The Washington herald., 1921-05-01
dictions made were olnlled at some
time during yesterdays trading.


Maintenance OF the Bethlebsm
Steel dividends had been predloted
some days before the dividend meet
Ing was held ana when the regular
divtdends We're declared on Thurr-
day the belief prevailed that the ac-
tion indicated Improvement I'm the
finished steel industry. In fact the
president Of the corporation stated
aiter the dividend meeting that the
steer plants Of the corporation are
operating at 80 10 IS per cent OF ca
pacity. with every Indication that a
turn Tor the better has taken place
ana that gradually increasing vol
ume OF business is to be expected.
IL the Increased bookings for April
can be-taken as q criterion. State
ments OF a similar character are
made by interests affiliated with
Republic Iron and Steel. who report
the business of that company as
having improved to a substantial
extent in the past few weeks,
The belief prevails in the Wall
street district that the action Of the
Bethlehem Steel In maintaining its
dividend rate win be followed BY Re-
public Iron and Steel. The directors
OF that company are expected 70
take action on the quarterly dIvI-
dend on or about May 1s. The state
ment for the quarter ended Marcn
81 showed . deficit of s7s2,sss In
meeting dividend requirements.
In connection with the dividend
outlook for Republic Iron ana Steel
reference was made to the strong
position shown by the balance sheet
OF the company included in the an
nual report recently published. This
item Of current assets included Unit.
ed States government certificates
and bonds of s5.174.iu and cash Of
fl.443.S72. The report included a
statement that net profits from Nav
81. 1888 TO December 81, 1890.
amounted to s7s.oss.sso and after
I'll expenditures there was a balance
OF s2s,5s3,ss7. Statements were re-
Gently made Of uncertainty on main
tenance OF the dividend and Il was
asserted by some Of those who had
made study OF the situation that
reduction in the rate must be
looked foE
Gulf States steel. according TO a
statement made by interests con-
cerned in the property Is in an ex-
ceptionsl position in the steel indus
tyr. The announcement was made by
hem that the company will resume
FULL time operations on Monday,
partly as a result OF a heavy in
crease in orders received during the
month Of April In the first three
months OF the year orders came in
only in small volume but from the
beginning Of April they have been
more than quadrupled and II is stat
ed that inventories OF the company
are being rapidly depleted. Recent
statements are that the wage ex-
oense hA been reduced fully IS per
cent.
Yesterday there were many dis
1uieting rumors in circulation in the
Wall Street district in regard to
United States Steel, one being about
the report Of the Federal Trade Com
mission, which was published this
morning. and the other was in ref
renee to the coming announcement
u the corporation in regard 10 the
labor situation. According to the
Belief which prevailed in many quar-
ters. the United States Steel Corpor-
alton at the meeting on Tuesday win
announce a definite step in the d.
rection OF reducing labor costs.
Much Of the selling yesterday was
based on these reports. the supply
coming 20 a great extent from in
|.erests that have been persistently
committed TO the short side Of the