New-York tribune., 1919-01-24
Beth. Steel Cuts
Dividend Rate, but
Declares an Extra
Untitled Orders Estimated
at Over $3OO,OOO,OOO;
Output of War Materials
Reached a Vast Total

Directors of the Bethlehem Steel
Corporation announced yesterday:
/. A regular quarterly dividend of
IL per cent and u per cent extra on
both the class "a" and "B" common
stocks. Since April, 1917, the distribu-
tions on those issues have been at the
rate Of 21a per cent quarterly, making
straight annual rate of 10 per cent,
2. Earnings for 1918, partly est
mated, equivalent to 21 per cent on the
$30,OOO,oO0 common stock, including
both issues. In 1917 the company
earned 1920 per cent on the junior is
sue.
8. Total shipments last year valued
at $448,000000; earnings prior to de-
ductions for depreciation, amortization
and taxes, S52,oO0,OoO net earnings
after such deductions, including
charges for depreciation and amortiza-
ton due 20 abnormal conditions result
ing from war. $4,000, 600
A. That net earnings represented Il
profit Of only 3.5 per cent on the ship
mcnts for the year, practically all Of
which were to the United States Gov
ernmcnt and its Allies,
B. That during tho war period the
company produced 60 per cent of this
country's output of finished guns, G5
per cent Of tho gun forgings and 40
per cent Of the completed ammunition.
War Shipments in Detail
In 4 more detailed account Of the
corporations war shipments. E. G..
Grace, president, made public the fol-
lowing figures Finished guns, 1910;
forgings for guns shipped for asscmbl-
ing in other plants and arscnals large
ly in France, 63 ,O27 ,197 pounds, cquiva-
lent in finished guns to about 1900;
finished gun carriages. limbers and
other vehicles, 1852; finished naval
gun rounds. 500; complete field gun
ammunition. 1S,177,878 rounds; projcc-
tiles for ammunition, 1,710,579; air
flask forgings for torpedoos, 9,5l7,311;
armor plate, 69,409, ,533 pounds.
"At the close of the war" said Mr..
to the French (who were finishing and
assembling guns for our navy) were
sufficient for about 900 guns per month,
and our shipments OF ammunition to
foreign governments reached 100000
rounds per month.
"Mcanwhilc the shipbuilding plants
have been busily engaged on work for
the navy and for the Emergency Fleet
Corporation. Since the United States
Governments declaration of war VIC
have delivered an aggregate of 625,OOO
dcadweight tons Of merchant shipping,
representing about % per cent of the
output Of the entire country during
this period.
During the past year the corpora
ton has delivered to the navy, in addi-
tion to sixteen submarines. twenty-six
torpedo boat dcstroycrs, more than
one-half of the deliveries by all Of the
shlpbuilding plants of the country, and
have launched and fitted out for early
delivery thirty-six additional dcstrov-
crS."
Cost of Plant Extensions
The Bethlehem Steel Corporation in
1918 expended for extensions to plant
according to Mr.. Grace, S27, 1866 900
leaving $40, 100000 to be expended dur,
ing the current year to complete the
companyS construction programme.
This expenditure is mainly for the
completion of the commercial steel
plant at Sparrows Points, Md, which
when completed will result in making
productive new and additional steel
capacity representing an investment of
$50,00O,o0O
This will give to the Bethlehem
Steel Corporation an annual capacitv
Tor steel output of more than 3,0OO.OO0
TONS with finishing plants of sufficient
capacity to convert this entire tonnage
INTO commercial products. In this
connection Mr.. Grace stated that the
agricultural implement field is heinz
surveyed with the possibility that the
manufacturc of farm tractors may be
undertaken on large scale.
Unfilled Orders Estimated
The present uncertainty over the
governments policy with regard to the
cancellation of some of the companv's
contracts, Mr.. Grace said, made it i'm
possible to state accurately the amount
Of untitled orders on the books as of
January i, 1919, but he added that.
after deducting orders definitely
cancelled by the government and max
ing liberal allowance for others we
have any reason to expect will be can
celled there will remain untitled or
ders of from $3O0,OOO,OOO to $3.50 600