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...
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