New-York tribune., 1912-01-31
STEEL EARNS S23,1O5,l15
Quarterly Statement Close to
Wall Streets Expectations.
s89.638 SURPLUS IS SHOWN
Figures Become Public After
Closel6f Market, When Com
mon Gained Point.

rotal earnings Of the United states steel
Corroration for the three months ended De-
cer,ber 81. 1911, were $2S.fo5,1l5 and AFTER
deduction Of all charges and of the regular
dividends of 81 per cent on the preferred
storl, and / IL per cent on the common a
surpIus was shown for the quarter OF SH2'-
s3S this showing being made possible 10y
the scaling down Of the allowance for the
deprcciation and extraordinary replacement
funds.
The directors as usual held their quar-
toay meeting Yesterday after the close OF
,bo etocI, market. the statement Of earn
ipgs bejng made public at their adjourn
ment Tie total earnings corresponded II
amount closely with the estimates maze
within the last few days, the maximum
forecast having been $25.0O0,O0O, and the
prevailing figure having been about So
OO0 900.
Total earnings for the quarter ended
on September 80 last were $29,522t2', ana
for the last three months of 1910 S25,9Ol'-
730 The high record earnings for the De
cember 81 quarter were reported in 19O''
the figures being S41.750126.
Earnings for October were S9159'5@N
November: S6,946,71I and December So
qqq060. The earnings for November and
December. which varied from each other
only aoout $4,000. were the smallest re-
ported for any month since May, 1908, with
the exception Of January. 1911, when only
S5.S6941G was earned.
peducting from the total earnings the
charges and allowances for sinking 1unus
on bonds Of subsidiary companies, and Tor
depreciation and extraordinary replacement
funds. amounting to S3,12659i i'm all, the
net earnings for the quarter were $l9'9'N'-
521 After deducting from net earnings the
quarters interest of S5,751,6S0 on the out
standing bonds of the Steel Corporation ana
the linking fund requirements Of Sl,56O,-
oSS for the quarter. a balance remained ot
S7.871 .963. TO which was added SSl,7S0, rep
rcscuting the net balance Of sundry receipts
and charges. including adjustment OF Nari-
Gus accounts: the balance available for divi-
dends being S19.74S,33S
Dividends for the quarter on the preferred
stock required S6,SO4,919 and on the common
ssS5S,7Sl. a total of S12,65S7Co, leaving sur
plus net income for the quarter of @9'eS
= the total surplus for the year being A'755''
462r- -rr
f-ptiI me year 1911 the items sinking
funds on bonds of subsidiary companies
and depreciation and extraordinary rc-
placement funds" were reported separately
the sinking fund item ranging from one
quarter to three-quarters OF a million dol
lars i'm the various statements While the
depreciation and replacements fund appro-
priations have sometimes gone as high as
more than S6OOo,OoO for a single quarter.
The combined items were for the Septem-
her 60 quarter of last year S6,SO6,j5S and for
the June. 80 period S626S, $50 while in the
March 81 statement they were only S,5lI'-
SSS and in the statement just issued only
S312659i. -
In 1910 liberal appropriations were MADE
from surplus for additional property, new
plants and construction, the total being
S95. 100000 with an additional appropriation
at the close of the year of S,OOoO@ as re-
serve fund to cover advanced mining royal
tics In the year just ended, as in previous
years in which the steel business was not
prosperous. no such appropriations were or
dered.
TIE dividend on the preferred stock IS
payable on February IS and on the common
stock on March 30. Total earnings of the
Steel Corporation for 1911, with the figures
for the last month of each quarter subject
70 possible slight revision were NOi255, J6@
In 1898 the earnings were $9l,&I,7O and in
1907 they were Sl4lC54,754
Steel common closed yesterday at 6i, q
ret gain of / point for the day.