New-York tribune., 1906-04-25
=. $50 ss4. 4sO s2aO25. 500 sls.445.aa2

First ouarter-... $50 6s4 $40 s2aO2sses sls4452s2
From the total net earnings Of s36.6s44so for
the March 81 quarter appropriations aggregatns
s7325.6OS are deducted for the following pur-
poses: Sinking funds bonds Of subsidiary
companies S255.72s: depreciation and reserve
funds Irregular provisions), $z.06sS7s; special
Improvement and replacement funds SS,O0O,0oO;
balance. s2s.SOs, ,ss2 From this sum deductions
are made OF s5,74l.67I for interest on outstand-
ing bonds OF the Steel Corporation and $i,lS52s2
for sinking funds for the quarter those bonds.
q balance remaining of $22.37l.919 available for
dividends. DeducIing the quarters dividend Of
q per cent the preferred stock, the surplus
for the quarter remains as s16067.O00. From
this surplus the statement shows there has been
appropriated slO5O0.OOO ION account Of expend-
itures made and 10 be made on authorized ap-
preparations for additional property, construction
and discharge Of capital obligations" leaving
the balance of surplus for the quarter s5.5e7ooo.
The larger part of this special appropriation
from surplus Is to be applied to the construction
OF the great new plant which is 20 be installed
IN Northern Indiana, on the shore OF Lake Mich
igan by the recently organized Indiana Steel
Company a subsidiary concern of the United
States Steel Corporation. and which is to cost
IN all S75.000O0O. At yesterdays meeting ex-
Judge F. Il. Gary. chairman of the board, laid
before the directors for the first time the engi-
neers' plans for the steel plant, these plans in
cluding a model city which It is purpOsed to
build adjoining the steel works. and which, in
compliment to the chairman is TO be known
the City Of Gary. The site Of the works,
the lske front is square mile In extent The
plant viii have a capacity OF 5.oe0,OOO tons OF
ore. 3OOOeee tons OF pig iron and from 2,5OO.-
600 10 100000 tons Of steel There are TO be
sixteen blast furnaces. eighty-fOur open hearth
furnaces and six rolling mills. Steel rails are
20 he made by :he open hearth process, and the
plant viii be able to turn out about 10000 tons
S2,J000O0 viii be spent in erecting and equip
ping the steel rail mills, a contrasting in
terestngly with the expenditure then thought
large, of S6OO.WOD for a rail mill at the
are TO extend into the lake for accommodation
Of the feet OF steamers. The coke needed is
- be brought from the Steel Corporations Po-
cahontas field, in West Virginia.
The Baltimore & Ohio and the Lake Shore are
planning the erection of a union station in the
City OF Gary, which is TO rise south Of the steel
works. The city, il is expected, will within
four five years have a population of at least
100000, as about 1900 men to be employed
IN the mills. The engineers are now ~ work
plans OF a sewerage system wateryvOrks. street
railways and other essential features of fully
equipped and thoroughly modern city. Some
Of the lots in the city are TO be disposed of to
the public, but VIII be sold under restrictions.
Already many applications have been received
from men DESTROYS OF starting banks and engag-
ing IN various sorts Of business in the projected
city.
Through the company's property now winds
the Grand Calumet River. the Strengthening of
the he'd Of which is Of the Improvements 10
be wrought by the engineers charged with the
carrying out Of the extensive plans OF the Steel
Corporations management for the laying out
ana construction OF the great new industrial
plant and city.