The sun., 1916-12-12
S15,OOO,OOO ISSUE BY
WESTINGHOUSE CO..
Electric and Manufacturing
Plant Taxed-New Works
to BE Built.

Directors of the Westinghouse Elec-
trio and Manufacturing Company at a
meeting Yesterday authorized the issu-
ancc OF 100000 OF additional COM
mon stock to be offered to present
shareholders In the ratio OF one share
Of new for every -four shares now held.
A special meeting OF stockholders VIII
he held In East Pit.sburg on February
Is to approve the new issue.
Present stockholders will have the
right to subscribe to the new stock on
or before February II mt s5O.1S a share.
being the equivalent OF par value plus
the accrued dividends at the rate OF 6
per cent. TO February 81. 1917, from
January 81. 1871. when the dividends
on the new stock will begin to accrue.
The right to subscribe Is offered to stock
Of record OF December 80. 1915. Kuhn.
Loeb & Co. have agreed to form a syndi-
cate to take the stock not subscribed Tor
by the stockholders.
Your company's facilities are now
being taxed to capacity says Chair
man Guy T.. Trip in a circular to stock
holders. ito manufacture Its regular
products and In spite OF the vigorous
effort which has brought production to
It's present record output, 1t has been
found impossible TO keep pace with the
growing demand so that much profitable
business offered has had to he declined.
i'nhllcd orders on hand for the regular
products Of your company, exclusive OF
rifle or shell contracts, amount TO over
s3l. O0o. 900. which Ia Ivy far the largest
amount your company has ever had
on its books.
1T Is reasonable to expect that the
present large volume OF your company's
regular business will not only be main
tanned but will be materially increased,
To provide the additional manufacturing
facilities needed there has been pur-
chased on the Delaware River at Easing
ton. Pa. just outside Of Philadelphia. a
tract OF land having a deep water 'front.'
age and large enough TO accommodate
an ultimate factory development sew
eral times a. great as that Of the East
| Pttsburg works. II Is planned to begin
Immediately the erection on this land OF
a new plant 10 cost between $4,000, 900
and $4,000. 600.
Your company's net profits for the
seven months ended October 81. 1916.
after deducting all interest charges. were
s1.s5i .0lO.31. During the early months
Of this period large amounts were writ
ten off for depreciation on special tools
and other facilities acquired IN conncc-
ton with contracts for the machining OF
shells. These Items have now been sub
stantially all absorbed, 80 that your
company's net income from all sources
after deducting interest charges is now
averaging over 81 800 900 per month. A
continuance OF this rate would close the
fiscal year ending March 81. 1917. with
a profit of over $4,000, 600. equal to %
per cent. on the entire share capita! OF
the company now outstanding.
"A contract for l.S00. 900 rifles OF Rus
sian type being performed for the British
Government by o subsidiary com
! pany. TIE New England Westinghouse
Company. and which for q time pre-
scented unusual problems. is now proceed
ing favorahly. WITH the completion Of
this and other contracts for war mu-
, u!tions there will he automatically liIui-
dated a considerable sun now Invested
In quick assets. but a conservative fiuan-
cial policy having regard for the COM
pany's future needs clearly points TO the
desirabllity of now making permanent
provision for sufficient capital require
ments."