Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1911-11-01
u. S. STEEL.
Directors Hold Regular
Quarterly Meeting.
Unusual Interest Attached by
Reason Of Dissolution Suit.
Usual Dividend Declared on Com
mon and Preferred Stock.

| New York, Oct. 31.--In spite of ap-
parently unfounded rumors circulat
ed on the Stock Exchange that steps
We're being taken to enjoin the COM
mon dividend of the United States
Steel Corporation and gossip also that
| it might be reduced the usual distri-
button Of l "A per cent. on that Sc
curity was declared at the regular
quarterly meeting II the directors aft
er the close of the market this aft
ernoon. There was complete accord
among the directors present, il was
stated. after the meeting, as to pay
| ment of the regular distribution which
! the quarter financial statement showed
/ had been earned although no extra APP
propriations We're made for eXpendi-
lures.
Unusual interest attached to the
meeting by reason of the dissolution
suit recently instituted by the govern
ment against the corporation and the
latter's announced determination to
oppose the proceedings. but nothing
additional ON this subject was made
public but the directors be interview
ed. Their deliberations. which were
preceded by the regular meeting Of the
finance committee. were brief.
Trade conditions in their relation to
the immediate future formed the
basis. it was said OF part of the dis
cussion
The financial statement which was
for the third quarter of the year end
| ing Sept So showed earnings of $2s,-
~, I25 with net earnings Of $2,Il6.laf.
These compare with SIS, 10S,529 and
81. s39 $40 respectively. for the quarter
Immediately preceding. Fer the cor
responding quarter OF 1910 earnings
and net earnings We're 1855. Isl and
| b3i.1iS - respectively.
In practically all particulars the
statement was decidedly better than
had been expected, judged BY esti-
mates put out from Pittsburg and
other steel centers The surplus net in
come for the third quarter is $2.7i5, 49,,
as against 81. SG9.l77 in the preceding
quarter tut is much below that of
the same quarter last year. when this
item totalled S11.o7S. o62
on the other hand. no appropria-
| ti0ns from surplus were made the last
quarter, while in the third quarter,
last year. the slim of s. 500 600 was set
aside for expenditures. which included
authorized payments for additisnal
property, new plants and construc-
ton.
| In addition to the common stock
dividend the directors also declared
the regular quarterly dividend of Ia
per cent. on the preferred stock.
The course of steel shares on the
Stock Exchange earlier in the day re-
Elected a degree of uncertainty as To
the outcome of the meeting. but the
common stock was well supported
throughout and in the final hour adj
vanced to 55K, ana closed at 549s. a
net gain of rs.
New York. Oct. 3t-United States Mar
shall Hengel received today. from the
federal district attorney at Trenton, n
j., 10 subpoenas for the defendants In
the government equity suit against the
| United States Steel Corporation who re-
side in this district
Copies of the complaint have been serV-
ed ON J. p. Morgan. Ebert II. Gary and
others and the subpoenas for their APP
pearance by counsel will also be served
on all of them.