EARNINGS: Memory of Black Friday

On "Black Friday" in October 1929, U.S. Steel Corp. declared a $1 extra dividend. That was Big Steel's last extra dividend until last week—18 years, less a day, from the market crash—U.S. Steel again declared an extra dividend, of 75¢ a share, out of its fat third-quarter earnings. It could well afford it.

Chairman Irving S. Olds reported that in the first nine months of this year U.S. Steel had netted $97,306,461 after taxes, a rise of 69% over the same period last year. (Besides the extra, its directors also increased the regular common stock quarterly dividend by 25¢ to...

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