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From 1940 to 1949 the cost of employing United States Steel's workers and the cost of the products and services bought from other employers have increased from 76.2 to 79.6 cents of the sales dollar received from customers; taxes have increased from 6.3 to 7.9 cents. Wear and exhaustion of facilities has declined from 6.7 to 5.2 cents and interest payments have decreased from 1.3 to 0.1 cent. The net effect of these shifts in cost has been to bring about a decline in income income decreasing from 9.5 cents of the sales dollar in 1940 to 7.2 cents in 1949. Meanwhile, there was a substantial added investment in tools required to carry on in 1949 the increased volume of business.

EXHIBIT S-237

CHART 8.-Total assets, sales, income, and taxes, United States Steel Corp. and

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Assets are as shown on books at the end of each year, including intangibles.
Earnings are after all charges, including interest.

Taxes include all Federal, State, and local taxes, except social security taxes.

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1949

$2,556, 365, 712 2,301,685, 689 165, 908, 829 182, 221, 366

1000

1500 MILLIONS OF DOLLARS

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Changes of basic significance have occurred in the relationships between assets, sales, income, and taxes in the past 48 years. The changes are assignable to factors both within and beyond the control of United States Steel. The change in the value of the dollar and Government policies have had an influence on such relationships. The assets are measured largely in terms of previously spent dollars which had a value in excess of those currently used to measure income and taxes. In 1902 assets amounted to about $3.60 for each dollar of sales, in 1940 the relationship was $1,67 and in 1949 only about $1.10 of assets were so

required. During the interval, 1902 to 1949, assets increased more than a billion dollars.

Income per dollar of sales declined from 21.3 cents in 1902 to 9.5 cents in 1940 and to 7.2 cents in 1949. Meanwhile, taxes per dollar of sales increased from about one-half of 1 cent in 1902 to 6.3 cents in 1940 and to 7.9 cents in 1949. Taxes in 1902 were only 2.6 percent of income while in 1949 taxes were 110 percent of income.

EXHIBIT S-238

CHART 9.-State, local, and miscellaneous taxes, United States Steel Corp. and

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State, local, and miscellaneous taxes have shown a rapidly rising trend since United States Steel began operations. Such taxes were $2,391,466 in 1902 and totaled $56,180,953 in 1949 an increase of more than 2,200 percent. In 1902 the State, local, and miscellaneous taxes were about 21 cents per ton of ingot capacity compared with $1.80 in 1949. In 1946, just after World War II, these taxes were $37,000,000 and in the 3 next years increased about 50 percent.

EXHIBIT S-239

CHART 10.-Taxes for government, United States Steel Corp. and subsidiaries

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Federal taxes evidence an upward trend. United States Steel's Federal income taxes in 1949 were $126,040,412; the State, local, and miscellaneous taxes brought total taxes for the year to $182,221,366. This total is a peacetime record high. United States Steel's Federal taxes were alone more than the entire fiscal year 1949 expenditures of the legislative and judicial arms of the Federal Government.

EXHIBIT S-240

CHART 11.-United States Steel's taxes in 1949-tax equivalent, United States Steel Corp. and subsidiaries

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$182, 221, 366

285, 265 510, 551, 882 $2,301, 685, 689 23, 109, 756

Includes all employees except those engaged in activities such as new construction,

United States Steel's taxes in 1949 were $182,221,366.

This is equivalent to an average of $638.78 per production employee, $0.36 per production man-hour, $7.92 per $100 of sales, $6.98 per share of common stock. Data exclude $18,198,462 of social-security taxes included in employment costs.

EXHIBIT S-241

CHART 12.-Employment costs and income per dollar of sales, United States Steel

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