Net profits from April 1, 1901 to December 31, 1919 $1,732,070,796 Deductions; special reserves, etc. 32,227,566 Balance of profits 1,699,843,230 Preferred dividends paid (131¼ per cent.) 496,391,722 Common dividends paid (89½ per cent.) 454,908,882 Total dividends paid 951,300,604 Surplus profits 748,542,626 Appropriations for capital expenditures, etc. 280,494,424 Balance of profits carried to surplus account 468,048,202 Summary of undivided surplus: Surplus or working capital provided at organization $ 25,000,000 Balance of surplus accumulated to Dec., 1919 468,048,202 Total undivided surplus 493,048,202 Appropriated surplus 280,494,424 Total appropriated and undivided surplus 773,542,626 Table of number of common stockholders as shown by the Corporation’s books each quarter since organization in 1901. These figures indicate how the Corporation’s junior stock has been widely distributed and how it has grown in favor with investors in recent years particularly. YEAR 4TH QTR. 3D QTR. 2D QTR. 1ST QTR. 1920 95,776 90,952 87,229 83,583 1919 73,318 73,456 74,071 78,018 1918 72,779 65,862 63,507 61,044 1917 51,689 44,789 43,482 42,564 1916 37,720 40,430 41,156 41,910 1915 45,767 51,169 55,907 56,825 1914 52,785 50,195 47,695 47,221 1913 46,460 44,398 41,324 38,679 1912 34,213 34,645 35,106 36,555 1911 35,011 31,472 29,853 29,235 1910 28,850 28,910 24,435 22,033 1909 18,615 16,861 17,342 21,522 1908 21,093 24,804 27,439 29,563 1907 28,435 20,513 18,539 15,975 1906 14,723 14,879 [D]---- 17,525 1905 20,075 [D]---- [D]---- 24,531 1904 33,395 35,706 [D]---- 36,980 1903 37,237 34,997 28,987 26,830 1902 24,636 21,321 19,640 17,723 1901 15,887 13,318 ---- ---- [D] No figures available. PRODUCTION (GROSS TONS)