New-York tribune., 1919-04-30
Directors Decide Against Adj
ditional Disbursement
Owing to Decrease in
the Quarters Earnings
Net Smallest in 3 Years
Tendency Downward at End
of Period, Statistics Show.
ing Heavy March Decline

Directors Of the United States Steel
corporation, acting on the recommen-
dation of the finance committee vote !
Yesterday to omit an extra dividend
on the common stock, after DECLARING
the regular quarterly distribution Of
4 per cent and ~ per cent on the
preferred.
This action was based on the income
account For the quarter ended March
81, which showed a surplus after all
charges, including war taxes. of s17.
4Sl,ol6, equal, after preferred divi-
dends, to 2.20 per cent on the s508 8,3O2.-
ooo junior stock issue, compared with
A'o3 per cent earned in the December
quarter, and 7.21 per cent in the cor
responding quarter Of 1913.
lhe net earnings for the March quar-
ter were $33,513,384, the smallest total
Tor any quarter of the past thrco
years They compared with S36.554.
lob for the December quarter. The do.
crease from the March, 1918, quarter
amounted to $23,44s,04O A detailed tab
ulatlon OF the last quarters earnings
with the changes compared with +hn
three months ended March at totS
follows:
Net earnings -. $685. 384 Dec .S23. .44e oar
Depreciation and '
:. sint'nH fund. 1065s,o55 Inc 2,to7,3As
Srl income ''... 22o74 ,429 Dec. q, ,b7b ,3Se
INT. hnd prem.
4 s Steel bonds 3o3,4ta Dcc. 1912
nnl"ncr ,,''','.' ,0l6 Dec. 25 ,45o 20
Pid. dlVidcuds.. 6,3Oi,01o ---------.---
com diYldende.. 6,2b378l Dee. IS ,24o .O7e
surplus ..,',... 4,e22, ,3l6 Dee. 1920, 1876
The net earnings Of the last quar-
ter by month showed Ii decided down
ward tendency, with Il March total OF
only $3.50 ,l9o decrease Of Sl7.OS1,
ma. February's total was S1l l.S83. .O27
loss Of %5,43O,S ,S56, while the January
net OF $l2,240,lo7 was Off 1896, 1856 from
me corresponding month a year re-
feature OF tine Steel Corporation 8
statement for The first quarter of 1918
way the commission Of the figures show
ing the amount set aside for war in
come and excess profits taxes Since
the war revenue act became effective
1T has been the policy of the manage
ment to make public its estimate by
quarters of the amount required for
government ~taxes. The company's
i'io itoti NdOloii IOT / cOerdl income
and excess profits war taxes was $274.-
277 ,S35, while the deduction on this ac-
count for the December quarter was
$50 100000.
Failure of the Steel directors to de-
clare an extra dividend on the com
mon stock was the first action of this
character since December 80, 1915
when an extra of J. per cent was paid
Extra distributions Of per cent were
paid on June 20 and September 20
1917; December 90 1917; March 30
1918, and September 80, 1918. In the
last quarter of 1918 the extra dividend
was cut to l per cent. Total dividends
paid on the common last year amount
ed TO Is per cent
Although the prediction had been re
peatedly made that no extra dividend
would be declared from the earnings
of the March quarter Steel common
has shown persistent strength on the
Stock Exchange At its closing quota
tion of i01 Is yesterday the stock
showed Il net advance of IS of a point
and earlier in the day it sold as high
as 102.
Dispatches to the financial district
from Washington stated that Chairman
Peek of the Industrial Board had sent
his secretary to New York to confer
with Judge Gary in connection with the
telegram Of Director General Hines in
which he offered to meet the steel pro-
ducers and consider with them the
fixing OF steel prices