New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-06-12
WESTINGHOUSE REPORT
Company Shows Heavy Earninqs'
for Year Ended March 81.

The Westinghouse Electric and Manufa.,-
uring Company. including the operation a,
subsidiary companies. reports FOR the yea.
ended March 81 1911, gross earnings ~
s2s,1ls.s12. against s2s,2lsss2 in the precedlr.
year and s2o, sOs, 5sl in 1899 and a net man.
ufacturing profit Of s5,eoS.765 an increase q.
s2.055.7s7 as compared with 1910 and gain
Of si,95793l over leIe. Other income va,
sl.515,55l, making total income t7iAZs
After interest charges, depreciation and
miscellaneous deductions there was sur.
plus Of s4Ss1, l05, against s2,oeoesi IN the
preceding year and a deacit OF si,4O5,0i5 in
1869 The value Of untitled orders as Of
March 81. 1870 was su,25s.ls5. and on Aarea
81, 1911. s7.s16GS.
The report says in part:
Your directors feel that the Satisfactory
results Of the last year, reached az hey
were during n period OF somewhat lsss
than normal activity in other lines o. In.
dustry, afford sound basis for continued
hope IN the future OF the electrical manu-.
featuring industry and in the maintenancs
by your company Of its position In that
field. " IS, on the other hand a fact ina.
the volume Of business now Offering is on
q diminishing scale. and the results Of tire
last year. therefore, are no certain indlcs.
ton of continuance Tor the future u
gross earnings and net protts such as the
last twelve months have produced The
business taken by the company during
February and March, l9ll-the last twd
months OF the fiscal year covered by this
report-was somewhat less than that taken
during the same months OF 1910, and re
value OF tho orders booked since the clos.
Of the fiscal year does not compare favor
ably with that Of the corresponding period
a year ago.
Your directors have had steadily in mind
the purpose Of strengthening your com.
pany's position In every possible direction.
To that end they have authorized con-
siderable increase in the expenditures Of
the selling organization. for increasing the
number Of statesmen IN the field for re-
Enumeration 70 its representatives adequate
70 secure the best effort on their part, for
the extern sion Of advertising and 70 provide
for proper warehouse facilities for carry
ing stocks al distributing points. This has
added considerably 70 the aggregate selling
expense: but the results, we believe, have
been Justified in the increased volume Of
business obtained. The surplus as Of
March g. 1910. was S5,e55e43 g. This has
items Of profit detailed in the statement Of
profit and loss 70 S5.S4s.Z 55 g. ADDING the
net income for the year, steA,lO2 - tners
resulted a surplus with which your dlrec:
tore had 10 deal as OF the end OF the mccall
year Of Sll.220. 35l 90.
Against this surplus have been charged
dividends on the preferred stock for the
year az the rate OF per cent per annum
but unpaid in previous years, together az.
gregating $500 7e5 Is IN the adjustment Q,
the account property and plant hereinafter
referred to) and in establishing a G!Eece
liability for bonds Of the Walker company
guaranteed by your company l'erenatter
explained there resulted charges against
surplus aggregating N,lS3,E1 y, the Items
comprising which are shown separately In
against surplus in connection with reserves
for notes and accounts receivable were
made during the year agsregat.hs So@.
7IiO5 Miscellaneous charges against proa,
and loss amounted 10 $50 The total &
the charges enumerated - S2,tl32l@.
There was also written OF as deprec''
lions OF investments $2,s2eli. leaving SUI.
PIE The q conpanys current assets are 81.
15si6a Working and trade assets are 81.
321, 474.
Speaking Of the report. Robert Mathsr.
chairman Of the board OF directors, points
out four particulars IN which II IS especially
noteworthy First, he says. Il is frank
and full statement Of everything that ths
directors know about the company and Il;
affairs. second, il shows the increased
earning power Of the company, az Wit
messed in the earnings Of the last year.
third. II explains that the reason L IS
not wise 10 pay dividends az present Is a.
cause the earnings Of the company are BE-
ing used 70 cover the losses. particularly
IN the foreign investments, which should
have appeared on the books long ago. Ana
last. the stockholders are Informed OF no
exact amount OF these losses, OF When
they have had a vague and iIds'inct IN
preston hitherto