The evening leader. (Tarpon Springs, Fla.) 191?-19??, 1918-05-01
INTERNATIONAL KAR-
VESTER CO. MIKES
II PER CENT PROFIT

Chicago, May According to of
fetal announcement, made tonight,
1.-THE annual report of the international
i Harvester company of New Jersey
shows net profits for 1917, after de-
Quoting taxes, interest, depreciations,
ACCOMPLISHMENTS, and re serves, OF
$14,0OO,000, or IL per cent on the ac-
tual working capital employed, which
Twas $125,O00,0OO, including surplus
retained and used in the business.
Nearly half of these profits resulted
from the operations of the company's
steel properties, which shared in the
abnormal prosperity of the steel in
!dustry. About go per cent of its steel
output was sold in the general market.
| Excluding steel the percentage OF
profit on the volume of sales and cap
ital invested in the business was sub
stantially the same as in former years.
/ ct is gratifying to note" the report
says, "that the purchasing power Of
farm products has more than kept
sace with the increase in prices en-
forced by war conditions upon the en-
tire implement industry. This is re-
Elected in the noticeable improvement
in percentage of cash collected in the
last two years. Of 1917 sales more
than 90 per cent was collected in cash
during the year"
Quite another picture, according to
the official announcement, is present
ed by the report Of the international
Harvester Corporation, which pur-
chases large quantities of farming i'm
plements from the New Jersey COM
ipany and sells them in foreign coun-
tries. While the volume of 1917 sales
showed an increase over the preceding
year of about % per cent, due to a
larger production of farm tractors and
motor trucks and to the higher prices
for products enforced by increased
manufacturing costs, war losses sus-
tanned in Russia and the countries
dominated by the Central powers have
exceeded the total 1917 earnings.
Americas entrance into the war and
the Russian collapse have compelled
the company, the announcement says,
to charge off $13,941 ,168, of which
I $10,120,000 represented unquestion-
able losses in Russian funds and
$316,825 in the value of equipment
Communicated by Germany at the
Croix works near Lille, France. These
losses absorbed the whole of the cor
|, poration's 1917 earnings and caused :
deficit of ST $780, 21 for the year
:. Of the remaining loss, it is ex-
lplained, $2,556,175 represents an esti-
mate of so per cent of the receiyables
in Russia, Belgium, Serbia and enemy
countries; $948,168 represents inven,
tory goods, materials and other prop
critics commandeered by Germany al
the French works.
Both companies report three wage
increases of approximately 10 percent
each, making a total increase in aver,
age hourly earnings at the domestic
works since January l, 1915, of Is pei
cent.
The New Jersey company, according
to the announcement, bought and
holds as assets 100000 of the First
ard Second Liberty loans of 1917
Through the two companies, and lar
gely by their aid, employees, made
30,400 subscriptions to these loans
aggregating $2,25O,000 1t is further
announced that employees subscrip-
lions to the Third Liberty loan will
probably exceed the figures for the
first two.
Employees of the two companies in
the United States and Canada are in
army or navy service to the number Of
2230.
positions will be open to them or
their return" says the reports, "and
the companies are keeping in close
touch with them during the period OF
their SERVICE"