EXHIBIT S-190 16 steel companies-Capitalization and long-term debt-Dec. 31, 1949 [In thousands of dollars] Bethlehem Steel Corp.. Youngstown Sheet & Tube Co. Sharon Steel Corp. Wheeling Steel Corp. Inland Steel Co. Crucible Steel Co. of America. Alan Wood Steel Co.. Pittsburgh Steel Co. National Steel Corp.. Jones & Laughlin Steel Corp. Armco Steel Corp. Newport Steel Corp.. 1 Capital and earned surplus of Bethlehem Steel Corp. not segregated; the item is captioned "Surplus" in the financial statements. The negative figure under capital surplus represents the net effect of certain charges and credits to the unsegregated "Surplus" account which were made during the period from Dec. 31, 1933, to Dec. 31, 1949, and which are normally applicable to capital surplus. 2 Alan Wood Steel Co., as at Aug. 31, 1949. 3 Colorado Fuel & Iron Corp., as at June 30, 1949. 4 Portsmouth Steel Corp., as at Dec. 31, 1948 (1949 annual report was not available). Newport Steel Corp., as at Oct. 31, 1949. EXHIBIT S-191 Summary analysis of the earned surplus accounts for the years 1934 to 1949, By direct transfer to capital or capital surplus (net) - 154, 706 205, 328 Earned surplus, balance Dec. 31, 1949_. 1,854, 925 UNITED STATES STEEL CORP. (AND SUBSIDIARIES CONSOLIDATED) By stock transfers to capital or capital surplus (net)*-- $179, 118 1 Renegotiation adjustments. 2 In 1938 common stock was changed from $100 per share par value to no par, stated value $75 per share and capital surplus was increased $217.581.000 (from $81,250,000 to $298,831,000). In the same year $260,368,000 was transferred from capital surplus to reserve for amortization of intangibles, leaving a balance in capital surplus of $38,463,000. In 1948 the common stock was restated to $100 per share (no par) and the amount of $217,581,000 was added back to the common stock liability. However, since the balance in capital surplus in 1948 prior to this restatement was only $38,643,000, the remainder, $179.118,000, was charged to earned surplus. The net effect of these transactions was that the appropriation to the reserve for amortization of intangibles of $260,368,000 was charged, $81,250,000 to capital surplus. and $179,118,000 to earned surplus. The reserve was actually used to write off intangibles in 1938. Summary analysis of the earned surplus accounts for the years 1934 to 1949, inclusive-Continued [000 omitted] BETHLEHEM STEEL CORP. (AND SUBSIDIARIES CONSOLIDATED)—Continued Capitalized: By stock dividends___ By direct transfers to capital or capital surplus (net). By direct transfers to capital or capital surplus (net) - 7,711 Earned surplus, balance Dec. 31, 1949_. 126, 311 YOUNGSTOWN SHEET & TUBE CO. (AND SUBSIDIARIES CONSOLIDATED) By direct transfers to capital or capital surplus (net)-- Total earned surplus retained at Dec. 31, 1949 3 Credits: Reserves restored, $34,562; judgment against U. S. Shipping Board, $5,272; management compensation waived, $1,611; interest on management stock purchase plan, $1.980: items applicable to prior years (net), $910. Charges: Vacation allowances, $15,625 premium, discount, and expense on bonds, $13,043. Premium on bonds, write-down of properties, and adjustment of reserve for notes receivable. Premium, discount, and expense on bonds, $10,197: loss on investments sold, $6,306; adjustment of reserves, $4,317; miscellaneous charges, $1,359. Items applicable to prior years. 33, 542 22,988 19,597 Summary analysis of the earned surplus accounts for the years 1934 to 1949, inclusive-Continued [000 omitted] SHARON STEEL CORP. (AND SUBSIDARIES CONSOLIDATED)—Continued Capitalized: By stock dividends__ By direct transfers to capital or capital surplus (net)-- $3,525 $3,525 By direct transfers to capital or capital surplus (net) ---- By direct transfers to capital or capital surplus (net)"_ $2,395 2,395 Earned surplus, balance Dec. 31, 1949--- 105, 877 CRUCIBLE STEEL CO. OF AMERICA (AND SUBSIDIARIES CONSOLIDATED) Total earned surplus retained at Dec. 31, 1949_ -6, 362 Deficit in earned surplus transferred to capital surplus through quasi-reorganization. Premium, discount, and expense on bonds, $2,192; flood losses, $1,941; charges applicable to prior years (net), $271. Premium, discount, and expense on bonds, $5,769; provision for contingencies, $2,625; reserve for future inventory losses, $3,850; property written off, $1,327; miscellaneous charges (net), $139. 10 Capital surplus prior to Jan. 1, 1934, reclassified as earned surplus, $2.769; less transfer to capital stock account in connection with acquisition of subsidiary, $374. |