The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-04-08
STEEL TRUST FIGURES
The Net Earnings for the Year Will
Be sos, 900, 000-A Big Sur
plus on Hand.

New York, April s.-The first annual
report to the stockholders. Of the United
States Steel corporation for the first year
ending Dec. 81 1902. is out. a., 4
The income account for the year shows
total net earnings Of all properties after
deductng expenditures for ordinary re-
pairs and maintenance, also interest on
bonds for the subsidiary companies OF
$133, 30S,764; less sinking funds on bonds
of subsidiary companies. $24. 1854; depreca-
ton and extinguishment funds, $4,S34,71O;
extraordinary replacement funds. S9.S15.-
SIS; special funds for depreciation and i'm
proyements, 10000, 900; total, s24,774.3S9;
balance Of net earnings for the year, $685.
534374; interest on United States Steel
corporation bonds for tic year, $15, 49,
$50; sinking fund in United States Steel
corpora ton bonds for the year, 5000, 900;
total, $1S.227,S50; balance, $90,306, 524;
dividends per cent preferred stock, $685.
total, $54, O52,S67, leaving undivided profits
or surplus for the year, s34, 1853, 557. Previ-
Gus surplus, $43.620, $40; total surplus, Dec.
1, 1902, ST, 874, 5o7, which include the CAPT.
tai surplus of $25, 000,0 900 provided at date
Of organization.
The total redeemed bonds by the COM
pany at paI. held by trustees on Dec. 81.
So. lis 900; total Dec. 81, 1902, $4,022, 900.
The balance to the credit Of the several
funds on Dec 81, 1902 are included in the
current assets Of the organization, viz:
In general cash. $1,773,333: in current as
sets, marketable securities. Inventories,
etc.. $1s,4s1.146; total, $2o.264.47s. -.
The volume Of business done by all
companies during the year including sales
| between the companies and the gross re-
ceipts Of transportation and miscellane-
GUS properties aggregated s56o.51o 49,.
The production of iron ore mines for
the year was 16,O63,179 tons; coke manu-
facture, 9,521,567 tons; coal mined, not
including that used in making coke, 7oo.-
| S67 tons; blast furnace products. 7,97b53O
tons; steel ingot production, 9,743,91S tons;
| total tonnage of rolled and other finished
products for sale, S,197,232 tons -
The aggregate inventory of all proper
| ties on Dec. 81, 1902, equaled the total sum
of s1o43s0,S 44. About one-third OF this
| sum is represented by the value OF iron
ore on hand. It Is necessary to &C
| cumulate large tonnage Of ore during the
| summer and fall months for conversion
1 during the period extending from Dec. ]
to April Is, when, owing to the close OF
navigation on the great lakes. the mining
| of ore Is reduced and shipment from the
| mines is entirely stopped
Total capital stock of the corporation
| issued and outstanding on Dec. 81 was
| $5O8. 3O2, 500 common stock and $5l0, 28l, loo
| preferred stock. The bonded mortgaged
| debt of the United States Steel corpora
ton and subsidiary companies in the hands
| of the public at the beginning Of the yea,
was 1856, O97, sos. Issues made during the
i year, by several companies, $2,370, 33Si
| total 1858, 46S, 0S6. Total bonds and mort
! cages paid and Cancelled during the year
81. 6es,577; bonds purchased by trustees o.
| sinking fund investment, SS,l15,000
Leaving the bonded debenture' and mort
gagged debt Dec. 81. 1902, $685., sos, 45s, {
net decrease during the year of 81, Az, 2Ss
Purchase money obligations and bill
! payable, paid off between April l, 1901
and Dec. 81, 1901, amounted to $l1.047, 81
paid off during 1902 .$13, 552,s6s a total re
duction Of $24, 7o0,3S9.
The funds for the payment OF thes
liabilities were provided entirely from tn
surplus net earnings Of the organization
The average number Of employees IN tn
service of all the properties during tn
entire year was 1927, receiving for sal
8 aries and wages s12O.52s,343. The tota
number Of stockholders In March, 100;
was $500, an increase Of 1850.
This does not include subscriptions &c
preferred stock by the 1889 employe
II who were granted an opportunity to PAL
e ticipate in the profits Of the organizatfo
r thru the purchase Of the preferred stoc
;, Of the corporation. III. ...,'