Salt Lake Telegram | 1912-05-01 | Page 7 | Steel Corporation Shows Big Deficit

STEEL CORPORATION SHOWS BIG DEFICIT NEW YORK May 1 That I.-That That the United States Steel corporation failed to earn Its dividends on the tho preferred and common shares for the first three months of this year by more than was disclosed yesterday at the quarterly meetIng meet- meet meeting Ing of tho the directors Earnings amounted to Aft Af Af- Att After At- At t ter r making the usual allow allowance anco for de depreciation depreciation depredation de- de predation and other regular fixed ed charges Including lnE th Inkin r fund rum clearings clearIng were reduced to A further deduction of r representing rep rep- representing presenting p- p resenting interest for tho the quarter on the out outstanding Issues r reduced the balance nce applicable to dividends to In Inasmuch Inasmuch In- In as was necessary to meet dividend requirements on the preferred pre pre- erred and common shares hare a deficit re- re of was created In the language of the official statement this was WM was provided provided provided pro pro- vided from the undivided surplus on December December December De De- De- De cember 31 31 1911 The meeting was tas largely large attended and unusually prolonged It was rumored rumored ru- ru mored that some of the directors favored a reduction ot of the common dividend end because because be- be cause of the showing but this was de de- nied