Bisbee daily review., 1907-11-05
STEEL TRUST IS
FLUSH WITH
PROFITS
Big Tariff Fostered Combine
Reports Great Gains for
Last Quarter of Present
4ear-Big Orders Ahead.


NEW YORK. Nov. 4.-The general
prosperity of the country is reflected
IN the latest report of the United
States Steel Corporation Eearnings
TAR in excess Of all expectations are
shown by this report. for the quarter
ending Sept 30, made public at the
meeting of the directors. Not
withstanding all the talk about a fall
ing OFF in business, the figures show
total earnings of S43,S04, 2S5, the
greatest third quarter in the history
OF the big corporation, and with the
single exception of the preceding
quarter, the most profitable three
months since its organization.
Furthermore, the total net earning
Tor the first nine months of the cur
rent year, $3.50. 4304S2, far exceed the
earnings of any previous nine
months, comprising with net earnings
Of s114.S74,149 for the same period in
1906, sS4,57l. 594 in 1905 and S51, 473,-
SAG in 1904.
The net earnings for the third quar-
ter of 1907 compare with $3Si14.624
for the same period in 1906. S31 ,240.-
$50 in 1905 and s1s.773.932 in 1904.
The untitled orders on hand Sept
30 for 6,425,008 tons are sufficient in
themselves to keep every plant of the
corporation in full operation for six
months to come, though on Sept. 30.
1906, the untitled orders were larger
calling FOR 1895, SS4 tons. In 1905
they were 5,S65,377 and in 1904 only
1927. 1876.
Chairman E. H. Gary made a state
ment to the board of directors in
which he said: ION June 80, 1907. our
company had on hand untitled orders
aggregating 7.e03,S7S tons. On Sept.
30, this tonnage had been decreased
to 6.425,00S tons. This has since been
decreased by about 400 900 tons.
Bookings are now at the rate of 49,
600 tons per day We are exporting
at the rate of about 900, 900 tons per
year, and at prices substantially on a
parity with domestic prices.
From information received il is
believed the demand for our products
has during the last few years been
| constantly increasing and that the
present necessities are very great !.
Prices have been well maintained.
The leading steel manufacturers are
! in freqifent consultation, though un-
der no agreement concerning their
business increases. Il seems to be a
recognized fact that stability OF prices
is to be desired by both the producer
and the consumer; that extremely
| high prices and extremely low prices
are both Objectionable.
Since the corporation was organ.
lied, in addition to the payment of div
idends and interest, there has been
provided from earnings a reserve for
extinguishment of capital OK S79, $50,
! 600, and there has been added tc
the assets from the same source s26s.
| $50, 600, which includes investments
in additional fixed property, $112,S50,
900; additional fixed property repre-
scented by securities created and held
| in the treasury as saleable assets
| s4S.40G.000; liquid assets on hand
| $104, 930, 600 The total assets of the
organization Oct. !, 1907, amounted &C
1891. ,0o0. cash in banks being
SIS, 81, 0e09
The current liabilities, including &C
crued taxes, accrued interest and tht
dividend for the last quarter, he said
were $52,1S7. Gee.
When the corporation was organ
! lied" Mr.. Gary added, subsidiary
companies had outstanding unsecur
ed notes and bills for $40, 900 600. Al
OF these. except 81 ,047 900, have beer
paid The latter amount represents
deposits Of employees under saving.
account arrangement
+ Upon completion OF the new wori
4 now underway the productive capac
i ity ST the Manufacturing plants vii
be materially increased. Up to Jan
1 ], 1897. the average increase airead.
amour ted TO s4.33 per cent
There has been reserved and Sc
aside to date funds for the Gar.
plant In Indiana amounting to tn
sum q s49,t a, 600, OF which SIS.
$50 .0oo has s.ready been expended.