Evening journal., 1923-02-16


had net earning OF s2I4e per share
on the average amount OF common
stock outstanding after paying pre-
ferred dividends during the year
1922 Is disclosed IN tho annual re-
i port OF W J. Webster. president.
made public today. The company
had earnings OF si.7i per share on
the common stock for the year 1871.
In the course OF his report. Presi-
dent Webster says:
while the depression in busine..
IN 1921 continued into the earlier
months OF 1929. conditions improv-
I'd materially during the last half OF
tho year. 50 that the net sales for
the entire year amounted 10 s1s.-
72s'7s5.4e. and Indications are very
favorable for 1928.
Net income ailer deductinr all
charges Incident 20 manutaeture ana
selling repairs. accidents. depreoia-
ton OF properly. ordinary and Fed
eral taxes snt interest and amortf-
zation on outstanding bonds. repr.- i
sents return OF T.1% on total in
veStment, and net income for IN.
year represents a return OF s21.42
per share on the average amount OF
common stock outstanding during
tho year. after paying So dividend
on preferred stock. Gross income
fo- the year represents a return OF
fls.ss per share on the common
stock outstanding. December al.
1872 after preferred stock div- /
dends.
Inventories a. the close OF the
year were priced a. cost on mar
ket. whichever were lower.
Tho company issued $4,000 shares
Of common stock In August. 1921.
10 retire the issue OF $4,000. 900.
i5-yeer Z q y convertible gold bonds
dated August /. 1921. $500, 900 OF
no bonds were converted into nOOO
shares common stock AZ par for the
bonds and At price OF Si2b per
hare for the common stock. The
$4,000 shares OF common
'tock we're offered 10 the commoni
Iiockholders AZ t1275O per share
md promptly taken up by the stock
FOLDERS and underwriters. S3.6OO-.
100 OF the bonds We're redeemed in
ash az i05s, or par value. Surplus
vas increased S279.546.47. through
he Issuance ot the 80 600 shares OF
ommon stock az a premium. less,
he unamortized hond discount and
Expense ss OF August !. 1922. and.
exemption premium or Sc. incl-'
lent 20 retiring tho bonds.
The authorized capital stock OF
he company remains $4,000. 900.
Of $4,000 900 par value
e cumulative preferred stock and
10000. 900 par value common stock.
80 preferred stock haa been issued
Turing the year. There is now out
-tanding 100000 par value. So
preferred stock and ts.-
'14625 par value common stock.
The outstanding ~ e conver-
ible gold bonds. preferred and COM
non stocks OF the company were
sted on the New York stock Ex-
hange. April y. 1922 The bondsi
ere stricken from tho New York. q
.ock Exchange upon their redemp- 3
on August /. 1929. and the addl- b
onal $1,000 shares OF commonI q
ock issued in August were listed. p
In July. 1929. the entire prop r.
ties and business Of G.. r. McAbees a
owder and oil co. were acquired. d
his acquisition gives the company ie
high explosives plant az Tunnel
n. in the Pittsburgh. Penna.. dis Al
.ct and better facilities for dis-i y
button of products. -
Reserves for depreciation Of Q
ant values uncollectlble accounts. III
cidents and other contingencies m
We been SCI aside from earnings. II
ie amount Of f3.9O3.441.23 reserv- Dc
10 date. is wholly adequate. W
Regular quarterly preferred 81,
,ck dividends have been paid be- as
1nins with the initial dividend OF II
igust /. 1915, the preferred stock Al
ue having heen created May ], ca
l5. Quarterly dividends have been an