Bethlehem

Mr. Schwab's steel company, despite its increasing capitalization, did rather well by itself last year. Its 1923 annual report, published recently, showed net income of $14,374,152 after interest, depreciation and taxes were deducted. After the $4,318,253 paid out on the company's two issues of preferred stock, $6.46 was earned on the average amount of common stock outstanding during the year. This compares with the net income of $4,605,330, or $1.14 a share on the common stock, during 1922.

The statement shows evidence of expansion in most of its items of credit. On Dec. 31, 1923, working capital had risen to $119,724,173 from $87,197,190 a year before. Gross sales in 1923 were $275,213,423, which is more than double the figure of $131,866,111 of 1922. This great expansion is of course mainly due to the merger effected with the Lackawanna, Midvale and Cambria companies.

Since 1905, Bethlehem has spent $279,587,159 in cash for additions and improvements. It is now second only to U. S. Steel as a large-scale unit in the industry. On Jan. 2, 1924, there were 49,497 Bethlehem stockholders, as against 27,080 a year before.