The Birmingham age-herald., 1922-06-07
t? A. No, I do not, but certainly
Charges Put Into One Item

charges Put Into One Item
 c. We'll you have charged not only depreciation but you have charged for depletion, haven't you, and you have charged for replacement funds and sinking funds all in that one item, have you not? A. Sinking funds on bonds of subsidiary com panies, which are comparatively small
 c. But still they are payments on account of capital. aren't they? A. Yes, on the same line of reasoning which you offer to the other.
 Q. Don't you agree with me as to that? A. Yes, think l do, whatever the amount is.
 Q. Now you say that was an ex- ceedingly lean year and 1t showed a reduction in business in tonnage of about 46,S per cent. Is that right? A. l think so.
 Q. From the preceding year. Have you any statistics showing the net earnings of the company for the last 10 years as compared with It's sales ? A. No. have not that here.
 Q. Can you furnish that data? It is public property. isn't #? A. Yes, MT. Untermyer.
 Nothing Hidden, Says Gary
 Q. The policy of your company ia
 
 A. Yes, MT. Untermyer, we will fur nish you anything concerning any part of our business that is germane to your inquiry.
 .. Do you notice earnings of 1920 before deducting the depreciation and before deducting for the payments on account of capital into the sinking fund were s175,ss6.sss.41? A. do.
 0. On what volume Of business Is this predicated? Is it not upon fig ures showing business for that year of S1,21s,644.s0 A. That is right.
 c. That Is about 15 per cent on the total business, isn't it, in round figures? A. I think so.
 Q. Now those were lean years, both of them, were they not? A. Nineteen hundred and twenty was a pretty good year.
 c. Was it pretty good year as compared to 1919 to 1918. A. Nine teen hundred and eighteen was a big year.
 Q. That was due to the abnormal business growing out of the war, was it not? A. I think so.
 Q. Nineteen hundred and twenty was regular year; and 1922 prom ises to be a regular year, does it? A. Business conditions just now are very good and improving. I would not like to present any opinion as to the whole year, Mir. Untermyer. You can tell as well as l.
 Argument Over DffferentiaI
 c. Judge Gary, 1t has been stated here that the United States Steel corporation, by reason of certain factors growing out of this consoii- dalton. and it's great strength, and the position of it's plants, it's trans portation facilities and other mat ters, has a differential in it's favor estimated at from S3 to S5 a ton over its competitors. A. You mean because of it's material as compared with others? l don't think we have that much advantage.
 c. What, in your judgment. is the advantage? I am taking all ad- vantages now, including cost of de- livery A. In my opinion sa would be the maximum
 c. Have you ever made any fig- ures on 1t? A. No, we have not, so far as I know.
 c. So that would be simply a rough estimate of s3 per ton ad- vantage over your competitors by reason of your situation? A. of course there are a good many ele- ments in advantage, and a great va riety of products.
 Advantage in Shipping
 e. Would that include your ad- vantages in the way of transporta- tion? A. Yes. 1t would. such as tLey are.
 c. How many miles of road have you? A. Main lines, I think about l,500, just over 1.500 miles.
 Q. Is not there a manifest ad- vantage over your competitors in your ownership of interstate trans portationY A. If you refer to the mining properties. I would say no, MT. Untermyer, and I will tell you why, if you care to have it.
 c. Now, referring to themanufac- tured product, there is a distinct advantage? A. l don't think so. Mir Untermyer.
 o. Then If there is no advantase whatever in the ownership of the transportation companies, there will vorcing them? A. I think there would.
 c. There would be objection? A. I think there would. c. You think your company would object? A. I think so, i, e.. In times of great pressure you quite realize that the control of these transportation companies gives the Steel company the opportunity of more prompt deliveries and pre- ference in all the facilities? A. don't think it does.
 o. Well, do not you understand that that is the theory on which the mining companies have been di- vorced from the transportation com panies that owned them2 A. l can not answer that at all Of course l have a reason for my answers
 c. If there is no advantage in