New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-05-07
|B|G YEAR FOR HARVESTER
Record Volume of Sales, but the
Net Decreases Slightly.

The international Harvester Company
held its own in the fiscal year ended De-
cember 81, 1911 with only slight decrease
In net earnings, despite unfavorable condi-
lions, and with gross sales larger than IN
any previous year. The annual report, Is
sued Yesterday. shows gross sales or sloS'-
CO.. SOS and miscellaneous earnings and
charges neD of $7lj,572, total earnings be-
ing sl0S.7i9l6s. against S0l,99i,sS In 1910.
Cost of manufacture and distributing was
$50 3a3 6S8 or s.. 49,, 31s more than In the pre-
cedng year.
Total deductions, including cost or manu-
featuring and distributing, ordinary repairs
and maintenance. renewals, interest gen
eral expenses. reserves for pension and
other funds and for depreciation and con-
tingent losses. totalled s9S227,TO, the bal
anca available for dividends being S5,5Il,Sss.
Deducting the preferred dividends OF 81
200 600. there remained sll.32l,39s. equal 10
1415 per cent. earned on the sN'Wn'op COM
mon stock. and after deduction Of the g.
ooon mn required for payment or the olvl-
dends on the common stock there was w.
S2 1873 carried TO surplus, the total pront
and loss surplus on December 81 last being
So. 590,9 47.
The balance sheet shows assets and Ia
bilities OF S223,72i,555. Farmers and agents
notes on December 81 were So, 9lo,94S,
AGAINST $40. $50 e73 at the end of 1870 this In
crease being explained as due partly to the
larger volume Of business transacted and
partly to the decline in cash collections af-
fecting most lines Of industry in 1911. The
| poor harvest IN the important agricultural
70 y Ia bra oh T.
lions in Western Canada. 1t was added, re-
| tarded fall collections. The total accounts
| receivable a of December 81 last were SO.
sss5sS. against s5s,5SO,57l a year previously
| Bills payable aggregated So9lS,Sh.
President Mccormick. In his report 70
the stockholders. says:
The domestic sales are practically the
| same n : the preceding year. The falluIe
tions and the general trend of retrencn-
ment throughout the country due 10 tne
unsettled condition of business opeIateeu e.,
against an Increase in sales ana naturhIy
resulted in an increased ratio or selling en-
pense. ,.
Tho foreign trade again shows substan,
| tial gain and now equals 40 per cent OF
total sales having increased ,,d IRON ~ s siS
300 900 i'm 1911. The possibilities presented IN
| foreign countries for still further extehulns
| that trade emphasize the necessity Tor con,
| tinued and vigorous efforts on tho part OF
| the government to foster and encourage
| trade relations between the United States
and foreign countries. so that Amerlca a.,
| manufacturers may secure their share oil
During the YEAR 1911 advantage was
taken Of the general decline In the IaW
! material markets. whereby the COMPANY
| was able to announce reduction IN the
selling prices Of its principal products io'
| tho 1912 season, effective August |, 1911.
| Desiring to assist and further the cam
/ paign for the betterment OF american as
! Ticulturc the company maintains SerNlc.
| bureau to disseminate. by means OF printed
| matter and lectures, information ConceiLl
ing the preparation OF soil Tor seedlnS, III,
| planting, Cultivatlng and harvesting ol
! crons and generally 10 aid the farmer m
/ making his acres bring forth better ano
| more abundant weld.
! To insure the continued SUCCESSFUL ope,S e
tlons OF the workmen's compensation plans
! tho company is establishing permanent
| industrial accident fund, toward when y
has already contributed Spow. % essS'
! In the crusade against tuDerculoSlS ih'
| company has undertaken an investigator
/ 10 locate employees suffering from TINS dls,
ease. lncipicnt and moderately auNa 49,
cases arr sent To sanatonums LOT u.a.'
| mcnt and the company has erected zen
! he'd building for tuberCular employees AT lh'
Edward Sanatorium, NapervIiF' III
Mr. Mccormick refers 20 the decision 81
tho Supreme Court Of Missouri last No
ya,,ber I'm the case OF the State or MIS-
,our, against tho International Harveste'
ror,nany OF America. He reminds I'M
stockholders that the court "hiIe nololh'
that the company had technically violated
tho Missouri antitrust law, found Una
none Of the charges OF excessive prices
unfair methods and injury TO the puol'
had been proved. In closing his report th'
president says:
The many unjust attacks made upon tn
company during the last year nave only
tended To increase tho loyalty, cihciencN
and spirit of cooperation throughout tn
| ar,Ir. nrra nlzatlnn- !"