New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-04-06
SO. 2oGsss s25.Oss7o7

demonstrations for sinking funds on bonds Of
sybsiaiarv companies were S227.S67 for the
quarter. ana for DEPRECIATION and reserve funds,
SHIFTS total Of 81. 9456 45 The appropria-
ton FOR these purposes out Of the net earnings
FOR the January February March quarter OF
1903 was So. lO4.947. or about 81 100000 greater
than this year: from which It would appear
that the balance available for the dividend on
the rreferred would have been SLlo0O0o less
than shown II the allotments for depreciation
and reserves had been made IS large as year
ago.
The statement shows payment Of S5,so2.942
for interest on Steel Corporation bonds for the
quarter and S1O12O00 FOR sinking funds on
those bonds, a total Of S6S15442, comparing
with S45G0O00 deducted for those purposes in
the statement % April. 1903. This increase is
explained by the fact OF the Issuance within the
last year Of about SIJOO000o0 per cent bonds.
in exchange for preferred stock Of the corpora
ton. The unified orders on hand March 81.
1904. aggregated 4I36.961 tons as against g.
2I5. 123 tons on December 81 1903, and $40
10 tons on March 81. 1909.
The increase Of 921 600 tons in orders on hand
now, as compared with the close Of the last pre-
ceding quarter, reflects the decided Improvement
IN the steel industry which has been in progress
during the last four or FIVE weeks. The esti-
isfactorly large increase over the earnings for
each Of the four preceding months. which are
normally months Of slack business. and have
this winter embraced a period Of extreme de-
preston in the steel trade. The Street, there
fore. although the meeting was not held until
after the markets close. was inclined to regard
the quarterly statement as reasonably satisfac-
tory, despite the fact that the dividends on the
preferred stock would have to be paid in part
cut OF the surplus. as was the case three months
ago. This dividend is payable on Nay Is. the
hooks closing on April 10 and opening on May
H. The boards action On the dividend was
said 10 have been unanimous.
The directors present at the meeting included
J. p. Morgan Il. c. Fricll. Charles NJ. Schwab,
D. G. Reid. W. II. Moore. George w. Perkins,
Robert Bacon. J. T. Dryden, John d. Rookie
teller, jr.. c a. Griscom. L. II. Gary, E. c. Con-
verse, Norman 3. Rean, Il. H Rogers. James
Gayley William Edenborn and 2. A. B. Widsner
On the Stock Exchange yesterday United
States Steel preferred closed at 5SEs unchanged
from Monday. The common closed at IL, q net
gain OF = per cent
W. J. FIbert, controller OF the Steel Corpora
ton. said yesterday that the quarterly state
ment had been figured on the new system Of
counting, which was described in the annual
port Of a few weeks ago. Under this system il
is no longer the custom 70 figure as earnings
the profit which one OF the subsidiary companies
Of the corporation may make in dealing with
duOlIeT SNDSllltIS company
In other words, these profits are not figured
as profits until they are represented by bills
payable from outside customers L is explained,
for Instance, that if one subsidiary company
sells to similar company a billet other
material At profit, this profit IS not figured
until the second company transfers the manu-
featured article 10 an outside customer. Mr..
Filhert said II would be hard 10 estimate just
how much this system Of figuring had cut down
the net earnings as shown by the quarterly
statement. L would cause a reduction some
times. he added. and at other times il would not.