New-York tribune., 1911-03-18

realized. cash.
Balance for common dividends after all
charges. including aepreciation and sinking
funds amounts 10 S62 21U.G3l. or l.. - per c. n,
on the sos. .3O2 800 capital stock outstandins.
which compares with lu.4s per cent earned On
same stock last year.
L. II. Gary. chairman Of the United
States Steel Corporation. In his statement
TO shareholders. says, In part:
The volume Of business conducted by the
subsidiary companies GuIing 1917. as indi-
Gated both by production and shipments
10 the trade. showed a substantial Increa Sc
over the operations in 1873. Although a
material olmlnuitiOn occurred in the plac-
Inc OF orders Oy customers during the early
summer and continued during the remain
der Of the year. there was not any appre-
ciaole Withholding OF specifications nor re-
quests 10. cancellations of tonnage pre-
Viously booked. Based on production Of
finished products for sale. the output dur
ing the hrst nine months e4udlled about
b per cent of normal maximum capacity;
during the taSt quarter, If per cent and
for the entire year, 50 per cent
The prices received fer shipments made
to the trade during 1910 Of all classes Of
rolled steel and other finished products. in
cluCing iaDTlcate. structural work, aver
aged somewhat more than those obtained
In the preceding year. both in respect Of do
mestic and export shipments. Tie tonna Sc
shipped for export in 1910 was the large 81
for any year since the organization OF the
corporation and evidences the satsfac-
tory progress which has been made In the
extension of this branch Of the business
The advantages Of possessing fair 'Ol-
une OF export trade have been pointed out
in previous annual reports.
Owing TO the low volume OF new busl-
ness booked during the last half Of 1910
the order books OF the subsidiary compa-
mics at the close Of that year showed a
relatively low tonnage OF untitled orders
On hand, the total beng 2,674,757 tons.
Since the early part OF January. 1911, how
ever the new business booked has ma
average
mage booked during January and February,
1911 being nearly equal to the normal maxi
mum daily capacity Of the mills. ON Feb
ruarv 2s 1871, the tonnage OF unnled orders
on hand amounted 20 800 5i3 tons.
During the year there were expended for
current maintenance and repairs 10 the va
rious properties $40 sS9 ana for unusual
replaccments and reha abilitatiOn $SiS,2N5. a
total Of si9 20SlA, an increase Of S,1sl,ol9
in these expenditures. as compared with
outlays for similar purposes in 1909. The
propertics OF the several subsidiary COM
panles are in excellent physical condition.
During the year N12S.9$ Of bonds, mort.
cages and purchase money Obligations or
the CORPORATION and subsidiary companies
was maid and retired OF this total S7JOi, 900
represents bonds retired under sinking fGnd
DroVisiOps Of the mortgages securing the
Same. -onds Of subsidiary companies 10
the amount OF sG.2790O were issued and
eoid during the year OF this total 81 7lO,000
were issued and sold IN lieu OF an equal
amount Of other bonds which matured ana
were raid off in 1910: the balance. N5G9 90,
ronreeents new issues made and sold 10
cover outlays by the subsidiary COMPANIES
for additions and Constructions. There
were also issued BY SUBSIDIARY conlPdhle'
during the year purchase obligations 10
the amount Of .l,20000o In part payment for
ore property acquired. and real estate
MORTGAGES amounting 10 $2L231 we're as
.sumed In connection with purchase or coal
property.
The balance sheet as Of December 81 last