Evening journal., 1919-05-12
fine SHOWING OF
COLUMBIA GRAPH.
Earnings for First Three
Months This Year Exceed
Entire 1918
HOPE TO CONTINUE
DIVIDEND POLICY


pany FOR the first three months Of 1871
re much greater than dhc net earning
he enSire year Of 1918 Is disclose'
M. lnaHval report OF the company
is.uei tNlay by Francis 5. Whilien
,,,,s,sent The company is oontrollec
4, Nvllmin. NoniaAs. Perhaps tine splen'
.l.a atxnclal .Showsng just disclosei &c
oo.nts for the uepAand that cropped w
for stock the latter part of last week
ending a nm 40 500 a share, II Aater
dropping back TO wa, ...-.,, COR
me- quarterly in,NenAe staienent |Vr
,brea months. ended March 81, 1917 Is
as follows:
Total earnings for tnrSe oo- o,.sos
nonths s.......-.. Isl 80 ,95ossS
pediret: DepreciatiOC reserve , ,
and others charges -',...' 40'''o''i''
Net earnings before ciNars-
ing Interest on funded Nnd
floating debit ...........N rei'S'o''soS.oN
Interest on funded and fhoat- ,o.-c- =,
ing debt ....s..........s''
-e-
Net earnings for the three 30, q,
,,o,tb. 81 ,2bN,3So3d
The statement Of incomes and sSrpius
fnr the year 1918 Is as follows
Earnings from all sources ,o -,a,-o
for hhe year ............. 'eltso'''i-'NN
in'sSe',s ,ng de,,t St luA'. ........... 5Os7il9a
Net earnings for year be-
fore. charging reserves,
etc. ......-..-..........ss .'Viifovi'" '"'.0'
General Depreciation OF prop
erty, plant and equipment, ,,-s,
etc. ..........-....-...... oofiiof'of
Bad accounts and notes re-
ceivable, written or ...... ZS9i4o1S
Net income for year ended.
december 81, 1918 ........ ei9Abtu
surplus account at December
o.. 1911 .............s...... z'loo'i' low
Total su,plus ............. .s8OO7, ,siolo
DIVIDENDS paid during year
1918 on preferred and COM
mon stock ............... bii'z'sio
surplus at December "a,
1918. per balance sheet So ,3o6,36i -
In his annual report President White
says:
enc year 1918 was ghe most tryifi
in the history of your company. DIM
cultles which beset the ph0nograph in
dusiry in the latter half of 1917, as set
forth in The last annual report. namely,
TRANSFORMATION troubles and high costs
90 fuel. lihor and raw materials, and
diflculiy OF obtaining same at any
price. increased during the carly days
of 1918 and became more acute as the
vcar w0-e on. finally reaching a climax
when the War Industries Board. In the
early fam required the phonograph in
du-iry "a reduce its output % but
80 per cent. Of that Of the year pre-
Mons
Fortunately the signing OF the
armislice in November relieved the sill
nation and The repressive influences
which had existed IN 1917 and 1915 were
removed.
As a result OF The painstaking work
Of the management during the past two
years in reorganizing the company 10
point of much great efficiency than
previously existed, and as result OF
an extensive sales and advertising cam
paign. your company is placed In a po-
sition where 70 Is able % take advan-
ld-t ni lit WpiNlNhhib4t1 ftto1htNA dAiN
to assume a much more prominent posi-
lion in the industry than II formerly
occupied.
I'm consequence the business Of your
company has grown rapidly and will
undergo further growth as soon as the
facilities extensions and improvements
now under way are available for in
.reasing Us output Of product.
Ample resources are available for
these extensions and also 10 finance
The additional business which these IA
rillties viii permit the company 10 take |
IT Will interest stockholders 20 know
hat the bona nde demand and actual
orders on hand at present for both ma
chimes and records are more than
double that Of any corresponding per-
iod in the history OF the company.
Due TO the great growth in business
above referred 90, the net profits have
increased in the opening months OF 1919
~ most satisfactory manner. and a
statement for the frst Quarter is ap-
pended hereto.
AS a result Of the increase in gross
safes, the net earnings resulting there
from and the firm belief on the mart ~
tle management and OF your hoard of
directors that the present prosperity OF
tha phonograph industry is assured
continuation In coming years. Il was
believed wise, early in 1919. 10 esiab-
llsh a dividend policy which could he
followed over a period OF years unless
great and unforeseen difficulties should
Deset the industry which cannot no,y