The New York herald., 1921-11-19
CRUCIBLB STEEL co.
IN BEST SHAPE EYER
II. NJ. Wilkinson Tells Stock
holders Orders Are Becom-
ing More Numerous.

q The Crucible Steel Company c>
America is I'm the best shape in sss
history and was never so rich as now.
Horace M. Wilkinson. chairman of its
board Of directors. told its stockhold-
ers at their annual meeting in Jersey
City yesterday.
The company is liquidating its ous-
cations. said Mr.. Wilkinson. and is IN
as good position as any Independent
steel company. He added thee the
company paid off 100000 Of its notes
last month and that similar amount
would probably be paid this month
Owing to the extraordinary efforts
of our sales department" said Mr..
Wilkinson. "our books show that Il
number Of new and additional GUS
toners have come to us with orders
which In most instances were for small
amounts. This leads us to believe that
as soon as the business of the coun-
try becomes normal we will have our
full share of business.
I'VE have been making reductions
along every line on overhead charges
in manufacturing. selling costs and in
executive expenses in the effort to
achieve low operating costs. A year
ago we were going ahead at high pace
and were doing large volume Of bus-
ness This business. however. fell off
not hold our trade with the large over
head expenses and small volume OF
business which resulted after the de-
cline of business set in
Mr.. Wilkinson said that the steel
business had undergone slow i'm
provement since August, with the re-
suit that the trade generally was In
better shape than it was few months
ago. Pig iror, he said. could be made
as by any other producer. Reduction
In armaments carried no terrors for
the company. he said. since business
or that character normally took less
than per cent of the Crucible's out
put.
In answer to the question Of a stock
holder, Mr.. Wilkinson denied that there
had been any revaluation of the com
pany's properties. Amortization had been
discussed without final settlement dur
ing the war period and had been taken
care of along with depreciation, the
management considering 1t wiser to
bunch" the two items He said that IN
the last four years the company had al
lowed in round figures $1000000O for
depreciation and similar sum for amor
tization.
q Mr.. Wilkinson said that iron ore was
carried on the company's books under
the market prices, but that scrap in some
cases was valued at costs above the
present market level. BY recognizing
low market quotations. which he be-
lieved represented only scattered trans
actions In scrap and pig iron, Mr.. Will
kinson said perhaps between s2,000,000
and $3.000,000 might have been written
off. but that the company had valued its
Inventories at prices which he expected
1t could get.
Mr.. Wilkinson declined to consider a
proposal put forward by a steckholder
calling for the publication of quarterly
statements by the company. He said
the stockholders were kept adequately
Informed of its affairs from time to time
total Of 493.693 shares of stock were
represented in person or by proxy at the
stockholders meeting. Fewer than ten
stockholders attended In person. w. L.
Smith of Syracuse was elected a direc-
tor. to succeed John w. Daugherty. re-
signed. Other directors were reelected.