South Bend news-times. (South Bend, Ind.) 1913-1938, 1920-03-12
TO MAKE $4,000
STUDEBAKER CARS
DURING The YEAR
Corporation Issues Ninth An
nual Report of Its
Financed Condition.

More than 100000 was expend-
ed in South Bend By the studebaker
corporation during 1919 40 the en-
largement Of its automobile manu-
featuring plant here. according to
the annual report just issued by the
corporation.
The corporation IN addition 20 ex-
pending $7.3SO.173.61 at the South
Bend plant spent S1,O98.s61.59 at
fts Detroit plant in engagements
and improvements.
The report sets out that during
the year substantial sections Of the
plant engagements were erected and
equipped. including forge shop,
machine stamping plant, power
house and storage and assembly
buildings, confusing altogether
about One-haf OF the ultimate
plant.
Report Shows Sales.
The report further shows that last
wear was the first since 1916 in which
commercial operations OF the
a-orauon were not curtailed by
the manufacture Of military sup
plies for war purposes. In 1917 and
1913 the corporations plant and or
ganiZatiOns were serving the gov
eminent in the manufacture OF mU-
nitions OF war.
Figures offered by the corporation
I'm its ninth annual report show that
operations during 1919 were favor
able. The first six months sales
amounted to S27,500,000, with net
profits before taxes were raid
amounting 10 100000. The second
six months sales amounted TO $685.
Il
were paid) amounting 10 $1,000. 600.
This makes a total OF sales for 1919
or s66,4O0,0OO, with net profits Che
fore taxes were paid OF $11,2O0,OO0
for the entire year.
To Increase Output.
Officials OF the plant Thursday es
timated that the sales for 800 would
reach the 100000, 900 mark. making
the South Bend plant the third
largest automobile manufacturing
plant in the world.
The report points out that both i'm
the automobile and horse drawn We
hicle divisions. busineEs was offered
in excess Of the corporations capac-
ity.
The corporations cooperative
Ilans for the benefit OF its employees,
and the formation or a 100000
subsidiary corporation organized to
build homes for the employees Of the
corporation is explained in the re-
port. The subsidiary corporation IS
known as the Citizens Homes Co.
and plans have been perfected for
extensive home building operations
early this spring.
Increase Corporation stock.
The balance sheet OF the corpora
tiou shows the new common stock
Of the corporation was increased at
the stockholders meeting. Nov. q,
1919. from 100000 TO SIS. OOO,-
600. ~ the stockholders meeting
$50 percent of the preferred stock
and S3.5 OF the common stock was
present and voted unanimously for
the increase in capitalization. The
report shows that in December SIS
0e0. 0o0 OF the authorized addition
al stock was issued in accordance
with a subscription offer 90 stock
holders. and was underwrittcn at
los. There Is now outstanding $45.-
100000 OF common stock. The pro-
Ceeds from the sale Of this new stock
. was used 20 retire $4,000. 900 Of
seven percent serial gold notes
The report shows that the cor
poration is in a thoroughly sound fl
nancial condition with the most en-
couraging commercial prospects in
its history. The production at the
Detroit plant for the first two
months OF the present year is the
greatest in the record of that plant
The South Bend automobile
plant viii begin production on
The New Light Six this spring. The
schedule for the year calls for So,
OO0 cars. Orders received by the
corporation in its vehicle depart
ment during the first two months of
the present year call for 1O,1S3
wagons.
The corporation. I'm It's report, is
confident that the business for the
present year promises to exceed any
thing accomplished by the corpora
ticn during its history
OF the total stock of the corpora
ton. there are 1899 preferred and
$50 common shares. making a to-
tai Of 3.799 shares. More than hals
OF the stockholders i'm the corpora
ton own less than 25 shares each.
Less than five percent OF the stock
OF che CORPORATION is owned by the
Studebaker heirs.