New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-03-21
BIG YEAR
SChwab Steel Corporation Re-
ports Record 1912 Earnings.

Like the other large industrial corpo-
rations that have issued their annual
statements recently, the Bethlehem Steel
Corporation which made public its earn
ings for 1912 yesterday showed record
earnings Neither this report nor that OF
the United States Steel Corporation. how
ever, made any mention OF the probable
effect of tariff reductions on the steel
industry.
Net manufacturing profits OF ,s4S,sA
were shown by Charles VI. Schwab's cor
poration, compared with A,SOo,41o in 1911.
and "a 1896. i39 in 1910 The income from IN
vestments brought the total income Tor
the year up TO $5,ll4HO. an increase OF
s32l,727 over the previous year. After al
lowing for interest charges, depreciation
etc. there remained a surplus or S2,0o5,o %o.
which is equal to per cent on the com
pany's sl4,9Os,0Oo outstanding preferred
stock and 6s6 per cent on the $l4,sS2Uo
common stock. This compares with 81
Der cent earned on the common in 1911.
In his comments on the years opera
tons President Schwab said that the
corporation showed record earnings de
prevailing in the latter part OF 1911 and
the first half of 1912. The improvement
in business in the latter part of the last
wear however. nabled the company to
take orders aggregating AI05o,5 3, or ~
per cent greater than the best previous
year of the company's history. Orders on
hand at the beginning of 1913, amounting
to 500 2s2ls2 would seem to insure salts
factory earnings for the coming year.
he added Regarding the recent acquisi-
ton of Gillian ore properties Mr.. Schwab
said:
The Bethlehem Steel Corporation has
recently obtained control OF valuable and
extensive iron ore deposits near CoQuimoo.
Chilli These mines have been In opera
ton for some years, and the ore Is OF
the highest quality ever commercially
used for the manufacture Of pig iron,
being unusually rich in iron and free from
deleterious impurities The iron content
runs about 81 per cent. or about II per
cent moro than the average OF present
Lake Superior ores, and three tons OF
this ore will. therefore replace about four
tons Of such ore as Is Of most common
use In this country. No railroad is neces-
sary at the mines. as they are so near
the coast that the ore is handled By gray
ity with a wire rope tramw2y. the ora
lies on the surface. requiring no under
ground mining and there is no dirt cap
ping requiring stripping. As result or
these conditions the ore will be loaded on
board ship at an extremely low price per
ton.
"A new company bethlehem Chill Iron
Mines Company has been incorporated
under the laws Of Delaware for the opera
ton Of these mines. Unless y shall be
possible 10 place the transportation OF TINS
or, IN a long term contract at favorable
rates the present plans contemplate the
building Of a large fleet or specially De
signed ships for carrying this ore from
chill 10 the United StAtes. but these plans
and the method Of financing so large an
operation are not Yet sufficiently de1nn"
Tor announcement. The officers ana en-
gineers OF your corporation consider the
ACQUISITION OF this ore one OF the most
important developments in its history