Steel Dividend

Momentous to the stock market was the declaration of another extra dividend of 25 cents by the U. S. Steel Corporation, and the issuance of an unexpectedly favorable quarterly statement which showed net earnings at $49,958,980 for the final quarter of 1923, as against $47,053,680 in the third and preceding quarter.

Last fall the corporation unexpectedly declared an extra quarterly dividend of 1/4 or 25 cents a share on its common stock, which in recent years has paid only $1.25 per share quarterly. Now the extra dividend has been doubled, and the common stock placed on a 7% instead of a 6% basis.

The year 1923 proved the best year for U. S. Steel since 1920, and showed net earnings of $179,650,910, compared with $101,529,310 in 1922, and $185,095,359 in 1920--the record year so far.

It is noteworthy that this profitable business period has seen the elimination of the twelve-hour day, which Judge Gary estimated would cost the corporation about $35,000,000 a year. Late last December the mills were reported to be operating at only 75%; now their rate of operation is said to be 90%.