"c           VAR 0047      09007 NETOPER 3R 924-942               MD= 1E-37   "
"c           REF 0047         LOC  384 WIDTH  9             DK   6 COL 71-79  "
"c                                                                            "
"c                                                                            "
"c              NET OPERATING INCOME, U.S. STEEL CORPORATIONS                 "
"c              ---------------------------------------------                 "
"c                                                                            "
"c              NBER SERIES:  09007                                           "
"c              AREA COVERED:  U.S.                                           "
"c              UNITS:  THOUSANDS OF DOLLARS                                  "
"c              ANNUAL COVERAGE:  NONE                                        "
"c              QUARTERLY COVERAGE:  SECOND, 1927 - FOURTH, 1942              "
"c              MONTHLY COVERAGE:  01/1924-12/1931                            "
"c              SEASONAL ADJUSTMENT:  NONE                                    "
"c              SOURCE:  COMMERCIAL AND FINANCIAL CHRONICLE.                  "
"c                                                                            "
"c              NOTES:  SERIES 09097 IS PRESENTED HERE AS TWO                 "
"c              VARIABLES--(1)--ORIGINAL DATA, 1901-1929  (2)--ORIGINAL DATA, "
"c              1924-1942.                                                    "
"c                   DATA ARE EARNINGS BEFORE DEDUCTION OF INTEREST ON BONDS  "
"c              AND FIXED CHARGES OF SUBSIDIARY COMPANIES.                    "
"c                   BEGINNING IN 1932, ONLY QUARTERLY FIGURES ARE            "
"c              AVAILABLE.                                                    "
"c                   THE FIRST QUARTER, 1932 THROUGH THE FIRST QUARTER, 1933  "
"c              EQUAL DEFICITS.                                               "
"c                   BEGINNING WITH THE THIRD QUARTER, 1940, FEDERERAL        "
"c              INCOME AND EXCESS PROFITS TAX PROVISIONS ARE NOT EXCLUDED,    "
"c              AS WAS DONE BEFORE; TO OBTAIN COMPARABLE DATA, THEY WERE      "
"c              CONTRUCTED AS FOLLOWS:                                        "
"c                                                                            "
"c                   EARNINGS AS SHOWN IN SOURCE (HERE CALLED NET OPERATING   "
"c              INCOME)                                                       "
"c              (1)        1940        1941       1942                        "
"c                 I.      --        73,588     99,672                        "
"c                 II.     --        84,215    119,516                        "
"c                 III.  69,598     100,153     97,063                        "
"c                 IV.   70,166     105,119     70,425                        "
"c                                                                            "
"c              (1)        FEDERAL INCOME AND EXCESS PROFITS TAX PROVISIONS   "
"c              (1)        1940        1941       1942                        "
"c                 I.      --        11,800     39,755                        "
"c                 II.     --        32,800     77,245                        "
"c                 III.  11,533      37,686     44,600                        "
"c                 IV.    7,347      36,414      6,200 CREDIT                 "
"c                                                                            "
"c              CHECKED MANUALLY; NO CORRECTIONS NECESSARY.                   "
"c                                                                            "
"c           ...............................................................  "