Earnings

Ford. In 1908, William Crapo Durant, then the head of his new General Motors Corp.. decided that Ford Motor Co. was a good buy. He persuaded Henry Ford to sell out for $8,000,000, but then failed to persuade his directors to pay $8,000,000. Last week, with the appearance of the 1929 balance sheet and income account, statisticians were trying to figure out just what Ford Motor Co. would cost now.

Ford's earnings showed a remarkable come-back with a profit of $81,797,000 or $473 a share. While this is below 1922's ecord ($119,298,000) and some other years, it presents a brilliant contrast to the $72,221,000 loss during 1928 and $42,786,000 loss of 1927 when models were being changed. Total assets of the company came to $761,077,000.

Although the 172,645 shares are all in the Ford family, more than one guess was made as to their value. Ford of England is selling at 33 times last year's earnings. On the same basis U. S. Ford shares would be worth $15,609 ($473 x 33) or a grand total of $2,694,815,805. Even at ten times earnings the Ford-fortune would be $816,610,850.

Kreuger & Toll. At the end of 1928. Kreuger & Toll Co. (Swedish matchmaking, banking, mining, real estate combine) was a $157,000,000 company boasting of $21,000,000 earnings. Last week Kreuger & Toll directors announced that now the company has assets of $350,000,000. earned last year $29,000,000 or 38% more than in 1928. Unlike the annual report of many a large U. S. company, stressing conditions in one industry, one region, one country, Kreuger & Toll's statement predicted prosperity for the company this year because: "It seems reasonable to assume that since some of the most pressing political problems of Europe have now been solved and the worst consequences of the great capital devastation caused by the War have been overcome, the European countries will be better able than before to take advantage of the many inventions and the general technical progress made in the world since the beginning of the War. ... The company's extensive connection in different countries and the fact that its financial resources can be used without such restriction as are usual for banks and other institutions having large funds at their disposal, should prove very helpful for this purpose."

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