New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-11-01
Usual STEEL DIVIDENDS
pumors of Cuts at Quarterly
Meeting Proves Unfounded.
EARNINGS BEAT ESTIMATES
n;rectors Discuss Suit, but No
Action Was Taken, 1t
Is Declared.

r.o usual dividends on the common and
TERED stocks were declared by the d.
fo,ors Of the United States Steel Corpora
49, at the quarterly meeting yesterday
rs,e vas in accordance with general ex-
...o,aNons IN Wall Street. although il had
Zen rumored in some quarters that the
r,,s on the common would be reduced. ow-
az N low prices combined with the falling
"A in business in the steel trade in recent
,nonths. The total earnings of the corpora
,,cn for the three months, as shown in the
statement made public after the meeting.
,rere s29,522. 725. which was considerably in
sxcsss # the preliminary estimates.
No action was taken by the directors. so
Oar as was made public. toward formulating
q nan Of defence against the dissolution
suit instituted by the government. but from
,he fact that Francis Lynde Stetson, gen.
sral counsel for the corporation who is not
q director. attended the meeting, it was
presumed that the subject of the suit and
,be best way TO meet It was discussed
!. Pierpont Morgan was not present and
neither vas Henry c. FTick, but most of
The other prominent directors attended the
meeting. among them being George r.
Baker. George W. Perkins. William E.
Corey. +. c. Converse, Daniel G. Reid.
Charles Steele, Henry Walters. Percival
poberts. p a. r. Widener. Robert Winsor
and Of course, ex-Judge f. H. Gary. chair
nan OF the board, and President James \.
Farrell
Decline Not So Heavy.
The belief in the steel trade that the
month Of September would show a heavy
failing of in earnings from August proved
10 be wrong. the decline amounting TO less
than $3.50 900. The earnings for each month
Of the quarter. according to the statement
submitted yesterday, were as follows: July.
N75c. g67 August. $1O,710.145, and Septem-
Der S1O.062.1l3
The total Of s29,522.725 compares with
s2s $50 for the June quarter and with
1885, 1877 for the three months ended on
September so. 1910. The largest earnings
for a September quarter were S43 S04, 2S5.
in 1907, and the smallest. s1s,773,932. in
1907
From total earnings for the quarter is
deducted SS.sO6,5sS for sinking fund require
ments on bonds of subsidiary companies
and for depreciation and extraordinary re-
for the three months S22,7l6157.
Deductions from the net earnings OF
T,7sl l57 for interest on the outstanding
bonds Of the corporation and of Sl,55OSQs
for sinking funds on those bonds leaves a
balance Of S15.4O4,194. From this balance is
subtrac the quarters dividends on the
preferred and common stocks. aggregating
S2s5s700, which leaves surplus net income
for the quarter Of s2,745.494. This compares
with 81, s69177 three months ago and with
Sl,o7So6s. the surplus net income on Sep
tsmber 80, 1910
Orders Coming in Slowly.
The untitled orders at the close Of the
quarter were 36ll,3l7 tons, as was an
nounced on October 10 This compares with
SS6lO5S tons at the end Of the preceding
quarter and 315S,1O5 tons on September 30
g year ago. orders for the current month
have been coming in slowly. and IT is not
expected in the trade that the october
statement Of untitled orders will show
much improvement over September There
IS also said to be no indication at the mo-
present low level.
me quarterly OFfuenuS OF "a per cent
on the preferred and IA per cent on the
common stock declared by the directors
yesterday are payable, respectively, on
November % and December 80.
Marshal Henkel received yesterday from
the federal District Attorney at Trenton.
n j.. nineteen subppnas for the defend
ants in the governments equity suit
against the United States Steel Corpora
ton who reside in this district Sum
monses and copies Of the complaint have
been served on J. p. Morgan. Ebert II.
Gary and others. and these subpPnas for
their appearance by counsel will also be