American Locomotive

American Locomotive had a record year in 1923; its statement ending Dec. 31 last showed net earnings of $12,376,565, of $21.25 on every one of its 500,000 common shares, after preferred dividends. In 1922 net earnings were $1,100,479, which was not sufficient to cover the $1,750,000 paid that year in preferred dividends, let alone the further payment of $1,500,000 in common dividends also made that year.

In 1922 a deficit of $2,149,521 resulted after and because of the payment of preferred and common dividends. Last year, however, a better showing was possible. After $1,750,000 had been disbursed on the preferred and $2,500,000 on the common stock, it was possible to add $4,500,000 to the reserve, additions and betterments and a final $3,626,565 to surplus.

Current assets Dec. 31, 1923, were $53,197,146 and current liabilities $6,760,910, which made working capital last year $46,436,236 compared with $39,692,225 the year before. Cash and marketable securities also rose from $15,078,202 for 1922 to $22,847,676 last year. But unfilled orders on Jan. 1, 1924, amounted to $17,789,873 compared with $49,349,140 on the same day of 1923.