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Show CHANGE TO WAR BASIS REDUCES DIVIDENDS Willys-Overland Quarterly Earnings Cut 66 Per Cent; 1917 Net Profits Estimated at S8, 500,000. According to Maunder Avoh Broivriins of t'ne Browning Auto & Supply company, Iotal Willys-Overlaiul distritjiuors. the Willys-Overland company has made a reduction re-duction of I'S per cent in its quarterly ; dividend bei-au.e 01 heavy expenditures necessitated by the transition of the plant from a peace to a war basis. The dividend divi-dend is now "25 cents, payable. February 1 to stock of record on January '7. This is equivalent to 4 per cent a year on the S-5 par value of the stock, as compared with the usual 12 per cent. Subject to final audit. Willys- erlund earned for the twelve months ended le-cember le-cember ol net profits of 5.5u0ai"0, Thi? is figured before the deduction of federal profit taxes, which cannot yet be de-te; de-te; mined, but which ii is. estimated will not exceed 4600,'A"'. During the final quarter of 1M7 the company was in process proc-ess of transition from a peace to a war basis, in order to care for the manufacture on a lare scale of motors and parts for the Curtiss Aeroolane & Motors corporation, corpora-tion, as well as for heavy orders for the Unite- States government. This has called :or larre expenditure? from ea minus for p'.ant additions, new tools, dies and other equipment. In addition. ad-dition. It has necesitat-.l the accumulation accumu-lation ot laree supplb-s of raw and semifinished semi-finished materials, the inventory amounting- at the close of the year to i'UviMitjn.n. |