New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-07-28
u. S. Steel Co.
Net Earnings
Again Larger
Surplus for Second Quar-
ter of Year Equivalent
to $3.50 a Share; Full
Years Dividend Earned
Sharp Drop in April Net
Slump Is Offset by Increase
I'm Following Month; Reg
ular Dividend Declaration

continued improvement in net earn
lngs was reported for the June quarter
by the United States Steel Corpora ion
yesterday, the total for that period be-
ing 4S,155,705, compared with s42,-
os9,01s for the three months ended
March 81. The surplus, after all
charges and Federal taxes, was $685.
4SS,SSS, equal, after allowing for pre-
ferred dividend requirements, to 1895
share on the $5oS, 1902, 500 common
stock outstanding. In the preceding
quarter S3.SS a share was earned on
the junior stock issue, so that for the
first half Of 1920 the corporation
earned the full years dividend of 5
per cent with a surplus Of $2S4 a
share remaining. The total surplus,
after payment of common dividends for
the six months ended June 80, was
S27,14s,e1S, an increase Of ST., 019 ,015
over the surplus reported at the end
OF the corresponding period year ago
feature of the statement of the
June quarters earnings, compared with
the March quarter, was the sharp drop
in the April net compared with that
of March, the respective totals being
net earnings of SIS ,205,513 for May
and S15,759,741 for 1une, the corpora
ton was enabled to more than Offset
the slump in April, as the January
earnings amounted to S13, 50J. 200 while
the February total was 2,SS0910.
The income account for the second
quarter compares in detail with the
spondipg period of 1919 as fol-
lows:
Net earnings 49,. s4s, 1s57os Inc. sss24. 4o4
Depreciation and
sinking fund
Net income .... 81, 68S .S04 Inc. S364l9S
Interest and pre-
rniums on L. 5.
stss bonds S3 359755 Pee Pee 4 s9s
Preferred dividends s.se4.sis tnchanged
Common dividends $685. ISL Unchanged
Surplus ......... 13.7T6,S33 Inc. S46S.2+6
The directors at their meeting yes
terday declared the regular quarterly
dividends of IA per cent on the pre-
ferred and "a per cent on the COM
mon stock, the former payable
August 80 and the latter on September
60
The net earnings reported yesterday
were arrived at after deducting all ex-
penses incident to, operations, COM
prising those for ordinary repairs and
maintenance of plants; allowances for
estimated proportion of extraordinary
cost resulting from war requirements
and conditions of facilities installed
also estimated taxes, including Fed
eral income and excess profits taxes,
and interest on bonds of subsidiary
companies.
No explanatory statement was is
/ -ued to account for the small total of
the April earnings, compared Swith May
and June, but it was assumed in
financial circles that this was due
mainly to the outlaw railroad strike
which tended to restrict new orders
as we'll as deliveries. The improve
ment in the Transportation situation
was reflected in the earnings for the
| two following months.
| Yesterdays meeting of the Steel
Corporation's directors was held with
out Judge Ebert II. Gary, chairman,
who sailed last week for a three
months trip abroad J. P. Morgan,
who has been attending the races be-
| tween Resolute and Shamrock,
refrained from witnessing yesterdays
race to attend the meeting.