Norwich bulletin., 1921-07-27
U. s. Steel Back To
 Pre-War Earnings
Undivided Surplus Drawn Up on to Meet Requirements of Common Stock Dividend.

New York, July 26.-The United States Steel corporation reported today that it's earnings for tlIe quarter ending June 30 were S21,S92,016, the smallest of any quarter since March. 1915, just prior to the war boom, when they tell to S12, 57S09.
 Regular dividends of 1 S-4 per cent. on the preferred shares and l IA per cent on the common were declared, but in or der to meet the requirements of the com mon dividend, on which only 35 cents was earned, it was necessary to draw from the corporations hcge undivided surplus.
 Analysis of the corporations monthly business shows earnings of a little more than sS,000,O0o in April. about ss,4O0. 900 in May and a drop to slightly less than $7,50O, ,Oo0 in June.
 Net income of the corporation for the second quarter amounted to S13,226,50 against $20,656.339 in the preceding pe- riod. This item would have shown more drastic reduction but for the fact that charges and allowances for depreciation were much smaller than in the first quar- ter of the year.
 1 Chairman Ebert Gary issued a state ment after the meeting of the directors l in which he stated that the business re- suits for the quarter were not surprising to anyone familiar with general condi- tions.
 He added that many manufacturing concerns have been operating at loss | This, he declared, is no less censurable than insisting upon "unconscionable prbf- it's" and cannot be long continued. Com menting upon the future. he said:
 AS stated at the meeting of the Amer ican Iron and Steel institute last May | ind ctrxy ir This means a great deal, for at some gest business this country has ever wit. messed. The fundamental facts for th:s conclusion are assured.
 Just at present there are many req sons for believing our conditions are i'm proving, even though We may not as ye have experienced, to a large extent. tht good results. Readjustments were neces sary andd they have been and are pro gressing with beneficial effect. During the war extravaganza in expenditures 1T | many ways and departments, from tn, government down, was stupendous. En ergy and effGft were bent in the direction of building up new and expensive organ izations ostensibly to assist in winnin, the war, and hundreds of millions wer, squandered. There was an orgy of over charging, overspending and waste. Thi was naturel and perhaps inevitable. Nov we are witnessing a contrary disposition also from the government down, althougl not every man. woman and child is ye
 included in the effort to reduce, to econ
 omize and to save.
 Apparently, we shall soon haev aetna
 peace throughout the world. Construe
 ton, co2eperation and wisdom will sup plant destruction, conflict and folly. Leg | Ia will bao 4a1
 than obstruct legitimate progress. Taxe:
 which now burden almost to the point o
 stagnation, will surely be gradually an reasonably modified. Our president ha
 said publicly that business is the bigees thing ill the world, which is equivalen to saying that as food. shelter and cloth | ing are first to be considered in discus sion, therefore prosperity is essential t ; the progress and happiness of the natio1
 International, national and inuustris
 peace will become stabilized not as tn
 result of combined force, but because (
 the good will and honest desire ( , righteous minded people.
 'The financial aspect of this countr
 and other countries has been improvinj Q and, to most of us, at least, looks brigh
 The banking institutions of the Unite States are sound, our resources are enol
 nous. Our people are ready, anxious an able to do business. Everyone is calle : upon to do his or her part in the CT : deavor to return to sane and reasol able basis, and the sooner this opinic : becomes practically unanimous the ca f Her will we reach the goal of prosperit v the apparent distance of which depenC
 upon individual vision.
 We need not shout in triumph, but ? f are not compelled to feel Respondent IT = world has been very sick. Therefore fu recovery is longer delayed The furth |, we proceed in the direction we are no d going, the faster will be the nace. Wi V. 1 the continuous maintenance O. law al 1 order, securing individual freedom of a e ton in legitimate effort, the econom s 2 position of this country will be invinS V hle