Evening star., 1916-04-30

vestors and held IS permanent invest
ments.
United States SteeI's Statement.
Much interest was manifested in the
quarterly statement of the, United
States Steel Corporation. which was
published after the close of business
Tuesday. 1t will be recalled that in
1913 the directors of this company
chose to pass the dividend on the COM
mon stock as the alternative of re-
duction in the wages of it's employees.
and the hope has been expressed that
an increase in the common dividend
sufficient to make up for the interim
was made. however, but a substantial
sum has been placed to surplus ac-
count
According to this weeks statement,
the Steel Corporation earned in the
first quarter of 1916 an income of $780,
713.624, this being the greatest record
in the history of the company. and ex-
ceeding by s9,500,000 the best previous
quarter. After deducting depreciation,
interest and dividends, the net surplus
for the quarter was $32,S54,172. The
amount necessary to pay the full divi-
dend for a year is only $12,64s, 700;
hence the favorable character of the
report becomes clearly apparent In
other words the balance available for
dividends as a result of the quarters
operations was $45.512.s72. or very close
to the amount necessary for distribu-
tions at full rates for the entire year.
Huge May Disbursements.
American investors will receive dur
ing May the sum of s1S6.ssS.75O in the
shape of interest and dividend pay
This is slightly in excess of the records
of MAY of last year. and is apportioned
as follows: To stockholders. $685.
$50: to bondholders, sS4, ,000, 900 Numer-
Gus industrial corporations will pay
out extra or larger dividends. The re-
turns are also featured by some addi-
tions to the list. New bond and note
issues go to explain the increase in
interest payments. The city of New
terest. and will pay off $31, 100000 in
the way OF revenue bonds.
Business reports from every section
of the country are as favorable as ever
products increased in direct proportion
with the ability of our people to pur-
chase their growing necessities, with
an expanding margin for luxuries.
Many things which in hard times are
regarded as luxuries change over into
a different classification when the per-
Sonal income so permits. The steady
employment of labor, and in many in
dustries at advancing wages, has been
an important factor in the current bus
mess situation.
Doing Capacity" Business.
Private reports from the west and
the southwest indicate capacity"
business in all lines. which means re-
duced overhead charges and efficiency
of operation. Freight congestion is Sc
rious and in some sections the situa-
tion has developed very troublesome
complications. The whole country is
going ahead conservatively and, were
it not for the chaos in Mexico and un-
certainty about the next turn of affairs
in Europe, general business in this
country would probably be 100 per
cent better than it is.
There is relatively little speculation
anywhere and in cases where it has
been reported those in control of af-
fairs have discountenanced ii. The re-
suit is that an immense amount of
money is being held pending more
settled conditions. There has been of
late a somewhat better tone to money
rates. This has been partially due to
the increased requirements of COM
mercial borrowers, as reflected by the
definite expansion in business activity.
This tendency has not goAe far. how
ever. although interesting develop
ments may be expected later on IL