New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-03-13
L. S. STEEL REPORT.
FIGURES FOR 1908.
Net Earnings, SI09I7I,I57-De-
crease of sRI,193,IG2 from 1902

...o-s annual -cport ~ the United States
steel Corporation. covering -1e 'e'ii elHtl Ae-7-
aer 81 1913 vas made public festeI1a2 L"e 'o'ai
.ref earnings ~ 6u fre propcrtel, 'I-eT e''-.'ih
aifrrrer for Ordinary repairs ard maiitenac-
.ar,proxi r1atelv sZ2eH@-0 and interest," 'l Ool'17
end nzeG charges NJ thc SUBSIDIARY companies.
rrotIated 90 flesl7l.i5e comparing WIN e'9'''''
ID. 7gF E decrease OF 2fi3l li- Ioduci-ls -tPID
.-t.sfo,s for sinking funds bonds ~ subsidiary
..o-~ns..tee for depreciation and eKung1isrrllent
euds and extrs ord nary Replacement ilil-7 N-sA-
.nr provisions for the yearl- and TOT ne sp--4
.i.rG o. $1,000 600 wear FOR depreclatica IMPROVE
mont and corrtriction-a total o. S54s5.8g'-tAefe
-snlnined balance % net earnings ia ls" amount
inR 10 $50 6,5.5s6.
me oo-poration'a disbursements fo- Interest aud
tfnne fund requirements on its bonds Tor me year
we're 50 so &c and r. charged OF S5SsiS for de-
probation IL inventory valuations and for the aa-
sustnnent o. sUndry accounts. DeductinE these TWO
items there remained available for oiFldeaos
balance OF s55aC652. out % this dividends of
ssosOs-z on the preferre5 stock and S2,lc'.5oS on
the common were peid. leaving an UNDIVIDED SUI
plus for the year of sl18s $40. This compares WIKI
s84 65s. ss the individual profits for the year
ls12. a shrinkRge OF 81. 40 having occurred
Adoinr 20 the original surplus o. working capl-
tal OF 50 O9o 600 provided The organization thc
surplus accumulated by al companies from ApiA
4 1901 70 December a. 1902 and the surplus o. al
companies for 1853 (sl23)s 3I0, total o. Ss'lSoell
70 found. From this total deductions are made q
1sso0Ooo Cor the expense % the conversion OF pre-
ssrred stock End sale OF bonds C7SS5oo not yet
paid and f17.254.l2s charged OF o. December g.
1908 FOR expenditures made from surplus since AFI-
:, 1901, for construction and for payment q cap
itsI liabilities, leaving balance % undivided sur
plus December & 1909. OF s5s oe8sS2 against
s77s74,5s7 a year previously
The total assets OF the United States steel Cor
rors don. IS shown IL the condensed general bal
nnce sheet on December 81. 100. amounted 70 s.
IS. Sf5299 Among tho items making ~ this enor-
nous total s126 ca the cost OF the Union steel
Company properties and current assets or S-lablt,-
Sc OF which SO l9S. 66l cash on hand and IN
hanks- The capital stock of The Steel corpora
ion on December 81 consisted Of S5)53f25'o com
mon and :sso3si 100 preferred besides slosu4 Uar
vslue) o. capital stocks Of subsidiary companies
uot held by the Steel Corporation The gross bond
% and debenture debt S55Losl1S5. exclusive OF
C7Os7,boO OF the new second mortgage bonds issued
snd sole. but not yet delivered; the current la
tiliias amounted 10 s3s $50 $50 and the sinking and
reserve funds 10 s2s.Sl5,S.2-
on the uubject OF the conversion ot preferred
stock :nto bonds the report Says Ia part.
Up to December g. 1905. there had been issued
snd were outstanding Jalted states steel OoFi, a.
ton tcn-sixty year per cent sinking fund sold
bonds dated April ] 1914 for the ssgIeE.tle li.L5
m "a yTnent for i56ooo shares Of preferred stock
az par. az wei as ~ consioecat,oR or $500 eA
being part OF Soo.el0og cash receivable under lie
contract Of april J. 1872 approved by ne sto..s-
holders In special meeting on May y, 1872. ana
thereafter sustained ny The courts sinee Ja.3u4gy
report. there has been received from J. =. Morgan
gate OF 100000 cash receivable as above. and
here have been issued additional bonds UL the par
,6 o. fots issTe ~ i5Bs f6- ne egTess1e pm.
clpsl % sl5s eplol9 Thus the corpora J'on mas
cate Sloooejo "a cash ana has delivered s,,-''. N
oonds, leaving a.e"o9G cash 10 be received and
The corporation has the right st its option AZ
any time % call f1r the remaining $4,000 CASH
1ut IN order 20 avoid the Unue cessa-y burden u
interest upon bonds issued for money rot imrre-
diately needed. srrangensnts have u, p made WITH
dad liz lot
fhe remaining 10000 cash or 10 deliver bonds
reeded by lie corporation Interest oa these bonds
begins 90 run only az and when The corporation
contract = r. Morgan q Co. representing
the syndicate have received. o. VIII receive as
bonds. Tor vl,ick here have teen sold TO and re-
ceived by Gle corporation l-5-1fe sha-es ~ Ire-
received receivable above stated.
M Ths report Gays that heretofore profits resulting
rom transactions between subsidiary companies
have been returned and included in their earnings
but thst beginning with January. lgl4 i- has been
decided % take this ll-d % intersections over
into the aggregate earnings OF tire corporation
unJn TIRE Transactions had gone so FAR MS % realize
profits BY the delivery % the Finished products 10
outside customers.
= e stated that I02ts employees have -lhsr-thr9
pr ISIS shares OF preferred Stock. under the
profit sharing plan. amended az the end ~ 1893
The total number Of suhscr 6ers undc- the original
plan year before. was 2757s. 10 whom were al
iotted IS sS3 shares of the preferred stock
The rumber OF stockholders OF the J-r!ted States
Steel Corporation On the respective dates shown
below was IS follows.
rrsfs--ec eb 1905 1903 ss27co s2i 7as $40 Ell
Common dec. 1892 ara leo2. 8 81 &c SO s57
otsls ...--.-..-......--.- S7ss57 SIS GO Sa1s2s
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