The Washington herald., 1909-04-25
MONEY IN REAPERO
Harvester Company Issues
It's Annual Report.
SHOWS COMFORTABLE SURPLUS
Volume of Business Declines and
Vet PROFITS Fail on Per Cen; Dur
ing :he Year 1oOS-WeIfare Work
and Pensions COntIRue-WeIeomes
Change in Trust Sentiment.

Chicago. April 24-The report Of the
International Harvester Company for
1903, made public last week. gives evi-
dence OF prosperity among the agricul-
tural interests Of the country during
year OF general business depression The
report shows the sales Of the harvester
company during that period were reduced
but a trifie over per cent. compared
with the previous year, the total sales
in 1905 being S725n,77i. as compared with
SIS 2e5. so In 1867
Notwithstanding the reduction In the
volume Of business. the net profits show
a slight increase over last year, the earn
ings in 1908 being sS.ss5. $50. as against
S. .0Se. 457 in 1907. This is a little more thar
4 : per cent on the total paid Up capital
The earnings were maintained largely
through careful economies IN manufac-
ture and distribution. and by material
lessening, Of interest charges. without any
reduction in the wages OF the employees.
in fact, the average Of wages being larger
in 1878 than in the prior year
Years Financial Statement
The financial statement emphasizes the
! conservatism with which the company's
affairs are managed. After providing for
I the dividend on the preferred stock, the
surplus for the year was $46s5. So
During the year the company reduced
its current liabilities from Sl9.509. F2 to
$I4 066 052. a net reduction OF $. 1876 It
has continued its established policy Of
! liberal expenditures for experimental and
development purposes. repairs and main
] tenance- Il expended S1.SS. 81 for plant
maintenance and repairs. and s7l3 557 for
{ experiments. patents. &C, 10 increase the
l efficiency and durability Of the imple-
ments manufactured
The report indicates the very large
working capital required in the manu-
facture OF agricultural implements and
similar appliances and the liberal terms
Of credit extended 10 farmers. OF its
total assets on December 81. 1908. S96.311.-
% were IN farmers and agents notes
and accounts. and Sf7sS7.c56 in raw ma
terials, finished products, sc.
Welfare Work and Pensions.
The welfare work at its different fac
tories has been continued and enlarged
by the company for the purpose Of I'm
proving the mental and physical wei be
ing OF its employees.
Many Improvements have been made in
sanitation and ventilation az the facto-
ries and the machinery is being con
stanJly safeguarded 20 avoid accidents
( Opportunities FOR instruction IN practical
mathematics. mechanical drawing and
other useful technical subjects are afford
ed 10 the employees. Rest rooms are pro-
vided AT the plants where women are
employed.
The expenditures for these purposes
during the year were S73.75o. besides an
appropriation Of sz50008 as a nucleus for
an employees pension fund
The Employees Benefit Association.
organized September / 1908. on very lib
eraI terms. proved an immediate success
more than IS per cent Of the shop en-
ployes having voluntarily joined the as
sOciation within ninety DAYS after its
organization. The company's contribU-
tion TO this association amounts 20 s5o9oe.
Anti-tTuEt Proceedings
In referring 10 antitrust proceedings.
the report says
There seems 10 be a general change
favor Of dealing with the large eorpo-
rations according 10 their conduct and
methods rather than by attempting 10
destroy them indisCrimiBately because Of
their size. The company has invited the
fullest examination Of its business meth
DDS and its treatment Of competitors,
agents and customers.
In the litigation in Kansas ard Mis-
souri,, and in the Investigation by the
( Bureau OF Corporations. d full and frank
disclosure has been made OF al! the facts
connected with its organization and bus
/ inesS. and all its records have been open
to inspection. II is believed that full
publicity in corporate affairs. fairness
toward competitors and agents. and the
selling OF its goods absolutely upon their
merits and al reasonable prices. C0nsti-
tute the wisest and most successful bus
/ mess policy; and this Is the policy that
has been and Is enforced upon every
officer and agent in every branch Of the
business"