| OCR Text |
Show If STEEL COMPANY'S EARNINGS 11 PAST YEAR WERE $109,171,152 S E YORK, March 12. Tho second annual an-nual report of tho United States Steel corporation, cor-poration, dated March 1st, Issued today, shows tho net earnings for tho year, after I deducting expenditures for maintenance and Interest on bonds and fixed charges of oubslUlary companies, were $100,171,102, compared with $133,308,763 In 1M2. There was charged off last year for depreciation de-preciation in Inventory valuation and for tho adjustment of sundry accounts $5,37S,-. $5,37S,-. S7. Tho prcvlouo year nothing was charged off to this account. Dividends on tho preferred stock In 1000 amounted to f3O,401,175, as against $33,720,-117 $33,720,-117 in 1M2. ; Undivided proflt3 for 1003, $12,SOI,01G, as against S3i.263,C5C. Payments for account of common dividend divi-dend In 1903 were ?12,707,GC2, compared with 52O.S32.C00 In 1002. It Is declared that tho physical condition of tho properties has been not only fully maintained, but greatly great-ly improved and strengthened by theso cx-tcnslvo cx-tcnslvo outlays. Regarding tho preferred stock con- version plan tho report says: "Up to December 31, 1903, there had .been issued and outstanding United States Steel corporation ten sixty-three C per cent sinking fund gold bonds dated .$ 1 April 1. 1903, for the aggregate prlncl- 13 J pal sum of 5152,902,500. ,Jli "Theso bonds were Issued In payment iflS of 1,000,000 shares of preferred stock at jCjf par, as well as in consideration of 57,- 1 177.100 cash received from J. P. Morgan fJWI Co. for a syndicate, belinr part of $20,- y- 000,000 ca."h receivable under tho con- Wjjjsji - tract of April 1, 1902, approved by the etockholders In special meeting and lMl thereafter maintained by the courts. lhtM "Since January, 1904, and up to the ymfi, "date. 'of the writing of this report there have been receivedi front J. P. Morgan & Co. S?,S22,900 additional on account of the aggregate of 520,000,000 cash receivable re-ceivable as above, and there have been Issued additional bonds of a par value of $5,097,500, making at this date (March 1, 1901) a total issue of bondb for the aggregate principal sum of $15S,000,000. "Thus the corporation hay received from J. P. Morgan & Co. for the svndi-cate svndi-cate $11,000,000 cash and has delivered $$,000,000 In bonds, leaving $9,000,000 cash to be received and $12,000,000 bonds to be delivered." In the way of general comment Chairman Chair-man E. H. Gary and President "W. E. Corey say: "On December 31, 1903, the tonnage of unfilled orders on the books was 3,215,123 tons of all kinds of manufactured', products, prod-ucts, in comparison with a tonnage of G.347,253 at the corresponding date In the previous year:" |
