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Fig. 227. Financial Condition of the United States Steel Corporation in Different Years as Shown by the Balance Sheet

Curve 10. Current assets

Curve 11. Cash holdings

Curve 12. Current liabilities

Here the numbers in the vertical scale represent larger quantities than in Fig. 226 and the spacing is closer in the vertical direction. Nevertheless, the numbers are easily read. To avoid any chance of error in interpretation it seems well to write out in full even the large numbers necessary here

affirmative, for from the evidence given, the property has been adequately maintained .

Fig. 227 illustrates the financial condition of the company as disclosed by the balance sheet. This chart is very conclusive, for it shows a very large excess of current assets over current liabilities, while cash holdings have tended to eciual or exceed the total current liabilities. The balance sheet, therefore, indicates continuous and increasing financial strength. Current assets in 1912 reach nearly

CORPORATION FINANCIAL REPORTS 319

$300,000,000, compared with $275,000,000 in 1907. Current liabilities were $60,000,000 in 1912 and $45,000,000 in 1907, but cash increased from $54,000,000 to $67,000,000. The Steel stockholder has, therefore, good evidence that his compa-ny is being managed with great sagacity in all departments.