Graphic Methods for Presenting Facts
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New York Times Annalist
Fig. 223. Net Earnings and Dividends of the United States Steel Corporation
The figures for net earnings are plotted by quarters. Dividend figures are plotted to sliow the total dividends each year. The line at the top of the shaded area shows the dividend paid. Dividends exceed net earnings in portions of the years 1911 and 1912, but the total earnings of those years were nevertheless great enough to justify maintaining the dividend rate
Though this illustration contains some interesting information, the chart is misleading because the scale does not extend to zero. At first glance, the dividend of 1909 would seem to be more than four times the dividend of 1908 when in reality it is only about twice as large