The Washington herald., 1918-04-29
RECORD HELD
BY U. S..STEEL
Holland Says Corporation
Remarkable for Size and
Accomplishment.
No reoort which telIs


Industrial and business success
leither in the United States or in
Europe compares with the publiea-
tion made q few days ago by the
Wall Street Journal whereby the
record Of the United States Steel
Corporation since 1t began opera
fions to the present time is set
Forth In full. The many thousands
who are fortunate enough to be
stockholders or bondholders and
in that way owners Of this corpo-
ration will md II Of advantage to
read the thoroughly prepared sta
tistical tables wherein the record
Of this corporation since its organ
nation Is contained.
The Figures Mean Much.
others may be able to dig out
some Of the meaning that lies be-
hind these figures. II they do they
win discover hrst Of all that the
seorporation. which upon its organi-
sstion became OF worldwide mo-
toriety as . billion-dollar corpora
tion-ths hrst Of that magnitude
10 now with respect TO its assets a
,,.5oo. 100000 corporation! In this
respect the corporation makes
record greater than that establish
ed when the First Liberty Loan was
hoated and . little less than the
Third Liberty Loan. whose hotstion
IL now under way. 1t IL no longer,
therefore, a billion-dollar corpora
tion. but instead q two and half
billion dollar corporation. This is
an achievement which has been
made possible since the beginning
of the present century.
Another feature may be disclosed to
4 those who examine these statistics
and who have opportunity also to
learn what the total steel producing
capacity of the entire German empire
is. For capacity Of this kind which
10 possessed by the United States
Steel Corporation 10 considerably
greater than the total capacity Of the
German empire. Germany has been
building up her steel industry for
nearly forty years. The United
States Steel Corporation has been
thus occupied since 1901. Furthermore
the aggregate capacity Of this cor
poration Is now one and one quarter
times greater than was its capacity
when organized.
There are a few other facts which
the statistical tables, illustrated as
these have been by comments made
by the Wall Street Journal As,
for instance, the excess of current as
serts over liabilities as reported on
the last days of 1911 was five hundred
and twenty-five million dollars in
round numbers, whereas for the last
day Of December. 1901. the excess cur
rent assets were only one hunderd
and thirty-eisht million dollars. still
using round numbers. In this time
the corporation has expended six
hundred and seventy-one million dol
lars upon new construction and the
acquisition OF properties. This sum
is only a little under the national
debt as that was a year or two be-
fore We entered into the war.
Aid From Money Earned.
Furthermore all of the millions
which were needed to provide for new
construction and tire purchase of prop
erty were taken from money which
the corporation earned. 1t was not
necessary to borrow a dollar for this
work. Therein is contained. when the
magnitude of the figures is considered.
a record unsurpassed by any other
The gross receipts for the year 1911
were 81 IS. 10000 in round numbers and
this sum is in excess by s163, 100000 OF
the total capitalization at the time of
the org luiZatiOn of the corporation.
shortly after the organization of this
corporation with a capital which stag
gered the imagination OF all but the
greatest fnanciers there were many
cTiticisms, all of them based upon
the suspicion or belief that a great
deal Of water was in this capital. So
again We heard almost nationwide
criticism referring to the putting out
OF large blocks of watered stocks for
which the public, it was said, would
ultimately be compelled to pay in the
way Of high prices for the products.
Not OF this opinion was the late Alb
ram 8. Hewitt, himself an iron manu-
facturer of great ability as well as a
real statesman. For Mr.. Hewitt said
'ff there is any water in the capital
Of the United States Steel Corpora
ton that is sure to be squeezed out.
as is always the case when there is
infusion of water into capital stock"
Mr.. Hewitt's prediction has been veri-
ned For the statistics make it clear
that today there is not only no water
really worth far more than the market
quotation for it. Behind 1t stands al
most limitless wealth in resources, in
opportunities and in markets.
A World Wonder.
There are many wonders of which
men OF science are now making rev.
elation. But there is no wonder in
the world of Industrial achievement
THAT can compare with that which
|UPllovs a careful study Of the figures
hich tell the record made by the
lei Corporation since its organiza-
until January l of this year.
In addition to these stupendous
rs represented by dollars, there
further revelation OF the capacity
he modern men OF affairs in the
led States. The abler men Of
time not only know how to think
curately in billions. but also know
bv 30 to handle billions that the
tire machinery Of the stupendous
PEanization moves with perfect SYM