The Atlanta constitution. [volume] (Atlanta, Ga.) 1885-19??, 1903-04-13
OF The
STEEL TRUST.
Net Earnings We're $133, 3O8,76
and After Deductions Are Made
for Sinking Funds and De-
probation, $50, O52,s67
Is Paid Out.

| New York, April THE first annual
report to the stockholders of the United
year ended December 81, 1902, was issued
! today.
! The income account for the year shows
| total net earnings of all properties, after
! deducting expenditures for ordinary re-
pairs and maintenance, also interest on
bonds for the subsidiary companies of
! $I33 3oS, 76i; less sinking funds on bonds of
! subsidiary companies 1924 064; deprecia-
| ton and eXtinsuishment funds "a ,S34 40;
! extraordinary replacement funds $9,3l5,
6l5; special funds for depreciation and
! improvements $4,000 000 total $24, III 1888
balance of net earnings for the year SlOS,
a34.3l4; interest on United States Steel
I Corporation bonds for the year SIS, $50
sinking fund on United States Steel Cor
poraton bonds for the year 100000; to-
tai SIS, $50; balance 500, 3o6,52i; dvi-
/ dends, per cent preferred stock SIS 100, III
common per cent $50, So, $50; total $56,
o53,S67, leaving undivided profits or sur
plus for the year $j4, %, 557.
/ Previous surplus S43,6 $40; total surplus
! September 81, 1902, $77,S7i,5 97, which in
cIudes the capital surplus of So 600
provided at date of orSaniza tion.
The physical condition of the proper
ties have been fully maintained during
the year, The cost OF which has been
charged TO current expenses, and the
amount expended by ali properties fol-
maintenance, renewals ana extraordinary
requirements aggregated $23 ,13l,dll Pro
Visional charges were MAJ de monthly 10
operations for sinking fund and to esta5-
llSh funds for depreciation ana for re-
serves Tor extraordinary requirements
The volume OF business done by al
companies during the year, including
sales between the companies and the
gross receipts OF transportation and mis-
celIaneous properties, aggregated 5000
+ ol0,4 Az.
/ 'lhe production of iron ore mines for
the year was 1868, 119 tons, coke man
/ ufacturcd 9,32l %. TONS coal mined, not
/ including that used in making coke, Io9,
! Sc. tons, blast furnace prouucts n9'o,25t
! IONS, steel ingot production 9,745,9lS tons
1 total tonnage OF rolled and other finished
products for sale S,l9i,232 tons.
The aggregate inventory Of all proper
/ ties on DecomDer 81. 1902, equaled the to.
! tai sum Of $l04, 800 SOS. About one-thirc
| of this sum is represented by the value OF
/ ron orc on hand.
tiSi'
issued and outstanding on December 81
was $50S 3o2 800 common stock and $5l0, Isl,
! leo preferred stock The bonded ane
mortgased debt of the United States
/ steel Corporation and subsidiary compa
MES in the hands of the pubic at the
/ beginning of the year was 1886 o97 SOS
Issues made during toe year by seVera
companies, $2,%1o.33S; total, $36S, 46S OBS To
| tai bonds and mort Cages paid and can
Cclod during the year, 81 h9S,9U, bonos
/ purchased by trustees Of sinking lungs aas
for Investment, S3i13,o00, lcaving th5
/ bonded debenture and mortgased debt
| December 81 1902 $363 655 $50 a net de
crease during the year of $2,422'9
| Purchase money obligations and bills
! payable paid off between April I, 1901
/ ana December 81, 1901, amounted to Sill
Gil271; paid off during 1902 $l3632.36S. a
| total reduction Of $2i 700.3339
The funds for the payment Of these
/ Liabilities were provided entirely from
the surplus net earnings of the orSaniza-
ton no new capital or bonded or other
liability having been created in lieu
thereof although practically all Of such
payments might properly be funded
The expenditures made during the yeat
by all the properties ana o charged ma 'o
property account were $I6,3S6532.
The average number OF employees II
the service of all properties during the
| entire year was t6S127 receiving for sai
aries and wages $l2o52S.343 Total mum
nor of stockholders in March, 1903, was
- $40. nm increase of $3.50 This docs
not include the subscriptions for pre-
ferrcd stock by the 21.379 employees who
! were granted the opportunity to partc1
I pate in the profits of tine organlza tor
| through tho purchase Of tho stock Of the
! corporation. The tonnage Of untitled or
ders on the books at the close Of 1905
eQualod 53l7o53 tons Of ali kinds Of ma1-
ufacturod products against 4,i3ITi9 tons
a tho corresponding period In 1901 In