The sun., 1919-03-29
WILLYS-0VERLAND
EARNS $1O,S11,S97
Annual Report for 1918 Shows
1924 a Share Net After
All Deductions.
NET INCOME SIS. 536,254
President Says Work on War
Material for Government
Hampered Company.

The annual report of the WHY'S Over
LAND Company and its subsidiaries, COW
ering the operations for 1918, made pub
lie yesterday, shows net earnings, after
all charges. interest and taxes, of $40
Sl1,ss7, which, after the deduction OF
dividends on the two classes OF preferred
stock, Is equivalent to $4.2+ share on
the 100000 common stock of a pa
value of $50 a share. The report shows
the net earnings and income OF all con-
panies for the year. after deducting re
pairs and maintenance OF the properties.
bad and doubtful accounts receivable
and provision for Federal taxes. but be
fore interest charges, to be $11,b10,sfb
Interest charges aggregated 1.lss,Its.
making the balance available for diVi-
bends S10.211.ss7
Further deductions OF nearly $1,000
o0e were made, including s2.457,s42 for
reserve for accrulng renewals and de-
probation; $751; 500 for provision for
tool requirements and 81 100000 written
of on book value OF Investments In other
companies. The net income for the year
carried TO surplus account Is ts,bs6.2s+
j. n. WHY'S. president of the csus-
pany, in his remarks accompanying ths
annual report declared that when the
armistice was signed the company had
on hand 81, 200, 900 OF Government busi-
ness. much OF which was cancelled The
company was hampered further In It's
earning ability by big changes of plants
and equipment incident to taking up war
work
THE express determination Of The
WHY'S Overland Company" he said. 10
nh pc its production programme through
out 1918 to the winning OF the war In
a.. ~. xN,x,
a large scale OF n wide variety OF Gov
eminent contracts. the result being that
on November ] I. when the armistice was
signed, the company had on hand $50
100000 Of Government business The
factories were then operating on an 81
per cent war basis with 100 per cent.
set for the end OF the year.
THE cancellation OF the bulk or the
war work, which had involved the most
radical factory Establishments, the cree-
ton OF special departments the chang
ing over of equipment and the prelim'-
nary expenditure OF over S12.000,0oo In
preparation for the urgently desired
large scale production. necessitated an
other sweeping readjustment to nor
NAL peace basis. Its rapid successful
accomplishment has been splendid
tribute to the fexibility of the companys
plants and organization.
coming year represent complete stand
ardization OF models and concentration
upon two types viz, a light four cylin
dered car for the low priced field and
rev knight motored car for the medium
priced held
The elimination Of the superhuous
types will permit OF production com
| mensurate with the company's plant
capacity and through the lowering OF
| manufacturing costs will result = in
creased profits. Consolidation OF manu-
featuring In two models for the principal
| selling fields will further intrench the
! company in its position in the industry.
The company's products last year
\ after allowance for taxes were the larg
est In It's history, but It was felt that
| under present conditions conservatism
should dictate their disposition. Ac-
| cordingly deduction for depreciation.
renewals. tool replacements has been
made to the extent OF s3.775.6t2. In
| addition IL was deemed wise to write on
/ pending Government settlements, 81
! 900, 900 from the investment In the
Curtiss Aeroplane and Motor Corpora
| ton,
| Tho outlook for the automobile and
| the farm tractor industries was never
! brighter With war conditions and re-
strictions past I anticipate a year OF
activity and expansion. Both our pro
| duction and financial programmsA
| though conservative. have been made
! with this in mind"