New Britain herald., 1926-04-20
HALF BILLION IS
 STEEL co. SURPLUS
Yet Worlds Richest Firm De.
 IlandS StriCtest Economy

New York. April co A) --- The United States Steel corporation richest industrial company in the world set out on it's twenty sixth fiscal year today with a surplus of more than $500, 000.0o0 and policy of ''strictest economy" which disap- pointed many stockholders in their hopes for increased dividends.
 The corporation's new year start ed also with strengthened rumors, omanating from Wall street since January, concerning the possible re- lirement of it's chairman, Ebert II. Gary. Mr. Gary at the twenty-1fth annual meeting in Hoboken. x. Jn yesterday, in addressing the stock holders gave hints that were inter- preted as giving support to the rpmors
 " While we are all strong and viz orous today he told the 15o or more stockholders at the meeting. fyet we know that in the natural course of events 1t will probably soon be time for some of us 10 say goodbye
 Tribute to Gary
 Despite disappointment of several stockholders over the failure to re- neive silver diyidende," and scat tered opposition from others who objected 10 the compauy's conserva- tive policies, Mir. Gary was given a personal tribute by tho stockholders unanimous approval Of resolution rutitying tho past years actions or the management and directors.
 Among thoSr who protested againE; 1n, directors failure 10 declare high. rr di,ilrnis was Thorn" Baker, an attorney representing loo shares o' common stock, who said it was not necessary 70 use current earnings fo G0anca iupprov, l.. Royce Armstrong. chairman of the Arm- strong Faint anI VarNish works Of .'Mca-o declared fhe corporation vas dedcior' in rcsoarch work and ,ri'icized It's la.l, Of definite adycr- jsnc
 Woman NoItcS frotPSt
 Julio c. E.arny. thc first woman .,ocllhoIlcr 10 protest The foiure to GorIarn higher diHi}orls, eail her u.ir wag fast growing gray. au5 sincn ,na li not expect 10 havo any =~aulcajlarr. sb" would ''kr 10 ba,o larger divlI'n1s 10 spend
 "You u,y,r can fc't wfat good sarture will rom. to ynn," answered Nr. Cary "rcrhaps yon will tflI a7vn somo grandchildren 10 encnl :boso djyj1ends"
 ,r'cr ,ocouu'in- his 25 years as .rairmnn or rno corporation span rirs or,ir 'ifr t" axpialnod that arhougN 'na 'unr may como when If viU hc r~oper and safo to isruo additional common stock dividend 70 rhr common shareholders, lt could not hc done safely a' 'hc present lime. Wr0 Guc'ua'ins business and urcrr'ai selling prices. 'he com panv nc said. had ned for liquid axs,ts and must he prepared for m"rEc0cirs.
 "Nr Noliol" thoroughly j0 s'ri6'fSt .couomy. hu' not fals, economy" h. sai1
 Surplus l. Tied ID
 iIo explained th7' inc s5ao. .hho.o"o surplus was eo tied ur in the assets ond prop,rli,s rr 'hr corporation that i' could not he fr"oly drawn Ipon Tor di,idcnJs. only tac small er part of thls fiEurr he said. waE arailabl" in cash.
 The gross husjnces n' inc corpora |. ion last year to'allcd sf40G.5n5.is1. 2lr. Gary pointed out. however, 'ha' rho trend Of tho corporation cnr- rent business is l1wnrralc. compar- d with 8 month ago. Present book ings arc about 2S50o tons of steel per day. hn said. compared with B. sG1 tons at 'ho same ,la's last month and i7.l70 o' fho s7me date las' year.
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