The Washington herald., 1911-03-18
Net Increase for Year Over
1909 S9,563,S4O.
PAY ROLL ALSO IS LARGER
Salaries Exceed by 81, 3,291, ,745 Those
Paid in Any Previous Year and
22,935 More Persons Were EN-
pIoyed Last Year Than in the Pre-
ceding Twelve Months.
By THOMAS c. sHoTwELL.

New York, March 1.-THE ninth an
nual report of the United States Steel
Corporation, which was made public to-
day, announces that the total net earn
ings for 1910 were $1H,054,754, an increase
of $9,56s,S4O over the previous year. The
company had at the end of the year
total undivided surplus of H64,14S,l57.
Since organization il has earned net prof
its Of 72S,9S4,174. out of which it has
paid in dividends 1898 3-926,SSS 1t has
bonds and stocks outstanding in the
hands of the public amounting to ST.
465, 10 259, against which it reports ac-
tual property owned to the value of ST.
T45,7242s4
In addition to the evidence of prosperity
furnished by the increase of net earn
ings for the year, Chairman E. H. Gary,
of the board of directors, announced that
the number of employees in the service
of the company during the year 1910 was
21S, 435, or an Increase of 22,9SS over the
previous year. The pay roll for the year
amounted to sl74.955 1S9. or $2329l.75
greater than the previous year. Wages
were increased for about 50 per cent of
the total number of employees. II viii
be observed that the net earnings of the
company amounted to only $20OO,0oO less
than the amount paid out in wages.
Cost of the Gary plant up to the end
of 1910 for land, development and con-
truction had been SIS. .97S, 695 All OF this
was paid out of earnings. Expenditures
for capital account during the single
year 1910 out of earnings amounted to
$5S. .lOl. .22l, Of which $16072. $50 went to
Gary: SS,SS7,07S to the Tennessee Coal,
and the balance to the various other
properties. Since organization the com
pany has put back into improvements
the sum of $G62, i52, 3S out of its earn
ings.
Eastness of Business Illustrated.
The vastness of the steel corporation is
illustrated by the official statement that
the gross volume of business done by
it in the single year of 1910 equaled the
sum of s7O3,96 .i24 This compares with
a total OF s64s. .3S2.251 in the previous year.
This gross amount represents transaC-
tions between the companys as well as
with the public. Based on actual produc-
ton of finished products for sale, the
output during the first nine months of
the year equaled about IS per cent nor
NAL maximum capacity; during the last
quarter, 81 per cent, and for the entire
year, so per cent. Tonnage shipped for
export in 1910 was the largest for any
year since organization.
The corporation shipped for domestic
in 1910 a total of II, ,337, ,S79
tons of steel and iron and So, AS barrels
of cement. This is an increase OF IL per
cent of steel and ia per cent of cement
over the previous year. For export the
company shipped 1,22S, iS6 tons of product,
an increase Of ~ per cent over the pre-
YiOus year. Total of all business in
creased in tonnage, 107 per cent, over
1909.
Counting improvements made out Of
earnings and bonds retired or purchased
by the sinking fund. the company has
paid a total of S46S. 9O2. sos on the capital
account out of its earnings, or an amount
equal to $1OSO0O,OO0 more than it's pre-
ferred stock issue and within about S40,-
000 COO OF the total common stock issue.
Under ordinary circumstances this total
would be capitalized and the new stock
would be given to the shareholders as a
bonus. That is, the steel trust could give
a stock dividend of 90 per cent to its
common shareholders and still be as con-
servative as the ordinary corporation.