The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-04-08
STEEL TRUST FIGURES
The Net Earnings for the Year Will
Be sos, 600, 0o0-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. 3D. 1902. is out. -.. D..
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
$133.30S.764; less sinking funds on bonds
of subsidiary companies. $24, O64; depreca-
ton and extinguishmeflt funds, $4,SS4,710
extraordinary replacement funds, $685.
Sis; special funds for depreciation and i'm
provements, s10,000,000: total, s24,774.3S9
balance Of net earnings for the year, $685.
524,374 interest on United States Steel
corporation bonds for ti:- year, SIS, 49,
$50; sinking fund in United States Steel
corporation bonds for the year, $3,040,0o0;
total. s1S.227,850; balance, $90,306,524;
dividends Z per cent preferred stock, $685.
total, $54, 052, S67, leaving undivided profits
or surplus for the year, ss4 ,557. Previ-
Gus surplus, s43.620, $40; total surplus. Dec.
1, 1902, $77,S74,5o7 which include the capt.
tai surplus Of $25, 100000 provided at date
Of organization. I
The total redeemed bonds by the COM
pany at pat. held by trustees on Dec. 81,
1901. was 1907, 900; redeemed in 1902,
So. lie. 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. s1s,4s1. 146; total, $2o,2s4.47s.
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 $560,51o,47s
The production of iron ore mines for
the year was 16,063,1 79 tons; coke manu-
facture, 9,521,567 tons; coal mined, not
367 tons; blast furnace products, 7,975,63O
tons; steel ingot production, s,743,91S tons;
total tonnage of rolled and other finished
products for sale, 8, 1877 232 tons. -
The aggregate inventory of all proper
ties on Dec. 81, 1902, equaled the total sum
of $104, ,844. About third OF this
sum is represented by the value Of iron
ore on hand. 1t Is necessary to &C
cumulate large tonnage Of ore during the
summer and fall months for conversion
during the period extending from Dec. l
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
$50S, 302, 500 common stock and 510,2S1, 100
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 year
was 1866 ,097, sos. Issues made during the
year by several companies, s2,370, 33s;
total 1868, ass, 036. Total bonds and mort
cages paid and Cancelled during the year,
81. COS SIT: bonds purchased by trustees of
sinking fund investment, $S.1l5,000.
Leaving the bonded debenture and mort
gagged debt Dec. 81, 1902 1868, 665, 459. a
net decrease during the year Of $2,442, 239.
Purchase money obligations and bills
payable, paid off between April l., 1901.
and Dec. 81, 1901, amounted to $11.o47, s71;
paid off during 9o2,$1s, 552,s6s; a total re-
duction Of $24, 7O0,339.
The funds for the payment OF these
liabilities were provided entirely from the
| surplus net earnings Of the organization.
The average number Of employees in the
service Of all the properties during the
entire year was 1922, receiving for sal
aries and wages s120.52s,343. The total
number Of stockholders In March, 1903,
| was $3.50, an increase of 1850.
This does not include subscriptions for
| preferred stock by the 1889 employees
who were granted an opportunity to par
ticipate in the profits of the organization
thru the purchase Of the preferred stock
| of the corporation. -,