The Bridgeport times and evening farmer., 1919-03-27
Lashar Outbids Byan's Boy At Auction Of
 German Lace Plant
CContinued From Page One.)

tContinued From Page One.) Following the reading of the order of the sale and it's conditions, the bid ding was opened by Mir. Lashar at g, 300 0G0. The only bidders who heIpe5 to increase the figure were William Coffin & Son, New York brOl1- CTS, and Allen Ryan, son of the mil ionaire financier, Thomas F Ryan, also Of New York. Others who dual- flied for the bidding were Hiucks Brothers company, representing local interests, Attorney PhiIo c. Calhoun. representing Marshal Field & Go. Of Chicago, and Spencer, Curtis com panyg brokers of New York city.
 Almost immediately after MT Lashar named his figure, Mir. Coffin bid to $1,300, ,100 Mir Lashar raised the figure to S1,325, ,000 After a. mum ber Of small raises, Mir Coffin an nOunced 91,5Od 600. There were about twenty bids in all until the top bid of $l.51S,000 was reached.
 Charles F. Ditchey, alien property custodian, was signalled to close the sale after MT. Coffin announced that he had completed his bidding.
 The property acquired under the sale consisted of two plants, the one in Bridgeport and a small plant at York. Pa, II patents, seven appIica- dons for a patent, and one trade mark registration.
 The control of all this property is acquired through the requirement by
 MT. Lashar of 2,29S shares of com
 mon stock, out of a total f 2,500 shares, all issued.
 The value of the physical property as prepared by Ford, Bacon and Davis, engineers of New York city, is based upon estimated cost of repro
 duction, less depreciation for land plant and equipment. Figures are
 based upon 1914 prices and upon 1918 prices.
 Present value based upon 1914 prices is $2523, ,3O3.
 Based upon 1918 prices present value is $4,3O3,49
 That is to say it would cost the latter sum to buy the land. erect sim liar buildings and obtain similar ma chinery, equipment and facilities at this time.
 The York plant, 1918 prices, is val ued at $62.37S. so that the present | is S4.241,116.
 The earnings Of the property are given for four periods:
 
 IS. 1915, to March 31, 1916, net sales were s629, ,031; gross profit, $326, ,425; net income, after payment of taxes, $279,890.
 Year ended March 31. 1917. Net l sales, 9o1,254; gross profit, $881, ,57z; net income, $283, 900. Year ended March 91, 1918. Net sales, $1,269,02?; gross profit, $4S9,- l 561; net income, $262, ,839. Seven months from April 1 to Oct
 31, 1918. Net salesu s1,2O7,768; gross profit, $504, 4,521; net income. 1 $221,561.
 From the balance sheet as of Oct l 31, 1918, prepared by Lybrand, Ross 1 Bros. & Montgomery, there had been l set aside for Federal income and ex- | cess profits taxes, under the 1917 In | como Tax law, $270,O00. And for real | estate taxes, $9,109.08 had been re- | served. There was also a reserve of $121,727 for account of A & E. l Henllels, enemy debtors. History This business was established in the l United States in 1909 as a branch 1 of Alb. and E. Henkels, of Langer- 1 field, Germany, said to be the largest | lace manufacturer in the world. 1 It was Incorporated under the laws | of the State of Connecticut March l 25, 1915, as Alb. 6 E. Henkels, the | corporate name being changed March l 12, 1918 to International Textile In- 1 corporated.
 i The American business was estab- | lished by Max Henkels a son of the | founder and head of the German con- | cern. Henkals built the Bridgeport | lace mill in 1909 and until the enemy 1 stock in the company was taken by | the Alien Property Custodian was the | active head of the business. | The company was incorporated | with capitalization of $250, 1000, re- | presented by 2,500 shares of stock of l the par value of $1O0 each. The au- | thorized capitalization was increased I March 12, 1918, by approval of 2 \ per cent Cumulative Preferred Stock