The sun., 1919-01-24
BETHLEHEM STEEL
PUT ON Top. G. BASIS
Directors Declare 1 IL Regu-
lar and Extra on Both y
Glasses of Common.
EARNINGS S21 PER SHARE
Value of 1918 Shipments To-
tai S+t8, 900, 000-Were
tOU. s. and Allies.

directors of the Bethlehem Steel
CORPORATION yesterday voted to main
tain the dividend at the ratio of az per
cent for the present quarter by the
declaration of IA er.cent regular and
~ per cent extra On both classes of
common stock. The regular Z and s per
cent. dividends were ordered for the
hn year on the preferred issues. In
tho past It has been the policy of the
directors TO declare a quartely dividend
~ 81, per cent. on the common stock
without indicating that 1t was a regular
dividend. At yesterdays meeting that
pollcy was changed and the IN per
cent. was divided equally between a
regular and an extra disbursement.
The preliminary report of the COM
panys earnings for 1918 showed the
value Of total shipments during that
wear to have been St4s.000.000 After
deductions for depreciation. amortiza-
zion and taxes. the net earnings were
SIG. 600. 200 or SCI share on the COM
NOR stock. During 1917 net earnings
were S27.320,737. or s44.20 n share on
The common stock. In speaking of tho
net earnings for tho year. President E
g. Grace declared that they represent
4 profit of but 3 u per cent. on the ship
ments for the year, practically all of
which were to the United States Gov
eminent and its Allies"
During the year. Mr.. Grace said.
.2T.S66,O 600 were expended on extensions
10 plants. leaving about $20,000,00o to
be spent in 1919 to conplete the COM
panys construction programme. The
construction programme will give Beth
lehem an annual capacity for steel out
put OF more than 100000 tons with
finishing plant OF sufficient capacity to
convert their entire tonnage into COM
mercia product. thus completing our
provision for the great reduction in
Government orders and the practical ces-
saton of the manufacture OF NUM-
tons
UnHIIcd Orders About s35O,OOO,ooO
As regards untitled orders on hand
as Of January !, 1919. Mr.. Grace said
that the present uncertainty as to the
policy of the Government regarding can
collation. of some of our contracts makes
Il impossible to state accurately the
amount of unfilloi orders on hand"
After making deduction for orders def
nitely cancelled by the Government and
making liberal allowance for others
which the corporation has reason to ex-
pect TO be cancelled. he said. there will
600 to $4,000. 900, against $453.S0s,7o9
at the close Of business Of the year be-
fore. A large part of the orders. he
added. represents shipbuilding work
for the Navy Department and the Emer-
gercy Fleet Corporation.
No large buying movement in the
steel market is anticipated by the presi-
dent of Bethlehem THE whole coun-
Try he said, "must stop and take an
account of stock, 20 to speak, and start
anew putting our whole economic struc-
ture on a normal peace time basis. We
should see then again a period OF un-
usual prosperity supported by an era OF
construction"
sixty per cent. OF the entire output OF
the country In finished guns during the
war was produced by the Bethlehem Cor
poration, its president declared, while its
gun forging represented IS per cent of
the nations total production and its
complete ammunition 40 per cent. These
figures were taken from n summary Of
incarnation made public in Washington
recently. This summary showed that
during the war Bethlehem produced for
the Government and its allies 3,57o I'm
shed guns: 63,o27,197 pounds OF forg-
mes for guns. limbers and other We
hlr'es 5Ss finished naval gun mounts.
s,4'',s16 complete rounds OF field gun
ammunition. l.T0.570 projectiles. s.5I7.-
81 pounds of air flask forgings for tor
p"does and 6s,40s.533 pounds OF arnor
Plate.
study ShipbuiIdinx Situation.
n addition to that production Of guns
ana ammunition. the president said, 'the
shpouIdlng plants have been busily
1"taseh on work for the navy and the
Emergency
United states Governments declaration
OF war We have delivered an aggregate
o. $4,000 dead weight tons of merchant
s.'Hp!ns. representing about 90 per cent.
" me output of the entire country dur
ing this period" The company has also
curing the last year delivered sixteen
S42marines, twenty-six torpedo boat dc.
Nr"fers and launched and fitted out for
early delivery thirty-six additional de-
sirOyers.
Asked regarding the policy OF the COM
ps'y IN the future as TO utilizing its
pants FOR new business. Mr.. Grace said
TIA, 1t has adopted no new policy in that
,,-sHeH'. Ho admitted tina. the company
ms been looking about for some use to
max OF its plants and machine shops
an me labor nucleus at Bethlehem, Pa
~ % the curtailment OF operations, his
'aH that the reduction of forces since
.ae signing of the armiistice would ag-
gaze for the whole corporation ap-
fortunately 1900 men. the greater part
Naom was in ordnance work at Beth
.them
Mr. Grace said that the Bethlehem
crIporation had men In all parts OF the
"',6 studying the shipbuilding situation
!" earn what are the foreign building
ana operating conditions. 1--WE are a
oF s1ip6uildtng interest" he said In ex-
pi5natinn Of that step. He would give
=. opinion regarding the probable length
Ok me period of reconstruction, for" he
..s''ar'a, 80 much depends upon legisla-
non and things OF that kind"
Equitable Trust Shares PROFITS.
=, Hr'".is OF the profit sharing plan of
' I|l'able Trust Company for 1919,
w nm VOTE Of La nneratinn hava hnnn