U. S. Steel Earnings

Although the tendency has become pronounced for different industries to go their own gait, nevertheless the typical and basic character of the steel industry has not been forgotten. Thus no small curiosity awaited last week the publication of earnings of the U. S. Steel Corporation for the second quarter of 1925.

The report for the three months ending June 30 was reassuring. Net earnings for the quarter, after taxes and charges, were $40,624,221, compared with:

1924 $41,381,039 1923 $47,858,181 1922 $27,286,945

The reassuring element consisted in the fact that the second quarter earnings this year ran ahead of those for the first quarter-- $39,882,992. After deduction of $14,062,540 for depreciation and sinking fund, and $4,672,677 for interest and premium on U. S. Steel bonds, a balance for dividends of $21,889,004 remained. After payment of $6,304,919 in preferred dividends, and $8,895,293 in common dividends, $6,688,792 remained to be added to surplus. For the last quarter, therefore, surplus available for common dividends amounted to $3.06 a share, compared with $2.93 the preceding quarter, and $3.44 for the second quarter of 1924. Thus far, for the first six months this year, earnings on Steel common stock consequently are at the rate of about $12.00 a share. The stock is at present paying regular quarterly dividends of $1.25 a share, plus 50 cents extra -- or $7.00 per annum.