Evening star., 1941-07-31
Bethlehem Reports
Net Of S5,651,457
For June Quarter
Directors Order Dividend
Of $1.50 Per Share
On Common Stock
Dy the Associated PresS.

~ the Associated Press.
NEW YORK, July 31-Bethlehem
Steel Corp. reported today net in
come in the three months ended
June 80 of $5,65l,457 equal, after
preferred dividend requirements, to
$1.34 common share
Directors ordered a dividend of
$l.50 a share on the common stock,
payable September 2 to holders of
record August II. Similar amounts
were paid in March and June this
year, while $l25 was paid In Sep
tember. 1910.
The earnings compare with net
income OF slo,S07,31s, or s3.07 q
common share, in the like 1910 pc
Rod, and Sl0,436o2S, or s295
share, in the March quarter this
year.
Taxes Already Taken Out.
The amount provided for taxes
based on income and excess profits
taxes estimated on the basis of pro-
visions of the pending tax bill and
an additional provision for the first
. quarters taxes were made out OF
income for the second quarter.
The indicated net profit for six
months ended June 80, l94l, was
SIS ,087 ,485. against $2t69S. .457 in the
nrst half OF 1910.
For the last six months the earn
ings amounted to $429 share on
common stock, as against $500
share in the first half OF 1910.
Current operations of the COM
pany are at 10l per cent of capacity,
compared with an average rate OF
1925 in the three months ended
June 30 and 1908 per cent in the
hrst quarter OF the year. In the
June quarter OF 1910 mills operated
at S2.6 per cent of capacity on the
average.
Tax Bill Is 35,435,000.
Eugene G. Grace, president, said
the company's total tax bill for the
six months ended June 80 was $685.
435 900, an amount, he said, equal
to SO per cent of earnings before any
provision for taxes.
Included in this total were State.
local as well as Federal levies. On
the present basis, he said, the total
tax bill for the first six months was
at the annual rate OF s23 q share
on the common stock.
Mr.. Grace said the company
established new record for tonnage
shipped and billings in the June
quarter.
Predicts Scrap Drive.
Mr., Grace predicted an iron and
steel scrap drive similar to the
recent aluminium drive might be
instituted throughout the United
States to keep the steel industry op.
Grating.
Mr.. Grace described the present
scrap shortage as extremely Sc
rious."
we are operating on a hand-to-
mouth basis right now" he said
after pointing out that the Bethle-
hem Corp. had turned out steel for
the last II months at 100 per cent
of its capacity.
FRANKLY" he said, there is not
bit Of use Of this Nation building
more steel furnaces until We get
more scrap metal"
Mr.. Grace disclosed that discus
sions already were under way with
the British toward a goal Of cutting
OF scrap shipments. the Americans
holding that it would be a greater
oeneft TO the British to send over
finished steel products.
Again referring to American ca
pacities. Mr.. Grace said: The
capacity of this country to make
steel already is about double that
of Germany"
He said the main reason for the
present acute shortage of scrap,
which, with pig iron, composes the
basic raw material of steel. was
brought about largely through heavy
exports of recent years. Although
MI. Grace mentioned no countries
Japan has in recent years been the
largest customer of the American
discarded metal.