Custer weekly chronicle. [volume] (Custer City, S.D.) 1890-1931, 1903-04-25
GREAT PROFITS Of
The STEEL TRUST
Years Operations Show a Sur
plus of Over $34, 100000
on Hand.
r EMPLOYS 10000 MEN
After Earning Interest On Its Watered
Bonds and Dividends on Watered
Stock, the Company Is Still
Many Millions Good.

New York special: The first annual
report of the stockholders of the United
States Steel corporation for the fiscal
year ending December, 81, 1902, just is
sued says: The income account foI
the fiscal year shows total net earn
ings of all properties, alter deductlhs
expenditures for ordinary repairs anu
mainte.\ ace, also interest on n tor
the subsidiary companies, or $l33, SOo'
I64. From this the following deductions
must be made: sinking funds on BONDS
Of subsidiary companies, $624,O64; de-
probation and extinguishment FUNDS
b4,S34,7 40; extraordinary replacement
funds, $9,315, 615; special FUNDS FOR de-
probation and improvements, SlOo,
100, 600; total, $24, IA, 3S9, leaving a
balance of net earnings for the year
BIOS, 5S4, 374. From this sum u be
subtracted interest on United states
Steel corporation bonds for the year,
BIS, 1S7, $50; sinking fund on United
steel corporation bonds for the year,
30, 040, 0C0; total, $751; 27 $50, leaving a
balance Of $50, 1906, 524; dividends Z per
cent. preferred stock, $S5, 720, III; COM
mon 4 per cent, $50, 49,, $50; total, $54,-
b52, SG7; leaving undivided profits or
surplus for the year, $34, 253, 55i. The
previous surplus was $43, o20, $40: total
surplus December 81, 1902, $T,S74,597,
which includes the capital surplus or
s25. 600, 900 provided at date of organlza-
ton.
The physical condition of the proper
ties has beer fully maintained during
the year, the cost of which has been
charged to current expenses, and the
amount expended by all properties for
maintenance, renewals n extraor-
binary requirements aggregated w.
l57, oil. Provisional charges were made
monthly to operations for sinking fund
and TO establish funds for depreciation
and for reserves for extraordinary re-
placements.
The total redeemed bonds by the COM
pany at par held by trustees on De-
cember 81, 1901, was 1907 900; redeem
able in 1902, $3,115, 900; total December
81, 1908, $4,022, 600.
The balances to the credit of the Sc
veral funds on December 81, 1902 are
included in the current assets or the
organization, viz: In general cash,
81, 733. 1888; in current assets, cash, mar
ketable securities, inventories, ETC., U.s.
l91, 146; total, $40, 264, 479.
Enormous Volume of Business.
The volume Of business done by all
companies during the year including
sales between the companies and the
gross receipts of transportation and
miscellaneous properties, aggregated
1850, 510,4 79.
The production of iron ore mines for
the year was 49, 63. 179 tons: coke man.
ufactured, 9,521, 567 tons; coal mined, not
including hat used In making coke,
s09.3 1867 tons; blast furnace products, T.
p75, $50 tons; steel ingot productions. o.
74S.91S tons. Total tonnage of rolled
and other finished products for sale,
B,197, 232 tons.
The aggregate inventory Of all prop
critics on December 81, 1902, equalled
the total sum of s104, 800. S44. About one
third of this sum is represented by the
value of iron ore on hand. 1t is neces-
sary to accumulate large tonnage of
pre- during the summer and fall months