South Bend news-times. (South Bend, Ind.) 1913-1938, 1919-03-18

353.14 were received by the stude-
baker corporation from July 1. 1914.
TO Dec. 81. 1918. according 10 the
report 10 stockholders made public
today. OF which orders completed
amounted to S37,442.72325. OF this
amount S17,327. 1855 in competed
orders was for the United States
government. which had orders for a
total Of S3O,979.416.27. Orders
from the British government
amounter TO S1S,946,135.72, Of
which sf4.s62,3S5.45 was invoiced.
The French government orders. all
Of which were completed, amounted
20 S1.351.250.00 and the Russian
government purchased $3.SO1.551.15
worth OF war materials from the
local corporation, the report shows.
Several million dollars worth or au-
tomobiles and other vehicles were
sold by branches for war purposes,
in addition to the above, the re-
port shows.
Five million dollars in Liberty
bonds were subscribed and paid FOR
by the Studebaker corporation up
20 Dec 81, 1918, the report says.
while employees purchased bonds
amounting 70 100000 additions!
on Dec. 81 Liberty bonds 10 the
amount Of s9SO.75O.0O were stfll
held by the company.
Text OF Report.
The report 20 stockholders fol-
lows. in part:
The total net sales amounted to
$50, 087. $4,000 and the net profits
derived therefrom, with other net
income, after deduction of the usual
depreciation and interest charges.
amounted TO $4,521. 94S.4S. Making
provision for the income and excess
profits taxes of s637,753.97 reduced
the net profits for the-year TO So
SSS4.19451. The regular dividends
were paid at the rate of Z percent
on the preferred and 4 percent on
the common stock, amounting to
1857, $4,000. and the balance OF net
profits. S1,916.64451, was trans
ferred 10 surplus account. which
with special surplus account and, re-
serves amounted to $19,771,37414 at
.
stock Of the amount of $4,000 was
purchased and retired during the
year. in accordance with the re-
quirement of our charter. Tables
are submitted on subsequent pages
showing various comparative figures
OF the past eight years for con-
veuient reference in making any
comparisons desired
our commercial operations dur
ing the entire year were seriously
curtailed because of the govern
ment's urgent need Of a large part
of our plant facilities and the re-
stricted supply Of iron and steel.
We voluntarily met the situation and
devoted ourselves cheerfully to the
execution of war orders. reducing
our commercial production TO the
lowest point necessary for the pro-
lection OF our dealers and the
preservation of our commercial or
ganizatiOn. This enforced curtail-
ment permitted us TO produce only
1870 automobiles. and $500
horse drawn vehicles, of which lat
ter about so percent were delivered
/
ordnance department gave us a con-
tract for the forging and machining
of 155 millimeter shells at the rate
of 1000 per day G.2O0. 900 per an
NUM-, under which S4.25O.OOO was
allowed us for increased plant IA
cilities. and between that date and
/ Nov. II We made extensions OF our
South Bend forge and machine
shops. purchased and installed ma
chinery and equipment. designed
/ and made tools, and were about
ready for production. We were Of
fcially told that our layout was one
| of the finest in the country. and we
expected 10 make a record in shell
production
What They Made.
when the armistice was signed
we were manufacturing at our De-
troit plants gun carriages for Al
/ inch guns, shell parts. artillery
wheel hubs, mine anchors, military
Tractors for the British government
and sundry other war supplies. while
our South Bend plants were max
/ ing artillery wheels I'm three sizes.
road track links for tanks. escort
wagons, drinking water carts, COM
bat wagons. escort wheels, artillery
harness and other supplies. BY the
latter part of December all OF these
: war contracts were cancelled and
I we are now working on the collec-
ton Of the SS.2OOOOO shown by the
/ balance sheet as due us from the
| United States and British govern
| ments. expecting TO effect settle
Lments without serious delav or dis