The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-04-28
U.S.. STEEL MAKES
ABETTER SHOWING
Earnings for March More Than
Four Times Those for
January.
WALL ST. rs ENCOURAGED

The report Of the United states steel
Corporation and its subsidiary companies
for the quarter ended March 81. 1915,
which was made public yesterday.
showed total net earnings for that period
Of s12,457.so and a deficit. after pay
ment OF interest and preferred dividends,
OF S5.3s9,s 6I. This compares with total
net earnings OF slo.933.I70 and a deficit
OF s5.606,2s3 for the previous quarter
and with the total net earnings OF s17.-
se4,3s1 and deficit. after dividends, Of
$6,2S9.644 for the quarter ended March
81. 1914. During the quarter last men
toned. however. the Steel Corporation
was paying dividends of / Il per cent. on
Its common stock while at the present
time no dividends are being paid on the
common, thus effecting "A saving OF &c.
353.7s1
The most remarkable feature OF the
present renort is the comparison of the
earnings for January and for March.
In the first month OF the quarter the
figures we're only s1.6s7.i50. after the
Payment of interest on the bonds OF sub
for the third month of the quarter
jumped to s7.132,Osl. The January
earnings were the smallest in the history
Of the corporation, but the March earn
ings made "A fair showing. The returns
for February were also more encourag-
Ing than for January. being s3.63s.57s.
The financial district interpreted this
great Increase In earnings over the
month OF January AZ a favorable sign
and a good argument for future bust
ness. II showed that earnings were In
creasing at most rapid rate and while
the indications were that they were
still about s5,0oo.00o below March, 1913,
they were only little more than
100000 short of March. 1914 Wall
Street always views Steel earnings on
an advancing scale in a favorable ligh.
and while the indications from the quar-
terly report were that no dividends on
the COMMON could be expected for some
time. financial circles reasoned that the
turn had been reached and that unless
the Unforeseen happened the improve
ment would continue.
The total earnings for the quarter be-
fore making deductions for interest on
the bonds of the subsidiary companies
were Sl5,0S2,3TO. AS compared with
s2o.45o,ssS for the corresponding quar-
ter in 1914. while the net income
amounted to s6.6S4.5T3. against sle,-
l9s.35s In 1914. The balance available
for dividends for the quarter just passed
was S915,oiS. as compared will. $3.50
05s, while the deficit after the payment
OF the preferred dividend was $3.50. SCI. .
against deficit Of S6.2S9.6i4 for the
quarter ended March 81. 1914. In the
latter case preferred and common divi-
dends aggregating sl2.65S,10O were paid.
while this year only the preferred divi-
dend, amounting TO s6,3Oi9l?. was paid
The largest total net earnings ever
shown by the steel Corporation were
sf350s.70i for the quarter ended June
80. 1907, with a net income of s31.7SO,-
40 and surplus for the quarter after
dividends of S2l.aa1 ,oSo. The smallest
total net earnings ever shown were
s1n,o33,17o for the quarter ended De-
Ccmber II. 1914. The smallest previous
earnings ever shown by tho corpora ton
for January were se.SsS.2l3 in 1904 and
tho largest were Sl2.S3s,103 in 1907. Tho
largest earnings ever shown by the cor
poration for a single month were Sl7.-
o5e.2Ii for October. 1907.
Tho detailed statement for the qua rter
ended March 81. 1915. is as follows
EARNINGS