SAXON NOW PAYS 7%.

The New York Times
September 20, 1916

Directors Increase the Dividend at Annual Meeting.

The Saxon Motor Car Company at the annual meeting yesterday reported profits of $1,316,272 in the year ended June 30, gained from the sale of 25,500 automobiles. The net income was approximately $116,000 greater than estimates made in official circles in the last quarter of the fiscal period and the equivalent of nearly $22 a share on the stock.

Following the meeting the Directors increased the dividend from 6 to 7 per cent. per year by the declaration of a quarterly payment of 1¾ per cent. payable Oct. 2. The company has $6,000,000 stock of $100 par value. The first dividend was paid last July.

"The condition of orders and the outlook for continued steady demand for our cars during the coming year," said President Harry W. Ford in the annual statement, "are satisfactory. We have on file now contracts with dealers for more than 50,000 cars, with a number of territories still to be closed."

The report showed that in the preceding year the output was 9,843 cars. The balance sheet recounted the amount of cash on hand as $596,722 and inventories of materials and cars on hand as $2,134,326. The surplus at the end of the year was $873,442.