New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-06-30
AM. CAR & FOUNDRY REPORT
Heavy Earnings, but No Increase in
Common Dividend at Present.

The report Of the American car and
FOUNDRY Company for the year ended April
90 shows net earnings Of $6,2h,3@i, against
5.Oos in the year before and Dalahce
available for dividends Of $i.2A, 1s9. After
the payment Of dividends there was bal
ance Of ST. 5S41s9. from which was deducted
$40 900 for maintenance and improvements.
leaving a surplus Of $1s4,7S9. compared with
g. 3sq.47s IN 1909. The company earned rol
nor cent on It's common stock, against Cos
per cert in the preceding year. The profit
and loss surplus stands at sA73LSb and
cash on hand at s6.iS5. 80. against &9ii'o6l
az the close Of the company's preceding
year.
In his report 10 stockholders Frederick II.
Eaton. the president Of the company says
i'm part.
...or reasons not difficult cf understanding
~. those who have noted the trend OF
events in matters relating to the admin
is,rotion and control Of industrial ana cor
porate enterprises generally, ana p"ucu-
iarlv those elating TO railroads. Inc re-
neval of purchasing activity lndlcated dt
tho beginning was not sustained throusn-
ou, ,be remainder Of the year. AS re-
suit. the railroads demands Tor new epuip-
ment were I'm the aggregate nuch leSN IoI
tLe fiscal wear 1901 than Tor IN" year
io0q IA Because of this orders nave bceh
taken on an even more strongly conpetltlVe
bssls than heretofore. and consequently on
"a lessened profit mar2ih DeSpi'" ore,, in IN
verse conditions there was AN increase III
earnings for tho year, as conpared WIN
tho nrevious year and an addition 10 your
comiany's working capital or more IMAM
VThis gratifying result flows directly from
fine policy set forth in prior reports ana
w A." adbored 10 VIZ. Continued
strengthening of your working capital
1n.hiine MS TO take instant advantage oI
favorable market conditions in purchase oJi
materials: maintenance Of various plants
i'm n high state of ef'icicncy-resultlne IN
an ability to respond quickly ana sauS-
fatorilv TO any demand for our prouuclS
ana peifecting of the system of shop pfac-
fice leading TO an increase in efhc'ehcy OIL
nroductton. with a reduction Of manutact-
ur.ng costs. ...,-. -. ,os,, ri,,on
4, The building up of the export business
luin 10 various causes. this field Is one dl1i-
cult Of entry, but the company mas had a
fair measure Of success In 1t IN me pa or
,',.uet i'm the future. Several contracts TOT
M, esengcr cars for export were ehtei"i
during the year. shipments under which
haze been commenced. Your 90 .:oany DC
o,nn tho fiscal year 191t-12 with fewer
%. n, ON it, books than II had az the be
ginning OF the year 1910 IL. ~ the ciose
of the fiscal year tho railroads were not III
tho market for the purchase OF new equip
tccut in any considerable quantity. IL -
nor 10 be assumed that this condition VIII
continue without change
At the annual meeting or INC St9cknoiin-
,r,, az tho American Car ana oundry
CONAN YESTERDAY common stockholders
wanted to know why larger dividends on
ipc common stock could NOT he rhlh ~
1iow 81 the larger cash snrtluS ana s ,h,t
~. amount ~ cash on mana WAS que 10
slack business. es il did not have to d,
put into material and supplies. rs IL "opid