Norwich bulletin., 1917-01-24
Bethlehem Steel
 Cuts Big ''MeIOn''
10 PER CENT QUARTERLY DNI-
 DEND ON COMMON STOCK
200 P. C. RECOMMENDED
Common Stockholders Given the Right to Subscribe to $15,ooo,ooo New Stock at Par-orders on Hand Ag- sresate $1ss,5oo,ooo.

New York. Jan. 23-One of the IarR- est melons" ever divided by an indi- v1dual corporation was announced to- day when the directors of the BethIe-. hem Stsel Corporation increased the common stock dividend from 7 1-e per cent to 10 per cent quarterly, recom- mended a 200 per cent common stock dividend or bonus and also offered the common stockholders the right to sub scribe to $15.000, 900 new stock at par on the basis of share for share of sixty holdings.
 $so,ooo,ooo Common Stock.
 This action was made possible by proposed increase of the common stock from $15,0O0.OOO to $6O, 1000, OOO The plan regardink the new stock is to be submitted to shareholders at a special meeting February H. Inas- much as Charles M. Schwab, cf1airnaD or the corporation, and his friends are believed to control the present stock issue. it is virtually assured that the proposition as whole will be approv- ed.
 No Voting Power With New Stock.
 Voting power will be withheld from the new stock. One reason for this decision, and perhaps the most import ant, 1t is explained is that Mir Sdnwab promised the British government from which he received orders running into hundreds of millions of dollars, that he could not relinquish control of the cor 
 Another reason, is was said, is that the new stock. if granted voting power would infringe upon or impair the rights of the preferred stockholders, there being only $15,00O.000 of that is- sue authorized.
 The banking house of J. and w. Seligman and Company is forming a syndicate to underwrite the purchase of the $15,000,000 of new common stock. to be known as class B, which will be offered to stockholders for pro rata subscription at par.
 Usual Dividend on Preferred Stock
 The usual annual dividend of per cent. on the preferred stock, payable fin four quarterly instaIments. also was
 Earnings of the BeffieEem Steel Corporation for the year 1916 amount ed to $61.717, ,329. Deducting interest charges of $3,772575 and charging of $1435O,75 to depreciation and deple- ton, the aggregate net addition to the surplus is S43, ,593, 96S, making a total surplus on December 31, 1916, of ss9,- 7O.19s.
 Orders Asgresats $1s3, 800, 900. {.
 Orders on hand at the beginning of the present year aggregated approx imately s193. 3.5OO,O0o. exceeding those of 8 year ago by about $1S.0OO. 900.
 It was announced that is was mainly because of the corporations greatly volume of business that it was deemed necessary to appropriate increased amounts to construction and working capacity and engage in a general policy of financial expansion.
 Completion of the proposed issue of s45. .000, 900 new stock, it was explained. will increase assets by S15, 100000 cash and will increase the outstanding com mon stock issue by four shares to one.
 Refunding Mortgage.
 As a precaution and to provide against possible future contingencies, the board of directors thought it ad- visable to provide for the creation of a new and first refunding mortgage. which will authorize, under suitable the issue of bonds from time to time for refunding operations. extensions and additions and other capital purposes not provided for from or the sale of stock. Au- thority for the creation of this mort gage may be asked at the corporations annual meeting Tn April.