Custer weekly chronicle. [volume] (Custer City, S.D.) 1890-1931, 1903-04-25

for conversion during the period eX-
tending from December 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
entirely stopped.
The quantities Of partly finished ma
terials and of finished products are
somewhat above the normal average,
owing largely to the railroad cong astion
at principal producing centers, which
prevented prompt delivery from the
mills. Inventories are taken on a basis
Of actual cost of material n products
at the several departments of the COM
pany holding the same.
Stock and Bonds Outstanding.
The total capital stock of the corpora
ton issued and outstanding on December
81 was $5OS. 302, 500 common stock and $780,
PSI, 100 preferred stock. The bonded and
mortgaged debt of the United States Steel
corporation and subsidiary companies In
the hands of the public at the beginning
of the year was 1886, 097 sos; issues made
during the year by several companies,
&, $40, 33S: total, $36S, 46S, 036; total bonds
and mortgages paid and Cancelled during
the year, 81, SOS, 577; bonds purchased by
trustees Of sinking funds for investment,
50, 115, 600, leaving the bonded debenture
and mortgaged debt December 81, 1902,
1865. 655, 459, a net decrease during the year
of $2,442, 239.
Purchase money obligations and bills
payable paid off between April l, 1901, ana
December 81, 1901, amounted to $l1,O47,9l:
paid off during 1902, $l3, $50, 1853, a total re-
duction Of $24, 700, 339.
The funds for the payment of these Ia
bilities were provided entirely from the
surplus net earnings of the organization,
no new capital or bonded or other Ia
bility having been created in lieu thereof,
although practically all of such payments
might properly be funded, as the llablll-
ties were those of the subsidiary compa-
MES prior to or at the time OF organlza-
ton for the requirement or addltlonai
property or for moneys borrowed, whlch
were in turn used for purchase or prop
erty and construction expenditures. Inc
amount of these liabilities outstanding on
December 81, 1902, was $6,6S9, 4l9; bills pay
able. So, 2O2, SOP: special deposits, $,4ao,o4', a
total of 81, 377, 467. The expenditures MADE
during the year by all properties ana
charged to property account were Slo'-
$50, 532.
The average number of employees In the
service of all properties during the en-
tire year was 16S, 1bL, receiving for salaries
and wages S120, 52S, 343. The total number
of stockholders In March, 1903, was S,629,
an Increase of 1850. This does not IN
clude the subscription OF preferred STOCK
by the 1889 employees who were granted
and the opportunity to participate In the
profits of the organization through the
purIha~c Of TIE preferred stock or the
corpora ton.
The tonnage of untitled orders on the
books at the close of 1902 equaled ~5,347,25S
tons of all kinds OF manufactured prod
ucts, against 4,497, 749 tons at the CORE
spending period In 1901. In many or the
classes of heavle products IKE rais'
plates and structural material practcaily
the entire capacity of the mills Is SOLD I'M
til nearly the end of 1908.
According TO a statement given out to-
day by the board Of directors the net
earnings of the United States Steel cor
poration for the first quarter OF the cal
endar year, March estimated, after de-
duction OF OUTLAWS for repair, renewals
maintenance of plant, interest on bonds
and fxed charges were $24, 656, 1876. The net
earnings for the first quarter last year
were SIG, 279, $50. showing a decrease for the
first quarter this year of $1,623,463 After
deducting amounts set aside for sinking
funds, depreciation and reserve funds
there was n balance of net earnings for
the quarter of $21,551 1S9.
There was a further deduction for In
terest on the corporation bonds ana SINK
ing funds for the same bonds, leaving a
balance of j 1891, 1S9. After paying the
usual dividends on the preferred and COM
mon stocks there was left undivided prof
Its for the quarter of $2,97S,245 The quar-
ter's earnings show a decrease and in a
foot note the decrease as compared with
the same period last year was attributed
largely to the railroad congestion, which
prevented prompt delivery.
Unified orders on the book for manu-
featured products April l were $40, 719
tons. The preferred dividend is payable
May Is. the common une 90.