The Washington times., 1915-10-17
i. S. Adjusts Business
Gradually to the War
Further Evidence of Improvement in Spite of Disturb
ing Factor Recorded Each Week-Press of Ma
tion Comments on Outlook.

With each succeeding week Amer iitan
business, adjusting itself = That prin-
opal disturbing factor-the European n
walls recording further evidence Ct
improvement.
A "A consequence commerce and A.
nance generally are constructing upon
q tirmer foundation and. while specu-
public appears to be needing warnings
against over-indulgence in securities
whose principal claim to values Is based
upon reported war contracts.
The NeU York Times foresees a resto-
ration to normal trade conditions with
out prospect Of interruption before the
end OF next year at the earliest. In
commenting on conditions today 1t
says:
the exceptional conditions arising from
the war makes normal what at first
was the reverse, and enables business
men TO accommodate themselves to
the new order OF things. This is the
reason why now. in many mercantile
being made far in advance. 1t being
pretty we'll agreed that there will be
/ no unusual disturbing factors to inter-
ferc with either foreign or domestic
the earliest. In the export field this Is
a particularly cheering thing. because
the lapse of time that ensucs in that
kind of trade between the soliciting
Of goods and the delivery OF the orders
Ia one of the important things to be
rcckoned with. Quicker adjustments
are. OF course. possible in the purely
domestic trade. but, even In this. the
interval is quite large between the
ordering OF fabrics at the mills and
the sale OF the garments made OF the
materials 81 ordered. The nearer the
equality OF conditions at both ends
Of the line. the greater is the conf
dence felt which means so much In in
creasing business"
In past years the steel industry has
been regarded as, the business barome-
ter In this country. and never before
probab bly, has that industry enjoyed
such a boom as it is now well launched
upon.
Discussing the condition of the Uni
ted States Steel Corpora. ion. the Nc,o
Yort Press makes the following conn
ment:
wall Street believes the forthcom-
ing quarterly statement of the United
States steel Corporation will make the
best three months showing in the his
tory Of the concern. In certain quarters
In the financial district there is posi-
tive talk regarding the declaration of
Q dividend on the common stock at the
directors meeting a week from Tues
day. while in other quarters 1t is
thought that. in spite of the great ex-
pansion In the steel business In recent
months. the directors of the corpora
ton will wait until the February meet
ing Of the board before resuming pay
ments on the Junior stock.
Directors OF the United States Stee!
Corporation have never hesitated to
pass dividends when earnings have been
poor. They always have acted prompt
~ in matters affecting the best interests
OF the stockholders. and as earnings I'm
the last thnoe months have been above
dividend requirements for the preferred.
with big surplus for the common,
while all indications point to n long
period of pronounced prosperity In the
iron and steel trade. II Is within the
realm OF reason to believe that holders
of the common will not be compelled to
wait until the new year for return on
their investment.
Estimates OF net earnings for the
quarter ended September 30 run as high
as sJo.cOO0'o. In the quarter ended June
~ net earnings were 81 .95O.o55. which
compared with sl2i57.Soo In the first
quarter OF the year. the latter being an
increase OF 81 .52t, $50 over the last quar-
ter of 1914. the poorest three months
period in the history of the orGaniza-
lion
Confrnted with a period OF depression
such as they had never before been