The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1903-04-08
in
THIS TRUST
First Annual Report Of United
States Steel Corporation.
DEALS IN BIG FIGURES II
Total Surplus December 81 1902, Was
over s77, oOo, Physical Con-
ditlon Of Properties Has Beer
Fully Maintained.

INV Isaociated Press, !,


tDy Associated Press.) tt
4 NEW VI RIx. April The first annual
report to the stockholders Of the United
States Steel Corporation for tho fiscal
year ended December 81, 1900, WAS issued
to-day. The income account for the year
shows total net earnings Of all proper
ties, after deducting expenditures for or
binary repairs and maintenance, interest
on bonds for the subsl diary scomp alniecs OF
S1a3, sOS, 764 less striking funds on bonds
OF subsidiary companies, 36sa, oeA; depre-
oiation and extinguishmsnt funds. @a'-
SsA7lo; extraordinary replacement funds,
$9,sl5, e1b; special funds for depreciation
and Improvement SO, 900 IS total, $24,-
III. $50; balance Of net earnings for the
year, 80, bsl ISL; interest on United States
steal Corporation bonds tor tho year, s10.-
1885, sinking fund on United States
Steel Corporation bonds for the year. 81
10000; total, sls,2s7, $50: balance. so, $685.
6A, dividends seven per cent. preferred
stock, $35, 720, TT; common, four per cent.
So, 1882, 500; total, $ss,ot2, e67, leaving un--
divided profits or surplus for tho year.
$s4. 253, EST. Previous surplus, So, G20ae;
total surplus DecembHr 81 1902, S17,S7l, os7,
which includes the capital surplus of
$500, oo0 provided ut 5ilate Of organiza-
ton 81 5
PHYSICAL CONDITION.
The physical condition Of the properties
has been fully maintained during the
year, the cost OF which has been charged
to current expenses, and the amount ex-
peneded by all properties for maintenance,
renewals and extraordinary requirements
aggregated s29, 157,0l1. Provisional charges
were made monthly to operations FOR
sinking fund and to establish FUNDS tor
depreciation and for reserves for extra
rdinary replacements.
The volume OF business done by all
companies during the year, Including
sales between the companies ana the
gross receipts OF transportation and mis-
cellaneous properties, aggregated $780,
510,479.
The production OF Iron ore mines for
/ the year was 10. 063 ITO tons; coke manu-
featured 0,521 567 tons coal mined. not
including that used In making coke. 709,-
3e7 tons; blast furnace products, 7,o75,63O
tons steel &ingot production, 0,743,SlS
tons. Total tonnage Of rolled and other
finished products for sale. Slo7 S32 tons ftls
The aggregate inventory OF all proper-
Ties on December 81. 1902. equalled the
total sum Of 1880 s44. About one
third Of this sum ls represented by the
value OF iron ore on hand.
The total capital stock Of the corpora
ton issued and outstanding on Decem-
Der 31st was s5oS,302,50o common stock
and s51o.2s1.1o0 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 1856, 097 .69S.
Issues made during the year by several
companies $2,370,33s; total, s36S,46S,o3
Total bonds and mortga ges paid and can
celled during the year, 81 69S.677; bonds
purchased by trustees of sinking funds
for Investment, s3.1l5,ooo. Leaving the
bonded debenture and mortgaged debt
December s1st. 1902. Ss63,655,45s, e net
decrease during tho, year OF S2.442, 2S9.
HEAVY ORDERS.
Purchase money obligations and bills
payable paid Off between April !, 1901
and December 81 1901. amounted tc
s11,o47,971; paid off during 1902. s13.653,-
ass total reduction Of s24.7do, $40. .i5i
The funds for the payment Of these
liabilities wero provided entirely from
the surplus net earnings OF tho organiza-
ton. no new capital or bonded or other
liability having been created In let
thereof, although practically all of such
payments might properly be funded.
The expenditure made during the yea,
by all the properties and charged Z (
property account we're s16,5ss.532. The
average number OF employees In the ser.
vice OF MI properties during the entire
year was 16s.127, receiving for salarle!
and wages ss12o52s.s4s Total number o
stockholders In March. 1908. was $500
an Increase OF 1860. This does not In
clude the subscriptions for preferred
stock by the 27,a7a employees who wer'
granted the opportunity to participate y
the profits of the organization through
the purchase OF the stock OF the corpo
ration. The tonnage OF unified orders
on the books at the close OF 1902 equallet
| 5,sA7.25s tons Of NIL kinds OF manufac
tured products, against 4.4e7 ,749 tons a
the corresponding period OF 1901. I,
| many OF the classes Of Heavier. products
| like rails. plates and structural material
practically the entire capacity OF TIL
mills is sold up until nearly the end Q
1908.