The Washington times., 1916-03-20
BETHLEHEM STEEL'S|
NET 1915 EARNINGS
TOTAL $24,831,4O8|
Report Issued Today Announces
$17,762,sl2 Available for
Dividends at Present.

The Bethlehem Steel Corporation stock
which, through its heavy bookings OF
European war orders. became the pre-
mier Of the war brides" reports today
that It's total net earnings for 1olf were
$ot,S31, 40s 25--this after deducting APP
proximateiy 1880. 900 for ordinary ana
extraordinary repairs and maintenance.
The net income available for divi-
bends was S17.762, sl261. as compared
with $3.50. O2O.ls in 1914 After per
cent is deducted for the preferred stock
there remains SIG. rs. 2o2.61. OF about ll2.l
per cent on the N49os.Ooc common
stock.
In the course Of a Joint statement TO
stockholders Charles M. Schwab. chair
man OF the board. and f. q. Grace,
preeident OF the corporation. attack the
proposal for Government-owned
ermor plant They assert that the
Bethlehem corporation has offered to
manufacture armor at less COS man
ing for the last ten years-this despite
the rapid rise in ateel prices-and less
than japan, Austria. Germany. France.
and England are now paying.
Officials Report.
Referring 20 this subject. the report
with the recent extraordinary mar
ket for all classes OF steel products ana
for ships the various plants or your cor
poration enter the year isle WIN al DC
.'That exception is the armor plate
department Bethlehem Steel Company
has practically completed deliveries TO
the Government on all pending armor
contracts. Contracts for the current
vaar have not been awarded.
Your attention is called to the fact
that a bill is pending In Congress and
has, with the support of the secretary
DassaRe by the Senate Committee on
Naval Affairs, providing for the building
by the Government at an expense OF
81. 0OO, 900 of an armor plant with a ca
pacity Of 5000 tons year.
This capacity provides for more than
double what have been the average
actual requirements of the United states
for armor over the past twenty years,
and II such a bill Is passed the value OF
existing armor plants in this country
will be virtually destroyed. bethlehem
steel Company has more than S7,OOo,OOo
now invested in its plant. devoted TO
this use--and useless for any other pur-
pose.
y, Obligation To Nation.
Recognising that though the interests
conserved by your officers. on a matter
bf this kind. your corporation also mas
IN important obligation to the nation OF
which Il Is a citizen, your officers have
Appeared before the Senate Committee
ON Naval Affairs and urged the defeat
% the pending measure. As 1t Is frankly
declared, that the sole purpose OF the
proposed enterprise Is that the Govern
mont may secure its armor at lower
submitted
following proposition to the rederal
Government: -.
:. 1--WE will agree to permit any we'll
known firm OF chartered public ac-
countants to inventory our plant ana
nnanufacture; with that data In hand
we will meet with the Secretary OF the
Navy and agree to manufacture armor
AZ a price which will be entirely salts
factory to the Secretary of the Navy as
being quite as low as the price at which
the Government could possibly manu-
f0cture armor on its own account, after
taking into account all proper charges.
As a concrete working basis for such
negotiations, Bethlehem Steel Company
has offered to manufacture one-third Of
the armor plate required for the con-
templated five-year naval program les
dmated at approximately lO.OOO tons),
mon, as compared with the price of s425
po1 ton now obtaining.
3 Price Is Low.
: at may be added that while all other
eoscl prices. have greatly increased, the
foregoing figure at which we now offer
10 make armor for the United States
Ii not only a lower price than has been
paid by the Government for more than
fn years, but It Is also a substantially
lower price than is paid for armor by
Japan, Austria, Germany, France or
Bethlehem Steel Company entered
mon the manufacture OF armor plate
I'd the request Of the United States
1t has during all these
years co-operated with the Government
40 the end that the United States should
have the benefit of the highest develop
Snant of the art.
= altogether aside from the financial
Interests of your corporation, we, as
citizens, and i'm the light of our ex-
psrience, should regard II as extreme
~ unfortunate IL the United states
should enter upon policy which
should prevent there being placed con-
tinuously at its disposal In this import
ant detail OF national defense, the ex-
perience, the enterprise. and the initia-
tive of tho steel manufacturing industry
of the country.
: Assuming that manufacturers are
willing to accept as low price as the
Government may properly exact, we
earnestly hope that Congress will not
feel 1t necessary TO embark upon tho
proposed policy"