New-York tribune., 1921-01-26
U. S. Steel Corp.
Earns $3.50 ON
Common Stock
Income Greater Than 1919,
but Declines Toward the
Close of the Year; Drop
in Net for Last Quarter
December Poorest Month
Regular Dividends Declared
at Meeting; Business at
Steady Rate, Says Gary

The United States Steel Corporation
for the quarter ended December 81
last, reported net earnings of $43,877,-
1862, bringing the net earnings for the
full year up to S177,174,126, an in
crease of $33,360,907 over 1919. After
deducting all expenses shown by the
four quarterly statements issued dur
ing 1920, including preferred dividend
requirements, there was 81 balance of
$S4,916,42S, equal to S16.7O a share on
the .S50S,302.500 common stock out
standing, which compared with 5000
cents share earned in 1919.
Besides approving the earnings
statements of the December quarter
directors yesterday, upon the recon-
mendation of the finance committee,
declared the regular quarterly divi-
d'nd of IA per cent on the common,
in addition to the regular disburse-
ment of = per cent on the preferred.
The statement for the December
quarter was unfavorable from the
standpoint that the monthly earnings
showed steady decline. the total for
December being 2,090 500, contrasted
with S15,002,919 in November ani
S16,775,443 in October. The December
total was the smallest of the year.
while the October total was the high
est
Commenting on the substantial fall
ing off in revenues last month, Ebert
H. Gary, chairman of the board. OK
planned that December was normally
poorer month than the others, as in
come from railroad and steamship
month.
The net earnings for the December
quarter compared with s4s.051.540 for
the September quarter, S43.155,7O5 for
the three months ended June 80, and
S42 ,O19 for the first quarter of 1920
After deducting all charges, there
was surplus for the three months
ended December 81 amounting to
s2714o,148, equal, after deductng pre-
ferred dividends, to s4.09 a share on
the common stock, against s4.76 a
share eerned in the preceding quarter
and S2.27 a share earned in the last
quarter of 1919. Following is a do.
tailed record of thu December quarters
income account contrasted with tho
corresponding period Of the preceding
year:
Dssrss1s Dst ss51lnss 41on -s4as77ssa sss7sl'aos
Interest and premi-
s pm on u s. Steel
Adj. credits. Sa sSa sSs sSs 6'ss4 20 eas a
Preferred dividends. G.3O4.9oo 63n4 81 o
Sommo" snrnIno dividends. s.s537s2 e,s5s.7s2
The changes in the earnings for the
tuli year, as compiled from the quar-
terly reports, compared with the in
come of the 1919 income account, fol-
low:
Net earnings. .s1771741ss sss'5sc in'5scsss so7
Depreciation n d
sinking fund. 4e.72o,1es 1.a57.1ss
Interest and premi-
nm on L. S. Steel
Adj. credits. 49,. e24slS 4ss,924
Preferred diydends sS21os77 IS a1?tg2 ss,o42 sl0
Common dividends. o5415125
Surplus .<........ 59.5oi,s05 s3,o42,e45
Decrease
In an informal statement after ves-
terday's meeting Judge Gary said that
Business of the Steel Corporation WAS
running at about the same rate as FOR
the last sixty days. He again sounded
note of optimism regarding the fu-
ture, declaring that with the elimina
tion of extravaganza and waste in all
lines Eve shall see as the days 90 bv n
continued, if slow, improvement in
business conditions in the compara-
lively early future.
"All that ! see in my connection with
industry, and particularly concerning
the attitude of the masses of work
men," he added, "leads me to be hope
full. There will still be seen pessimis-
tic, selfappointed agitators and others
Of no particular benefit to the general
community"