In view of the general betterment in business conditions it was decided by the directors of the Corporation to erect a big plant across the Canadian border. A site for this plant had already been acquired at Ojibway, Ontario, opposite the city of Detroit. Work has proceeded and is proceeding slowly. The plant has not been completed but several millions have been expended in laying foundations and otherwise making general preparation for the big plant that will one day stand at Ojibway. An attempt was made about this time to reduce the working hours of some of the employees from the twelve-hour to an eight-hour day. Such a course had been recommended by a special committee of stockholders appointed at the annual meeting in 1911, but the attempt was by no means an unqualified success, as the movement met with considerable opposition from the men themselves. In the first nine months of 1913 generally satisfactory conditions prevailed in the trade, and earnings were consequently improved, although operating costs had again been increased by a general wage increase put into effect on February 1st of that year. The first quarter showed net earnings of $34,426,801.54; the second, $41,219,813.42; and the third, $38,450,400.03. A pronounced decline was reported in the final three months when profits fell to $23,084,329.84. The good results of the earlier months were largely due to the big carry-over of business from 1912 and to the comparatively high average of prices received. For perhaps the first time in the history of the steel trade the railroads placed their orders for rails for 1913 delivery as early as the summer of the preceding year, and this went a far way toward effecting the results shown. After a special $15,000,000 appropriation the Corporation showed a net surplus of $15,582,183.62 for 1913. No important bond issues were made in the period, and with $16,660,866.76 in bonds redeemed the total bonded debt was reduced to $627,366,681.47, a decrease of $16,170,499.18. The total volume of business amounted to $796,894,299, of which $518,999,605 represented sales to outside customers; $211,910,441 inter-company sales, and the balance transportation and other business. The average number of employees was 228,906, the highest recorded so far, and production totalled 16,656,361 tons of ingots and 12,374,838 tons of finished steel products. The principal expenditures for capital account included $2,960,124.92 spent at Gary, $5,912,027.44 at Duluth, and $1,274,440.84 on the Tennessee plants. Fee title was also acquired during the year to certain ore properties previously worked on a royalty basis. This cost $11,670,181.87, of which $2,283,677.63 was paid in cash, and the remainder in notes of the Oliver Iron Mining Co.