The Washington herald., 1920-02-20
.INDUSTRIALS
SHOW UP WE'LL
Annual Earnings State
ments Display Record
Business.
GOODRICH RUBBER co.
Reflects Big Expansion
Of the Tire In
dustry.
GOODRICH RUBBER co.

In its report for last year the
Pressed Steel Car Company shows
a. surplus. after charges and taxes.
OF s4.2s5,232. as compared with earn
ings available for dividends in 1918
Of s3,s5o.7s5. In terms of the COM
mon stock. the surplus last year
was the equivalent OF s27.1s a share
after deducting the necessary pro-
visions for preferred dividends. The
report Of the preceding year showed
$3.50 a share on the common. The
report states that allowances have
been made for taxes. but there is
no specification as to whether this
means Federal taxes.
One of the notable features of
the report is the charge for depre-
citation. this amounting to SLOTS
f0S. In 1918 the writeoff to this
item was 100000 and in 1917 and
1916 IL was 100000. The surplus
after dividends, last year was ST.
75s,776. which, added to previous
surplus. brings the total in profit
and lass surplus up 10 Sl4.S64, 1SS.
In the remarks to stockholders the
report SAYS in part:
The charge for depreciation,
etc, is higher than in former years.
This Is due to the fact that the
present Federal income tax law.
which was not enacted until after
the 1918 annual report was pub
lished. made new provision relative
to obsolescense and amortization
After careful consideration your
board decided to make additional
charges on account of these items.
and the present report has there
fore to take care of the charges
In this respect for both the years
1918 and 1919.
'''Our portion of the lot Of 100. 900
freight cars ordered by the United
States Railroad Administration In
1918 was completed last August
The contract for thes cars was on
a plan which required a final audit
ing by the United States Railroad
Administration within thirty days
after the order was completed, but
numerous questions as to the inter
probation of the contract have aris-
en-. The matter has been followed
diligently by ourselves. the other
car builders and the Railway Car
Manufacturers Association. and IL
is now expected that a final set
Element of our claim will be reached
shortly.
"Our claims against the govern
ment. due to cancellation of various
war contracts, have also been fol-
lowed industriously. and about one
third have been recently settled,
which settlement will no doubt as
sist in arriving at a basis for the
remaining claims. 1t was necessary
TO agree to the cancellation of or
ders for 5.475 overseas military rail-
way cars in order to get a release
on prior orders for 2,S00 si-ailar cars
and 500 narrow gauge cars, all of
which were under suspend orders
at teis time a year ago.
We were ordered to cease work
under our contract for fabrication
with the Emergency Fleet Corpora
tion, and our claims under this con-
tract are in process of adjustment.
Domestic orders for new freight cars
have been exceedingly small during
1919. We feel reasonably confident,
however, that a considerable VOL
ume of new business will necessar-
lily develop as soon as the railroads
are returned TO private ownership
and the necessary legislation enact
ed to give them the credit required
to purchase needed equipment"