Business: State of Steel

For most Wall Street pundits, the Depression will be over the day U. S. Steel restores its preferred dividends to $7. That day was nowhere in sight in 1933 when U. S. Steel lost $36,000,000 or last year when it lost $21,000,000. And it still looked a long way off last week when U. S.

Steel directors met in Manhattan to announce half-year earnings and take action on the preferred dividend.

Big Steel's loss for the six months was $2,936,000 against a deficit of $1,639,000 in the same period last year. Taken by the quarters,...