New-York tribune., 1910-07-27
limp IN STEEL EARNINGS
r,;vidend Basis of 5 Per Cent
Maintained by Board.
GREET FEARED REDUCTION
showing for June Quarter Ex-
eeeded Only Once IN History of
Company, in Record Year.

r.srs that had been entertained in some
--s-+ers in Wall Street that the dividend
= Tinted States Steel stock would be re-
need were set at rest yesterday. when the
s-sc7ers a. their quarterly meeting de-
Jared 8 dividend OF IL per cent fer the
,.s-te- ended June 80, thus maintaining the
s.ae, on the 5 per cent yearly basis estab-
,sbed three months ago. The directors also
,..c,sred tae usual quarterly disbursement
ga. per cent on the preferred stock
there wss no cause for the alarm. as was
saoxn BY the statement given out after the
r.sting. which gave total earnings for the
q,arte- Of $50 I7e, $50. which was more than
: uiIlien dollaUs above the highest est
ustes that have appeared il the Street
these estimates ranged from $50 ooe. .00a down
- ss.8s8ag. i had also been thought that
Apri would show the largest returns OF
cav month IN the quarter. but, as it turned
eut. June made the best showing, with
ssr-ings Of s1s.52s7l5. as against Sl5,4I4, sos
.sr Aprn and 81. .22a. .2Ss fer May.
Tse untitled tonnage cid not quite come up
e expectations. being -, ,7s4 tons. where
IS IN the neighborhood Of 4.5oo.o coo had been
leekei Far. The board at its meeting yes
,erdsy adopted g resolution offered by !. 2.
Morgan thar the officers hereafter make
7abl;c CT the 10th day OF each month the
aggregate tonnage Of untitled orders On
hand 81 the close Of the previous month.
News Welcome in the Street.
This pill be welcome TO Wall Street. which
socks upon the steel trade as the barometer
Of business Il general. and an official state
-lert every month OF the amount of u1l-
filed orders en- the books OF the Steel Cor
poration uiE enable the Street 70 judge
mere accurately than 1t has IN the past the
reai situation II the business world
The report submitted yesterdav, showing
tatsl earnings for April, May and June Of
sls17lsso. after all expenses incident 10 op-
Grafton lad been deducted. compares with
sLaS.S-5 for the March quarter, and with
g. 30 81, the total earnings for the CORE
spending quarter q year ago. This showing
for the June quarter has been exceeded
oaiy once n the history Of the company,
;n the record breaking year 1867. when the
earnings aggregated S45, 553, 704, which is the
high record fer any quarter since the COM
1zry was incorporated
From The total earnings of SOLO. $50 are
deducted charges and appropriations as
follows Sinking funds CT bonds Of subsidi-
BIZ companies S720. 80. and depreciation and
extraordinary replacement funds. $. .569 so,
s fetal Il s6.G40, EOS. leaving net earnings OF
Ss-Sso.-s5- From the let earnings are de-
dCcced s, So 500 for interest for the quarter
or outstanding bonds Of the United States
steeI Corporation and g. A.. .599 for sinking
funds, leaving 81. -g5 available for divf-
deuLs- The surplus net income for the
q'la--e-, after sUbJTacting the s6.304919 re
CURED tc- payment Of the "a Per cent divi-
der5 On the preferred stock and tie s.. .S52.
e needed for the II Per cent On the COM
mon. tz z-5.s1o.0e3.
Surplus Less than for Last Quarter.
From that surplus is appropriated, on
Account OF expenditures made and to be
mace en- authorized appropriations for ad-
oi-o-sl property, new plants and coustruc-
;ie- s. 5l0.0o0 leaving z balance CT surplus
20 -He quarter of S5,41o.os5, as against a
49, 81 surplus reported for the three
months period ended OF March 81
The ur1lled orders amounting 70 4.257, IA
;o--. on the books Of the corporation On
jane So. compared with : aa2-514 tons on
March q. last. 5,s-- est On December q.
,sle 796 Cs OF September s., 4e57.9S9 on
.u-s 50, and 5,s42,5s5 tens On March g.,
.ale. The high record for unified orders
Va E4sa,1s tons. on December 81. 1soe
end the low 5.127.4as tons, On Septernbssr
& --4
Fourteen Of the rwen-y-foUT directors
we're present a. Yesterdays meeting.
President William Z Corey presided, In
t-5 Ehseace Of + Il Gary, chairman CT
- board. VINO Is II Europe The others
~lo attended were ). Pierpont Morgan.
? Morgan. j. Thomas Morrison. T. g
C0u-e-Se George r Baker, Clement a.
1z-1sccIn. John Z Dryden, Samuel Mathsr,
+zsu-y Walter Charles Steele, P a 2.
TVi6e1er. James H Reed and George "
Perkins Some OF the absentees besides
sl- Gary were Henry c. FTick. Daniel G.
Esid. William H Moore and Norman Z.
Rs6u.
The dividend on the preferred stock IS
tavabIe OF August 81, and that On the
ce-rcr stock on September =