New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-01-26
Record Breaking Bus
mess Restores Div
idend of | IL.
S5I.232, 7SS EARNED
IN LAST QUARTER
PrOpOrtiOnate Profits for
1916 Would Total %
Per Cent.

Directors Of the United States Steel
Corporation restored yesterday the
dividend rate on the S50S, 1902, 800 out
standing common stock 20 ) per cent
The declaration Of Il. per cent quar-
terly which they announced was also
the first since a year ago. when pay
ments were omitted following the
worst year in the company's history.
Yesterdays action of the board. while
not wholly unexpected by the Street
was fourd to be fully justified by the
record breaking earnings for the last
quarter of 1918. which exceeded those
Of any previous quarter in the corpora
tion's fifteen years existence. A short
statement issued by Chairman +. IL
Gary in this connection said:
"The earnings for the quarter
amoLnting to SOL ,232, ,7ss, are S5,729'-
0s4 larger than any previous quarter
As usual. they were not made up until
the day Of the meeting Of directors
The amount OF cash in banks Is about
S1O5. 1000"
Mr.. Gary stated there was no differ
ence Of opinion in the minds of the
members Of the board or OF the finance
committee concerning the rate de
clared on the common stock. They
wei, all in favor Of the IA per cent
declaration. he said and added. Sig
nifcantly:
There has been no lack OF harmony
in the United States Steel Corpora
ton board at any time or o. any 'nh-
jec;'
This statement Of the chairman oi
the board was borne out by the smiles
an the faces Of the directors as they
left Yesterdays meeting. Inc I'M
nor,auce of the discussion over the
common dividend had called J. +. Nor
,ar and Henry c. Frick from vacations
in the South. other directors IN al
d;+ion 20 the chairman. who voted in
favor Of a resumption OF the 3pcr cent
rate included D. &. Reid. James A
Farrell. George f. Baker, +. {. Con
verse. Samuel Mather, Thomas Mor"
son George ". Perkins and Percival
Roberts, jr.
In view of Mr. Garys warning to
business. issued shortly after the Ne"
Year. concerning the possible effects
of peace abroad on the prosperity oil
this country, What action the Steel di-
rect,rs would take at their January
meeting has been puzzling the stree
o,.or sirce The recent increase Of Slo,-
600 coo year in wages granted TO uH'
skilled workers was taken by some u
indicate that the stockholders would be
made TO suffer. and late last week posi-
tive reports were circulated tnat nc
dividend on the comnon would be paid
ON, of the earnings OF the December
1915, quarter.
change of sentiment was notice
able late Monday. however. and numer-
ous bets were made Dy brokers that d
dividend would be declared. some piac-
ING il as as high as per cent rate
more M per cent. and few predict
ed an even smaller disbursement. The
uncertainty caused more violent iiuctu'
etions in the stock than for weeks
mast The low price on Monday was
s2@. when bear sentiment was at It's
height Yesterday the common rose to
S5ia. and reacted TO - y at the close
When the news came out after the
close Of the market that the > per cent
rate had been restored the bid IN Ne"
Street was reported TO have jumped
point. CO.
The detailed statement Of the Stee
Corporation's earnings for the last
quarter OF 1915 showed that the totai
net earnings were made up as follows
October, Sl6.563. .s54; November. SID
900 g6S. and December. Sl7.61i.966. ne
last month Of the year was better thaH
the best previous month tOctoDer
1907 in the company's history oy
ss25.755 The surplus available ioi
divi.,ends on the common stock Tor inc
Dec. mhcr quarter amounted to S-9t
f54474. or an equivalent OF 5.S3 pei
cont In other words, during the three
Continued on page g. column