Evening journal., 1919-03-05

tCOHtinued frcm Page SIN
United States but la the world. lhi,
alliance leaves the management and gen
eral conduct Of the General Motors Cor
poration as heretofore. except that the
Responsibility for financial management
is now shared by the officers Of our
company. The general function of the
DUPONT interests is advisory only
though already there has sprung up an
intimacy between the organizations that
promises great benefit through the cN-
change of facilities and use of important
men for specific duties to which they
are particularly wcll adapted.
Great activity la military lines has
not left developed the commercial
business of the company. Sales that
averaged about s26000.000 gross IN 4bc
years 1913 and 1918 have increased until
the commercial business of the wear 1918
totaled over S12OO0.000. This amount
b. exclusive of sales of companies in
which we hold minority interest. such
as General Motors Corporation; the
gross business of that company in the
year 1917 amounted 10 about S3OO,0OO.
900 Tie this steadily increasing com
merciaT business the officers and directors
look with coWfidcncc for the continued
success Of the company.
Stockholders may be- fearful lest the
sudden cutting OF of munition orders
may bring about reduction of earn.
ings. ieopardizing dividends and the
strong financial position of the com
pany. 10 allay such fears il j. well
TO point out that, prior To the Euro.
pean War, the company had been en-
gagged m commercial business for ll3
wears, of which / > wears only might
be termed war years Therefore. its
history is not one of military c.tab.
lishmont Preparation for the great
struggle Just ended WAS made under
condtions of peace Aftcr liquidation
Of munition business the company will
hold about s2O0,O00O0O of assets from
which. under normal conditions. earn.
Jugs of N . per cent. are To be ev-
pected, ass this WAS the average main.
tanned for many years before the war.
These earnings s23.OOOOOO compare
iavorably with present dividend require
ments of q per cent on dcbcnturc stock
and Is per cent on the common stock or
sl4,250,000 Military powder business
prior TO the war amounted 10 about .
per cent, of the gross earnings Of tho
company, so that the complete loss of
munition orders cannot prove a very
serious blow 10 The future of the com
pany.
ON january 8, 1915. DUPONT American
Industries company was organized under
tho laws of the state of Delaware, for
The purpose of holding the Investment
of J.. l. DUPONT dc Nemourz ,S Com.
pany IN General Motors Corporation and
other companlrz in which interests have
been purchased All The stock of the /
DUPONT American Industries is owned /
by J.. !. DUPONT de Nemous & Company /
On December l6 1918. the Du Pont !
hemical Company was organized under
I hc laws of the State of Delaware. Tor .
the purpose of purchasing the military /
powder plants and some other manufac- /
turing companies of 4. l. DUPONT dc |
Nemours aud Company All the common /.
stock of this company Is owned by Du
Pont American Industries Company /
he preferred stock of Du Pont Chomca /
ompany has been distributed as diH- (
lend TO stockholders of T. l. du Pont de
Nemours and Company
2 Following the precedent of the prcyi- /
Gus year. the directors of the company