Republican farmer., 1919-03-28

and taxes out.
 The International Textile, Incor- porated, was originally established on Connecticut avenue, this city by A. and F. Henkols, enemy allen. The property was seized by order of A. Mitchell Palmer, alien property GUS todian, and sold under the hammer. The sale was scheduled to have taken place yesterday morning, but through some misunderstanding in the terms of the sale and the Inability of F. \. AnEliu, assistant director of the bureau of sales, 10 be present. the sale was postponed until the after noon- The delay offered an opPor- tunity to clear all ohgtacles and queries that may have occurred.
 Following the reading of the order of tho sale and it's conditions, the bid ding was opened by Mir. LashaT at s1, ,SOO,0OO. The only bidders who helped to increase the figure were William Coffin & Son, New York hroi1- CTS, and Allen Ryan, son of the mil lona1re financier. Thomas F. Ryan, also oF New York. Others who qu2l- Brothers company. representing local in eereSts, Attorney PhIlo C. Calhoun. representing Marshal Field & Go. Of Chicago, and Spencer, Curtis com pany, brokers of New York city.
 Almost immediately after Mir. Hashar named his figure, Mr. Coffin bid to S1,S0O,1 100. MT IIashar raised the dagure to S1. .325, eco. After a. mum Der of small raises. MT Coffin an nounced $1,5o1, ,OO0, There were about twenty bids in all until the top bid of S1,51S 900 was reached
 Charles F. Ditchey, alien property custodian, was Signalled to close the sale after Mir. Coffin announced that he had completed his bidding.
 The property acquired under the sale consisted of two plants, the one in Bridgeport and q small plant al York, Pa, Il patents seven aDplica- tons for a patent, and one trade mark registration.
 The control of all this property is acquired through the requirement by MT. Lashar of 2,298 shares of com mon stock, out of a total f 2,50( shares, all issued.
 The value of the physical property as prepared by Ford, Bacon anC Davis. engineers of New York city, i. based upon estimated cost of repro. duction, less depreciation for lant plant and equipment Figures ar, based upon 1914 prices and upo1 1918 prices.
 Present value based upon 191 prices Is $2,523, 3O3.
 Based upon 1918 prices presen value is s4,3O3.494.
 That is to say 1t would cost tn latter sum to buy the land, erect sim liar buildings and obtain similar ma chinery, equipment and facilities a this time.
 The York plant. 1918 prices, is va, ued at $62,37S, so that the preser value of the property in Bridgepol is s4,241, ,116.
 "a The earnings of the property ar \~given for four periods:
 \For the 10 1-2 months from Ma IS, 1915, to March 31, 1916, net sale were s629, ,O81; gross profit, $326, AZ; net ineSme, Q ter payment of taxe s27s,s9G
 Year enSed March 81. 1917 Ne sales, sO1-zls' gross profit, $3S1, ,574 net income, $>S8.0OO.
 Year ended March 31, 1918. Nc sales, s1,26e,e27,. gross profit, s4S9 561; net income. s262.s89.
 Seven months from April 1 to Oc 31, 1918. Net sales, s1,2O7.76{ gross profit. s5d4,521; net incom $221.561.
 From the balance Sheet as of OS 31, 1918, prepared by Lybrand. Ro. Bros. & Montgomery, there had bee set aside for Federal income and e, cess profits taxes, under the 1917 II come Tax law, s270,OOO. And for re- estate taxes, s9,1O9.OS had been r, served. There was also a reserve s121,727 for account of A. & Henkels, enemy debtors.
 History
 This business was established in u United States in 1909 as a brand of Alb. and E. Henkels, of Lange field, Germany. said to be the large lace manufacturer in the world.
 It was incorporated under the lay of the State of Connecticut, Marc 25, 1915, as Alb. & p. Henkels, Il corporate name being changed Marc F12, 1918 to International Textile, | corporated.
 The American business was esta1 lished by Max Heal1els, son of Il founder and head of the German col cern. Henkels built the Bridgepo lace mill in 1909 and until the enen stock in the company was taken the Alien Property Custodian was u active head of the business.
 The causpany was incorporate