New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-05-28
SS9,539,442 Gross
Earned Last Year
By Westinghouse
Electrical Corporation Sets
New Record; Net In
come Doubled

Gross earnings Of ss9,539,4i2, with a
net manufacturing profit Of l7,4sl $50
and net income available for dividends
and other purposes of Sls,079,8S9. are
reported by the Westinghouse Electric
and Manufacturing Company for the
fiscal year ended March 81 last. This
compares with gross earnings of $780,
269,239 in the preceding year and net
income Of s9,666,7ss.
The gross earnings and net incomes
for the year are greatly in excess OF
any previous year in the company's his
tory. Completion Of large orders for
munitions contributed, says the report,
largely to the results, although sales
billed and net incomes from the regular
products Of the company show large
gains over any preceding year.
The value of untitled orders on March
81 last for the regular products of the
company was s3s,776,739, as compared
with s22,O97,e 1895 on the corresponding
date of last year.
Assets include cash amounting to
sI2,476,320, against ss,1s4,941 in 1916,
and accounts receivable total s32,767,-
632, against s9,sl1,217. The company's
total assets were increased from $751;
432 ,946 in 1916 to sl27,542,sl1.
Regarding orders for war munitions
Chairman Guy E. Trip says:
an the manufacture of Russian rifles
for the British government, the New
England Westinghouse Company en-
countered serious delays and Difficult
ties, through various causes, most Of
them beyond It's control or responsible
ity. In October, 1916, the Anglo-Rus-
sian Commissions located in New York
recognized the company's claim for ex-
tensions of the original dates Of deliv-
cry and approved an arrangement based
on the new dates proposed by the COM
pany. Early in the present year. how
ever, the New England company was
advised that this arrangement could
not be contaminated and that a new
arrangement was desired. As the re-
suit Of further negotiations modified
agreement has now been made under
which the initial order has been re-
duced to 100000 rifles at an increased
price per rife and the time of delivery
materially extended. The British gov
eminent is, however, given an option to
increase the number Of rifles to the
original number, viz, 100000, in
which case the original price is to be
reinstated.
1.-THE new contract also provides that
the British government shares equally
with the New England company in all
profits and also guarantees your COM
pany and the New England company
against any loss exceeding 100000 in
any contingency whatever under this
contract or as the result of the invest
ment in connection Herewith. In view
of the unusually prosperous year just
closed, the directors have thought it a
conservative policy to set aside this
amount in a special reserve. AS this
amount is included in the advances al
ready made the New England Westing-
house Company, and as the British gov
eminent will advance all needed funds
hereafter, there will be no further
drafts upon the cash resources Of the
company on account of the rife con-
tract.
with the exception of the contracts
with the British government for the
manufacture Of Russian military rifles
which are being carried out by the New
England Westinghouse Company under
a modified contract hereinbefore re-
ferred to, the company has no uncom-
pleted munitions contracts for foreign
governments on its books, all such con-
tracts having been completed or can
celled."
The report shows that the company
has outstanding bank loans to the ex-
tent of sl5,l00O00. These loans were
made necessary by the large amount Of
capital invested in working assets, in
Guiding the amount due from the Brit
ish government on munitions contracts.
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