The sun. [volume] (New York [N.Y.]) 1833-1916, 1916-05-21
RECORD GAIN MADE
BY WESTINGHOUSE
War Orders SOC, 600 and
Domestic S58,218,171 in
Past Year.
HAS MUCH WORK AHEAD

In the report Of the Westinghouse
Electric and Manufacturing Company
for the year ended March 81. 1915, Guy
Il. Trip. chairman Of the company. re-
ports TO stockholders that orders fo-
munitions booked by the company total
se6.527.0O0. Shipments have already
been made amounting to sS,57s."G6.
Other orders received during the year
total SIS, 21s.171. unified orders for tho
regular products OF the company on
March 81. 1915. amounted to sc2.os7,-
ss5. as against s~5,4si,sS5 at the same
time last year.
War orders. Chairman Trip reports.
include some that ara subject to tho
cancellation Of the part not delivered
upon the payment Of an agreed profit and
others subject to cancellation upon three
, months notice to stop work. It is i'm
practicable. he says, to report more
definitely on these special contracts. be-
cause the deliveries under many OF them
will depend upon the volume OF output
and the duration OF the European war.
nc Uuih VI tIS ubblIillOh WIN 10 p'lib
done at Pittsburs and East Pittsburg,
Pa. and Springfield. Chicopee Falls and
East Springfield. Mass.
All Past Gains Exceeded.
The sales billed and net Income for
tho company as a result largely of the
. war trade were In excess OF any pre-
vtous year In its history. Gross earn
ings for the year ended March 81. 1916,
were S50.2s9.239. AS sgains, s33.s7l,-
ass for the preceding year. and Ns.
733,64s for the year end,d March II,
1914. The ne; income after the payment
OF liked charges was Sa."sb,1ss as
asains, s3.72O,.3s and s5,s9s,o7S in thc
two preceding years.
This is equivalent. after the dedGc-
ton OF preferred dividends. g. earnings
" l,.s2 per cent. oil the SJ2,6i4.s SOC
common stock OF the company. as againsl
earnings OF i6I per cent. on 37.325,oS1
stock in the preceding year. The tina.
surplus of the company during the year
however. was a Little less than 1000, 600
owing To heavy depreciation charges and
deferred bond charges written on. e.
regard to the surplus account ChairrIIi
Trip reports as follows
The surplus at the close Of last yea
was $7.4,3.4l1.97. which was Increased
during the year ~, net Income and other
|. credits to sl1,lS6, 1853.
Surplas Of x0,24V,7O'.
Dividends paid upon the preferred
stock at the rate OF I per cent. pei
annum and upon the common stock a.
the rate of 4 per cent. per annum FOL
the .rst quarter and At the rate OF I
per cent. per annum for the remsin'ns
three quarters and the following adjust,
ments and deprec.atious have been writ
ten OF against surplus:
r, Deferred charge for expenses II
connection with the bond issue of 1907
and of the new bond Issue 81 1915. which
had been carried In suspense and wa
being reduced by an annual amount pro
rated over thu life OF the bonds. ha'
/ been ~erGirrly written of, tho amour
/, being sl.0S0, 2G6. 50.
Patents. charters and franchises
has been reduced by s1.s9i,O5T ~ ant
that amount charged against surplus.
For the purpose OF eliminating from
/ the assets of your company all Items "
the nature OF good will the amount o
. Sl,s15.oo0. heretofore Included In IN
! vestments' and representing the excess
OF book value over the par value of tn,
capital stock OF the Perkins E1ectr'
, Switch Manufsctur.n Company, has
!, been written on against surplus.
. after making these ana miuo1
charges as detailed In the STATE ment o
profit and loss there REMAINS n sur
plus OF s9.2i6.'o7.03, AZ shown by IN
balance sheet"