The sun. [volume] (New York [N.Y.]) 1833-1916, 1916-05-31
SHORTAGE OF TWINE
DUE TO- MONOPOLY
President Of Harvester Co.
Hits at Yucatan Organization
in Annual Report.
COMPANY SHOWS GAINS

Cyrus n. Mccormick. president OF the
International Harvester Company Of
New Jersey. In the report OF the COM
pany for the year ended December 30.
1915. says that the monopoly OF the sisal
hemp crop Of Yucatan by the Comision
Rcgulahora del Mercado de Hcnequen.
secured by that committee in September
and October last, resulted in an increase
in the cost Of binder twine to the Ameri-
can farmer. Mr.. Mccormick said In
part:
During the early part Of 1915 con-
siderable difficulty was encountered In
securing a supply Of sisal for the manu-
facture Of binder Irvine on account OF
revolutionary disturbances In the State
Of Yucatan. In September October
last the Comislon Reguladora del Mer-
cado de Henequen regulating commits
tee Of the sisal market). an official body
OF the state OF Yucatan. with offices In
the cities OF New York and New Orleans.
having secured the complete control OF
the output OF Yucatan sisal closed the
open market for sisal that had before
existed in iucatan and the United States.
This monopoly mas since cxacted
higher prices for sisal and thereby
caused the cost OF binder Irvine to the
American farmer to be raised corre-
spondingly. A subcommittee OF the
committee on agriculture Is now en-
gagged In a thorough investigation OF this
Yucatan sisal monopoly and it's effect
upon binder Irvine prices In the United
States"
The report OF the company for the
year 1915 shows total income before de-
ductions for reserve. interest and appro-
priitions amounting to Slt.ls6.S?3. as
compared with sl2. 206. 227 the preceding
year and net profit for the season OF
sS.57S.i3S. as against 37.463.:31 the
year before.
After the payment Of a I per cent.
dividend on the preferred stock OF the
company there was a balance OF So
+76,436, rs compared with &b.3S3.2Sl
the preceding year. which was equai to
1919 per cent. earned on the 100000
| 600 common. as compared with 1871
per cent. earned on the same stock In
1914. The surplus as OF December 81
last was SCI. .&65. as compared with
see. 972.029 the year before. Mr.. Nc
Cormick in his remarks to stockholders
said further:
THE inventories OF raw materials,
work In process and finished products at
the close of 1915 were $4,000 less
than at the close OF last year. This de-
crease. coupled with satisfactory ccllec-
tons and smaller manufacturing output.
due to inability to maintain the volume
Of our export trade. resulted In largely
increased cash balances.
Consequently no seasonal borrow
ings are contemplated during the year
1915. Current liabilities. including bills
payable, were reduced 100000 during
the year. As opportunities offered the
company has purchased its gold notes
due February is. 1918. Approximately
$4,000. 900 OF the $50. o0o. 900 isp0e has
been acquired to the date OF this rapport.
The report Of the International Har-
vester Corporation for the same year
shows tota, income from operations he
fore charges amounting to ss.sos.iSS. as
AGAINST &7.32y.s25 the preceding year
and net profit for the period OF $3.'.o.-
lH. as compared with t,2Ss.osi the
year before. The balance available for
the common stock after the payment
Of a Z per cent. preferred dividend
amounted I &l.6?0.14l. as against w.
262.5st In 1914. which was equal 10
I.05 per cent. on the Si0.00Q.oO0 COM
mon, as against $50 per cent. one the
same stock the preceding year.
No dividend was paid OH the common
stock OF the corporation last year and
the balance after the preferred was
carried to a contingent reserve euro
pean war losses. &c.). President Nc.
Cormick in his remarks to the corpora
| tlOn stOChNOiucIS cdlu III pdIt'
1.-THE implement works at Neuss. Ger
many. and Lubertzy. Russia, have been
in operation during the year. but with
reduced forces m subject to delays,
owing to the difficulty in securing ade-
quate quantities OF materials and sup
plies The Irvine mill at, Neuss. Ger.
many. has been closed. due to the In
ability to secure supplies Of hbre. The
works at Norrkoping. Sweden. ave beer
running at full capacity. except for TEN.
porary delays and interruptions due to
the material situation.
The balance owing to the lnterna.
tional Harvester Company OF New Jer'
sey has been reduced from $l2.6e6.0ot
AT December 81. 1914, TO 32.lss.0o0 al
December 81. 1915. the net decrease II
current liabilities during the year beinl
Ss,4oo.ooo. The inventories have beer
reduced 0,S00. 900.