In the annual report for 1918 it was stated that the Corporation’s subsidiaries had purchased a total (not counting exchanges and re-issues) of $352,340,500 of United States Treasury certificates. Finally, it subscribed to various war funds, raised by the Red Cross, Y. M. C. A., Salvation Army, Knights of Columbus, and United War Work Campaign, a total of $7,375,662, and declared a dividend of 1 per cent. on its common stock, amounting to $5,083,025, in July, 1917, for the particular purpose of aiding stockholders to contribute to the Red Cross. Since the close of the war the Corporation, early in 1919, gave evidence of its desire to coöperate with the Government in deflating the high cost of living, even although this meant the sacrifice of a substantial part of its possible profits. For more than a year past it has played a lone hand in this respect, maintaining a scale of reduced prices in the face of a strong market. Yet it is questionable whether this policy will not eventually prove a profitable one. In fact, indications are not lacking at present that such is likely to be the case. Of course, United States Steel made large profits out of the war, both while the United States was a spectator and while we participated in the struggle. But always its officials put patriotism before profits. And if ever again the need arises, it is a safe prediction that the immense capacity and financial strength of the Steel Corporation will be all the time and unrestrictedly at the service of Uncle Sam. CHAPTER XVI THE MIDDLE PERIOD--1907-1914 Although the business depression consequent on the panic of 1907 seriously affected earnings of the Steel Corporation in the closing months of the year, the big company was able, as a result of the boom conditions that preceded the financial catastrophe, to report the largest earnings it had till that time shown. Total earnings were $160,964,673.72, and a net balance was left for dividends of $104,565,563.76. After the payment of the dividends, the common being maintained at the established rate of 2 per cent., and the appropriation of $54,000,000 for property additions, a net surplus of $15,179,836.76 remained. In the appropriations for additions was included a sum of $18,500,000 for the continuation of the work being done at Gary, making the total amount appropriated for this purpose to the end of 1907, $50,000,000. During the year the work of building the new steel city progressed rapidly and $19,316,555 was added to the $4,632,202 expended the previous year.