Evening star. [volume] (Washington, D.C.) 1854-1972, 1940-01-31
j. ). Steel Earnings
For Quarter Reach
10-Year Peak
Best Final Period
Since 1929 Reported
By Corporation
BY the Associated Press.

States Steel Corp.-worlds biggest
steel maker-experienced the most
profitable fourth quarter since 1929
in the final three months of last
year.
While it was the best fourth quar-
ter in a decade, the sudden surge
of business brought by the war-in-
spired wave of buying failed to boost
profits to the levels of either the
second or third quarters of 1887.
The company reported after the
directors meeting yesterday net
profit for the last quarter of S28,-
1886 ,2S2, compared with only $4,394,-
asa in the final three months of 1888
and SlO,420,445 in the quarter ended
last September 30.
This brought net profits for the
year 1899, after an unsatisfactory
first half, to 41,226039, which con-
trasted with a net loss of 7,7l7,454
in 1898. 1t was less than half, how
ever, of the 1887 net of S94,944 1853.
No Common Dividend.
Directors made no dividend dis
tribution on the common shares,
although there had been some faint
expectation in Wall Street they
might cut a small melon for the
common stockholders, who have re-
ceived nothing since the 81 per share
distribution in December, 1887. That
was the first payment since the
50-cent dividend in 1882. The regu-
lar quarter payment of S1.75 was Or
dered on the preferred shares, how
ever, payable February 20 to stock
of record February 2.
Edward R. Stettinius, jr., chair
man, issued a statement saying the
improved showing reflects the high
er level in the Nations volume OF
business in the fourth quarter and
the generally enlarged business Of
the entire second half of the year"
He had no comment to make about
the future, however.
(The American Iron and Steel
Institute estimated operations for
the entire steel industry this week
at 77.3 per cent of capacity, COM
pared with a peak of 94.4 per cent
last NovemberD
Shipped 3,793,723 Tons.
Mr. Stettinius said the company's
shipments of finished steel in the
fourth quarter were 3,793, 723 tons,
or 81 per cent above the preceding
quarter, and shipments for the en-
tire year were 1862 $50 tons, which
was 60 per cent above 1888.
Earnings on the common stock,
after preferred dividends, amounted
TO $3.50 share in the fourth quar-
ter, but rejecting earlier deficits
after payments on the senior issue,
came to only $1.83 a share for the
full year.
Theer are approximately 258,820
employees on the pay roll at the
present time, Mr.. Stettinius said
an increase of 24.8 per cent COM
pared with year ago.
The number of employees in De-
cember exceeded 100000, highest in
the company's history save for a few
months in 1887, when a peak OF
277,092 was reached.
Funds for Betterments.
AS of the first of the year, the
company held unexpended balances
for approved additions and better
ments to plant and property of $54,-
100000. The two largest items
planned were a $12,O00,OOO power
plant in the Pittsburgh area an
nounced last fall, and expenditure
of about $l0,000,000 for new rail-
road cars.
Other items were said to be main
ly for minor repairs. No big new
plant additions were contemplated
at this time, it was explained.
The total profit from operations
| for 1899 came to Sill, 699, O38, from
which was deducted 61,133,191 fol-
depreciation, depletion, etc. Other
deductions, mainly bond interest
brought the years net to Sal ,226 ,039
After payment of $25 ,219,676 of pre-
ferred dividends, the surplus for the
year was $16,006, 1863.
The corporation said net income
earned on net tangible investment
before deducting interest charges
was equal for the year to the rate
of 3.15 per cent per annum.