New-York tribune., 1902-06-15


CoMPLETE-EXTENT OF THE WORKS.
The important announcement was made yes
terday afternoon by Daniel LIE Roy Dresser.
president of the Trust Company of the Repuo-
lie, that the newly organized United States Ship
building Company, for which the trust company
is acting as banker had secured the Bethlehem
Steel Company Mr.. Dresser said:
The Trust Company of the Republic has t2-day today
completed negotiations whereby the United 5 states
shipbgding COMPANY has purchased % the ne Be1hiT 3 f
with the others that have been consolidated and
Whose bonds T will Is be offered to the pubic
With this ACQUISITION the United a. STATES os SnP Son
pletey equipped and self-contained shipbnidinmg il m
self, including its armor plate and guns From ON
the financial aspect this acquisiilon i'm maheS eE de-
sirable. Either the combined plants advertised to
earnings more than sufficient to pay the interest,"
the bonds issued. so that the earnings Il. rom I'm
the preferred and common stock This IS on & the
present basis Of earnngs enough e to- th con
Tbs Combination with the enormous facilities
behind IT, its strong financial backing, and with
the management It will have is destneo az asaln mo 20
held the leading shipbuildins nauoh III 'ile
world.
Lewis Nixon. president of the Crescent Ship
yard and director of the United States Snip
building Company. said:
The acquisition of the Bethlehem Steel Company
by the United States Shipbuding Company is the
most important industrial step taken IN TINS
1t gYeS 70 the rhfd Saes eompefe
Rd5 RR sramenf 1' a2or G4ai's and al eqapmeR
such company exists elsewhere in the world AZ
Steel Corporation by which prompt denTerles %
pTomse r5 vessels absoIutey on time More mpor
tant. however is the fact that. in case OF nidalns
our hui s5ee viii Be o6sained price thai vii
price Of steel The Bethlehem Steel Company is
now making armor and forgings ana bulldlng Z gnI3s
and Mexico and work is in sight that will tax the
yond that made by their present volume Of orders;
This company can enter with confidence the
5io wori9 @ s rafo2nre confronted the
eons9lidation will reap the benefits due to & The
selves in shape to compete for foreign work. and
in doing this We shall be doing the greatest posi-
cur S Tif part in Sringns I BACK the Aercan The
chanics that will in time, undoubtedly repeat the
Lessons OF o6@r ndustrsS haynS seaqy T nno
snt and greater @aTning peweE TO d {ne sGI5rr
shipbuIding Industry here will benefit every call
ing, profession and trade, and every american
company upon a financial scale ana technical basis
that insure success.
The Bethlehem Steel Company has 100000
stock, or 100000 shares. Of the par value Of $50
each. In August. 1901 it purchased the Bethle-
1t had previously leased. In June, 1901, COR
trolling interest in the Bethlehem Steel Com
pany, said 70 have been al least 10000 out OF
the total 100000 shares. was purchased by
Charles NJ. Schwab, president Of the United
States Steel Corporation. Negotiations had been
in progress prior TO that time looking 70 the ac-
QUESTION of the Bethlehem Steel Company by
Vickers Sons & Maxim, of England, and the
William Cramp & Sons Ship and Engine Build
ing Company, Of Philadelphia. These concerns.
II understood, had contract with the
controlling interests of the Bethlehem company
for the cash purchase Of their holdings at SD %
q share but for some reason never vet disclosed
TO Wall Street that contract was not carried
out but instead Mr.. Schwab suddenly appeared
as the purchaser of the property, az price
understood 70 have been S24 80 share. It was
rumored the time that he would turn the
company over 70 the United States Steel Cor
poration. and there was also a report that his
purchase had been made in the interest Of
combination Of several shipbuilding concerns
which planned about that time, but vas
subsequently dropped
The plant of the Bethlehem Steel Company,
which is at South Bethlehem, Penn, covers an
area and quarter miles long by one
quarter of a mile wide, OF which about thirty
acres are under cover. The works are COM
pletely equipped for the manufacture of armor
plate and gun forgings, we'll as iron and steel
products generally. their special produce being
armor plate.