New-York tribune., 1909-07-28
STEEL DIVIDEND JUMPS
COMMON STOCK PUT ON 3
PER CENT BASIS.
Trade Conditions Shoe ImproUe-
ment, Surplus for the Quarter
Being Nearly Doubled.

Convincing proof Of the great improvement IN
the iron and steel industry and business gener-
ally in the last three months was given yes
terday when the directors OF the United states
Steel Corporation declared a dividend OF three
quarters Of per cent on the common stock. an
increase OF one-quarter of per cent over the
disbursement made in the preceding quarter
and the largest quarterly payment since Sep
tennber 1908. when per cent vas paid
This places the stock on a per cent yearly
basis. but no intimation given by the ol-
rectors as to whether not three-qusrters Oh
l per cent would continue 10 be the quarterly
pavment 1t is thought however. that II the
steel business continues to improve the way
IL has done in the las. month or So at
least that amount will be paid, and IL "oulu
not cause much surprise il the payments were
increased 7" per cent quarterly OF Per 0'-'-
a year. the rate paid in lSO2
That the increase was warranted was shown
b,, the statement given out after the meeths,
v,bich gave total earnings for the quarter Oh
500 $40 491. after deducting all expenses me-
don't To operation interest on bonds ana hAeu
charges of subsidiary companies an liioi
of ST. 419 223 over the preceding quarter anu
comparing with 500 O265. I56. the total eS'riiiiis
for the same quarter year ago
The earnings for the quarter were ressiiu .
especially good in view OF the low PilOe' -
nared with a year ago. for, notwithstanding re-
oar+ Increases in certain classes. prices on an
average are from S3 to 81 a ton below the leVel
maintained in 1908 The earnings were aDouO
what had been looked for in the Street aIthousI
some estimates had been as high as $0'VV''VVV-
wall Street was guessing all day as 10 tli0
probable action that would be taken oS '
directors The general opinion seemed 10 10
that there would be increase, Out there "00
considerable difference of opinion as 10 "he'Het
the common stock would be placed on a or &
per cent yearly rate. few maintained that the
old per cent rate would be continued but tney
were laughed at by the believers in an increased
rate who pointed to the great Improvement In
the steel business and the advance in the Stock
which has risen more than twenty points IN the
last three months as evidence that there would
be a larger disbursement this quarter
sTOCK ADVANCES ON NEWS
The stock yesterday gave some inklins OF
what the directors were going TO do. Tor II
onered strong after the weak closing on Mon
aav. and. although moving rather slugsishly
during the market session. closed at net ao-
vance of lis points for the day.
Interest in the action on the dividend to be
taken by the directors was general not ohS III
this country but abroad. the one hunoreo thou-
sand holders of the outstanding $JOOOOOOoo
stock of the giant pOAdbiOi SSA4'o
over the world Brokerage offices were nooded
all dav with kilograms and cable messages from
stockholders seeking the opinions or brokers on
the nrobable action OF the directors
7 Pierpont Morgan. whose return from ku-
rome az this time was said TO be due to his de-
sire 10 attend yesterdays meeting, was gen.
ersllv regarded as being in favor Of an increase
IN 9 ner cent and 1t is believed that his was the
deciding voice in the board when the question
of an increase came up for a vote
That there was a difference of opinion in the
hoard is known. Some of the more conserva-
tive members were in favor of the old rate of
one-haIf of I per cent for the quarter. while
payment of 1 per cent for the three months.
Mr. Morgan. however. II is understood held our
for the 3 per cent rate and his wishes prevailed.
There were twelve of the twenty-four direct
ors present President William T. Corey pre-
sided in the absence of Chairman E. II. Gary,
who is in Europe. The others were ]. Pierpont
Morgan, j. P. Morgan, jr., Daniel G. Reid. Henry
G.. Frick. P. A. B. Widener. Robert Winsor, j.
II. Reed. <. c. Converse. William Edenborn.
Charles Steele and Norman b. Ream. Some of
the notable absentees besides Mr.. Gary were
George T. Baker aud William II. Moore. who
are i'm Europe: George w. Perkins. who is in
Alaska and John D. Rockefeller. jr.
In addition to declaring the increased dividend
on the common stock the directors declared the
Continued second page.