New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-03-16
STEEL'S RECORD YEAR.
annual Report Shoes Enormous
Gross and Net Earnings.

=
states Steel Corporation established new records
IA the matter Of earnings and production, present
ing gross receipts that showed an increase OF
sA4-o'ISo over the preceding year, with net earn
MS Vi Slz0'S66sSS. an increase Of $2SoS434z The
l1eHl o. net earnings was obtained after the de-
ductioh Of appropriations for the sinking deprecia-
uon' replacement and improvement funds amount
ing to S2O657 325
Inc oalance after operating expenses was a79,-
o'-'S''' 70 this was added $3'790921 representing
other income, and %,s5S,94S being income from in
Ne9'4ie-lls operating expenses increased $l1OIO,-
co AFTER dividends and interest charges there
was surplus Of $50 1850 an increase Il $l9377.
0t5 1905
rom THIS surplus there was deducted 100000,
against S26S0o,G00 in the preceding year for new
us "ctioh and discharge OF capital obligations,
so that the final surplus for the year was $27i2 $50
"saIilst $l'oS9Sl5 in the year before
ne oa'"hce after the payment of the preferred
usVdueha was equal to 1r2 per cent the $500
'ooV" OF common stock
Regarding the lease h., tho ,,rnorotio, % the
Great Northern ore lands. the report SAYS:
r MheR concluded this lease is to he taken by the
PAM Of a. m3iIlng Company, subsidiary
me performance of the obligations assumed hv that
ctael firr,e'tSs guaranteed by the United States
royay 10 be paid is 81 IS grdss ton for ore
at docks at head o cent Of metal!ic iron delivered
ir5 6 n tI or lower than 30 per cont In metallic
nTfTfIhs to fixed scale The lease win continue
1876 the lease is tnnrgS5ea unless on January l.
b ~ !" ne said lessee The ere is to BIO mined
Inc report SAYS that the increase in wages
st'A'eu the employees on January l. 1907 viii
amount TO approximately ssoooop9 n ,ear In com.
mon with practically all lines of Industry through
az ''' United states the business of the sub
Sl"lary companies in the wear 1914 reached y now,
'" 80 an previous operating and production
Ieeotus having been exceeded The 1Iscs Of steel
ne cir -
corporation and are very much greater now than
wren the corporation formed The average
prices received in the year for all steel products
iippeu 70 the domestic trade exceeded by 90 per
cent the average received in 1906 and were about
pr cent lower than the prices which prevailed i'm
lN- Inc condition OF the trade has been such that
pieces OF many commodities produced could have
oeeh advanced. bat, Notwithstanding the increase
N wages and freight rates, the management OF the
corporation decided to make no changes in urices
Inc report continIe
Inc orders for steel products Of all kinds were re-
SelVed IN large volume up to the close of the wear
So January J. 1907. the orders received have been
s. iieWiat Iess than they were during the period
li!edateiy preceding that date. they are larg-
- - ttoouI eqalleG the productive capa-
cry OF the mills Notwithstanding the tonnage OF
year equalled s4sO7S tons Of an kinds - 81 oe
tactured iron and steel products in comuarson with
~ -, u, tons tons. az the close of 1905
continues 10 show material improvement. Export
tons Of various products increase Of u per cent
over the tonnage shipped IN the previous wear
while the gross receipts exceeded those OF 1908 bv
. per cent. Since the export business was con
centTated late in 1893 I'm the hands Of single sell
ing organization. there has been steady ana svs-
tenatc Development in all foreign markets where
conditions are such TO permit of the sale OF
products without excessive reductions in price and
upon safe terms. The aim has been to build up "A
permanent and continuous export trade Daring
the past year the demand throughout the world for
steel products has been exceptionally strong most
Of the foreign mills having been fully occuuIad
and In many cases sold FAR ahead OF their opacity
The expenditures made by subsidiary companies
In the year for additional properties new construc-
ton, improvements and extraordinary replace
ments. aggregated, exclusive Of OUTLAWS fo~ new
plant in the Chicago district the sum OF $40 al 1855
Since the organization OF the corporation there
has been expended for such purposes a total Of
S20e575.0go This does not include the cost OF the
acquisition OF the Union Steel ana the Charlton
Steel properties. in continuance Of the estab-
lished policy OF expanding moneys literally for
maintenance and necessary enlargement. the report
says. large appropriations have been authorized
The amount unexpended these appropriations
January last, exclusive Of the requirements Of tho
new plant at Gary, Ind, equalled approximately
SS5 10000
II is doubtful. however IL more than 70 per cent
OF this will be expended IN the year 1901
Detailed figures OF the report are printed on the
financial page.