The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1928-03-30
ANNUAL REPORT OF
STEEL CORPORATION.

Gross earnings of the United
States Steel Corporation as shown in
the recently issued annual report
were $1,31O,392, 861 against $l,5O8, O76,-
O9O in the proceeding year. This Is
a decrease of $197, 683 ,A29. Net in
come after allowing all deductions,
was S87. 800, 1886. This is equivalent TO
$3.50 a share on 7,116,235 shares OF
common stock after allowing for pre-
ferred dividends. 1t compares With
SIG. SGT 4O4 in 1926 or $1799 share
on 5O83 O25 shares of common stock
outstanding says Skilling's Mining
Review.
Surplus after all dividends for 1897
amounts to $l2,863,514. as compared
with s55,866,852 for 1926. Unapprop-
rated surplus a. The enc OF 1927
amounted to 1868, 044,914, against
s553, 500 400 at the end of 1926 and
s52l 1868. 1O9 at the end of 1925.
Taxes paid by the Steel Corpora
ton in 1927 totaled SAC, 29l 1853, OF
which S34817,1l6 was state and al
other taxes but federal income and
of which $11, 474,242 was federal in
come tax The total compares with
a total of $50 ,399,581 paid in 1926.
During 1927 the subsidiaries of the
Corporation mined 25,646,927 gross
tons of iron and manganese ore
against 29,262,74l in 1896 Steel In
got production last year was 1885,
444 gross tons against 20,306,668 tons
in the proceeding year. Finished
steel product in 1927 amounted to H.
979282 gross tons compared with A.
334412 tons in 1926. Export Ship
mentS in 1927 were 1,286,096 tons
against 1873 tons in 1926. EN-
ployeS in 1927 averaged 241 $40, COM
pairing with 253,1 in 1926 and with
249 1893 in 1925.
The Corporation also produced A.
656,150 tons of limestone, 27,430, 329
tons of coal, 14,506,980 tons OF coke,
75,074 tons of zinc and 1925 900 bar
rels of cement in 1927.
The expenditures in 1927 for ad-
ditional property, new plants, extern
sions and betterments, less credits
for sales of property and salvage, and
including an additional net lookup in
stripping and development expenses
at mines, totaled $97, 585 1893.
On Dec. 81, 1927, there were Isl ,596
registered stockholders of whom 49,
391 held both preferred and common
stock The number of preferred
stockholders was 70,429 and OF COM
mon 96,558.
J.P. Morgan, chairman, and James
A. Farrell, president, said in part:
Conditions attending operations
during 1927 were not as favorable as
they were in the proceeding year, yet
despite the restrictive influence of
decreased production and lower prices
the results secured were on the whole
fairly satisfactory. Operating effic=
iency was we'll maintained, notwith-
standing during a considerable part
of the year it was constantly neces-
sary to adjust production to demand.
The fair volumn of demand for steel
products which prevailed at the OPEN
ing Of the year continued only dur
ing the first four months, following
which there was a marked decline
which continued during the balance
Of the year. The substantial ton
mage of untitled orders carried over
from 1926 with the rather liberal ton
mage Of new business received dur
ing the first quarter, enabled the mills
to operate at an average Of about
1910 Of capacity during the first six
months, while during the last half
of the year the average was reduced
to 1910, averaging for the entire year
1890 Of capacity compared with
$3.50 in 1926.
1.-THE lessened demand for products
was accompanied by a gradual de-
cline in prices, these price reductions
being in continuance of the down.
ward tendency which manifested it
self in the proceeding year. AS a re-
suit, in 1927 the average. selling
price received a ton for the total
tonnage of rolled and other finished
products shipped in that year, COM
pared with the prices received in 1926
for an equal tonnage of similar class