The sun., 1918-07-31
STEEL CORPORATION
RAISES LABOR WAGE
100000 Workmen Will Re-
ceive 10 Per Cent. Increase
From August 1.
NET EARNING s15s,27s,641
Quarterly Dividend Of 1 IA
and an Extra of 8 Per Cent.
on Common Authorized.

United States Steel Corporation direc-
C)rs yesterday declared the regular quar-
.erly dividend Of ~ per cent. and an
extra OF per cent. on the common
stock. thus continuing the annual rate
OF II per cent. issued q statement show
ing net earnings of Sl63.27s,6l ana
increased wages for the seventh time
since 1918 to an extent that Will add al
least $25, 100000 q year to the payroll
The action on the dividend was In line
with what the financial district had peen
expecting, but the earnings were in ex-
cess Of what the steel trade and the Wall
Street district had anticipated, and the
wage advance came as a surprise.
The balance available for the common
stock in the June quarter. according TO
the oficial statement, was equal to 1893
per cent. on the os,3o2,5oo outstand-
ing common stock. In the previous quar-
ter the balance was 7.2l per cent, MAX
ing a total of>15.2o per cent. for the half
year ended June 80. In this period the
dividends declared on the common ag-
ereeated $50 per cent. In fact the Steel
CORPORATION came within $50 per cent.
or Ss,I5o.oo0. OF earning the full years
II per cent. dividend In the six months
ended June 30.
Net earnings after deducting Interest
on subsidiary companies bonds but be-
fore Federal taxes amounted to- $751;
1854 In the June quarter, new high
record This compared with $ss.546,622
in the March quarter. Similar net earn
t,o hag0 l.
s2o,263 in the six months ended June 80.
This compared with s2T.6ls,os4 In the
same period year ago.
Millions in Federal Taxes. ..,
For the second quarter OF this year
the Steel Corporation paid In Federal
taxes s90.716,250. OF which SOS. 716,25O
was on the basis Of existing tax laws
and $4,000. 900 was for the account Of
additional taxes which may be charge
able for the first six months under the
proposed legislation. In the March quar-
ter the tax payments were $3l ,5s5,lsS
on the basis Of existing tax laws. In the
half year ended June 80 the corporation
paid Sl22,30l.44s in Federal taxes. This
compared with SsT,7s3,s72 in the same
period a year ago.
The balance available for the common
stock In the June quarter was s40.620,-
22l. against s36.635.35s in the March
quarter. For the six months ended
June 80 the balance available for the
common stock was &77,255.5s9. against
sI20.143,454 in the sap.s ssriod In 1917.
After deducting all dividends there
was surplus left OF sl9.ol7.376 in the
June quarter, which compared with
sl5,032,502 in the March quarter. For
the half year ended June 80 the surplus
after dividends was $34,o49S77, against
$Tl,s54.7l7 in the came period of 1917.
In connection with the wage increase,
which goes into effect on August !, E,
II. Gary. chairman OF the board of d.
rectors Of the United States Steel Cor
poration. issued the following statement:
THE finance committee of the United
States Steel Corporation after due con-
sideration has unanimously voted to In
crease the wage rates Of day labor at
the manufacturing plants about 10 per
cent, to become effective August
proximo., Other wage rates win be
equitably adjusted, except in cases where
advances have been made recently. Coal
mining companies are not included. Their
employees heretofore received similar ad-
vances."
Laborers to Get $3.50 q Day.
This increases the wages Of day labor
from 50 a day to $3.50. The company
employs not far from 100000 day la
borers. To these men alone the wage
increase means about $2o,o00,0o0 and
other adjustments will bring the figure
we'll above S25.0oo.0oo.
The following table compares the
salient items of the June and March
quarters as announced by the United
States Steel Corporation: