Amarillo daily news. [volume] (Amarillo, Tex.) 19??-current, 1912-02-28
REPORT BY M'RAE
ON STEEL PROBE
CONTINUED From Page ID

Grafton IN thc pOucN almost phaIl-
mouslv subscribed 20 At the dinner
"On the other hand any contrac-
may be broken any conspiracy mss
be upset by recalcitrants. It is sure
ly no excuse for the Illegally cf any
Arrangement In restraint OF trade
that It can be departed from by tn,
participants"
Stress Is laid IN the financial Sec
ton of the report upon the demon
stration by figures that the steel co..
pcration restrains competition hv
making the greater portion cf its
profits inra " materials and In plants
producing semi.finished materials,
while the finished product plants
make very low profits This opcr-
ates. il is declared. to keep the price
of raw materials. ore. coke. and pig
iron on high plane. to the advan-
taee Of the corporation aud disad'
vantage Of the independent
During the 9 years from Jan. ]
! 9u2. 10 nec 81, 1910" the repor;
says. the productions If the Coz
poration in rolled and other finish
cd steel amounted 10 20. 2G7 ,9e2 tons
and the adjusted net earnings for the
same period. amounted 10 SLo2?-
GS5.2S9. or an equivalent Of approx
/ matcly Sl3 per ton In order that
an idea NAV be had 81 the net earn
\ ines in dollars per ton OF the se"-
eral operating groups OF the rorpora-
ton. have calculated these figures
and find the approximate net earn
ines Of 81 per ton of finished pro-
duct 10 have been earned as follows
"Hy Manufacturing Companies
1901 by Coal & Coke Companies
I; 10 per ton. hy Iron Mining Com
nanies. s212 per ton: nv Transpor'
tation Companies. q 81 per ton. by
Miscellaneous Companies 5 &c per
ton total. $500"
In accounting Tor the discrepancy
between the earnings claimed by The
steel corporation. S9NO,o0o3ll ani
hig estimate Of sl109liC,oeG. Mr.
McRae restored IN net earnings what
had been eliminated hy the steel cor
poration In its accountinc. includinl
such things as interest on bonds OF
subsidiary companies. the locked-uG
inter-company profits In Inventories
special depro relation admittedly
charged to construction employ IS
hCnus funds and special compensa
tions. account preferred stock sub
scripticns. which have been treated
us dividends from eartncs and NO
In the nature Of additional wages L
employees. and lastly interest oil
bonds mortgages and purchas'
money obligations of subsidiary com
nanles
AZ showing the result OF the pol
icy OF the steel corporation to max
the hulk OF It's profits in the raw an
semi finished material. Mr.. McRa
submitted a condensed statement q
the dividends paid by the subsi1iar
COMPANIES to the steel corporatio
and the interest paid by the rarrc
gle company on its collateral trus
r bends from April /. 1901, to Apr
, ", 1910. showing a total OF s75 =
: i12i,3s6.53.
e. THE income from the Carn.gi
. ccmpany In dividends and bond inter
est " h. says amounted 10 '3ov
2a9.t 90. or about 90 per cert o.
the total. The American Fridge c.
paid the holding company dividend
on It's preferred stock during tn.
period to the amount Of sl9.7lj.
--7E1. or two and six-tenths no
D cent OF the total"
The table Of dividends for the min
= wear period follows
r The Carnegie Co. s9272S0.o eco. -
I Federal Steel Co
l. common .... lll.S16.1S2.o
e Federal Stec' Co.
. preferred ..... Sl.1I7I2S.5
+ National Tube Co
common ..... .?.7SS.9o5.-
' National Table Co.
preferred .... 27,299, S7.1
g American Steel and
r Wire Co Of y j
o common ..... 5l.l1o.46O.2
American Steel and
Wire Co., Of y J.
+ preferred .... 21.299.15S.9
National Steel Co.
common s.4oO.ooOc
National Steel Co..
preferred .... a.779l5S.c
American Tin Plate
Co.. common 7.tls.ssC. q
( American Tin Plat"
Z Co preferred S,6Si.372.o
p American sheet
r Steel C.. common 3,lSi.'iS.O
n american sheet
L, steel Co. prefd j.5i3.56s.i
American Sheet A.
Tin Plate Co. com 25.5iO.S3c.c
American Sheet 4
Tin Plate CO p'rd l2.Oo4.SOi
American steel
uoop G., com. 1870. 900
+, American steel
uoon Co MID 2.Ol1.4s7.'
q American pridge
g Co, preferred ls,Il','' O.
= lllAnr Iron Mining