New-York tribune., 1909-03-18
STEEL'S 1908 REPORT
HEATT LOSS FROM 1907.
Net Earnings Decline-Cosh on
Hand, S49.548.O59.

:, view If the conditions prevailing last wear in
,ne industrial world the showing noade bv +be
Irfted States Steel Corporation in that time Was
Gar from discou-aginE- The annual rspor1 re-
eeivsd yesterday gave e balance applicable to
sividen6s upon the common stock OF 10 50a Oss or
4a per cent. against 15s per cent in the wear
before and cash on hand CT $40 SIS 05s compared
with S5 eS. S4s the close OF 1907 Total gross
earnings S4s2 s7 $50 against S77ol4 77 in the
-seord breaking preceding year end Sses IFS o9s in
.as while net earnings So. 81 III. against
g6a in 1907 and A5s624275 in 1906 After div-
dends there was q surplus OF $40 S42aSs a loss Of
8 sS 50 from 1907. though in fhe latter year there
IVES appropriated from the balance after dividends
for additional construction the sum Of 100000
against nothing in 1905. general synopsis Of the
report shows as follows:
Expenditures Of all companies in 1905 for ma in
tensnce, renewals and extraordinary replacements
expended balance TO credit Of sinking. depreciation
srd extraordinary replacement and Improvement
funds fund re e SSpared g io wth I'm in 1897
sIa55s tons IN 1907: blast furnac products 6.a34
steel ingot production. 7SSS7i$ tons. compared
with 135429F2 tons in 1907: steel rails sold. L05O
sales Of rolled and finished steel s206.932 tons.
compared "ith le9e45S1 tons IN 1907; inventories.
s14Si7ee2S. compared with SlS6. 1Ss.S74 in 1907.
expanded for new construction, S4s.4226as. COM
e9nsrr1ction since organizsfior' SS55 ts5 as aver
age number Of employees in service in 1905 155 2lI.
paid. s12o.5I0. S29 compared with $50 s25 So in
l9n7 number Of blast furnaces. 1873 COMPARED with
1s a. the close of 1907 expended for construction
ard extraordinary requirements since organization,
s54s eS2. Balance. surplus December 81, 1898.
ss1.oI9.=ss- exclusive of capital surplus
On December 81. 1o1S the aggregate hook -alua-
ef the inventories Of ell the properties equaed
s4s.17s.s2s. IN comparison with total AT close Of
TIE preceding year Of SlS51 .S74 increase OF
Sea1. 755- This increase is attributable chiefly 10
tina larger quantities hand ar the close Of 1915 Of
iron ore, pig tin and spelter. On December 81
Iaos the tonnage Of iron hand in stock piles
az mines at furnaces and at lower lake docks was
= cent greater than the close of the preced-
inventoried is, however, somewhat less. shown
bv increase Of only Is. per cent IN valuation.
against an increase Of - per cent in quantity
Chairman z. H. Gary and President ". z. Corey,
IN their statement 10 shareholders. say, IN part:
The volume Of business done by alI conpa MES
during the year. represented BY their combined
gross sales and earnings. equalled the Of
Szs2 S7. $50 The depression which began in the
fall Of 1907 in nearly ali lines Of industry through
cut the United States continued during the year
IaR and was severely felt in the steel and iron
trade The extent 10 which these changed Condi-
fions affected the business Of the subsidiary com
psnies OF the organization is shown by the de-
creased earnings and output in 1905. compared
with similar results for the preceding year The
producticn Of rolled and other finished products
for sale 20 customers outside of the organiza ton
was in 1908 only SOS 9S2 tons. the lowest for any
calendar year since the United States Steel Cor
poration has been organized The falling of in
business. compared with the year 1901 more
marked in the domestic than in the export trade.
as shown hy the following figures of shipments
OF al kinds of products in tons 10 customers;
DOMESTIC