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1968 Annual Report Westinghouse

Westinghouse Electric Corporation 3 Gateway Center Box 2278, Pittsburgh, Pa. 15230 1968 Annual Report

1968 Annual Report Westinghouse Electric Corporation

Contents Financial Highlights 1968 1967 Chairman's Letter 2 Sales ...... $3,296,147,000 $2,900,698,000 Serving the Needs of People 4 Net income ...... 135,013,000 122,490,000 Financial Statements 18 Net income per common share .... 3A9 3.21 Financial Review 21 Dividends paid per common share.. 1.80 1.60 Accountants' Report 23 Average common shares outstand- ing during year ...... 38,296,000 37,731,000 Ten Year Highlights 24 Dividends paid ...... $ 70,347,000 $ 61,894,000 Directors and Officers 26 Working capital at year-end ...... 765,127,000 865,260,000 Expenditures for new and improved facilities ...... 206,435,000 145,413,000 Depreciation ...... 64,467,000 56,179,000

Sales in Net Income Per Capital Expenditures in Billions of Dollars Common Share in Dollars Millions of Dollars $5.0 $5.00 $250 4.0 4.00 200

Cover - This black and white abstraction 3.0 3.00 150/ is actually a photograph of a Westinghouse employe (center) working on a large tur ý bine generator at the East Pittsburgh, Pa., 2.0 2.00 100 - plant. The unusual effect is achieved by recopying the continuous tone photograph 1.0] 1.00 50 on high contrast film; repeated recopying eliminates all intermediate grey tones, $ 0 $ 0 $ 01 leaving only black and white areas. 1964 65 66 67 68 1964 65 66 67 68 1964 65 66 67 68 To Our Stockholders:

The year 1968 was an outstanding cessive records in each year sincein and for its 1964. We made great strides one for Westinghouse with improved employes and the markets providing customers owners, and reliable products, systems and it serves. services. earnings and It was a year of record and expectations for the sales, increased dividends, new Our studies future, however, convinced us that growth and the formation of a new manage to direct an organization designed to management structure billion of business was not future growth. $2 to $3 necessarily the right one to handle we foresee. share in the long-range growth Net income per common is to organize for was at a record high of $3.49 Our philosophy 1968 growth, not reorganize because against $3.21 per share in 1967. us level problems of growth compelled Sales crossed the $3 billion to do it. for the first time to $3,296,000,000 per cent from a gain of 13.6 Westinghouse opportunities are $2,900,000,000 in 1967. Dividends as a to taking on new dimensions paid per common share rose rising population, in the previous year. result of a rapidly $1.80 from $1.60 technological advances, social change and a vast national and world Employes who contributed so of prog commitment to the improvement effectively to the Company's needs of to benefit from the human life. Satisfying ress continued people in this latter part of the overall improvement. Average Century involves more advanced from 132,000 Twentieth employment than development and manufacture in 1967 to 136,500 in 1968. Pay and from of a product in a traditional sense. benefits for employes climbed markets includes to The scope of new $1,216,000,000 in 1967 of a most advanced and 1968. services $1,327,000,000 in sophisticated degree, embracing vir tually all phases of human existence. For the future, the most significant was the development of 1968 Westinghouse, perhaps uniquely, planning which led to the establish for organ possesses immense resources ment of a new management on new opportunities 2,1969. Our capitalizing ization on January technical skills, experience, imagi objective was to develop the most With a great the nation and initiative. effective organization to manage capabilities and with new see in the range of accelerated growth we markets of unlimited potential, we future. The new management struc a man of felt it was essential to have ture looks beyond the $4 billion which would give by 1970. agement structure sales we expect fullest rein to profitable expansion. We are now organized for what is In 1963 we realigned management ahead. for the specific purpose of improving Westinghouse earnings and moving Instead of two Executive Vice Presi off a sales plateau which had existed previously through dents, each of whom for five years from 1958 of the manufacturing were holding managed half 1962 when our sales we now have four officers billion. The objectives operations, just under $2 designated as Presidents reporting of that management organization to the Chairman. generally were achieved. We got off new the sales plateau, breaking The four Presidents and their oper ground in 1968 by going well past E. Kirby, im ating units are Robert the $3 billion mark. Earnings Industry and Defense Products; the $1.28 per proved steadily from John W. Simpson, Power Systems; share earned in 1963, setting suc-

2 Charles E. Hammond, Consumer While earnings have set new records Products, and Donald H. McGannon, for four straight years, we are far Broadcasting, Learning and Leisure from being satisfied with profit per Time. formance. We are continuing an aggressive cost improvement program Mr. Kirby formerly was Executive to overcome higher costs and Vice President; Mr. Simpson was improve earnings. Group Vice President, Electric Utility; Mr. Hammond was Group Vice Given a sustained high level in the President, Industrial; Mr. McGannon general economy, I expect that 1969 then as now served as President and will be another good year for West Chairman of the Westinghouse inghouse. The people-oriented Broadcasting Company and as markets we are serving, as you will Chairman of the Westinghouse find in the following pages, are Learning Corporation. displaying vigorous growth patterns which should be reflected in con Three Vice Chairmen were appointed tinued progress. to manage staff functions. George L. Wilcox, formerly Executive Vice President, is Vice Chairman - Corpo rate Affairs. Marshall K. Evans, formerly Vice President, Operations Services, is Vice Chairman - Plan D. C. Burnham, Chairman ning. George G. Main, formerly Vice President, Finance, who will retire in 1969, is Vice Chairman and Con January 29,1969 sultant.

The four Presidents and three Vice Chairmen, along with the Chairman, comprise a new Management Policy Committee which will review and establish Corporate policies and plans.

Ten Executive Vice Presidents were appointed to take charge of re grouped divisions under the oper ating Presidents. We broke down our former group structure into a larger number of smaller and more manage able units which are streamlined, flexible and more responsive to customer needs. Starting on Page 27 you will find photographs and further identifica tion of the new top officers and the various divisions and responsibilities under their supervision.

I am confident that these men and their organizations will provide for meeting the needs of people through the wide range of Westinghouse products and services, a scope that is hard to match in industry today. 3 This first-grader at a Hicksville, N.Y., school is able to learn at his own pace, thanks to a computer-managed instructional support system being developed by Westinghouse Learning Corporation and now in test use in 14 school districts in five states.

chester, N.H., East St. Louis, Ill., and Serving the Needs of People Increasing Productivity D.C. Through Education at Washington, Satisfying human needs and wants operation of Through the Westinghouse Learning Other programs include throughout the world is a source of the Atterbury Job Corps Center, significant opportunities for West Corporation, the Company seeks education and train training of VISTA and Peace Corps inghouse growth. to make quality evaluation of ing more widely available by applying volunteers, a national the latest advances in technology. the Head Start program, the develop To serve unsatisfied needs of people, ment of a leadership training course growth plans are the Company's for solving the mas at the U.S. Naval Academy, total being directed toward new areas and New systems for new plant training problems faced by plant training systems new businesses which are an exten sive programs such as Government and industry are being start-ups and skills sion of the Company's capabilities as basic welding. of equip developed by teams of Company a developer and supplier and the generation, distribution behavioral scientists, engineers ment for develop Westinghouse Learning Corpora and use of electric power, and as a specialists in manpower and improved ment. To help meet the needs of the tion is providing new pioneer in the broadcasting industry. and private school economically depressed, an entire services to public systems through the use of com a major step for work force is being trained for a new The year 1968 was area puters and the application of opera in new ventures and expansion plant in a high unemployment to prob ward In related activities, tions research technology of traditional capabilities to enlarge of Pittsburgh. lems of classroom scheduling, people-serving the Learning Corporation develops the Company's programs for facilities planning, cost accounting horizons. The year brought significant and manages training major re hiring hard-core unem and student records. A developments in the areas of enter companies development and ployed under the National Alliance source for the tainment, communications, educa systems is the of Businessmen programs. Through support of such tion, housing, real estate, health care, Measurement Research Center, a produc these programs, trainees are given oceanography, industrial and Westinghouse Learning division nuclear power and defense. the skills and the psychological leading proc tivity, needed to which is the nation's attitudinal preparation essor of educational test results. highlights hold a job and build a career. For the Following are the year's Concentrated and services which Labor Department's application of the growing on products Employment Program, Remedial The reflect the new dimensions of West fund of knowledge available to to meet the Education and Job Development is a key to inghouse in helping at Man behavior psychologists needs of people everywhere. Centers are being operated 4 Group W (Westinghouse Broadcasting to political conventions, the MacLeish- Students at a Dorchester, Mass., school Company) correspondent Bernard Shaw Shaw team broadcast special radio re- pledge allegiance to the flag in a scene (left) and commentator Rod MacLeish ports, "America: A Month in the Country." for "One Nation, Indivisible," a Group W (right) chat with Managing Editor Whitney television special on America's racial crisis. Austin of the Salina, Kan., Journal. Prior improving the learning process. At This broadcast philosophy was Group W's seven radio stations, were the Learning Corporation's Behavior apparent in the three-and-one-half based on talks with Americans in Systems Division in Albuquerque, hour colorspecial, "One Nation, small towns and urban centers from N.M., work in the development of Indivisible," an examination of the California to the Eastern seaboard. psychological and behavioral sys cause and effect of prejudice among tems is being carried out under the both black and white Americans SPECTRUM 52 is a colorful variety direction of recognized leaders in and its relationship to the racial crisis of 52 Group W weekly entertainment the field. in our cities. The program, produced and news specials for prime time view by Group W, was telecast at midyear ing during the 1968-69 season. The Project PLAN (Program for Learning on its five television stations and on programs include comedy, variety in Accordance with Needs), intro 61 other stations in major cities of and dramatic specials featuring duced in 1967, provides a computer the United States. It suggested Group W personalities Mike Douglas managed individual course of study specific things each viewer could do and Merv Griffin as well as David for each student at a pace consistent to help ease racial tension in his city. Frost, Noel Coward, Sir Laurence with his abilities. PLAN has been Olivier, Alec Guinness, Vanessa Red introduced in 14 school districts in Later in the year, the Group W radio grave, Johnny Mathis, Cyril Ritchard New York, Massachusetts, Pennsyl station WBZ in Boston brought and Broadway star Joel Grey, among vania, West Virginia and California, together nine of the most articulate other American and European celeb and will be operative in grades one political and educational leaders in rities. Cultural offerings include a through 1 2 by September 1970. the city's school decentralization special on the architecture and ideas controversy and, for 22 hours, taped of Frank Lloyd Wright, the music and the ensuing discussion. The resulting attitudes of Negro musicians, Stan Closing the Communications Gap program, edited to 11 nonstop hours, Getz with the Philadelphia Chamber formed, according to Newsweek Symphony and "Emlyn Williams as Communications represents one of magazine, "a remarkable study in Dylan Thomas." the most exciting areas of challenge what communications is all about." and opportunity in today's society. Another Westinghouse Broadcasting Through innovative programming, The mood and thoughts of the activity is GroupW Films, which co Group W, Westinghouse Broadcast American people in the weeks leading produces feature films in the United ing Company, seeks not only to to the political conventions were States, Europe and Australia for inform and entertain, but to engender reported by Group W newsmen in theaters and television. Stars of some a firmer sense of community involve the series, "America: A Month in the recently completed films include ment among its listeners and viewers. Country." The reports, broadcast over Dustin Hoffman, Van Heflin, Tab 5 ,,-.- 'I.

Forty-eight Westinghouse electric stairways Officers of Urban Systems Development serve the new Madison Square Garden. Corporation, a subsidiary in the low Each four-foot-wide stairway, traveling income housing business, review progress 120 feet per minute, can move 9,200 pas- at a suburban project. They are: R. S. sengers an hour. Garrett, President and Vice Presidents J. A. Jordon and J. L Zar.

Hunter, Anne Baxter, Jeffrey Hunter year in the $20,000-and-below formed the Urban Development category to replace substandard Coordinating Committee, a "think and Ed Begley. Other operations tank" with representation from all include Group W Productions, which housing and to provide shelter for a growing population. Between now divisions of the Company. The produces and syndicates "The Mike Committee spearheads the develop Douglas Show" and "The Merv and the year 2000, the nation must do as much building as has been ment of ideas and the testing of Griffin Show" and other series and total electric living, antenna done since the first colonists arrived. products for specials; CATV (community including improved community television) systems in New York, Westinghouse has taken a fresh services through new systems ap Georgia and Florida; national broad proaches. cast sales organizations. look at housing needs and is devel oping new approaches to the prob These ideas are tested at Coral Group W radio stations WI NS, KYW lems of builders and the construction industry. The Company established Springs, Fla., the total electric city and, since spring of 1968, KFWB, are Ridge a subsidiary, Urban Systems Devel being developed by Coral all-news stations, 24 hours a day, Properties, a subsidiary, for an ulti seven days a week, a unique approach opment Corporation, to develop, build and sell low-income housing mate population of 60,000. Village to broadcasting first pioneered by Green, a new complex of 70 homes GroupWin 1965. through Government-sponsored housing programs. USDC, head and apartments at Coral Springs, is serving as a laboratory proving Group W continued to expand its quartered in Arlington, Va., now has projects under way in several cities. ground for the total electric concept. foreign and domestic news service, Unlike any other development, the operating the largest broadcast group by an In a related study program, a Village Green area is served news bureau in Washington, D.C., electrical distribution laboratory with foreign service headquarters in Westinghouse team developed a plan which would provide the na which is testing a new family of London, bureaus in Paris, Rome and products and systems. These include Saigon and correspondents in tion's builders with innovative solu construction the most advanced underground news capitals of the world. tions to the complex principal of low-income housing. distribution equipment, redesigned problems corrosion The study was conducted in 25 watt-hour meters, of resistant submersible transformers Innovations for Construction cities for the U.S. Department Housing and Urban Development. and individual house power trans formers and buried primary voltage Experts estimate the country needs, switching units. A five-year metering of new For the $20- billion-a-year home above the present number has program, established in cooperation starts, 600,000 more housing units a building market, the Company 6 At the Buffalo, N.Y., plant hundreds of Above - Uvicon television cameraAstronomical tubes rotors for alternating-current motors in like this aboard the Orbiting satellite are giving man a new the 40- to 350-horsepower range are Observatory pigeon-holed along rotor row for fast picture of the universe. retrieval. Below - This camera provides low-light level surveillance of schools and factories through closed circuit TV. use Long popular in the South, the heat helps them reduce setup costs, with Florida Power & Light Com machine tools more effectively, and will monitor and evaluate the pump, which both heats and cools, pany, in colder, overcome the shortage of trained project under everyday conditions. is becoming more common northern climates. personnel in the field. Village Green also includes a radically To improve service to builders, con The Westinghouse Engineered new outdoor lighting system de Maintenance Company takes com appearance and struction neared completion on a signed to improve Pa., where eleva plete charge of a customer's plant increase enjoyment of out plant at Gettysburg, safety and tor components will be manufactured. maintenance operations. It programs door living. A coaxial cable provides the needs on a computer, provides the area with telephone and tele the supervision and the skilled help circuits - both closed circuit vision Industry More necessary and systematically cares and commercial - and an exclusive Making Productive for the plant and its complex manu home security system featuring a facturing and processing equipment. "hot line" to local fire and police for products such as motors quick response. Traditional handling field, and controls, supplied to industry for In the materials for now a $2-billion industry and a most advanced commercially decades, have become the base The of new systems growing business for Westinghouse, available products are displayed for the development and services to help manufacturers the largest computer-controlled builders and the public in the warehouse in Europe is under con Total Electric Idea reduce costs and increase productiv truck Westinghouse objectives, industry struction in Sweden for a major Home at Coral Springs. The show ity. To meet these huge will spend nearly $70 billion in 1969. and bus manufacturer. Another case home, opened to the public in automated warehouse went into January 1969, features the latest Salina, A new operation, Manufacturing operation at the Company's model appliances, a new line of Kan., lamp plant. electric heating, a new Information Services Department, baseboard formed within the Westinghouse water heating unit and a PURIPAK was to be a Systems Laboratory to Westinghouse continues packaged sewage treatment system. Information major supplier of computerized furnish computer-based information featuring time-sharing. process control systems for steel and Electric heating, which has been services, electric power plants. Manufacturers, including Westing paper mills and steadily gaining in public prefer Westinghouse computers also auto residential house plants, as users of numerically ence, offers an expanding tools, will have mate warehouses and ships. One for the new line of baseboard controlled machine market computers. This of the largest petroleum pipeline units and new heat pump models. access to large-scale 7 i~i H~ j B ,m wdg , m3m m ,aa3 n i,.-. - •-- An East Pittsburgh, Pa., plant employe, Miles of tubing, utilizing zircaloy and viewed through the stator of a large alter- Inconel alloy, are produced at the new nating current motor, examines the commu- Blairsville, Pa., facility for use in nuclear tator surface on the armature of a direct generating plants. current steel mill motor.

The Secondary Electron Conduction ues to grow as population expands, companies in the nation will use 25 living standards improve and indus PRODAC 50 computers and associ camera tube, famous for its ability "see in the dark," is being pro trial production increases. The Com ated control equipment to automate to of the duced for commercial, industrial pany helped meet the needs truck loading terminals along a electric utility industry and in the 6,800-mile pipeline. Another and medical applications. Used for military and space applications, process recorded another year of PRODAC 50 computer supplied to a impressive growth. major automobile maker controls a low-light-level TV systems are now shopping 99-foot-long machine which can ready to guard offices, centers and factories. Orders for major power plants helped turn out differential assemblies at a the Company maintain its position rate of about three a minute. Con at the forefront of the commercial by Westinghouse computers, Westinghouse established a new trolled for manu nuclear power plant market. 84-inch and 86-inch hot strip mills plant at La Grange, Ga., went into operation at steel mills in facturing coils used in medium alternating and direct current motors, Westinghouse won orders for the Indiana and Ohio. And ata West largest commercial nuclear power Virginia plant of another steel com generators and transformers. New added at Marietta, plant in the world. The Tennessee pany, continuous steelmaking be facilities were the orders Richmond, Va., Louisville, Ky., Valley Authority placed came a reality as the world's first Ohio, $277 million for and Beaumont, Tex., to provide valued at more than four-strand continuous slab caster two 1,1 24,000-kilowatt nuclear went into operation. It is controlled better service to customers in repair ing electric utility and industrial reactor systems, a 10-year fuel sup by a Westinghouse computer. against foreign apparatus. A plant to make control ply for each and, competition, the turbine generators. Many new products for industry were devices began operations in Puerto Rico, and plant construction introduced. Among them is an un The Company's position in the interruptable electric power system began at Athens, Tenn., where parts will'be manu fast-breeder reactor program was for hospitals and vital industrial hermetic motor factured for refrigeration units. further strengthened by the winning plants. Another, the most advanced of a major contract to design the solid-state continuous output laser reactor plant portion of the Atomic can perform on metal and system, for a Growing Energy Commission's $87.5 million other materials cutting and seam More Power Nation fast flux test facility at Richland, welding operations previously diffi Wash. The facility will test fuel cult by ordinary mechanical means. Demand for equipment to generate elements and materials for fast It was placed in service with the breeder reactors. These reactors are unique Rent-A-Laser Laboratory. and distribute electric power contin- 8 The highest voltage transformer ever The Deny, Pa., plant produces a wide manufactured in the United States dwarfs variety of clay-based ceramic insulators, two technicians who stand on top of it at principally for the electric utility industry. the Muncie, Ind., power transformer plant. The 765,000-volt autotransformer was shipped to the American Electric Power System at Cresap, W. Va. regarded as the nuclear power plants of the containment structure which transformer business, the highest of the future because they produce encloses a nuclear reactor. The ice voltage commercial transformer ever more nuclear fuel than they consume. containment system will be used in manufactured in the United States Design of the test facility reactor the American Electric Power Com was shipped for use in the nation's will be carried out simultaneously pany's two Donald C. Cook plants first 765,000-volt transmission with development of a demonstration as well as in two TVA power plants. system. This achievement in power Westinghouse liquid metal fast transformer capability is the direct breeder reactor, a development effort Outstanding accomplishments result of the most extensive research, with 22 electric utilities participating. also were recorded in the traditional development and manufacturing product lines serving the electric program ever undertaken in the Two U.S. patents covering significant utility industry. Thirty gas turbines electric utility industry. innovations in the manufacture of and 14 small steam turbines, worth nuclear fuel assemblies were granted about $51 million, were sold in one To handle the growing require to Westinghouse. These innovations month, mostly to electric utilities in ment for power equipment, the are used in Westinghouse com the southeastern part of the United Company is spending approximately mercial nuclear reactors, and it ap States in anticipation of record $450 million from 1968 through pears they are, or will be, used by peak loads during the summer 1971 on expansion and capital virtually every other manufacturer of of 1969. improvements. Six new facilities during the year: commercial nuclear reactors in the began operations U.S. and, to some extent, by foreign The Company won a $22 million tubing plants at Blairsville, Pa., manufacturers. Westinghouse plans contract to manufacture the world's utilizing zircaloy and Inconel alloy; licenses under these patents largest hydroelectric generators, reactor components plants at to grant Fla.; a to other manufacturers of nuclearfuel. three 600,000-kilowatt units for the Pensacola and at Tampa, third power plant at Grand Coulee power transformer plant at South Westinghouse received early in Dam on the Columbia River in Boston, Va.; and a plutonium fuels 1969 a patent covering the ice con Washington. Westinghouse supplied development laboratory at Cheswick, all 18 of the 108,000-kilowatt units Pa. The nuclear turbine plant at denser concept. The Company has to licenses to electric now operating in the original power Charlotte, N.C., is scheduled offered to grant this summer, and utility companies giving them the plants at this world-famous hydro begin production right to use this concept in their electric power installation. the new nuclear fuel fabricating system. Use plant at Columbia, S.C., is expected reactor containment to begin fabricating fuel before of the ice condenser concept re As evidence of the Company's con duces by about 50 per cent the size tinuing leadership in the power year-end. 9 The DEEPSTAR 4000, in a research dive Underseas Division employes complete manu off the coast of Southern California, ex- assembly of a torpedo at Baltimore tends mechanical arm to pick up ocean facturing plant. floor samples.

expansion projects neared DEEPSTAR 2000, the second in and to train divers under controlledto those Major deep-diving manned conditions in pressures equal completion at East Pittsburgh to the family of at depths of 1,500 feet. submersibles, was completed and is encountered increase generator manufacturing This versa Trafford, Pa., where ready to undergo testing. has capacity; at craft is designed for Since 1942, Westinghouse breakers are made; and at tile, three-man of circuit primarily along the conti participated in the development Waltz Mill, Pa., to provide additional research 13 of the 48 torpedoes bearing the reactor nental shelf. DEEPSTAR 4000 facilities for the fast-breeder to "Mark" designations-twice as Work began late in the year became the first small submersible The program. 500 dives. It has been in many as any other company. on the new Westinghouse Nuclear complete received a contract from service for two and one-half years Company Center in Monroeville, Pa. institu the Navy for production of additional with private oceanographic Mark 45 is Govern Mark 45 torpedoes. The tions, the Navy and other American tor agencies. Scheduled for com the first operational Oceanography: A Big Market ment carrying a nuclear warhead. pletion in 1970, DEEPSTAR 20,000 pedo Ahead per Development of the Mark 48- the will be capable of reaching 98 highly floor; Navy's newest and most oceanography market, involving cent of the world's ocean torpedo weapon sys The vehicle will carry sophisticated both military and commercial activ the deep-diving tem - has been under way since atomic power three men and equipment to the ities, is today much like of 1964. The Department of Defense stage. 20,000-foot depth for 16 hours to was in its early development work. has announced that it intends It requires massive research and place the first order for operational the fiscal year. development expenditures, but devel Mark 48's in the coming a potential DEEPSTAR 20,000 requires future is impressive. With in hull, flotation estimated to be nearly $10 opment programs Leading Edge Flowmeter, a market buoyant structural materials The billion annually, it could become one and Westinghouse device which meas and advances in propulsion, com in of the largest business areas in the These are ures water currents, is being used payoff munications and optics. power country, but the commercial out at the Ocean studies of water conservation, in the future. being carried and erosion and is still and Engineering Center development, Research control. An open stream near Annapolis, Md. Also at the pollution To prepare for this growing ocean test flowmeter system is installed on the Company is Center an unusual pressure measure water ographic market, the to enable Columbia River to its position with facility is being completed for the Corps of Engineers. strengthening and scientists to study quantities pioneering programs in every facet engineers Another will be used by the Metro- physiology and equipment of undersea technology. diving 10 • •.r==7--

Linda Ann Wilner, Miss New Jersey, breaks A cable-laying machine, designed specif champagne bottle on first of 35 electric ically to lay the Westinghouse-developed cars ordered by the State of New Jersey electronic "nervous system" for San Fran to improve commuter service to New York cisco's Bay Area Rapid Transit System, City. Westinghouse supplied the electric unreels some of the 800 miles of cable system. propulsion equipment for all of the cars. that will be needed for the 75-mile

Transit Expressway experimental commuter cars which will provide politan Sanitary District of Greater rides for Chicago to help monitorwater quality. loop is being expanded under a smooth, 100-mile-per-hour $2.2 million grant financed by the the 26,000 people who travel daily New York City. Sanford Marine Services, Inc., a Federal Government, the Common between Trenton and wealth of Pennsylvania, the Port The cars, financed by the New Jersey subsidiary which offers a broad and range of diving, salvage and pipe Authority of Allegheny County and Department of Transportation laying services mainly in the Gulf of Westinghouse. The additional facil the U.S. Department of Housing is also providing diving ities, to be completed in 1969, will be and Urban Development, will be oper Mexico, Railroad. support for petroleum, gas and oil used to demonstrate that the Transit ated by the Penn Central around Expressway system is ready for exploration and construction are being the world. commercial operation. Four passen Propulsion systems ger transfer systems, patterned after supplied for 76 new rapid transit cars theTransit Expressway, will go into for the Massachusetts Bay Trans Authority in Boston; deliv Attacking Traffic Congestion operation in early 1970 at Florida's portation Tampa International Airport to eries will be completed in early 1969. urban trans eliminate the long walk between The lack of efficient demand for systems is one of the terminal and planes. To meet the growing portation industrial electric vehicles such as nation's most frustrating problems. In San Francisco, the Company those built at Redlands, Calif., and Ways must be found to eliminate Peachtree City, Ga., ground was traffic congestion. began installation of some 800 miles of cableforthe BayArea Rapid broken for a new plant in Pittsburgh vehicles will be built has Transit's automatic train control and where industrial For decades Westinghouse supply the East Coast and supplier of traction communications system. This part of to help been a leading central markets. equipment for rapid transit systems in the billion dollar transit system is scheduled for operation in the early major cities and now offers its own For air transportation, the Company moving 1970's. In a related development, an solutions to the problems of is developing the electric power people. The rapid transit market can additional contract for 44 electric of dollars, stairways for the BART system was generating system for the new be measured in the billions McDonnell Douglas DC-1 0 advanced but actual construction is moving obtained, bringing to 82 the number of electric stairways ordered. luxury jetliner scheduled for com slowly as cities study alternate plans. mercial operation in 1972. An ad vanced window temperature control Company's The Company delivered electric At Pittsburgh the unit for military and commercial computer-controlled, two-mile-long propulsion equipment for 35 rail 11 This lightweight television camera, able to The Aerospace Division is the leading see in nearly complete darkness, will pro radar-operated arma supplier of airborne vide the nation with live television cover The type shown ment control systems. age of America's lunar landing. here, the only solid-state version operational with the Air Force today, is on every F-4E aircraft.

by reactors designed and efficiency under a U.S. Health, propelled aircraft has also been developed. It trician developed by the Bettis Atomic Education and Welfare contract. the Com prevents icing on aircraft windshields. of pedia Power Laboratory, which Spurred on by the shortage for the Atomic Energy study seeks ways to pany operates tricians, the Commission. enable these specialists to treat more Defense Technology at Work the patients without impairing a major role in the de quality of care. Bettis has Systems analysis, which determines velopment and installation of the how best to apply all resources reactor plant for the Nimitz, the Another nonmilitary "spin-off" aircraft toward an intended purpose, is being is the second nuclear-powered urban renewal, from defense technology whose keel was laid in mid used in the fields of of aircraft side-looking carrier and medical care. development Each core of this two-reactor military planning radar mapping equipment which has year. the carrier will produce about as much many commercial uses, including USS Enterprise At Baltimore the Systems Operations resources. In power as four of the this technique in discovery of natural in addition will last for Department is using side-looking radar reactors and improvement use over Vietnam, 13 years of normal a pioneering urban produce maps of near approximately program. Called the Model Urban systems ship operation. the photographic quality with radar Neighborhood Demonstration, from wide areas of financed program is help pulses reflected civilian nuclear power field, Federally either side of the aircraft. In the 19,000 inner-city residents find terrain on Bettis is working to develop the tech ing radar maps show in detail every solutions to such problems as poor The nology necessary to demonstrate the hill, stream, ravine and man-made breeder cores housing and unemployment. which works in feasibility of installing structure. The system, in existing and future pressurized darkness, clouds, fog or rain, has Systems analysis is also being used water reactors. Work is proceeding obtained the first aerial pictures of fabrication of a in Projec! MALLARD to study all Darien on the design and perpetually cloud-covered reactor core for installation aspects of field army communications Province in Panama. breeder for the 1975-1985 time period. and operation at the Shipping port joint program of the Atomic Power Station in 1973. MALLARD is a Westinghouse continues to main United States, United Kingdom, position in the tech Australia. tain a prominent The work at Bettis is done under Canada and nological development of reactor fleet. the direction of and in technical plants for the Navy's nuclear the Division of At The Johns Hopkins University of the 84 nuclear cooperation with The majority Naval Reactors of the AEC. in Baltimore a team of Westinghouse powered ships now in operation are systems analysts is studying pedia- 12 II

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Above - Shown here in a Tahitian motif Below - New portable products include: are the latest model kitchen appliances automatic electric can opener/jar opener; stacked washer-dryer, double oven range, a Debonaire Mini-Compact hair dryer; portable dishwasher, self-cleaning wall three-speed electric mixer; fry pan available oven, side-by-side refrigerator-freezer. in bittersweet, goldtone or avocado; bicycle headlight radio; five-band transis tor radio. At the Aerospace Division, orders solid-state technology, it provides again as long as an ordinary house for defense and space electronic range, azimuth and height data re hold bulb and provides more light; a equipment continued at a high level. quired in modern tactical operations. U-shaped fluorescent lamp which Shipments set new records. The gives architects more flexibility; a Company's position as the nation's A unique thermoelectric generator, unique sodium discharge lamp, the leading supplier of airborne radar a device which converts heat into CERAMALUX lamp, which produces operated armament control systems electricity, has been developed twice as much light as an ordinary was enhanced with the development to provide dependable power for re mercury vapor lamp of the same of an advanced electro-optical mote environments. Eight years in wattage. system and an electronic counter development, the tubular module measures system, both of which uses a radioisotope as a heat source Westinghouse moved to take resulted in significant new orders. and has many space, marine and advantage of the rapid growth in terrestrial applications. apartment construction which is the New versions of the only solid-state fastest-growing segment of the build weapon-control radar operational Following its successes in the Polaris ing industry. Apartment construction with the Air Force today - a system program, the Company was awarded accounted for more than 40 percent that operates less than 16 inches significant additional contracts to of all residential units built in 1968, from the muzzle of a 100-rounds produce launching and handling a 25 per cent increase over 1967. per-second gun - are being devel equipment for the Poseidon subma future military needs. rine-launched fleet ballistic missile. To meet builders' needs, the I-XL oped to meet Furniture Company added a new Detection of trucks, tanks and cabinet line specifically designed for in remote oper Reaching a Bigger Consumer apartments, substantially expanding low-flying aircraft and vanity lines. Self is now possible with the Market the cabinet ational areas cleaning built-in electric ovens were delivery of the first helicopter-borne already included tactical radar. A Westinghouse con The Company increased its market added to a line that uses solid-state penetration in consumer products 30- and 40-inch free-standing cept, the system models. components almost exclusively. through design innovations and improved distribution. room air conditioner pro A new lightweight, transportable A new will be the primary sensor The Company introduced a variety vided the consumer with a model radar that requires less the Air Force's tactical air control of new lamps: a krypton-filled in that is quieter and in space for installation. system is being developed. Using candescent bulb which lasts half window 13 PPI

Newark, N.J., Lamp Division plant in a Above - Alphonso Whitfield, Jr., is man Above - Systems analysts study services disadvantaged area provides employment care at Pittsburgh's Allegheny ager of the electric vehicle assembly plant and patient basic education for former hard General Hospital. and rising in an area of high unemployment core unemployed. in Pittsburgh. Below - Electronics assembly plant in Baltimore employs 100 inner-city residents. answers to the increasing complexity A plug-in icemaker, optional with six Economists predict that new hous and rising cost of health care. This models, offers ing starts of single and multiple of the new refrigerator 1970's involves research, computer systems, more space for frozen foods and ice family dwellings in the early will pass the two million unit mark, medical engineering, information storage. To the broad line of portable handling, programmed teaching and added the FAB RI making the sales outlook for house products were bright. advanced systems engineering. SCOPE iron that indicates its own hold durables particularly desk pen To meet the growing demand for temperature, a radio-clock were Within the Westinghouse Information variety of cordless wall clock these products, new facilities set, a Columbus, Ohio, Systems Laboratory, the Information radios and a transistorized radio completed at the is dishwasher produc and Control Systems Department headlight for bicycles. plant doubling capabilities in tion capability. In addition, the applying corporate Air Condi management problem solving, To strengthen distribution, sepa Refrigeration and Room and undergo multi computers, information systems rate sales forces for dealers and tioner Divisions will to public prob expansions in 1969. systems engineering builders were created within the million-dollar lems. Examples include systems Westinghouse Appliance Sales and analysis of services and patient care Service Company. The realignment Allegheny General Attacking Public Problems at Pittsburgh's produced marked improvements in Hospital and the design of a compre sales and share of the market. Former hensive data management system Gifford became The great public problems of the football star Frank for for Allegheny County, the metro television and radio time offer industry opportunities the Company's Equally important, politan Pittsburgh area. commercial spokesman and con growth and profit. consumer they give companies like Westing a pro tributed to the increased to improve The Company is designing interest in Westinghouse house an opportunity development and dealer Applying its varied gram of economic products. human welfare. region in Arizona, resources and technical skills, for a 92-county working Colorado, New Mexico and Utah. SURE SERVICE Westinghouse is vigorously designated The nationwide problems as The project for this area, begun in 1967 to guarantee to solve such public is a Federal program, housing, transportation, education the Four Corners Region, the homeowner service regardless and health care. State partnership designed to spur of where the family moves within the economic growth. to United States, was extended Department appliances and A Medical Province on another include all major formed to coordinate the Com The Company is active eliminate travel charges was battle to improve man's liberalized to activities in the search for front in the for service. pany's 14 Lill,

Westinghouse received patent Above- Instrument monitors oxygen in Above - Transistors can now be "printed" on a pumped lasers that use that has been in exchange with blood covering optically variety of materials, including tape, film, air shown is experimental in the lungs. solids or liquids; metal or on paper, such as this ordinary apparatus. Below - Wire mesh model aids in devel playing card. - Scientist at work on technique opment of valley-span antennas for the Below military. that makes freezing water "self-cleaning" during process that desalts water. Alliance of Business They complement the research and condition-the nationwide effort to The National at the men, which Mr. Burnham served as development work performed increase the productivity of the dis division level in the search for new advantaged who are locked in a metropolitan chairman for Pittsburgh, established to find regular jobsfor knowledge and understanding in cycle of failure. was to have a bearing on hard-core unemployed and summer fields expected people. the Company's business. A Westinghouse plant was estab employment for needy young was given vigorous lished in Pittsburgh's Homewood The program of lasers support throughout Westinghouse. A patent issued in the field Brushton section, an area of high may be one of the most impor for the manufacture unemployment, in the tant evergranted to Westinghouse. of electric personnel carriers for The Company is investing first expansion in its history. This It recognizes that the Company industrial plant use. The plant will largest termed optical will mean thousands of new jobs for invented a mechanism, provide jobs for about 60 to 75 people pumping of materials, which is basic the neighborhood. The workers all over the country and who reside in in many to lasers that use rubies and other plant demonstrates that business is will strengthen the economy local communities. crystals, glasses, plastics or liquids. willing to commit its talents and About half the lasers manufactured help make productive resources to in all today are of these types. out of people now classified Westinghouse has activities citizens to the as hard-core unemployed. 50 states and contributes are being carried support of state and local Govern Research activities of out in many areas, among them: Westinghouse Defense and ment services through the payment The to some Education - Classroom devices Center established a manu about $30 million in taxes pre Space districts, townships, for dialing automatic television facturing facility in Baltimore for 1,100 school from central libraries of municipalities, counties and states. sentations assembly of electronic components educational recordings for TV display; used in radar equipment. The plant is devices that can be used in individual providing training and jobs for about studies to improve Search for New Knowledge self-instruction; 100 inner-city residents. The school administration; computer all of the developing aided teaching. plant is in operation in Newark, Behind virtually by distilla Athird and the emerging Water- Purification N.J., in an area of high unemploy technologies osmosis membranes, businesses are the Company's 1,650 tion, reverse ment. It provides basic education to freezing; mine acid drainage studies; permanent research scientists, engineers and help phase persons into at the West development of compact sewage Bloomfield and supporting personnel employment at the inghouse Research Laboratories. treatment equipment. Belleville, N.J., Lamp Division plants. 15 The largest computer-controlled warehouse in Europe is under construction in Sweden for a major truck and bus manufacturer.

is about the size of South Carolina, 153,000-kilowatt unit, went into Oceanography- Side-looking large steam underwater mapping; carbon may become the world's largest operation at Zorita. Five sonarfor were delivered dioxide monitoring for divers; under development project. Plans include turbine generators water welding techniques, including water desalting plants and electric to customers in Spain, Thailand, use of the electron beam welder; power stations, a shipyard, other Brazil and Taiwan. currents, wave for industries, agricultural and mineral studies of ocean desalting units went into mation and undersea ecology. resource development and commun Three new Security systems, ications systems. Entire new com operation in Kuwait, joining four Public Safety- total of including underground detection munities will be built with transporta others to produce a daily low-light-level tion, health care, educational, cultural nearly 10 million gallons of ultrapure devices; ultrasensitive largest desalt imaging tubes and cameras for use and recreational facilities. water at the world's in surveillance systems; develop ing plant. ment of brighter lights for streets, Six manufacturing plants were acquired in Europe and Latin America, Three Westinghouse waterwheel public and commercial buildings. in one of Health- For the medical bringing to 14 the numberof manu generators were installed Human the world's largest hydroelectric scientists, cardio- pulmonary function facturing facilities abroad. They included plants in Spain employing power installations, the Guri Dam in apparatus; a ventricular assist device when automatic 3,000 in the production of electric Venezuela; the Guri project, to help coronary patients; will produce X-ray utility and industrial products; a completed by 1978, blood analysis equipment; kilowatts. image storage to improve observation major Italian producer of commercial six million of changes in body circulation. and room air conditioners; and manu facturers of cathode ray tubes and Export sales increased by more lighting products in Venezuela. than one-third, and licensing income reached a new record. Defense Westinghouse Around the World In other international activities, equipment sales to the United King dom increased substantially, and A team of four American firms, Sweden purchased a Westinghouse 809,000-kilowatt nuclear plant, sales gains were also achieved in organized by Westinghouse at the transportation refrigeration equip request of the Iranian Government, the largest outside the United States. Switzerland ordered a 350,000 ment, notably in Japan. Consumer has begun a year-long economic product sales continued to advance development study of a largely arid, kilowatt nuclear plant for installation at Beznau; it will join a sister plant despite intensified competition from barren region in Southern Iran European and Far Eastern manu The 15-year also built by Westinghouse. Spain's around Bandar Abbas. facturers. development plan for the area, which first commercial nuclear plant, a 16 Chairman D. C. Burnham addresses all Above - Mrs. Belva Mooney, a Baltimore employes at the Beaver, Pa., plant cere employe, displays check for $4,163 which monies marking major plant expansion, she received for a suggestion. the eighth in 20 years. Below - Danny Porter, one of the West inghouse Family Scholarship winners, visits his mother, Mrs. Agnes J. Nauman, an assembler at the Mansfield, Ohio, plant.

Employe Relations blies. Patent and invention awards Incentive Plan for the year exceeded $320,000. of Directors Employment at year-end was A committee of the Board totaling 138,000, more than 1,600 above At year-end, 18 months after the authorized payments a new record. Employe start of the Westinghouse employe $6,711,725 under the Management 1967 and Plan to 963 compensation and benefits savings program, more than 22,000 Incentive Compensation management. Portions rose to $1,327,434,000. employes were participating through members of payroll deductions. The value of of awards to certain individuals are payable in deferred installments. More than 100,000 employes investments in the program received general and cost-of-living amounted to nearly $27 million, including savings, contributions pay increases in October and in Organization creased hospital room and board provided by the Company, interest on bonds and dividends on West benefits under the employe insurance as Chairman added more inghouse stock. The Board elected plan; the improvements D. C. Burnham; a year to the cost and President than $55 million as Vice Chairmen Marshall K. Evans, of pay and employe benefits. The 1968 grant program of the Westinghouse Educational Founda George G. Main and George L. tion totaled $663,000. Of that Wilcox; as Executive Vice Presidents A $5,400 suggestion award, the Donald H. by amount, $443,000 went for general Charles E. Hammond, highest for the year, was shared McGannon and John W. Simpson. two Sharon, Pa., employes, Charles support of academic programs and McClure and John DeCiancio, for an matching of employes' gifts to colleges and universities. The bal The Board also elected as Vice Presi idea which cut costs in the manufac Corporate An ance, or $220,000, was for student dents Paul 0. Gaddis, ture of distribution transformers. Development; Everett S. Glines, Aerospace Division employe at Balti aid, including scholarships for employes' children. Major Appliances; Bruce W. Mor more, Mrs. Belva Mooney, received rison, Atlantic Region; Richard J. highest an award of $4,1 63, third Sargent, Consumer Products Distri for a woman in Company history. To foster the development of management talent needed for cor bution; P. M. Sarles, Manufacturing; Herbert C. Smith, Home Equipment. The largest special patent award to porate growth, the Company enrolled an individual inventor in Company more than 3,700 professional, ad ministrative and management per E. 0. Boshell, Director, resigned history was made to Erling Frisch. Vice President, for a sonnel in more than 110 training and and L.W. McLeod, Mr. Frisch received $10,000 Southwestern Region, retired. basic invention in nuclear fuel assem- development course presentations. 17 Westinghouse Electric Corporation Consolidated Balance Sheet

Jk AA•,LA December 31 Assels 1968 1967 Current Assets $ 80,114,347 $ 71,354,624 Cash ...... 7,760,896 14,858,308 Marketable securities- at cost which approximates market ...... Customer receivables (less allowance for doubtful accounts 688,841,402 564,724,566 1968 - $4,235,212) ...... 623,252,933 689,048,626 Inventories-valued principally on last-in, first-out method ...... Recoverable engineering and development costs (Government 55,792,631 61,644,221 contracts) ...... 242,823,997 219,965,016 Long term contracts in process ...... 132,241,206 60,238,381 Progress payments to sub-contractors ...... 17,861,552 15,541,368 Prepaid expense ...... 67,385,907 31,060,850 M iscellaneous ...... 1,916,074,871 1,728,435,960 563,165,592 403,893,084 Less: Progress billing on contracts ...... 1,352,909,279 1,324,542,876 Total Current Assets ......

Investments 133,356,116 115,078,160 majority owned companies not consolidated ...... Wholly and 19,212,314 20,482,349 Other securities -at cost or less, not in excess of market ...... 152,568,430 135,560,509

Plant and Equipment 420,789,323 378,993,889 buildings ...... Land and 841,786,645 744,229,281 Machinery and equipment ...... 102,392,994 71,585,121 Construction in progress ...... 1,364,968,962 1,194,808,291 728,886,061 695,336,488 Less: Accumulated depreciation ...... 636,082,901 499,471,803

Other Assets Purchase price of going businesses acquired in excess of their net 47,030,283 46,975,695 tangible assets ...... Non-current customer receivables (less allowance for doubtful accounts 45,778,289 37,009,218 ...... 1968- $4,088,330) 15,403,071 13,801,739 M ortgages receivable ...... 21,639,113 17,916,448 M iscellaneous ...... 129,850,756 115,703,100

$2,271,411,366 $2,075,278,288 Total Assets ......

18 December 31 I inbilities and Stoc~kholders' EnuitvDembr3 1968 1967 Current Liabilities $ 66,045,095 Short term bank loans and current maturities of long term debt ...... $ 149,749,341 126,920,711 Accounts payable - trade ...... 131,090,296 110,800,695 95,110,037 Accrued payrolls and payroll deductions payable to others ...... 22,239,000 30,306,000 Federal and foreign income taxes ...... 36,200,000 13,722,000 Deferred Federal income taxes ...... 18,988,742 18,798,783 O ther taxes ...... 22,159,000 18,839,000 Product guarantees ...... 89,541,386 Other current liabilities ...... 96,555,374 459,283,012 Total Current Liabilities ...... 587,782,448

Deferred Federal Income Taxes-Non-Current ...... 2,646.000

Long Term Debt 6,810,000 Debentures 2%%-Due September 1, 1971 ...... 6,810,000 180,000,000 195,000,000 Debentures 3%%-Due December 15, 1981 ...... 200,000,000 Debentures 5%%- Due April 1, 1992 ...... 200,000,000 4,566,000 4,567,200 Debentures 6Y4% -Coral Ridge Properties, Inc ...... 13,032,930 20,209,210 Mortgages and notes payable -Coral Ridge Properties, Inc ...... 404,408,930 426,586,410 994,837,378 885,869,422 Total Liabilities ......

Stockholders' Equity Preferred stock, cumulative, par value $100, authorized 409,851 shares; shares at 3.80% Series B, issued and outstanding (339,825 33,982,500 39,233,500 December 31, 1968) ...... Cumulative preference stock, without par value; authorized 10,000,000 shares, none issued ...... $6.25 per share; authorized 50,000,000 shares, Common stock, par value 241,708,081 238,647,525 issued (38,673,293 shares at December 31, 1968) ...... Corporation for capital Capital surplus -principally amount paid the 243,559,129 220,017,657 stock in excess of par value ...... 765,145,573 699,182,899 Retained earnings ...... 1,284,395,283 1,197,081,581 Less: Cost of common stock held in treasury (164,188 shares at 7,821,295 7,672,715 December 31, 1968) ...... 1,276,573,988 1,189,408,866 Total Stockholders' Equity ...... $2,271,411,366 $2,075,278,288 Total Liabilities and Stockholders' Equity ......

The accompanying Financial Review on pages 21, 22 and 23 is an integral part of these financial statements. 19 Westinghouse Electric Corporation

tnnnIidatAd statement of Income Years ended December 31 CnnQnlirlatedVii J•ViJ• •Y• Statement• Jl ...... of Income 1968 1967 Income S ales ...... $3,296,147,181 $2,900,697,525 14,302,055 11,199,697 Operating results of non-consolidated subsidiary companies ...... 39,140,157 33,217,758 Other incom e ...... 3,349,589,393 2,945,114,980

Costs and Expenses 2,544,359,761 2,230,276,128 Cost of sales ...... 451,480,273 410,493,372 Distribution, administration and general expense ...... 64,467,007 56,179,121 Depreciation ...... 24,521,052 23,591,881 Interest expense ...... 129,748,358 102,084,461 Incom e taxes ...... 3,214,576,451 2,822,624,963

$ 135,012,942 $ 122,490,017 Net Incom e ......

$3.49 Net income per common share ...... $3.21

Consolidated Statement of Retained Earnings Years ended December 31 1968 1967

$ 639,926,615 Retained Earnings- Prior Years ...... $ 699,182,899 122,490,017 Plus: Net income ...... 135,012,942 Pooling of interests adjustments ...... 1,296,357 (1,339,742) 1,510,142 Less: Dividends paid on preferred stock ...... 1,409,714 60,383,849 Dividends paid on common stock ...... 68,936,911 $ 699,182,899 Retained Earnings at Year-End ...... $ 765,145,573

financial statements. The accompanying Financial Review on pages 21,22 and 23 is an integral part of these 20 Financial Review

Principles of Consolidation: Included in employe benefits are tion adopted for financial statement pension costs related to pension purposes the straight-line method Wholly owned subsidiaries are guide state plans which cover substantially all of depreciation retaining consolidated in the financial line lives. This change had the effect ments, except Westinghouse Credit employes of the Corporation and its subsidiaries. It is the policy of the of increasing net income for 1968 Corporation. Majority owned sub or six cents per com The Corporation and its subsidiaries to by $2.4 million sidiaries are not consolidated. mon share. Accelerated methods consolidated statements include the provide and fund each year the amount determined to be necessary and maximum guideline deprecia equity in the operating results of Federal income and the to provide benefits earned during tion were retained for majority owned companies with the provision for non-consolidated the year and to amortize prior tax purposes wholly owned payable in future years being subsidiaries. service liability over a period of 30 taxes years. The pension expense paid to credited to deferred Federal in come tax. Unconsolidated subsidiaries, pri pension trusts in 1968 was $23.5 million compared to $26.2 million in marily outside of the United States, in 1968 Credit 1967. Unfunded prior service Income Taxes provided not including Westinghouse include $24,885,000 due to timing Corporation (see page 23) had liability at December 31,1968 was estimated at $227 million, down differences in tax reporting which assets of $179,645,000 and liabilities relate primarily to product guarantees, of $89,818,000. Sales in 1968 of from an estimated $234 million at December 31, 1967. long term contracts in process, and $267,496,000 by these subsidiaries depreciation. nrrdiurr a nAt inconme of $4.217.000 of which the Corporatio n's equity In 1968 the Corporation continued to work on the turnkey nuclear The investment tax credit, under the was $2,848,000. account power plant orders taken on a firm flow-through method of amounted to $9,087,000 in 1 968 reached an all-time price basis starting as early as ing, Sales in 1968 and $5,892,000 in 1967. high of $3.3 billion, an irncrease of 1965. In 1966 it became apparent 1967. The con- that plant construction costs were 13.6 per cent over Long Term Contracts in Process tinuing growth over the past five rising on the six domestic plants. of Despite these cost increases, it consists of cost and estimated earn years has been the most significant being accounted ation's was estimated that these contracts ings on contracts any period in the Corpor for on the percentage of completion history, with sales up 55 per cent would be profitable. However, unforeseen advances method. In previous years, progress since 1963. Sales by brc ad product continuing con construction costs and billings applicable to these categories were: in plant tracts were netted in this account. costs associated with licensing 1968 1967 requirements have had an adverse Progress billings on these contracts are now included in Progress Billing Generation, effect on the profitability of these Electric on Contracts. Amounts for 1967 have & The Corporation has Transmission contracts. been restated to reflect this change. Distribution Equipment.. 28% 28% provided for anticipated direct Electrical Industrial contract losses based on our 34% current estimates. Intensive efforts Short Term Bank Loans: At year Apparatus ...... 32% borrowed 17% 17% are being made to minimize these end the Corporation had Household Appliances. . $134 million from banks. Of this Aerospace and Defense losses. No additional domestic nuclear power orders have amount, $114 million was borrowed Equipment ...... 17% 15% turnkey agreement with 12 6% 6% been negotiated since 1966. under a credit Other ...... major banks. The original 1966 However, since then, orders have been received for 25 nuclear agreement was amended during The Corporation discon tinued the to an lines in power plants for which the 1968 providing for loans up sale of console TV and sstereo principal amount of $300 le available Corporation will furnish equipment aggregate 1968. The facilities mad million bearing interest at the prime will be uti lized in and fuel without the responsibility by this action commercial rate. A fee of % of one expanded appliance mainufacturing. for plant construction. Ition decided per cent per annum is payable In addition, the Corpora un t of its inte- Depreciation: Maximum guideline quarterly on the average daily to limit the developmen used balance of open commitments. grated circuits to satisfy'in-Company depreciation was charged to income for financial statement and Federal The agreement permits conversion defense and space requ irements. on July 28, income tax purposes for those facili of revolving credit loans acquired prior to January 1, 1 971 to term loans, ½ payable in Cost of Sales include s cost of ties 1973 and and employe 1968. For those facilities acquired each of the years 1972, materials and services, 1974, to bear interest at / of one compensation and benefits. after January 1, 1968 the Corpora 21 greater than the require annual contributions to a approximately 5.4 million shares per cent per annum cumulative prime commercial rate. sinking fund of $250,000 on April 1, of $3 convertible 1969 through 1972 and $500,000 preference stock in exchange for of Deferred Federal Income Taxes: on April 1, 1973 through 1976. all of the outstanding stock The Corporation in 1968 segregated During the year $158,000 of deben MCA, Inc. As of this date, the balance sheet tures were purchased in anticipation agreement and plan of merger has income taxes in the and a to reflect the amount payable cur of 1969 and subsequent years' not been consummated rently and the amount which may requirements. decision has not yet been reached it will be become payable because of timing as to whether differences in tax reporting. This Mortgages and notes payable are consummated. reporting recom secured by hotels, land and shop change reflects the stock awards of 7,024 mended by the American Institute ping centers of Coral Ridge Proper Common Accountants. ties, Inc. and mature serially in treasury shares were made to of Certified Public under the Amounts for 1967 have been re various annual amounts through management personnel to reflect this change. 1988. Management Incentive Compensa stated tion Plan. Long Term Debt: Sinking fund Preferred Stock: Sinking fund requirements for 1968 of the 2% requirements for 1968 were met by Stock Option Plans: Changes per cent debentures were met by delivery of purchased and retired in the status of options outstanding and retired preferred stock. at January 1, 1968 under the delivery of purchased and 1966 debentures. Corporation's 1959 Common Stock: During 1968 the Stock Option Plans are summarized Sinking fund requirements for the Corporation issued 489,689 shares as follows: stock, 211,757 of which 3% per cent debentures, aggregating of common Shares Under Option $15 million annually to 1980, were purchased by employes under were met in 1968 by delivery of the Employe Stock Plan and Stock Average Changes shares Year Option Jan. I During Year Dec. 31 $15 million principal amount of Option Plans and 123,663 Granted Price 1968 Exer- Termi- 1968 these debentures which had been were sold to Trustees under the cised nated acquired by tender procedure under Westinghouse Savings and Invest the indenture. ment Plans for future distribution to 1959 $44 124,751 70,516 54,235 employes. The Corporation also 1960 $55 34,925 7,275 .27,650 $42 38,325 9,700 28,625 per cent debentures are delivered 82,000 shares of its com 1961 The 5% 100,362 20,423 600 79,339 redeemable at the Corporation's mon stock in exchange for the net 1962 $34 and business of K-W Battery 1963 $35 140,913 19,602 121,311 option in whole or in part at any time assets 6,094 1, 1977, from Company, Skokie, I1l. The trans 1964 $36 11,194 5,100 (but not, prior to April 7,955 1,625 99,220 of moneys bor action was treated as a pooling of 1966 $50 108,800 or in anticipation $62 52,700 850 1,550 50,300 rowed at an interest cost of less interests for accounting purposes 1967 than 5% per cent per annum) at the and K-W Battery Company con and accrued tinues its operations as a subsidiary During 1968 stock options were principal amount an aggregate of 68,000 a premium of 5 per cent of the Corporation. Net income granted for interest plus shares at $73 per share. to April 1, 1969, such premium de of K-W Battery Company in 1967 clining at stated intervals, and was $406,177 on sales of $5,726,000. The financial statements for 1967 All outstanding options conform without premium after December 1, for "restricted fund for such do not include the amounts for to the requirements 1987. As a sinking stock options" or "qualified stock Corporation will this company because they were debentures, the options" as defined in the Internal redeem annually, commencing in not considered significant. The net assets and business of Measurement Revenue Code. The purchase 1972, $8 million principal amount price of the Common Stock under (subject to a credit for debentures Research Center, Inc., Iowa City, Ia., was acquired by purchase for options granted on and after otherwise acquired or redeemed) 27, 1962 (covering an 72,269 common shares. December and may redeem annually up to 666,175 shares in the aggregate) is additional $8 million principal The Corporation has entered into not less than the fair market value amount. The sinking fund redemption of the Common Stock at the date of is the principal amount and an agreement and plan of merger, price be granting, and the purchase price accrued interest, without premium. which-if consummated-will treated on a pooling of interests under all other options is not less basis for accounting purposes, than 95 per cent of such fair market The 6% per cent CoralRidge sinking value. The duration of the options is fund subordinated debentures involving the issuance of 22 in the case Westinghouse Credit Corporation five years (ten years Statements of options granted before January 1, Condensed Financial 1964) from the date of grant, Balance Sheet at December 31, 1968 subject to earlier terminations in 1959 Cash and marketable securities ...... $ 1,863,009 special circumstances. The ($37,363,583) and provision on March 31, 1964 Receivables, less unearned finance charges 330,095,111 Plan terminated ...... and no further options may be for losses ($4,658,083) 775,145 Other assets ...... granted thereunder. The number $332,733,265 of shares available for future options Total Assets ...... under the 1966 Plan was 533,050 1, 1968 and $272,980,752 shares at January Notes payable and other liabilities ...... 29,400,000 at December 31, Electric Corporation ...... 468,225 shares Subordinated debt due Westinghouse 30,352,513 1968. Stockholders' Equity ...... $332,733,265 Total Liabilities and Stockholders' Equity ...... Capital Surplus: The net increase arises from issue of common Statement of Income year ended December31, 1968 stock under Employe Plans, the $38,976,517 Stock Option Plans and adjustments Total earned income ...... 13,476,619 in connection with acquisitions. Less: Operating expenses ...... 16,225,793 Interest ...... 5,008,366 Contingencies: At December 31, Incom e taxes ...... $ 4,265,739 1968 the Corporation had contin Net income for the year ...... gent liabilities of $18 million on account of customers' notes sold to banks, guaranteed loans, etc. Westinghouse Electric Corporation Aggregate annual amount of rentals Source and Use of Funds in millions of dollars in on all real estate leases (287 Source Use number) for terms expiring more Operations: than three years after December 31, Net income ...... Customer receivables ...... $133 $135 .... 23 1968 is approximately $9.2 million. Depreciation ...... 64 Long term contracts in process 66 Investments ...... 17 Inventories ...... 206 Progress billing on contracts ..... 159 Plant and equipment ...... 62 Dividends ...... 70 Debt increase ...... 63 Sale of common stock ...... 26 O ther ...... $512 $512

Accountants' Report Main Lafrentz & Co. Certified Public Accountants To the Stockholders, Westinghouse Electric Corporation: We have examined the consolidated balance sheet of Westinghouse Electric Corporation and that of its wholly owned subsidiary, Westinghouse Credit Corporation, as of De cember 31, 1968, and the related consolidated statements of income and retained earn ings for the year then ended. Our examination was made in accordance with generally accepted auditing standards, and accordingly included such tests of the accounting records and such other auditing procedures as we considered necessary in the circumstances. In our opinion, the accompanying balance sheets and statements of income and retained earnings present fairly the financial positions of Westinghouse Electric Corpora tion and Westinghouse Credit Corporation at December 31, 1968, and the results of their operations for the year then ended, in conformity with generally accepted account ing principles applied on a basis consistent with that of the preceding year.

January 21, 1969 Pittsburgh, Pennsylvania 15222 -#Jv

23 Westinghouse Electric Corporation Ten Year Highlights

For the Year 1968 1967

Sales ...... $3,296,147 $2,900,698

Employe compensation and benefits ...... 1,327,434 1,216,907

Taxes ...... 200,116 167,216

Depreciation ...... 64,467 56,179

Interest on debentures ...... 18,452 15,027

Amount ...... 135,013 122,490

Net Income Per dollar of sales ...... 4.10 4.20

Per common sharet ...... 3.49 3.21

Preferred ...... 1,410 1,510

Dividends paid Common ...... 68,937 60,384

I Per common sharet ...... 1.80 1.60

Average number of employes ...... 136,527 132,049

Working capital ...... $ 765,127 $ 865,260

Inventories ...... 623,253 689,049

Land, buildings and equipment-at cost ..... 1,364,969 1,194,808 Except for per share figures, all dollar amounts are in thousands. tBased on common stock having a par Stockholders ...... 167,749 175,206 value of $6.25 per share. For the year subsequent years, common 1964 and ...... 339,825 392,335 shares are average outstanding during Preferred year, excluding treasury shares. For these Shares outstanding years book value is based on shares Commont ...... 38,296,168 37,730,958 outstanding at year-end less treasury shares. n share t...... $ 32.27 $ 30.26 t tNet income includes $7,196 and 210 Book value per commc per common share for special items. 24 1966 1965 1964 1963 1962 1961 1960 1959

$2,581,415 $2,389,909 $2,271,190 $2,127,306 $1,954,479 $1,913,770 $1,955,731 $1,910,730

1,103,538 989,266 938,550 909,735 865,516 840,765 859,324 816,158

164,731 147,721 132,590 111,522 108,981 103,956 127,838 127,174

59,586 63,868 61,328 59,649 56,091 47,378 47,429 46,696

8,876 9,245 9,816 10,392 10,917 11,049 11,051 11,051

119,657 106,903 76,678 47,824 57,061 45,446 79,057 85,947 t t

4.60 4.50 3.4j0 2.20 2.90 2.40 4.00 4.50

3.16 2.88 2.08 1.28 1.56 1.23 2.22 2.43tt

1,541 1,548 1,548 1,548 "1,548 1,560 1,630 1,721

51,936 45,564 43,509 42,890 42,529 42,205 41,483 36,157

1.40 1.25 1.20 1.20 1.20 1.20 1.20 1.05

125,349 115,141 113,680 115,170 109,966 109,394 114,842 112,737

$ 719,127 $ 746,210 $ 764,209 $ 734,972 $ 713,925 $ 715,309 $ 774,285 $ 771,400

662,117 525,177 485,926 500,116 465,625 404,612 433,890 398,533

1,079,005 996,743 931,121 895,601 869,217 848,137 802,717 752,757

187,573 189,751 196,993 186,644 187,214 172,172 158,823 150,909

402,677 407,327 407,327 407,327 407,327 407,327 419,800 440,485

37,382,218 36,551,409 36,198,189 36,243,921 35,623,294 35,612,003 34,813,842 34,679,456

$ 28.37 $ 26.68 $ 25.62 $ 25.61 $ 26.11 $ 26.13 $ 26.48 $ 25.38

25 Westinghouse Electric Corporation Directors and Officers

Directors Officers andPresident S. W. Herwald, Engineering Dillon Anderson, Partner,Baker, Botts. D. C. Burnham, Chairman W. Holton, Motor & Industrial Shepherd & Coates, Houston, Tex. Marshall K. Evans, Vice Chairman-Planning George ControlDivisions George G. Main, Vice Chairmanand Karl R. Bendetsen, Chairman, Consultant W. E. Johnson, Astronuclear/Underseas U.S. Plywood-Champion PapersInc., Divisions George L Wilcox, Vice Chairman New York, N. Y. Thomas P. Jones, Marketing CorporateAffairs Howard S. Kaltenborn, Personnel& Harry 0. Bercher, Chairman of the Board, PublicAffairs InternationalHarvester Company. Executive Vice Presidents Chicago, Ill. A. M. Kennedy, Jr., Marketing Services Charles E. Hammond, President, Leonard E. Kust, General Tax Counsel Products Burnham, Chairman, Consumer D. C. Thomas W. Landrum, Lamp Division Westinghouse Electric Corporation Robert E. Kirby, President.Industry and Defense Products M.J. McDonough, PowerSystems Marketing Frank R. Denton, Chairman,Executive Donald H. McGannon, President, Committee, Mellon NationalBank and Trust Broadcasting,Learning & Leisure Time Dale McFeatters, Information Services Company, Pittsburgh.Pa. John W. Simpson, President. Carlisle P. Myers, GeneralCounsel, Secretary Dallas W. Norris, ElevatorDivision Louis K. Eilers, President,Eastman Kodak PowerSystems Company, Rochester, N. Y. N. V. Petrou, Defense and Space Center Read, Treasurer Vice Presidents R. B. Marshall K. Evans, Vice Chairman, Douglas D. Danforth, Executive P. M. Sarles, Manufacturing Westinghouse Electric Corporation Vice President,Components and Materials W. E. Shoupp, Research Alfred W. Jones, Chairman of the Board, E. S. Glines, Executive Vice President, R. H. Wagner, Managementand Sea Island Company, Sea Island,Ga. MajorAppliances ProfessionalPersonnel Gordon C. H urlbert, Executive James M. Wallace, Assistant to President, Howard S. Kaltenborn, Vice President. Vice President,Power Generation PowerSystems WestinghouseElectric Corporation T. J. Murrin, Executive Vice President, Charles H. Weaver, GovernmentAffairs Defense Robert E. Kirby, Executive Vice President, C. S. Weber, Washington Joseph C. Rengel, Executive Vice President, Westinghouse Electric Corporation Robert L. Wells, Atomic EquipmentDivisions NuclearEnergy Systems Leo W. Yochum, Controller George G. Main. Vice Chairman, Richard J. Sargent, Executive Westinghouse Electric Corporation Vice President,Consumer Products Distribution Vice Presidents- Regions Roger Milliken, President,Deering E. H. Seim, Executive Vice President, Chris H. Bartlett, Southeastern Milliken, Inc., Spartanburg,S.C. Construction John 0. Campbell, PacificCoast Smith, Executive Vice President. W.A. Patterson, Chairmanand Chief H. C. Home Equipment Thomas H. Kenton, Jr., Southwestern Executive Officer, Retired,UnitedAir B. W. Morrison, Atlantic Lines, Inc., Chicago. //1 Frank E. Spindler, Executive Vice President, Industrial John E. Payne, Central John W. Reavis. Partner,Jones, Day, J. W. Stirling, Executive Vice President, Carroll V. Roseberry, Midwestern Cockley & Reavis, Cleveland,Ohio Transmissionand Distribution Paul B. Shiring, Northeastern

John M. Schiff, Partner,Kuhn. Loeb & Co., New York, N. Y. Robert D. Blasier, IndustrialRelations F. P. Cotter, Washington Julius A. Stratton, Chairman, The Ford Foundation,New York, N. Y. Francis E. Dalton, Senior Vice President Jose de Cubas, Westinghouse Electric George L. Wilcox, Vice Chairman, InternationalCompany Westinghouse ElectricCorporation Paul O. Gaddis, Corporate Development L E. Hedrick, Large Turbine Division

26 Management Policy Committee

A'.

Front, left to right: Rear, left to right:

Robert E. Kirby, President. Donald H. McGannon, President, Industry & Defense Products Broadcasting,Learning & Leisure Time

Charles E. Hammond, Presidentt, George G. Main, Vice Chairman ConsumerProducts and Consultant

D. C. Burnham, Chairman John W. Simpson, President, PowerSystems George L. Wilcox, Vice Chairmaan CorporateAffairs

Marshall K. Evans, Vice Chairman- Planning

27 Management - Power Systems

J. W. Simpson President Power Systems

J. C. Rengel G. C. Hurlbert J. W. Stirling Executive Vice President Executive Vice President Executive Vice President Transmission & Distribution Nuclear Energy Systems Power Generation Power Transformer Division PWR Systems Division Large Turbine Division C. E. Hutchison T. Stern L. E. Hedrick, Vice President Distribution Transformer Division Nuclear Fuel Division Large Rotating Apparatus R. P. Wagner D. J. Povelsil Division A. M. Harrison Distribution Apparatus Division Advanced Reactors Division D. M. Sauter J. C. R. Kelly, Jr. Small Steam and Gas Turbine Division Power Circuit Breaker Division Atomic Equipment Divisions F. N. McClure A. L. Shepler R. L. Wells, Vice President Heat Transfer Division Electro-Mechanical Division R. A. Baker,Jr. Switchgear Division E. J. Cattabiani J. A. Babcock Specialty Metals Division Measurements Divisions P. G. DeHuff A. J. Petzinger Large Components Divisions Vice Presidentand Meter Division R. C. Twombly Assistantto President F. E. Reiber J. M. Wallace Tampa Division Relay-Instrument Division M. W. Mardis C.J. Weber Power Systems Marketing Pensacola Division M. J. McDonough, W. H. Griffith Vice President

Turnkey Projects PlanningManager J. T. Stiefel P. N. Ross

28 Management- Consumer Products

C. E. Hammond President Consumer Products

E. S. Glines R. J. Sargent H. C. Smith Executive Vice President Executive Vice President Executive Vice President Major Appliances Distribution Home Equipment

Heating & Refrigeration Division Westinghouse Appliance Residential Air Conditioning Divisions J. W. Pulaski Sales & Service Company R. J. Sargent.President J. L. Moore Dishwasher & Specialty Residential Air Conditioning Products Division Division D. D. Stark W. F. Irons

Room Air Conditioner Division Luxaire, Inc. T. B. Simon C. W. MilIsom, President Fraser & Johnston Company Mansfield Divisions D. J. Wood, President C. J. McLaughlin,Jr. Division Laundry Equipment Division Portable Products E. G. Lipski W. M. Day Range Division Decorative Micarta Division J. H. Fooks D. E. Baldwin Lamp Division T. W. Landrum, I-XL Furniture Company Vice President H. Paxinos,President

29 Management -Industry & Defense Products

R. E. Kirby President Industry & Defense Products

q

T.J. Murrin E. H. Seim F. E. Spindler D. D. Danforth Executive Vice President Executive Vice President Executive Vice President Executive Vice President Defense Construction Industrial Components & Materials

Defense & Space Center Elevator Division Motor & Industrial Standard Control Division N. V. Petrou, Vice President D. W. Norris, Vice President Control Divisions A. J. Hendry G. W. Holton. Aerospace Division Vice President Sturtevant Division Bryant Division H. B. Smith Large AC and DC Motor H. W. Rainey W. D. Ligon Division Surface Division F. N. Hines R. W. Esarey Lighting Division Small Motor Division N.J. Hawke, Jr. Medium AC Motor and Systems Operations C. R. Rhine Gearing Division R. L. Hale Commercial & Industrial T. L. Rehg Electronic Components Divisions Air Conditioning Division Astronuclear/Underseas General Control Division S. N. Donahoe R. L. Sherrill,Jr. Divisions M. D. Simonson Electronic Tube Division W. E. Johnson, Vice President Urban Systems Industrial Systems Division E. F. Dick Underseas Division Development Corporation W. S. McIntyre Semiconductor Division G. F. Mechlin, Jr. R. S. Garrett,President J. C. Marous Industrial Equipment Division Astronuclear Laboratory Coral Ridge Properties, Inc. H. F. Faught E.B. Wright Specialty Transformer Division J. S. Hunt, Sr., Chairman J. F. Farrell J. P. Taravella, President Aerospace Electrical Division Transportation Activities G. W. Jernstedt,Director A. C. Chiazza Wire Division Automatic Merchandising W, G. Miller Transportation Division Division Marine Division W. P. Bollinger H. J. Bichsel A. L. Bethel Industrial Plastics Division F. H. Tyaack Hagan/Computer Systems Marketing Marketing Division W. B. Weathers, Manager K-W Battery Company H. D. El/rod, Manager G. C. Turner W. B. Loewenherz, Chairman Repair Division Industrial Ceramics Division C. E. Price R. D. Cairns Thermo King Corporation Marketing M. B. Green, President E. V. Clarke, Jr., Manager Marketing Westinghouse Electric J. E. Goetz, Manager Supply Company Electric Service Division B. H. Boatner, President P. F. Holstein

30 Management - Broadcasting, Learning & Leisure Time

D. H. McGannon President Broadcasting, Learning C-, & Leisure Time

11

D. H. McGannon V. S. Atwater President President Westinghouse Broadcasting Westinghouse Learning Company Corporation

Television Headquarters in New York, N.Y. J. E. Allen, President Operations in Iowa City, Ia.; KDKA-TV, Pittsburgh Albuquerque, N.M.; Palo Alto, KPIX-TV, San Francisco Calif.; Bladensburg, Md.; KYW-TV, Philadelphia Pittsburgh, Pa. Designs and WBZ-TV, Boston distributes educational systems WJZ-TV, Baltimore for schools, conducts training programs for industry and for Radio governmental projects, such as J. Chaseman,President the Peace Corps. Operates KDKA, Pittsburgh Atterbury Job Corps Center, KFWB, Los Angeles Edinburg, Ind. KYW, Philadelphia WBZ, Boston WIND, Chicago WINS, New York WOWO, Fort Wayne

TV Advertising Representatives, Inc. M. L. Shapiro,President

Radio Advertising Representatives, Inc. P. B. Bascorm, President

Group W Films R. M. Pack, President

CATV Enterprises, Inc. C. C. Woodard,President

GroupW Productions, Inc. J. R. Reeves, President

31 Management - Headquarters

M. K. Evans G. L. Wilcox G. G. Main Vice Chairman - Planning Vice Chairman - Corporate Vice Chairman & Consultant Affairs

Marketing Personnel & Public Affairs T. P. Jones, Vice President H. S. Kaltenborn,Vice President Headquarters Industrial Relations A. M. Kennedy, Jr., Vice R. D. Blasier, Vice President Services President,Marketing Information Services Regions - Vice Presidents Dale McFeatters, Vice C. H. Bartlett,Southeastern President J. 0. Campbell, Pacific Coast Management & Professional Personnel T. H.Kenton, Jr., Southwestern R. H. Wagner, Vice President B. W. Morrison,Atlantic L. W. Yochum, Vice President J. E. Payne, Central & Controller C. V. Roseberry, Midwestern R. B. Read, Vice President& P. B. Shiring,Northeastern Treasurer Manufacturing L. E. Kust, Vice President & P. M. Sarles, Vice President General Tax Counsel

Engineering Executive Offices S. W. Herwald,Vice President Westinghouse Credit Corporation 3 Gateway Center, Pittsburgh, Pa. Research J. C. Sheehan, President W. E. Shoupp, Vice President C. P. Myers, Vice President& Transfer agents Chemical Bank New York Trust Corporate Development GeneralCounsel, Secretary Company, New York, N.Y. P.O. Gaddis, Vice President Westinghouse Electric Continental Illinois Specialty Electronics Division International Company National Bank and Trust W. S. Perkins J. L. de Cubas,President Company of Chicago, X-Ray Division Chicago, Ili. Canadian Westinghouse W. J. Denton Company, Ltd. Crocker-Citizens National Bank, W. J. Cheesman, President San Francisco, Calif.

Government Affairs Registrars C. H. Weaver, Vice President The Chase Manhattan Bank, Association, Bettis Atomic Power National Laboratory New York, N.Y. N. A. Beldecos The Northern Trust Company, Plant Apparatus Division Chicago, Ill. A. Squire Bank of America, National Trust and Savings Association, Washington Office San Francisco, Calif. C. S. Weber, Vice President Stock exchange listings F. P. Cotter,Vice President New York, Pittsburgh, Boston, Government Relations Midwest and Pacific Coast Titles not listed on pages 28,29,30,31 and 32 are "General Manager". C. E. Hobbs, Director Stock Exchanges

32