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RATE OF EARNINGS ON STOCKHOLDERS' EQUITY BEFORE AND AFTER FEDERAL

INCOME TAXES
COMPANIES REPORTING TO THE AMERICAN IRON AND STEEL INSTITUTE

ANNUALLY, 1946-1951

Porcent

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Not incomo boforo Federal income

toxos.......
Not income after Federal income

Taxos.......
Dividonds.............
Reinvested earnings .................

18.1 10.6

28.1
13.9

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11.2

3.7
3.0

4.5
5.5

52

4.5
7.4

4.5
6.1

5.7 8.2

'Rates of earnings are computed on average Stockholders' oquity (i. e., *Tokal Slocks and Surplus plus Reserves').

2 The Industry Earnings Standard base is 85% of the earnings of the best three of the four yoars, 1946-49, inclusive, which is 15.7 porcont on the basis of this sorio s.

P Proliminary Source: Based upon the Annual Statistical Reports, American Iron and Steel Institute. 52 companies in 1946; 50 in 1947; 48 in 1948; and 49 in 1949 and 1950. Ratios for 1951 based upon release in New York Times, Apr. 13, 1952, and Office of Price Stabilization.

DISTRIBUTION OF TOTAL REVENUE
COMPANIES REPORTING TO THE AMERICAN IRON AND STEEL INSTITUTE

ANNUALLY, 1946. 1951

Billions of dollars

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Federal taxes.
Other expenses (Depreciation, depletion and amortization, interest and charges on long

term debt and stoie, local and miscellaneous taxes).
Materials, supplies, freight and other services.
Employmont costs.

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Source: Based upon the Annual Statistical Reports, American Iron and Steel Institute, 52 companies, 1946; 50 in 1947; 48 in 1948; and 49 in 1949 and 1950. Statistics for 1951 taken from release in New York Times Sunday, Apr. 13, 1952; Office of Price Stabilization.

PERCENTAGE DISTRIBUTION OF TOTAL REVENUE
COMPANIES REPORTING TO THE AMERICAN IRON AND STEEL INSTITUTE

ANNUALLY, 1946. 1951

Percont

[graphic]

36.8 47.7

5.2. 4.2 6.1

1946

1947

19.48

1949

1950

1951

Income after taxes.

Fodoral taxos.

Othor oxpenditures (Depreciation, depletion and amortization, interest and charges oa long

term de bl and slale, local and miscellaneous taxes). Materials, supplios, froight and other servicos.

Employment costs.

1946

19.47

1948

19.29

1950

1951

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

32.5

Total Rovonvo..........................
Total employment costs ...........
Materials, Supplies, etc. .........
Other exponditures..................
Federal taxos...........................
Income after taxes.......................

41.2
45.2
5.4
2.7
5.5

34.9
49.4
5,2
4.8
6.7

35.0
47.3
5.5
5.1
7.1

33.2
45.6
5.1
8.1
8.0

4.8 10.8 5.8

Source: Based upon the Annual Statistical Report American Iron and Steel Institute. 52 companies in 1946; 50 in 1947; 48 in 1948; and 49 in 1949 and 1950. Ratio for 1951 based upon release in New York Times Sunday, Apr. 13, 1952, and Office of Price Stabilization.

PROFITS PER DOLLAR OF SALES BEFORE AND AFTER FEDERAL TAXES

TEN LARGE IRON AND STEEL COMPANIES

ANNUALLY, 1939 · 1951

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SOURCE: Data supplied by the Board of Governors Federal Reserve System, special sample of 10 iron and steel companies included in the Federal Reserve sample of large corporations. These 10 companies are: Armco, Bethlehem, Inland, Jones & Laughlin, National, Pittsburgh, Republic, U.S. Steel, 'Wheeling and Youngstown. The following note was supplied by the Federal Reserve: Figures were derived from income data and year-to-year changes in balance sheet accounts as shown in the Composite Balance Sheet and Income Statement. Asset write-ups and write-downs, stock dividends, and other nonfund bookkeeping transfers are now shown separately, but are eliminated from the income data and changes in balance sheet accounts in the Sources and Uses of Funds Statement, and Office of Price Stabilization.

ANNUAL RATES. OF RETURN ON STOCKHOLDERS' INVESTMENT FOR TEN PRINCIPAL STEEL COMPANIES COMBINED?

1917–1951

Porcent
SO

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1917
1918
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
19.40
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951

3 2.21
3.50

Before income taxes

10

Altor
income
toxos

1.86
5.72
9.02

.02
5.17
10.78
19.25
19.12
14.53
12.36

7.54
10.12
17.58
21.16
18.16
26.29
29.94

8.20
8.87
5.90
5.38
5.12
4.75
7.14
11.39
14.00
11.72
14.91
12.57

1917 1920

1930
19.40

1950
The companies are: U. S. Steel Corp., Bethlehem Stool Corp., Republic Steel Corp., Jones & Laughlin Stool Corp., Youngstown Shoot & Tubo Co., Now
Htional Steel Corp., Inland Stool Co., American Rolling Mill Co., Whooling Stoel Corp., Oris Stool Co., (absorbed by Jones & Loughlin June 30, 1942), Pints.
burgh Steel Co.

?Federal and other income toxos.
3Donotós los..

Annual equivalont based on first half of the voor.

Source: Compiled by Federal Trade Commission for Basic Data Relating to Steel Prices, Joint Committee on the Economic Report, 81st Cong., 2d sess. Data for 1949, 1950, and 1951 were supplied later, and Office of Price Stabilization.

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