Evening journal., 1919-04-14
GENERAL MOTORS
DECREASE IN YEAR
But Earnings for P a S t
Quarter We're Over
$4,000,
GREAT INCREASE
IN ASSETS SHOWN

The income account OF The General
Motors Corporation, in which the
dupont Company and many Delawar-
cans have stock holdings, In It's annual
report, Just made public, shows un-
divided PROFITS for 1918 Of Si2905,063,
after payment Of all charges, including
taxes, extraordinary expenditures. &c,
ard dividends on the per cent pre-
ferred and on the 6 per cent debenture
stocks. Profits arc equivalent 10 $50
share on Sii7,379,9O0 outstanding COM
mon stock, which indicates that earn
ings on the common were less than diyi-
dends paid. The average amount Of
common stock outstanding during the
year, the report shows, was s93,6ii, 200,
which would make tho profits equal TO
about $3.50 q share, against S3ii9
earned in 1917.
Net profits, after deducting all charges
for maintenance, manufacturing eX-
penses, selling and administrative ex-
penses, ordinary taxes, depreciation and
insurance, were S3J,J0i576, while a fur
thcr deduction for Federal taxes and
extraordinary expenditures aggregating
S20ii35iS, brought 1918 net earnings OF
the company and It's subsidiaries down
TO Si5,39i, OPS. General Motors Corpora
tlon's share Of those earnings was Sii.-
S25,53O from which $3.50, i65 was paid
in dividends on preferred and debenture
stocks. leaving undivided profits for the
year Si2.905.063.
The enormous increase in total as
SETS and liabilities shown in the bal
ance sheet Of December 81. 1918, is ac-
counted for largely by extensive prop
critics acquired by General Moters dur
ing the year, including the assets OF
The Chevrolet Motor Company, the cap
ital stock Of the Janesville Machine
Company, controlling interest in the
Scripps-BoOth Corporation, the capital
stock Of the Chevrolet Motor Car Com
pany OF Canada, all assets Of the United
Motors Corporation, all preferred and
common stock Of the Lancaster Steel
Products Company and all preferred
stock Of the Harrison Radiator Cor
pOrati0n. The total assets and liabili-
lies advanced from si33, ,1Sg.72i 10
e299, iS9,335 during 1918.
Current Assets Are SfS3, 3,ii5,SaS.
The current assets on December 81
1918. totaled SiS3,liJ, SIS, against $780,
1851 in 1917, and current liabilities
at the close OF 1918 were s33,02j, 1886
against si5,52i,05i in 1917. making
working capital on December 81, 1918
sli99Oe.029, against S6i,55i.765 work
ing capital at the close Of 1917. OF that
increase OF Ss5,3i7, ,262 in net working
capital S27,i6i,6iO is the result Of the
purchase Of new properties.
Some idea OF the tremendous bushes.
done by the General Motors Corporation
and its subsidiaries may be had from
8he report showing that net sales OF al
companies In 1913 aggregated s326,0ii
1J6 and that the number Of cars, truck
and tractors sold during the year wa!
2i6,s3i. The pay rolls for the year az
gregated S52,J00.OO0 The employees IL
the service OF the corporation and iti
subsidiaries numbered 49,iis.
"The outlook for the coming year IL
most promising" the report OF w. c
Ourant, president Of the company, con
cludes. "Since the signing Of the armis
tice and the subsequent liquidation oi
the war contracts, which your corpora
tion was engaged in, the plants and IA.
cilities have been reconverted in an In
credibly short time 10 their regular lines
Of activity, and as a result the manufac-
turing operations are considerably adj
vanced, as Is evidenced by the showing
for the first quarter Of 1919; the mum
ber Of cars, trucks and tractors sold &c
March 81, 1919. inclusive, being S2I56
the net profits before deductins Federal
taxes. are estimated at upward Of s2O,-
0OOOOO.'