Evening star., 1939-11-01
j. ). Steel Earnings
Net $10,420,445
For Third Quarter
Profit Is Equivalent
To At Cents
ACommon Shore
By the Associated Press.

By the Associated Press.
NEW YORK, Nov. Limited
States Steel Corp. reported yester-
day earnings in the September
quarter equivalent to ~ cents q
common share.
In only 6 Of the previous 81
quarters had the common stock
earned any money. Only one COM
mon stock dividend-$1 a share
on December 20, 1937-has been
paid since 1882.
The profitable three months ended
September 80 resulted from . rush
of buying orders which kept the
operating units of the corporation
working at 54.6 per cent of capacity,
compared with 346 per cent in the
like 1898 period.
Quarter Net Is $10,420,4 AS.
The net income applicable to cap
ital stocks in the three months was
$40, ,420, AS, compared with a deficit
OF $5,847,79l in the like 1898 period
and a net income of $l,309, ,76l, or
SO cents share, on the 7 per cent
cumulative preferred stock in the
June, 1899, quarter.
Since the company's preferred
stock quarterly dividend require
ments are $6,304,919, the common
stock earns nothing until the net
income passes that figure.
Directors declared the usual divi-
dend of SITS preferred share, pay
able November 20 to holders of rec
ord November 3.
One of the remarkable features
Of the September quarter earnings
was the fact they came within ST.
600 900 of the total earnings-$l2,-
800, ,756-achieved in the full first
nine months of this year. This COM
pared with a net loss approximately
as great-$12.150,3 ,368-in the first
nine months of 1898.
September Earnings S28,247 ,1SS.
The September quarters gross
earnings, with only expenses and
taxes deducted, totaled $28 ,247, ,189,
compared with $28.l43.537 for the
first nine months of 1898.
E. r. Stettinius. jr, chairman, Of
the board. commented: shipments
of finished steel products during
the third quarter were approx
mately 14.2 per cent greater than
the second quarter.
This reflects the higher level in
the Nations volume of business in
the third quarter of 1899 as COM
pared with the second. as indicated
by numerous indexes of business ac-
tivity. The demand for all types Of
steel increased.
Due to both general improve
ment in business and to seasonal
factors, the earnings for the third
quarter showed improvement over
the second quarter of the year
Prices realized for steel products
shipped during the third quarter
remained at substantially the levels
that prevailed during the early part
Of the year.
Shipments Keep Pace.
shipments are keeping pace with
production and, except for the sea-
sonal accumulation of iron ore
and other stocks. there has been
no general increase in inventories. >
The shipments of finished steel
products to which Mr.. Stettinius
referred totaled 2,465, ,l61 tons in the
September quarter, compared with
1,577,870 tons in the like 1898 period
and 2,158,057 in the June, 1899,
quarter.
During the first nine months of
this year United States Steel re-
ported its average number of en-
ployes at $40, an increase Of
SAG per cent from the 201 ,533 in
the like 1898 period. The pay roll
rose in the last nine months to
$254. .060, ,9l8, up 25.E per cent from
the $202, ,4s8, ,466 of the similar period
of 1898,