Business & Finance: Steel's Old Policy

An announcement by Judge Elbert H. Gary, Chairman of the U. S. Steel Corporation, that the company contemplates the expenditure of $15,000,000 in improvements recalls the familiar policy of the Corporation in "plowing in its profits." By just such methods during the past 20-odd years, the giant concern has built up its present enormous equities behind what was originally a half-billion of "watered" common stock, to say nothing of a large part of its preferred issue.

The expenditure of this latest $15,000,000 will affect the Homestead Works at Pittsburgh, and the tube plant...

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