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= 2B R Y-N CE STEEL CORPORATION'S QUARTERLY STATEMENT. The directors of the United States Steel Corporation held their quarterly meeting in New York this week and, as has been expected, declared the regular dividend of 134 per cent on the preferred stock. This dividend is payable Aug. 30. Books close on Aug. 6 and reopen Aug. 31. The earn- ings are much diminished over those of 1903. Thomas Mor- rison of Pittsburg, Andrew Carnegie's nephew, was elected a director to succeed Charles M. Schwab resigned. Among the directors: present at the meeting were J. P. Morgan, John D. Rockefeller, jr.; W. E. Corey, G. W. Per- kins, James Gayley, John F. Dryden and E. C. Converse. G. _W. Perkins presided. Beyond the business indicated and hearing the quarterly report read nothing of importance was done. resident Corey of the corporation made a statement regarding his recent conference at Pittsburg with the pres- idents of subsidiary companies. Pittsburg with President Corey were: A. C. Dinkey, pres- ident Carnegie Steel Co.; Thomas Lynch, president H. C. Frick Co.; W. C. Palmer, president American. Steel & Wire Co.; A. B. Schiller, president National Tube Co.; John A. Topping, president American Sheet & Tin: Plate Co.; J. H. Reed, president Bessemer & Lake Erie railroad. This was President Topping's first appearance in the group of Presi- dent Corey's advisors. He succeeded W. T: Graham, presi- dent of the American Sheet & Tin pee Co., and officially will take charge Aug. 21. Mr. Corey found that the presidents of the subsidiary com- panies had reduced operating forces to a minimum to realize practically in the pay roll, the benefits of reduced consump- tion. The current demands, while better and calling for more output at many places, did not appear to the subsidiaries as substantial. They expect to see a further slackening in Au- gust, although they think the present quarter will be profit- able. The report for the last quarter follows: eo a | $19,490,725 Sinking funds on bords of sub-companies ...... 469,425 Beene ae 8 . $19,921,300 Deorecalion aud reserve -funds* ...... 2. e cee oe 3,059,002 Pee ee $15,962,238 Interest and sinking funds. on United States Steel MeO OCURS oe a: pete ek ie 6,879,675 Balance A Oe ae oe 9,082, 563 Oe A ys eas 6,304,919 Be a ele _ $ 2,777,644 *After deducting ordinary expenditures for renewals, repairs, mainten- ances, interest, fixed charges, etc. Net earnings by months for the first half of the year com- pare as follows: y 1904. 1903. POA $2,868,213 $ 7,425,775 PENI ee Geo - 4,540,673 4.730), 201 Me oe 5,500,000 9,912,571 We i. 6,863,833 10,950,204. Pe ees... 6,256,518 12,744,324 ee a 6,370,374 12,992,780 PIG IRON PRODUCTION FOR SIX MONTHS. "The abe es Iron & Steel. association has received from the manufacturers practically complete statistics of the pro- duction of all kinds of pig iron in the United States in the first half of 1904; also practically complete statistics of the stocks of pig iron which were on hand and for sale on June 30, 1904. The production of pig iron in the first half of 1904 a net Those who conferred in: oe a oe was 8,173,438 gross tons against 8,301,885 tons in the last half of 1903 and 9,707,367 tons in the first half of 1903. The production of Bessemer pig iron in the first half of 1904 was 4,530,046 gross tons against 4,509,289 tons in the last half of 1903 and 5,480,619 tons in the first half of 1903. The figures for the first half of 1904 include 87,582 tons of low-phosphorus pig iron, against 110 ,699 tons in the last half of 1903 and 89,723 tons in the first half of that year. The production of basic pig iron in the first half of 1904 was 1,061,901: gross tons, against 836,923 tons in the last half of 1903, and 1,203,803 tons in the first half of 1903. Basic pig iron made with charcoal is not included. The production of charcoal pig iron in the first half of 1904 was 213,356 gross tons, against 272,040 tons in the last half of 1903 and 232,717 tons in the first half of 1903. The production of spiegeleisen and ferromanganese in the first half of 1904 was 114,205 gross tons, against 81,986 tons in the last half of 1903 and 110,675 tons in the first half of 1903. The production of ferromanganese alone in the first half of 1904. amounted to 26,541 tons, against 14,118 tons in the last half of 1903 and 21,843 tons in the first half of that year. The production of bituminous coal and coke pig iron in the first six months of 1904 amounted to 7,337,279 gross tons, of anthracite and coke mixed to 607,624 tons, of anthracite alone to 15,179 tons, and of charcoal to 213,356 tons. In- cluded in the bituminous figures is a small quantity of ferro- silicon made with electricity. The stocks which were unsold in the hands of manufac- turers or their agents or were under their control in war- rant yards or elsewhere on June 30, 1904, amounted to 623,254 tons, against 501,436 tons on.Dec. 31, 1003, 126,301 tons on June 30, 1903, and 49,951 tons on Dec. 31, I902. The whole number of furnaces in blast on June 30, 1904, Was 216: against 162-on. Dec: 31, 1003; 390,0n June 30; 1003, 307 on Dec. 31, 1902 and 286 on June 30, 1902. The number of furnaces idle on June 30, 1904, was 209. PERSONAL. Henry C. Frick of Pittsburg left last week on the Cedric to be gone for several months. "While in Paris he will be in conference with Thomas Morrison, discussing the future of the United States Steel Corporation. Congressman Theodore E. Burton, chairman of the com- mittee on rivers and harbors, is in Chicago with members of the committee inspecting the Chicago river with especial refer- ence to the tunnel obstructions. His visit is at the personal request of Chicago interests. Lieut. Comd'r John L. Gow, until recently attached to the battleship Massachusetts, has been assigned as inspector of machinery and engineering supplies used in the construc- tion of the battleships Rhode Island, New Jersey and Ver- mont, which are being built by the Fore River Ship & En- gine Co., Quincy, Mass. Mr. Louis Terven, E. E. (University of Wisconsin), has recently been appointed chief electrician of the Nernst Lamp Co., Pittsburg, Pa. Mr. Terven was for some time electrician of the United States navy yard, Port Royal, S. C., which position he resigned to enter the experimental laboratory of the Nernst Lamp Co. Later he was given charge of the chemical engineering department of this company. Capt. W. W. Bates of Denver, formerly commissioner' of navigation, is writing a series of letters upon request for the American Economist entitled "Letters on Marine Recovery." In them he will discuss the mode and manner of applying regulations of commerce, otherwise called discriminating duties, to the revival of our marine in the foreign trade. There will be about twenty letters in all, The measure. drawn by Capt. Bates, will be submitted to the Merchant Marine Commission for its consideration.