Every evening, Wilmington daily commercial. (Wilmington, Del.) 1878-1928, 1920-03-04
DU POINT CO. REPORT
Continued from page I

Motors Corporation TO the extent OF be-
coming large stakeholder and director IN
that company, and by exercising great
perseverance was able 10 convince the
directors Of your company that the very
unusual step Of making huge investment
in an industry largely foreign to its BUSH
ness was warranted by the opportunities
afforded thereby.
"The earnings on General Motors Cor
poration stock for the year 1919, after
setting aside a suitable amount Tor excess
profits tax will be about s37 a share, and
the value of your conpanys investment
| as measured by the present market quo
tations has more than doubled since It's
acquisition. This statement " perhaps
stronger than any commentator oil Mr..
Raskob's work which could be made III
this report"
The companys consolidated statement
shows surplus of s71 ,74l ,3o44l, oil
which s3,d40,4l3.4 was added during
the wear after the payment Of S3,64s, 81
as six per cent dividend on the deben-
ture stock, and sl0,5o3,15 MS an Is
per cent dividend on the common stock.
Munitions contracts with the United
States government were cancelled mn
mediately after the signing OF hrnlstice,
and since that time continued efforts have
been made to reach a settlement OF the
claims against the government. ne
total amount Of hese claims IS W.
5e5.377. Is. against which the company
holds advance pawn ants amounting TO
500, 75s, 0ss.03. The governments sys-
tenn Of auditing claims indicates that u
will be some time before all items can be
adIudicated.
As result of entering into he produc-
ton Of goods other than explo siyes, the
company has been able to retain 81 ,5So OF
its wartime employees, and has been able
10 receive the indirect benefit of many
more who have gone TO the General
Motors and other corporations IN which
the company holds substantial interests.
SUCCESS IN DYE MANUFACTURES.
At the new dye plant OF Deep Water
Point the company Is manufacturing
successfully n large number OF the COIN
plicated dyes formerly made In Germany
only. Conspicuous success has been made
in the manufacture of synthetic indigo and
camphor, and it is expected that this very
important new industry viii he develop
ed rapidly in the coming years.
The company has continued the dis
tribution of stock under its bonus plan,
and at the end of the year awarded com
mon and debenture stock costing $751;
$50 to 1856 employees.
Under the stock subscription plan, en-
ployes have subscribed for III III shares
Of the dcbenture stock. The number OF
stockholders has reached the total of
s. 1877, of whom 36i3 or III per cent are
employees. The company viii continue the
administration of its pension plan, aud
instead Of charging the outlay TO current
operations has set aside n reserve oi 81
40O, 900 AZ a contingent liability to cover
such portion OF prospective future PEN
sion payments as arc required by pensions
already granted.
The following extracts are taken from
the report, which is made by the president,
Irenee du Pont:
Your company's contracts with the
allied foreign governments contained no
cancellation clauses They were PRACTICAL
IL completed ut the time OF the signing Of
the armistice. Contracts with the Y. ,.
government, which provided for canceila-
ton, include clause intended TO hold the
company harmless from all loss texcept
prospective proiits), due 10 cancellation.
The strictly war plants Of the company,
Net sales. ........-...-.....- ...'..'.
Reduction of reserves accumulated d
period in excess of requirements, less pI
anticipated pensions. .....,.-...
Profit and loss on sale of real estate secuIl1
Deductions:
Debenture stock dividends. -.
Common stock dividends.
Surplus for the Observation-Disclosures.
Surplus, January /, 1872.
Surplus, December 3, 1ol9................
Indicates loss.