New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-03-17
q. S. STEEL REPORT
pEcETPTS. sG@G,sSe,s5I.
Earrings Of al Properties
Last Year sESI,g9I,EIg.

IA vecorery % the iron ana steel
-. 40 Aggression IN the Industry
-. =, enc manic - 1877 IL reflected en-
IN fhe report 81 the United
-, f,,rrorati0n for the year ended
- :, showing an increase I'm gross
-.,,,,,,ts ~ Nsl0.ssii as compared with
- T,bc volume OF business done by the
-, ,ion aud subsidiary companies as
...,-..so,,,ed m thelr combined gross sales
- o,rniuCs eQuaiied the sum oi sOao.aA-.-
"a The income account Cor the year
-.,ssurs earninrs ~ an properties atter the
a.auction o. operating expenses. INCLUDING
.,,ro,imately SS5.O0Oe0o Tor ordinary re-
rsirs ana msintenanoe. employees bonus
fY,fs provisional allowance Tor coipors-
sion excise tax. interest ON bonds ana
erpd charges Of subsidiary companies OF
"a T7slea an increase 81 AsoAs.f@ over
is and compares with sioasoa.o'S m lso.'
3lR6i 90 IN 1895 and sils''e''eas in lsuS
kner appropriations Tor sMAlhe iuhus
-..t.,,ss ~ subsidiaFy companies. dcpre-
citation and eNtinguishn'ent fuias ana or
,s,Derv replacenleni FUNDS. there we're net
,osrnines 81 Sl1..7-s.o9e. an increase 81 81
40 a cornpared with the year before.
Fron NET earnings deductions for interest
-, she corporation's bonds outstanding
lipr funds on these bonds and dividends
A., ~, slrnlus net income for the year
a ssr.ol> AGAINST Slo3s2.9S6 al the close OF
GO There were appropriated from this
svrDlgs V0OaoN ON account of eNpendi-
,.,res for addi,ioua, property. new plants
AND construction and discharge 81 capital
ohHeations. No9ooo specifically sci aside
for account Of construction expenditure
an the Gary plant. and 50 2eo.0oo for re-
ser,e fund 10 cover advanced mining
royaliios leaving balance surplus for tie
wear Si5sl SIS. an increase OF si.97A9Sl oNtr
ale preceding wear. In the first quarter
Of 1919 The net profits available Tor diKi-
dsnds amounted 20 Sli.Ss3lOs compared
Nifh 81 09s.6-3 IN the last quarter. the sur
plus before dividends In the first quarter
reaching Ss2sS2.s0S. against SlSi205.2s5 ia
Tic hual quarter.
The United States Steel Corporation was
formed in 1901 and a. that tine capital
surplus - S25.000O00 was provided, which
COMPARES with an undivided surplus al the
present period Of slsl.SsA.527. Since the
date of the organization of Inc concern.
total uoi profits have been S6Ss sGS. S67; there
has been paid IN That time in dividends
slG-- 0si and out of net profits after diVi-
dends "a Total of 36l has been paid
"a capital expenditures. Al the close OF
the lest year the corporation held in cash
US62llIe. and ITS balance sheet showed
current assets OF S2siolsl66 and total as
seis - Slsel 81, .5J5 In the year total ca
pendtgres Tor ordinary maintenance, re-
pairs and extraordinary requirements were
Sc5II. loJ. an increase ~ IL per cent over
lsN THESE expenditure being charged 20
oIerstng account
ID his statement 20 shareholders r. "A.
... "A. q
says in part:
Tic substantial revival in business ac-
nkiir which became evident in the spring
at Isut continued with increasing volume
throws nOut the remainder OF The wear &C
coroingly The output and earnings Of Ihe
subsidiary companies show material in
creases over the results for The preceding
.eal The total production Of finished
proeucis Tor sale ln 1903 equalled about
~ per cent OF the normal maximum pro-
ductiNe capacity of the properties The
prizes received la 1903 were less than
thosc of the preceding year ON domestic
huslness the average prices received IN
1903 on all rolled and other finished prod
ucts shipped were la.3 per cent less than
the average, received IN 1905. On export
shipments the average prices received IN
lsvs were IS per cent less than those or
lspe. The export shipments during the
veal were 80 per cent greater than an
total shipments az rolled and other fin
ished products. 4 his increase WAS largely
Qal foreign markets.
Al the close - the year the unhlled export
order GA the books ~ the United States
tleel PRODUCTS Export Company amounted
10 80 tons. Al TIE beginning Of 1919 the
ordrI books OF Tie subsidiary companies
contained unified orders for rolled and
Other finished products for future ship
hlei.is OF o.s-s,p5l tons Of various classes
81 matter laIs The demand for immediate
anc early shipments against these con-
tracts un specifications received WAS large
enc called Tor substantially the maximum
capacity Of nearly all the producing mills
since me lrs1 OF the year the tonnage Of
heh business booked has been satisfactory
an Quite equal 10 expectations, consider
lk t.' unusually heavy placing OF new
DUB Ness Tor fUfuTe delivery which took
niac. during THE closing quarter Of 1909
-.f Expenditures made IA the wear bv
~ .ui. laf'eS. and properly Charged bic 10
,el.t'i account Tor the acquisition of adj
lti'Nal property and additions and extern
elols to tIe plants and pronerties loss
SltelIs f1T property sold. eouallpd Ire ae-
tItsaic SUM ~ fs3.g59. 3.0 go In addition
stt vas also expended the net SUM of
q, .th.f"n - Ton stripping the oNerburdcn
litm ore bodies preliminary 20 mining ore
open lfr. f1r Development work al
eit tnT sddiuonai logging and
~, '-.ai ERECTION equipment, thus max
~ g.sI Expenditure on property &C
tnli' "i 1881 e.. go %. Tho amount o.
.-L.'- SINCE April Z. 1907 tthe date OF or
''N NJ '." United States Steel cor
'.I 'l january D. 1910 including eN-
"s h. f.t Tennessee Coal. Iron a
..A.iN tt ."niaI. from November 4 IqO- 4
- r'...Hal property and Constrlc-
49, -.' ai.sH~nr1nd Outlays FOR strip
- ~. .inrIt work an mines etc. I
'n z. $3.50. Ib7 De-
npauct.au 20 The United States
~ ii il1"r .ol In see including lie 4
,,.,.... ''. iron a. Railway Company. .
An tone oars as Follows 4