New-York tribune., 1920-11-10
Crucible Steel's
Profits Increase:
Earns $40 Share
Showing for Year Just
Closed Better Than the
Preceding One; Untitled
Orders Gain During Year

The Crucible Steel Company. in its
report for the fiscal year ended August
81, issued yesterday, showed net prof
ITS, after charges and Federal taxes.
OF $l1,7S0,021. After preferred diyi-
dcnd requirements this was cuuiva-
tent 70 S2o.o6 share earned on the
ssO,o0o'0O common stock now out
standing, compared with $31 30 a share
earned on $25 900 900 stock issued as
OF August 81. 1919.
Total profits last year were S17.274.-
4S9, compared with s14093, ,O05 reported
in 1919, and s19,951225 in 1915. the
banner year of the company
IT. ). Wilkinson, chairman of the
board OF directors, announced in the
report, that the company has finally
met all the requirements of the gov
ernmcnt in its Federal income tax
matters, and that all taxes, including
PACK taxes, which were under con-
tloversy. have been paid in full. This
required the payment to the Treasury
department since publication of the
last annual report Of $12.766,114.
Mr.. Wilkinson said that the fiscal
year ended August 81 last was try
ing year for the company, due to labor
unrest and other causes, which con-
tributed to the high cost Of produc-
ton.
There is at the present time" he
Informed stockholders. "a demand for
& decrease in the selling price of all
commodltles, based entirely on the de-
sire of every one for a decrease in the
nigh cost of living. We find it impos-
slble, however, to make large reduc-
tlons along this line, principally be-
cause of inability to obtain a sufficient
amount OF raw products at q reason
able cost, due largely to lack of rail
read and transportation facilities to
supply the demand, which naturally
leads to increased prices for the
limited amount produced. Labor un-
rest, which has decreased production.
and lack of transportation facilities
have led to the higher costs Of fuel
and raw products that existed for MANY
Years. and until this situation can be
relieved it will be impossible to manu-
1acture our output at anything like
tho costs we are anxious to obtain" "
Improvements to plant facilities dur
ing the last year, the report showed.
required an expenditure of 50 800 900
This investment, in the opinion of the
chairman, in addition to previous ex-
pendltures for this purpose, will in
crease production and lower costs. Re-
gardlng the company's policy on future
business Mr.. Wilkinson said:
1t has been the policy of the COM
rany in so far as possible to accept
only such orders and contracts as call
for delivery within three months, this
rule being established on account of
the steady advance in the cost Of raw
materials. Your company now has on
is books untitled orders for more than
three months output, after deducting
suspensions and cancellations. which.
IN our business, have not been Of great
volume. The tool business has not
been subject to the violent fluctuations
in prices that have affected other
branches of the steel industry. and for
this. reason the average price of tool
steel has remained practically the same
throughout the year"
Untitled orders for this branch Of
the company's business stood on
August 81 at 74,960 tons, compared
with S4,228 tons on February %, the
high mark of the YEAR and 68.379 tons
on August 81, 1919.
comparison of the companv's bal
ance sheet with that Of the preceding
year showed that investments in gov
ernment securities had dropped from
$149,500 to $4,000 ct the close of the
last fiscal year. Notes payable in
creased from $500 900 to S4..975.O 900.
while accounts payable increased from
S4,2l1 ,309 to S7,350,465.