How marked was the trade revival in 1915 is indicated by a comparison of the Corporation’s earnings for the four quarters of the year: First quarter, $12,457,809; second, $27,950,055; third, $38,710,644; fourth, $51,277,504. Keener and keener grew the war demand as the months rolled on. The Allies, calling more and yet more on their man power to fill up the gaps in the fighting line, found it increasingly difficult to meet the ever-growing need for war materials and leaned more and more heavily on our manufacturers. The price of steel, under the enormous buying power from abroad and the increased demand at home, advanced rapidly, nor did this advance let up until the latter part of 1917, when, the United States having at length united her fortunes with England, France, and the other countries defending civilization, prices were fixed by agreement with the Government. Germany’s submarine warfare tended still further to aggravate the world’s shortage of steel. The enormous tonnage of vessels sunk by the undersea raiders necessitated replacement by new ships, and in the summer of 1917 purchases of ship plate became so heavy that this particular product sold in some instances at twelve cents a pound or more, compared to an average price of around one and a quarter cents before the war. United States Steel’s management, however, notwithstanding its desire to show large profits to stockholders, could not, consistently with the price policy it had followed for many years, countenance these extravagant prices. Its quotations at no time were as high as 50 per cent. of these levels. It steadfastly set its face against taking advantage of the world’s need to exact the highest prices the market could bear. Nevertheless, it showed enormous profits and paid large dividends to stockholders during the period. One branch of the steel industry that was immensely stimulated by the war was by-product coke production. In this particular field Germany had led the world for years, although it was not until the war started that the other nations realized her secret object in fostering the development of these by-products and had brought home to them the cost of their neglect in this respect. Coke by-products, benzol, toluol, xylol, etc., form the bases of practically all modern explosives. They also form the bases for modern dyes. And Germany for years had studiously cultivated the color markets of the world, and encouraged her manufacturers and scientists to increase production of these bases and to refine processes until she had practically eliminated competition in dyes.