The Washington herald., 1918-02-16
From the Financial Ticker

Interests OF the various steel COM
panies are not inclined to forecast
earnings for current quarter. due to
erratic movements in shipments and
production incident to disrupted trans
portation facilities. They admit,
however. that very low terms can be
expected IN comparison with the diff
fefent quarters of 1917.
Net earning OF U. s. Steel IN the
fourth quarter Of 1911 after war taxes
were s59,724,125 and surplus after all
charges and dividends was s16, ,25s. .252.
Net earnings In December were si7,-
9S5,272. In that month the steel ingot
productions Of the company was
slightly In excess OF 3,lOo, 900 tons.
In January ingot production was o.
10000 tons and February II viii fall
| below 100000 tons. The decrease in
January over December was almost 70
per cent and February over Decem-
Der about 81 per cent. II shipments
show corresponding decrease net
earnings Of Steel in January would
be about 81, 90. 900 and February about
S1. $4,000. Assuming that net earnings
in March reach $4,000. 900 the total for
the first quarter Of this year would be
Sh.STo,oo0. Taking into consideration
reduced taxes incident to lower earn
ings the returns may be much better
than indicated. This however may be
onset to large extent by increased
operating cost as q result of curtailed
production and smaller margin OF
profits on steel delivered to the gov
ernment. On the other hand March
earnings may be much larger than
Mo,oooooo all depending upon trans
portation conditions.
Based upon Steel's statement for
fourth quarter OF 1911 charges against
net earnings after war taxes were SIS
06S,Oo0
U. s. Steel in current quarter will
have to show net earnings after war
taxes Of around 100000 to meet an
charges including the per cent extra
common dividend IL Steel fails 10
show net earnings equal TO $4,000, 900
IN current quarter, TRANSPORTATION
conditions can be blamed. Real test
OF Steefs ability to maintain earnings
at rate above present charges will
come In the second and third quarters
when 1t is hoped deliveries can be
made more promptly.
Including the approximate content
OF imported ore, but not includink
Aiaskan ore, the total imports OF tin
IN 1917 amounted to 6S, es6 long TONS
against e6e24 tons in 1916, according
10 ngures made public yesterday nv
tne Bureau of Foreign ana Domestic
commerce. Department of Commerce,
VI our 1916 imports 1915 tons, or
per cent Of the total, came from
england and the straits settlements,
whereas In 1911 only Il, H,I62 tons, or o.
per cent, came from these two
sources. Imports from the Dutch
East Indies Increased to HIS tom,
or - per cent Of the total, Australia
China and Bolivia supplying most of
the remaining 20 per cent.
A large part of our Straits tin i'm
ports came by way of England as
usual, but Il Il expected that the
present year will witness an increase
IN direct shipments.
Sharp rise in Liberty bonds. espc.
cially the second 4s, has been due to
combination of influences creating
an active demand for them. Some
nave tried to explain Il as due TO
peace rumors. But the most likely
ouse mas been the subsistence of the
- 'do4eatoH pressure influenced
oy calling or ninety-day loans. with
tnis readjustment having been effect
ca. the relative cheapness of the
ponds has simply attracted yester-
Gays broadening demand for them,
Lhey were depressed much tower in
Inursday's selling movement on the
completion of the above mentioned
hquiuation than the actual Conditions
warranted, and this good rally is a
perfectly natural one under the cir
cumstances.
Underwood Typewriter company's
net income for the year 1917 after
sll charges. was E,1gs,goe, Including
soV@No for war taxes, compared with
sz,vo.Ste In 1915. After deductinr
Nt10 preferred dividend, there re-
manned a balance of $i,92Sfss avail
able for the $500. 900 common stock,
which was, equal to s2a.3s a share,
against s2o.$ q share the preceding
year on S,50o.ooo shares of common
stock. y
Standard Oil Company Of Ohio yes-
terday declared regular dividend OF
S together with an extra dividend
Butte Copper and Zinc has been
listed on the New York Stock Ex-