The Washington times., 1915-03-19
WALL STREET FIRM,
RA|LERS ADVANCE
Volume Of Trading on Stock Ex-
change Improves Over Yes.
terday's Market.

NEW YORK. March 19.-The volume
Of trading was slightly improved today
and stocks generally we're firmer, the
major portion of the strength, as on
yesterday, was centered in the indus
trials and specialtics. hTe railroad
stocks, however. were up on an aver
age OF one-half point.
Reading continued to be enc OF the
most active stocks. but it appeared to
nave better support this morning and
showed a small gain.
Bethlehem Steel was the strongest
issue in the list, and established a new
high record by selling at CO.'S, a gain
OF ia points.
The copper stocksafound a good mar
ket Amalgamated registered gain
Of q point. selling at 56h Utah was up
~ points at s.. and Ray Copper sold
at Is, an advance Of fve-eighths of a
point.
Two factors which worked to reduce
the business Of the United States Steel
Corporation last year were low prices
and a shrinkage in foreign sales after
the outbreak of the war. The annual
statement today showed gross income
Of S55S S.4h,934. a decline of $238 40 1865
from the previous years high record for
the corporation. while sales exclusive
gated $780, 228 l43. a decline of sl3S III 1862
The turnover was the smallest since
1908, when the steel industry felt the
effects Of the panic.
The net result of the year, published
some time ago, was q balance Of ST.
, 663,6l5, after running expenses and in
terest on bonds Of subsidiary companies
mad been paid. as compared with H.
1sl .SH In 1913 After paying the usual
7 per cent preferred stock dividends and
per cent on the common stock. the
corporation had a deficit Of SIS 1888
against surplus OF 3l5,5O0,0 900 in the
preceding year.
The report states that the lesscninp
Of demand for steel products, which be-
gan In midsummer of 1918, continued
generally throughout the succeeding
year
Expenditures made by all companies
account aggresated S23, IL. Ol3, in com
parison with S1 ,999 900 in the previous
twelve months. of which 81, $40, 6oo went
to tho new Minnesota plant near Du-
luth. Inc works can be finished the
report says at an additional cost of
s@vc'0oO, and will be completed this
year II business conditions warrant For
| ordinary, repairs and maintenance the
corporation spent S40.345.Ol9. a decrease
OF Sl2G"6ll, and for extraordinary re-
placements $5,0Z7,575 was the total dis
nursements, as compared with 1891 $40
the total set aside from gross income
for depreciation of plant. exhaustion of
minerals, and renewals was $S4 S47 Gal a
decliEe of sl9.3s9 9t6
me dSeregdle tonnage of rolled steel
and other finished products shipped TO
the trade at home and abroad was o.
c'S,559 tons. decline of 5000, 1879 tons
from the record of 1913. In preparing
me steel for market the plants of SUBJ
Sloiary companies were engaged at An
average rate throughout the year of
ABOUT 81 per cent Of capacity In the
preceding year S per cert OF capacity
was the approximate average.
The average wage paid all employees
Was S2.97 day, slightly more than in
l3l3, owing largely to the fact that the
general advance of wages made In 1918
| did rot take effect until February ! OF
that year and the full effect appeared
| for the first time in the report for 1914.
The total value OF foreign shipments
vas $G,S4.oSl. which was s25, ,033 9SS less
| than in 1918. This table shows the prin-
| cipal figures for 1914 in comparison with
those for 1918:
1914. 1913
Cross sales to outsiders $3.50, Us l43 SlS ESQ 6O5
lntercompany sa ales.....: 1%s, j657@s @ll9l0. AL
Gross earnings from all
sources .:.:....,........ S5sAAs33 7ss sa. csa
Balance before deprec.
chgs. and divs.......... II, SIS l37 ISL 24I
Net income ............. i6. $50 4o7 lo5 320 SOL
Number of employees. I7a 3J3 22S COS
wages ................. l6o. 369 i07 207 2o5. i76