The New York herald., 1921-01-26
Preliminary Report Is $16.70
a Share, Against $10.2e in
Preceding Year.
SURPLUS is s59,5O1,aOa
Earnings in Final Quarter
Show Drop to $48,877,862
From Preceding Quarter.

The earnings of the United States |
charges and taxes. but before deprecia-
ton and interest on its bonds. amounted
to s177,174.12. according to preliminary
figures based on the corporations quar-
terly statements. The earnings are
equivalent to $16.7o share earned on it's
outstanding common stock after deduc-
ton Of depreciation. interest and pre-
ferred dividends, and Is in contrast to
sl43, ,S13.21s. or 5000 share. earned
Deductions for depreciation, interest.
sinking fund charges. &c.. aggregated
SGT .662, ,639 in 1920. against 1906 753 In
1919. leaving a net balance available for
dividends of $109, ,511, ,4S7. Preferred stock
dividends were unchanged at $25, .6T
and common stock dividends remained
at S25. .415, 125, the same as In 1919, leaving
a final surplus for the year Of $50, ,50l, 1903
after a credit adjustment Of se2i6lS.
which contrasts with s26.45S.357 in 1919.
The following table gives the salient
features Of the years operations as
compiled from the quarterly state
ments:
1920. 1919.
Total earnings. .s177,174.12a s14S S.sl3. .219
Deprec'at and sink
Ing fund. 96.72O.165 4o4B2.eSO
Net income ....... 1870. Asa. .95S 9S350, ,239
Interest and premium
U. s. Steel bonds 20,q42,471 81 442.773
Rala nee for dividends 109,511.4S7 76eO7, 1865
Preferred dividends. 25,o19,67 25,219,677
Common dividends. 25.415.125 25.415.125
Credit adjustments. s24.S1s 1s5, ,Ss1
Final surplus. ....... b9.5O1 .3O3 2f,f5S.357
In the final quarter Of the year the
corporation earned S43.S77.S62 after
charging off interest on subsidiary COM
panies' bonds, which contrasts with
$4S.051.540 In the preceding quarter and
with $S5.791,302 In the corresponding
1919 quarter. After charges for sinking
fund. depreciation, interest, &C., there
was a balance for the quarter Of $27,-
140,14S. equivalent to s4.09 share on
the common stock after preferred stock
dividends, which contrasts with s4.76 a
share in the quarter ended on September
80. The following table shows the quar-
terly statement for the last three months
of 1920. the preceding quarter and the
last quarter OF 1919:
Last qgsGter ,nsn Sd aqsrter agsst Last tS,a sHarr
Total earn
ings s43. .s77 se2 $4s O51 $40 s35, ,7s1 1902
Depreciation,
einting fund
Net income. si,7c2sis 85.7s9.is7 25,o4o.2755
Interest and
premium
bonds -. 5.1s7.2ss 5.21o.4ss 5.344.o7o
Adjustment
credits :. 624.6is 1s5,8a4 .......
Balance -. 27,14014S 30,52s,639 17,SS0,990
dividends e.so4.a2o. o.ao4.sls e.so4.o2o
dividends. s.a5a,7s2 e.aEs.7si 6,ans. 1872
Surplus -. l4.4s1 ,448 17,SGa.939 5,222 ,2SS
The report of net earnings by months
shows that October was the corporations
best month of 1920 In that month its
total earnings amounted to S17471. .0a3.
In December they declined TO s12.793.-
S36. 1t was explained that the Decem-
ber drop was seasonal--that the corpora
tion's railroad and steamship lines were
not operating during the winter and that.
therefore. the revenues are greatly re-
duced. The earnings by months for the
last 1919 and 1920 quarters follow:
1920 1870
October ........... S17.47t0a3 s11 11e9 .5ss
December ......... ] i2.7asss6 i2si2,so2
In an interview at the conclusion Of
the directors meeting Judge f. II. Gary.
chairman of the board of the corporation.
expressed the same confidence in the
future which he has shown in past
months. He declared that those who
have looked for sudden and satisfac-
tory revival of business probably have
been disappointed. but asserted that
those who have taken into account busi-
ness conditions throughout the world
should be well satisfied.
"T still think" he said. "that with the
elimination OF extravaganza and waste
in all public and private departments, a
disposition to economize and save and a
reasonable effort to cooperate. we shall
- -. 4.
business conditions in the comparatively
early future"
Tho corporation declared the regular
quarterly dividends of l u per cent. OH
the common stock and ~ per cent. on
the preferred.