New-York tribune., 1903-01-07

T-rSfI rrafrs . applicable u
sc-sgTts for nea constracon surplus s53s4156
AS the corporation began operations on April
J. 1901. the foregoing statement is the first for
p full calendar year At the end Of the first
,-esr Of operation. on April L 1902. the undi-
1i6ed profits amounted 70 Se4.44SaIt Inc
undivided profits for the nine months from
January / to September 80. 1902. were S3i,-
6l7 $50: while for the twelve months ended
December 81. 1900. they were only S33silo o6o
IN the statement just issued, however, in add
ton to s13 ao4 119 deducted from net earnings
for account Of the depreciation and reserve
funds there has also been set aside for the
first time special fund for depreciation and
improvements" amounting 10 Sloohotp,
which gees 10 explain the shrinkage in the un-
divided profits. The estimate Of ss.ceoeo net
earnings for December compares with SI,45o-
faa estimated and S775s2 29s actual figures Of
net earnings for December, 1901 From De
cernber 70 April. owing 10 the fact tnat iake
navigation is then closed. the nonlhIy eatn- eau
irgs Of the corporation are expected eacn year
70 show falling OF as compared with the re-
turns for the other months
7 Pierpont Morgan was present al gesSsi
dav-s meeting. an unusual occurrence Inc
- directors in attendance were Francis H
1CaTl 57s y-;Ilis[n a Moore Norman B. Ream
2 A 3. Hidener, James H Reed, denTS y
Frick. Edmund g Converse. James IasleH;
Daniel @ Reid, John d Rockefeller. Jr- Alfred
C1iTard Clement A Griscom Charles Steele
Robert Bacon, George W Perkins and T. IL
Cary. $500.
The board approved the action of the nnance
committee in making purchase of the Troy fur-
-laces and steel works, and OF the Union steer
snd Sharon Steel plants
The board also approved the plan reported by
the finance committee for profit sharing ana
subscription 10 stock by the employees. 1t was
rer,o-red 10 the board that the plan for STOCK
Subscription was being we'll received by the EN-
Moves aud that within three days after oppoI-
71Inirv 10 subscribe was given upward or SIX
rcen thousand shares had been subscribed LOT
The boa I'd declared the regular quarterly olNl
CendS of q per cent on the preferred anu
7,er cent on the common stock of the corpora
-ior The transfer books close as TO the pre-
@erred stock on January 20 and open teDruaFy
L and a. 10 the common stock the BOOKS clost
March 16 and open April n As the annual
-T7Aefing zviIi te held April 20 the chanse III
date Of opening the transfer books for the COM
mon stock Al this meeting is made TO correspond
with the probable dates for opening and closlhe
The transfer books for the annual meeting
The action of the directors IN regard 10 tht
Troy steel properties confirms the report " men
vas r,osifjveIv' denied few days ago by lead
ing interests in the corporation, Of the purchase
Of the Rrea ker Island properties
i was reported in Wall Street YESTERDAY <4fid
was not denied by officials OF the corporation
thai negotiations are on for the purchase ol
The ore properties Of J J. Hill. II Was sara Ihe'
-ha discussion OF this matter brought MI MOT
csn 70 the meeting. Mr.. HIS properties are
the r7os4 extensive single holding OF IRON ore
lands outside Of the holdings Of the corporation
There was more talk yesterday of tne posi-
HE ret irerleut Of President Schvab. NO state
17lent from any official Of the corporation on TINS
Yoir5t could be got