Evening journal. [volume] (Wilmington, Del.) 1888-1932, 1917-02-14
DUPONT CO. EARNINGS
SS2.1O6.692 IN YEAR
Surplus Equivalent to $4S a
Share on Common Stock
at End of Year
PLAN ACTIVITIES TO
CONTINUE AFTER WAR

That +. /. dupont de Nemours and
Company had net profits of SS2,107,-
692 last year, and had a surplus OF
S2S,567. O37 on December 81, 1916
equivalent to about S4S a share on
common stock-is revealed in the an
nual report of Pierre S. DUPONT, pres
ident, made public today. The report
shows that the gross business for the
year was S31S,S54, 6S4, and out OF the
net profits S62,50S,S72 was paid in
dividends, leaving a surplus for the
year of S19,59S,S20 The undistrib-
uted surplus is not so great, possibly,
as some particularly optimistic stock
holders had hoped for. The assets
Of the company are set forth as s217-
SOL $40, and the liabilities S119744-
$50, showing a book value of about
$3.50 a share.
THE treasurer has recommended a
dividend that it is believed can be
continued without interruption after
the war" President DUPONT says
The present market value OF the
common stock seems warranted by
the company's assets and prospective
PlDnbo anu - III line WIN the QlNA-
dend recommendation"
In his report President DUPONT
says
"In presenting the annual report OF
=. l. DUPONT de Nemours G. Company
for the year 1916, it is appropriate to
Comment again on the very unusual
conditions that have confronted tie
uanae ement Of the company. Prior
TO 1915, operations were confined to
the manufacture and sale Of CONNER
cial explosives and to the incidental
manufacture Of military powders and
sonic other products so related 10 tae
main industry as to make them an al
most necessary part of the whole.
Though the outbreak OF the European
War found tn S company without fac
tories for the production of military
powders on the enormous scale de-
manded. it. had essential manufactur-
ing experience supplemented by an
organization we'll trained and ready
for emergency. Therefore. it. was pos
sible to offer immense quantities OF
military powder from plants to he
built. These offers were only accept
able to our customers provided de-
liveries we're to commence very
promptly.
The construction of new plant
units to fill these orders was started
from time to time, anticipating to some
extent the receipt of actual orders.
Physical construction OF the first unit
was commenced at the end of October
1914, and was finished and put in op-
grafton in March, 1915. Additional
nave oor,av,IefaT and v,ssf In nrrr-
alton monthly thereafter until April,
1915. at which time our extraordinary
construction involving an eXpendi-
pleted.
Tribute TO Major Ramsay.
THE completion of each manufac-
turing unit in turn had been forecast
cd BY our Engineering Department for
a given month and the product OF the
factory offered for delivery be inning
that month before ground was broken
for construction; yet in no case did
The Engineering Department fail to
fulfill its promises. No greater tribute
can he paid to the memory of Major
William G. Ramsay, late Chief Engi-
neer Of our company than to recognize
his genius as the responsible factor in
lnlb Reinforcement.
Likewise, great credit is due to the
manufacturing departments which
brought these factories into full Oper-
alton in remarkably short time
though handicapped by lack OF a sutii-
Gent number OF we'll trained men and
bv the necessary employment of thou
sands without any technical training
whatever. Their record shows that the
total contracted deliveries of 1915 ana
1916 we're met and a surplus delivered
in excess of contract requirements
even though this required in 1916 an
average daily manufacture OF military
smokeless powder greater than our
greatest monthly production prior 10
the war.
"The purchase and assembling Of
raw materials for such an operation
involving an expenditure OF about
s16O 100000 was handled by our Pur-
chasing Department in most able
manner, resulting in a sufficient sup
ply to maintain the plants in full op'
Grafton and at satisfactory prices.
Powder Prices Lower.
THE warning nations were unwill'
ing to place orders extending over
great length Of time and therefore oul
early contracts we're closed at price,
approximately 25 per cent higher thar
the prices at which we sold powder