Ford Motor Co.

The annual report of the Ford Motor Co. is almost too good to be true. It reveals a financial success beyond the wildest dreams of most corporation executives. Also, it is undoubtedly one of the most lop- sided and extraordinary company statements in the world.

Assets include real estate valued at $112,030,755, machinery and equip- ment at $115,089,863, cash (including notes, accounts receivable, securities' patent rights, etc.) at $300,275,847, goodwill at $20,517,985 and deferred charges at $1,455,082, or a total for assets of $644,624,468 (as against $568,101,639 a year ago).

Liabilities consist of $17,264,500 capital stock, $145,000 mortgages, $56,430,618 accounts payable, $28,307,853 reserves and a colossal profit and loss surplus of $542,476,497. Earnings on the 172,645 shares in the Company last year were $581.72 per share, as against $691 in 1923.

Profits for last year totaled $100,435,416 -from the sale of 2,100,000 units, consisting of 1,950,000 cars, trucks and tractors in this country and 190,000 sold abroad. Thus, net profit per unit manufactured last year amounted to $47, as against $37 in ten months of the previous fiscal year, and $77 in the year ending Feb. 28, 1923. Thus even Henry Ford is feeling the diminishing profits generally complained of in the motor industry, although he has by no means reached the place where he has cause for complaint himself.