. The market price, surplus, net earnings, and dividends of common stocks . closely to net earnings during the whole of the periodconsidered. The price of Central Leather has not fluctuated aswidely as some stocks which have earned more, and which havedeclared dividends. It started at a high point of 41, and fromthen has ranged around 25 to 30. Its price has not seemed torise or drop with either earnings or surplus. American Smelting and Refining CompanyAmerican Smelting and Refining Company is a corporationwhose dividend rate (figure 18) rose from five per cent in 1905to seven per cent in 190
. The market price, surplus, net earnings, and dividends of common stocks . closely to net earnings during the whole of the periodconsidered. The price of Central Leather has not fluctuated aswidely as some stocks which have earned more, and which havedeclared dividends. It started at a high point of 41, and fromthen has ranged around 25 to 30. Its price has not seemed torise or drop with either earnings or surplus. American Smelting and Refining CompanyAmerican Smelting and Refining Company is a corporationwhose dividend rate (figure 18) rose from five per cent in 1905to seven per cent in 1907, and then dropped to four per cent in1909. Its earnings reached a high point of thirteen per cent in 1907, and fell to the low level of six per cent in 1911. Theyhave been above dividends in every year considered except 1908,in which year they were practically coincident. The period from1911 to 1912 included twenty months, as the fiscal year waschanged in 1912 from April 30 to December 31. Thus the sets ofObservations on this stock are only nine in number. The surplus. -27- of American Smelting and Refining rose in accord to earnings,except in the year 1911. The price had a remarkable rise from75 to 140 in 1906, and another eight point increase in 1907. In1908 a drop to 86 occurred, which we may ascribe to the Panic,remembering that the fiscal year of this corporation at that timeended in April. Prom this year on the price of the stock hasfluctuated up and down, with a general downward tendency. Theprice seems to rise and fall rather generally with earnings, butdoes not seem to accord very closely to dividends, and not at allto surplus. United States Steel CorporationIn discussing the United States Steel Corporation (figure 19)we are attempting to dismiss in a few words a corporation uponwhich volumes have been written. It is our billion dollartrust which evoked so much interest a few years ago. Aside fromits size and its historical interest, its graph alone is interest-ing.
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