Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1922-03-22
STEEL CORP. EARNS
@.24 ON COMMON
Necessary to Draw on Undi-
vided Surplus in Paying S
Per Cent Dividend

United States Steel Corporation
earned 1924 share from its operations
in 1921 on the S5OS, ,3O2, 800 outstand-
| ing common stock. against S1G.G2 n
share in 1920. In 1915 earnings avail
able for the common stock were S9.0G
share.
Pamphlet report of the corporation
! for the year shows net income. after all
charges and Federal taxes. of S36.6l'.-
OH. decrease of S73.O77.211, leaving Il
balance. after the payment of preferred
dividends. of S11 .397 $40 for the com
mon stock. Payment Of the per cent
dividend on the issue during the year
made necessary the drawing of Sl4.-
| or. .TSj from undivided surplus. Total
undivided surplus December 81. 1o21. .
| exclusive of profits earned by subsidiary
! companies on inter company sales of
products on hand in inventories of So.
| HATS. was sos. .926. .05S.
The volume of business by the cor
poration and it's subsidiary companies
! during the year was S0S6. .I49.Tl9. de-
! crease ST6S. .721 .3O6. In 1919 the vol
ume was S726. .6S3 $50. Total earnings
, in 1921, after making allowances for
Federal taxes, operating expenses, ETC..
| were 500. .101 ,270, decrease Ssh ,3O4.-
OSO.
Consolidated balance sheet December
81. 1921. shows total assets and total
! liabilities of S2,339. .10j $40. Current
were $500 .431 800 md current liabili-
ties SS+. .24S. $50. The net book vaua
tion of Inventories was S241 .504 1863.
decrease S16. 500. lbs.
Rolled and other finished steel prod
ucts produced for sale by the corpora
ton in 1921 totaled.7 ,SGO, O,334 tons. de-
crease 6.3GS .16S tons.
Ebert III. Gary. chairman of the
board. in dis report says: THE marked
decrease in the demand for iron and
steel products, which developed in tn"
midsummer Of 1920. continued until the
early fall Of 1921. when there was some
improvement. AS stated in the annual
report for 1920. the subsidiary com
! panies carried forward into 1927 a sub
| stantial tonnage Of orders for steel
products. This enabled them to operate
at an average Of somewhat more than
20 per cent of capacity during the first
quarter. The degree of operations
dropped in succeeding months anil
! reached the low point for the year in
July. when the output was about -,
! per cent. The average production for
the entire year in rolled and other fin
ished products for sale was 41.J per
cent of capacity. the lowest ratio
/ production to capacity in any year since
the organization of the corporation.
"Concurrently with the decrease in
demand for steel products there were
! marked declines in the prices obtained
for nearly all classes OF the same. These
price reductions as rule exceeded the
decreases IL was possible to effect in the
cost Of production through the reduction
in unit prices of factors entering into
cost of operations and the exercise of
rigid economies.
"A number of elements in the cost of
producing steel show little, if any, re-
cession from wartime figures. notably
that of railroad transportation. which,
on basis of existing rate conditions
averages in the case Of the subsidiary
companies upward of 40 per cent of tn,
total cost of producing steel"
Average earnings per employe pei
day during 1921 were 1913. compared
with 81 in 1920. and the average mum
ber Of employees in service 191 700. as
against 267 .345 in 1920.