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Among famed steelmen not at the U. S. Steel meeting was Charles M. Schwab, onetime (1901-03) U. S. Steel president, now board chairman of Bethlehem Steel, second largest steel producer. Chairman Schvvab and President Eugene Gifford Grace had held their stockholders' meeting earlier in the month. President Grace had at that time told Bethlehem stock-holders that Bethlehem's March output was greater than its rated capacity, that (recently resumed) dividends on common should continue uninterruptedly. U. S. & Bethlehem. Great is Bethlehem Steel; greater is U. S. Steel. Bethlehem has a capacity of 7,900,000 ingot tons; U. S. of 23,000,000 ingot tons. In 1928, Bethlehem earned $18,585,922; U. S. earned $114,173,775. Bethlehem earnings amounted to $6.55 per share; U. S. to $12.50. Both were running at or close to capacity during March. Independents. Erroneous is the impression that U. S. Steel plus Bethlehem Steel constitute The Steel Industry. Taking tons of ingot steel as a standard of measurement, U. S. Steel has a rated capacity production of about 43% of total U. S. steel capacity. Bethlehem can pro duce about 15% of the total, leaving about 42% for independent companies. Prominent among these companies are: Youngstown Sheet and Tube Co. Three-fourths of the plant, nearly all the directorate, in Youngstown, Ohio. Makes principally pipe, sheet and tube; therefore best customers are the oil and automobile companies. Merger with Inland Steel Co. (Chicago district) has been frequently reported, was once almost completed, is still rumored. Ranks as Third Largest (3,000, 000-ton capacity); earned $10,-466.300 ($9.54 a share) in 1928. Jones & Laughlin. Fourth largest; closely held stock traded in over-the-counter market; estimated 1928 earnings $20 a share; operating in Pittsburgh area. Crucible Steel Co. Largest maker of crucible steel; important producer of electric alloy steel; 1928 net income $5,634,-000; per share, $7.06; operating chiefly in Pittsburgh area.
A. M. Byers Co. Largest U. S. manufacturer of wrought iron pipe; is building a $10,000,000 plant for production of seamless pipe using a new process (Aston process) that reduces cost of wrought iron; affiliated with Oil Well Supply Co., which distributes Byers pipe to oil industry.
Republic Iron & Steel Co. Merged with Trumbull Steel Co., February 1928. In 1928 earned $4,710,400 ($4.25 per share). Under comparatively new management, E. T. McCleary, onetime vice president of Youngstown Sheet & Tube Co., succeeding T. J. Bray to the presidency in April 1928. Acquired Steel & Tubes Co. Inc., maker of electrically welded tubing, in September 1928. Republic now rates among larger independents.
Colorado Fuel & Iron Co. Largest steel producer west of the Mississippi. Main works at Pueblo, Colo. Strike in company coal mines lowered 1928 earnings (first nine months, $1.54 per share). Steel rails are its chief product.
Oth Steel Co. Cleveland's steel company earned nearly $4,000,000 in 1928, its $3.82 per share showing marked improvement over $1.02 in 1927. With the automobile industry a leading customer, the company has enjoyed a record first quarter and expects soon to resume common dividends.