New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-04-17
Steel Corp. May
Pay S65,oOO,OOO in
Taxes This Year
Gary Estimates Increase at
$43,OOO,OOO Under Pro-
posed Schedule

iiF I..ft states steel 'Oi poldttol
VIII have 90 meet in 1917 a tau bill OF
between S60.000.00O and $4,000. 900
about $4O,O0OO0O more than was so dis
burscd last year # the governments
taxation programme should follow the
lines laid out by Secretary Of the
Treasury NcAdoo. Meanwhile it is
estimated that net earnings are run
ming at the rate Of from $4,000, 900 to
S4SO,0OOOOO a year.
f. II. Gary, chairman Of the board
OF di1ctors. in statement replying
TO the query Of a stakeholder at the
annual meeting in Hobokcn yesterday,
said:
THE laws already passed will in
crease the taxes Of the corporation
very materially. The laws which it is
proposed 20 pass viii increase our bur
den in that respect still further !
have made an estimate of the effect
upon our corporation as to increased
taxes and calculate that 1t Will be
about S43,GO0O0O year"
Expects Fair Treatment
Mr. Gary said that he did not be-
llcve it would be the disposition of
the lawmakers to treat business inter
csts unfairly. In the event of an
equitable distribution Of the tax bur
dcns made necessary by war he de-
clared earnings of the steel Corpora
ton this year viii be very large and
added:
"The corporation has never before
the last eighteen months had a full
opportunity of demonstrating how
much value there really is in its prop
crty or ihc total amount of earnings
that can PC obtained. Our mills dur
ing the last year and more have been
running 90 their full capacity, and that
has been increased more than 100 per
cent since the corporation started.
"lu the matter of efficiency our works
arc in better condition than ever be-
fore. We have more property, greater
capacity, better organization, more
harmony and better opportunity for
Earning since the war began, Mr..
Gary said. could easily have been made
much greater had the Steel Corpora
ton not adhered 10 its policy of main
tanning uniform rates. lie continued:
1T has never been our intention to
secure the highest prices for our COM
mOditIcs When prices naturally ad-
yauccd and when producers and sellers
generally are taking advantage Of the
great demand. which may come from
time % time. it has been our effort 20
steady prices, and keep them down
Within what would be considered rca-
sonGblc and fair limits.
at the present time we are selling
plate at $3.50 to 81 q hundred pounds
TO the government for governmental
purposes. or at price something less
than that, while VIC could 20 out in the
open market If we desired TO sell that
eamc plate at S.. or s.. or SO per
hundred pounds. We have been offered
as high as SO for plate. which VIC have
been selling to the government at $3.50
and TO outsiders at about Si.'
Huge Capacity
Tho Steel Corporations present ca
pacity for finished steel, according 10
the chairman Of the board, is probably
larger than the total capacity Of Ger
many. and twice as large as England's
Of the capacity OF the United States
the company has between 40 per cent
and - per cent Mr. Gary said. with
no desire TO increase that percentage.
Stockholders authorized payment Of
the principal and interest on 100000
.cf Interstate Transfer Railway Com
uany first mortgage per cent gold
bonds. also bonds Of similar face value
of the Spirit Lake Transfer Railway
Company. The corporation voted TO
guarantee the payment Of notes of the
Oliver Iron Mining Company, dated
Januapy /. 1912, TO the amount Of ST.
.1I5,7s5.SS and notes for 81 ,993.7 1863 Of
The Rouchleau-Ray Mining Company.