New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-04-18
Out of l.2S5,636 Shares Be-
fore War Only 634,469
Remain Abroad.
HEAVY BUYING HERE
SHOWN BY BOOKS
Stock Held for Spectators
Three Directors Quit to Re-
duce Size of Board.

More than 80 per cent Of The com
non stock OF the United States steel
Corpora,ion held abroad before tho
Va, has been returned 20 this ooun-
tr, according to the transfer book
o, the company opened for inspection
II The stockholders' meeting M 10
boken YESTERDAY. On March 81, 1914,
foreign holdings or steel common were
1856. 636 shares. Al the end Of Marcn
Thu wear the total was reduced 10
634. 400. or loss since The war stoiiei
Of 65l, 161 shares.
IN indication that in the past
twelve months there has BEEN heavy
accumulation Of the junior shares in
Wall Street was shown 10 the decrease
il the number Of stockholders. ne
lis. fell from 5C.s25 10 $3.50, loss
OF 1875. or 25.3 per cent. These rig
ures slow that not only has fore Sn
liauldatlon been Of larSc proportion .
bu, domestic selling has also been
heavy.
II is the belief in financial circles
that brokers now hold for spectators
r.ore Steel than is in the hands OF JIM
yestors. II was estimated that during
the wear ended March 81 the gain by
brokers' was between 10 per cent and
10 per cent.
In accordance with the Steel Corror-
atom previously announced plan o.
limiting the board Of directors to M
teen members, the resignation OF
EGmund c. Converse, Alfred Clifford
snc Thomas Murray were accepted
yesterday.
The directors reelected. their terms
to expire i'm 1919, were Chairman
Gary. President James q. Farrell, j.
=. Morgan. George ". Perkins and
George I. Baker.
Mr.. Gary, who presided at the an
nual meeting, said there are at pres
ent in the employ Of the company
100000 men. Of whom 10000 arc stock
holders. b. r. Smith, an omploye,
commended the management for re
fusing 10 reduce wages last year until
more than two months after the
other companies had done so. lie TO
called that the Steel Corporation was
the first to restore the level TO the
rate existing previous TO the reduc-
ton. I'm a speech TO the stockholders
~. Gary said in part:
"The Steel Corporation has reasons
10 lft4 yer. EidAliifN w no 'tttlANt '..f
II is worth while, IT is an honor 20 be
connected with corporation at whose
annual meeting some or many OF the
employees arc willing 20 stand before
the stockholders and express their
confidence and appreciation.
II think the officers have a great
feeling Of satisfaction over the con
ditions that have existed with the
employees and with everything elss.
"Of course il Is more Of a business
matter than anything else, and the Off
oiLls, representing the stockholders,
feel obligated 10 protect them under
all circumstances; yet the stockhold-
ers must realize that II is adysn-
tageous 10 have the men satisfied and
C. be fair and reasonable, for, after
ali, the employers and the employees
are on a common ground and are in
terested in the same thing. The sue
cess Of one means the success Of the
other"
Mr.. Gary said that some sugges-
tons had been received from a few
common stockholders that dividends
should be paid to them for the period
when they we're suspended. He ques-
toned whether that amount Of money
could be paid over period during
which dividends were not earned.