The Richmond Virginian. (Richmond, Va.) 1910-1920, 1919-03-07

Wilmington, Del. March s-The
annual report of f. l. du Pont de
Nemours & company sent to the
stockholders yesterday, gives many
amazing facts and figures which show
the great part the American explosives
industrial romance OF remarkable In
terest
The most amazing statement of all,
perhaps. Is that the Du Pont company
alone produced, during the four years
of war. 1,&s6.76l.21a lbs. of military
explosive. This figure, translated
into relative values, means that the
Du Pont company supplied 40 per
cent of all the explosives made
Throughout the world for the allies
II also holds the record as the only
munition producing concern which re-
duced prices on q military essential
during war times
The report shows that while most
lsuperhuman efforts were being mad
TO turn out these explosives the COM
pany was at the same time expand
ing its commercial lines and finds it.
self at the opening of the peace era
with a non military business many
times as large as it had before the
war. and with still more new lines OF
endeavor in course of profitable
development, The manufacture OF
explosives brought into the treasur,
a gross business Of more than $1,000
/ 100000, but at the same time the
commercial sales increased from an
average of s2s.000.000. gross. during
the years 1918 and 1914 TO a total OF
s72,eQ0,000 in 1913. exclusive Of sales
by the companies In which the Du
/ Pont company holds a minority in
iterest.
No New Capital.
| All of the expansion necessary 10
| this great work was accomplish
without calling upon the stockholder
for additional capital.
From 1915 to 1915" the report
says, 1.-The gross capital employed By
i the company has increased from
sS3.432.00o. to ssos.s64.0o0. or 27t
per cent. In addition there has been
distributed to stockholders $t40.S83.-
900 making a total increase during
the war period of $3ss.3s7, 900. The
tresuiting gross business has amounted
| to $1,049. 900, 900 including the cos'
Of construction work
| The financial result of the foul
years campaign. which the repor,
says is the measure of success OF
failure. is given In these words:
| The stock of e. l. du Pont dc
Nemours Powder company, the prede,
cessor Of e. l. du Pont de Mum ours
e. company, sold during the early
months Of the war at Sl25. per share
The share of Debenture stock ant
two shares Of common stock OF f. /
du Pont Nemours Accompany which
were exchanged for the former Sc
curity are worth in today's marke
| december 3lst, 1919 $3.50. or an in
Icrease In value of 374 per cent. Ir
the meantime (19l5-1918 the tota
dividends on the common stock o.
r. l.. du Pont de Numours Powder
company and on the exchanged
securities Of II. /. du Pont de Mum
ours & company have amounted Il
lass per cent on the par value of tht
ioriginal stock. 1t is difficult Il
emagine a more satisfactory financia
result.
| How the company has managed IT.
finances without calling upon the
stockholders for funds is explained IT
this way:
| The business of the company ha:
brought In large amounts of cash, fol
which temporary employment hal
been necessary pending Its use fol
purposes originally planned. This hai
| led to purchase of securities of al
kinds amounting to S297 600, 900
Excepting liberty bonds none of thes'
J inves.iients haye, been resola lat a Loss
There remains In the treasury a
present SI.705,000 only of these in
lvestments. The company has beel
the purchaser Of 100000 Of til,
securities of the foreign allied gov
ernments. 1t has subscribed TO $751;,
600, 900 of various offerings of tn
United States Government, OF which
$l21, 100000 have been allotted ant
purchased. The management of tn
treasurer's department~4nd the finaR
lciaI policy adopted by the executive
-nmittee and finance committee OF
tn, ~easurer's recommendations ar
larg responsible for the excellen
credit q p company upon which IL
great bus. has been founded. II
the great ti. lions of the wa
years the treasu. rs made no cal
1pon the stockhoi. For funds. nj
..JAle of the compans obligationl
has been made and curr~ borrow
ings. all without collateral, ha,s Aevel
exceed 100000. The distrihn
ton Of regular dividends has bee.
maintained throughout the period"
Profits Stiil Assured.
The closing Of the munition plant
10 not looked upon as q serious blow
ana, the report says. will not jeopar
dice dividends or the strong financia
position Of the company, In this con
nection the president says.
sEtockholders may be fearful les
the sudden cutting off OF munitior
orders may bring about . reduction 81
earntngs, jsopardising dividends And