The sun. [volume] (New York [N.Y.]) 1833-1916, 1916-04-05
'SCHWAB DENIES ANY
COUGHING OF THE u S.
willing to Make Armor at
Fair Pricc-Takes No Part
in Defence Agitation.
SENATE BILL NOT FEARED

Charles NJ. Schwab. chairman. in his
remarks to stockholders at the annual
meeting OF the Bethlehem steel Corpora
ton In Newark yesterday said that the
corporation is prepared to manufacture
arnpr for an indefinite period ut n
price which the Federal Trade Commits
sion shall decide as fair and reasonable
He added that business In better than
ever before in the history Of the COM
pany and he Is hoping that the current
year will I've a record breaker. He said In
part
The Senate has passed a hill appro-
priating si1 900, 900 to construct a Gov
eminent IN plant witch a capacity or
10000 tons a year-a capacity far IN
excess Of the average annual require
ments Of the United States Government
for many years past. That bill IL now
pending before the House OF Representa-
tives.
THE chairman of the ms Commit
| tee on Naval Affairs ON November %,
1914. publicly called attention TO the
/ IHtt tntt II tne DbNtTfrItht 'e
into it's own armor manufacture 1t would
destroy the arinor manufacturing Dusi-
ness of the private plants.
Your company has invested soms
s., 900. 900 in an arfnor plant. Should
a Government plant be built that In
,estment will be rendered practically
valueless. OF course this investment IL
only about 5 per cent. of the total in
vestment in your various properties anc
the total armor business Is less thar
3 per cent. of your gross annual turn
over. The integrity Of the bethlehem
Steel Corporation does not depend upor
the manufacture OF armor.
"Iu order to save as much as poSsibl'
Of our investment in this branch o
business We have taken steps ~ brint
to the attention OF Congress as frankly
as openly and as vigorously as We know
how the considerations which We Zee
should prevail in rejecting the propose
to build a Government plant.
w are prepared to manufactur
armor for an indefinite period AT AN!
price which the Federal Trade Commits
sion shall. after AN OF al
the facts, decide TO be fair and reas
enable.
ut has been declared that II the GJv
should monopolize the manu-
facture of arnor that fact would tax
away from private capital any incentiv
for agitatng enlarged naval or militar
programmes
1 Il desire 10 say In the most unedui
vocal terms that no representative OF tn
Bethlehem steel Company IL seeking
or has sought. to influence legislation a
to the size OF naval or military eXpen
ditures. that, is not our business. Gu
business is TO serve the United State
Government just Ia so far as the COY
ernment may elect TO avail itself OF on
services.
Since .he war In Europe began ~
prices there have peen practically wha
We choose 10 ask. but we have not I
any instance increased the price Of AN
ordnance products TO the United State
Government. We are keeping hands q
OF any Interference with the Govern
ment's policy as to preparedness or ma
l tondl defence We are seeking to mai
] all our prices so fair as TO cominai
the utmost confidence Of every of'ic'
OF tn. Government, and Ne are do'f
our best TO supply "A quality Of prosiu
!, in accordance aith the highest d"vclo'
m.ut OF the manufacturing art
Mr.. Schwab explained that in takii
over the Baltimore Sheet and Tin Pla
Company no actual property came in
the hands OF his corporation. ana III
only contracts were taken over. II. sa
that these were acquired at a low
" price than would be possible " an a
tempt were mad. NJ this time to 4
them. This, he said. vas due to q
. advance in the price of machiner
y About thirty stockholders attended q
meet!nE.