adopted a
policy of liberal in that respect 1t will be
further seen that the reserve only applies to the
profits and earnings OF the Shipbuildng Company,
and has reference to the earnings of the Bethle
hem Steel Company. which are actual and fixed
and not subject to estimate
The surplus net earnings of S6921l 81 for the first
quarter are equivalent to basis of per cent on
stock after paying and providing for all interest
charges of every kind, including sinking fund pro-
yrGi nd including charges
count of the underlying mortgage obligations OF
the Bethlehem steel Company.
The United States Shipbuidfng Company owns
and controls the capital stock and plants of the
Union Iron Works San Francisco Cal; Bath Iron
Works Limited, Bath, Me: Hyde Windass Com
pany Bath Me; Crescent Shipyard Company and
the Samuel l.. Moore & Sons Company. Elizabeth.
N j.: Eastern Shipbuilding Company, Newton
Wilmington. Del; Canda Manufacturing Company.
Carteret. n. J.. and Bethlehem Steel Company.
400 aces of ground and employ over fifteen thou
sand men.
organization. and now mas unfinished work under
contract aggregatng over S51,00000o.
From an lndustra s1anae3ht t3 L. II m Is 1 f tg
most important and successful organizations In
this country. 1t is under the able management of
Mr.. Lewis Nixon. president: whose knowledge of
everything appertaning to shipbuding and equip
ment is we'll known. The Bethlehem Steel Com
ad its nIesident MI NJ Mcvsn has Since
his incumbency of that position demonstrated the
splendid capacity OF the plant and Its continued
Financially speaking. the results already shown
demonstrate us success L. la ma ~ AMI u the th
holders of the securities of that company that its
rsourc es are being we'll husbanded and reserved to
due course Weld to the shareholders profitable
turns upon their investment Financers predict for
tinued success and the confidence and esteem of
all interested therein.