The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1910-02-18
DIVIDEND
Increased on United States
Steel Common Stock

The total of 1909 dividend pay
ments on the common stock of the
United States Steel corporation was
brought up to an even four percent
recently when the directors of the
corporation at their quarterly
dividend meeting declared an extra
distribution of three-fourths of one
per cent in addition to the regular
quarterly dividend of one per cent
on that security. The stock was
put en- the four per cent annual
basis at the previous dividend meet
ing of the board, held at the close
of the September quarter. At the
close of the June quarter the stock
had been put on a three per cent
basis. For two years and half
prior to that time it paid two per
cent a year. In 1906 it paid one
and one half per cent, in 1904 and
in 1905 there were no dividends, in
1908 it paid three and one-half per
cent, and in 1902 four per cent.
The regular quarterly dividend of
one and three-fourths per cent was
declared on the preferred stock
also. The quarterly statement of
the company's earnings showed
larger total earnings, net earnings
and untitled tonnage than at the
end of any quarter since September
80, 1907. The total earnings and
net earnings were the largest of any
December qnarter except that of
1906, when they were exceeded by
a comparatively slight margin.
Net earnings for the quarter were
$40, 97I, 800, or about what had
been estimated: This compares
with $50, 100000 for the October
quarter and $40, 900, 900 year ago.
Untitled orders on hand were ap-
proximately six million tons.
show a decrease from
October, being $14, O48, 2O5 in that
$13,711,765 in November,
and 13,211.739 inDecember. The
surplus for the quarter was $16,-
263, 39o and for the year $27, $780,
1870. From the standpoint of un-
filed business the future of the
steel industry could hardly be more
encouraging than it is at the pre-
sent time. Eight of the large steel
companies, including the United
States Steel corporation, the Jones
& Laughlin Steel company, the
Bethlehem Steel corporation, the
Republic Iron & Steel company,
the Lackawanna Steel company,
have on their books close to eleven
millions of untitled orders, which
activity we'll into the
latter part of the first half of this
wear. In certain lines the mills are
booked even further ahead. This
large untitled tonnage indicates that
the earnings for the first six months
of this year will establish new
high record Notwithstanding prices
of steel are lower than they were in
1907. These lower prices are offset
to large extent by the ability of
certain mills to cut down the cost
of production. The Steel corpora
ton expected to show earnings of
800, 100000 or more the first half
of 1910, and if the outlook in June
is as favorable as at the present
time Steel common should then be
on a six per cent basis. The Re-
public Iron & Steel has been
making valuable showing
and there are indications
that with continued prosperity the
common shareholders will get an
initial dividend within the next
twelve months. Recently the Cam
bria Steel company increased its
dividend on evidence of better
earnings and Charles M. Schwab is
anxious to start dividends on the
preferred stock of the Bethlehem
Steel corporation as soon as the
new construction now under way is
completed. The company's works
are operating in full and earnings
available for dividends are running
closeto fifteen per cent on preferred.
0pN Q0AnS