Evening journal., 1921-04-06


tcrly dividend " twenty-five cents
per share on the common stock and
regular dividends on other outstand-
ing issues.
According 20 the annual report /
submitted by Pierre S. DUPONT, pres /
ident. the net profits OF the General /
Motors Corporation FOR the fiscal /
year ending December 81, 1920. were
S45.3S3.52l, somewhat short OF the |
previous years record but far in cx-
cess OF any other year In the corpor-
atoms history.
Net earnings were given as
SS2.752.O63 against $i03.667.7OO In
1919. The amount earned on the
common stock was t32.l29.9f9 as
compared with S55,792, ,s72 In the
preceding year.
"The duilnoss OF the latter months
of 1920 has continued during the
early months OF 1921. but as this
report goes 20 press there is evidence
that the year will show a substantial
recovery and reasonably satisfac-
tory business. with foundation well
laid for future prosperity" Mr.. du-
pont states in his report
Net sales OF the corporation FOR
1920 are given as S567,32O, sos. an
increase OF S57,643.90e over the
sales Of the preceding year. Against
the net income OF S93, tO5,3OS, had
been written f47,766.7s7 for various
items including federal taxes. 90
write down Inventories. deprecia-
tion OF plants and for amounts writ
| ten of In helping employees own
their own homes.
The beginning OF tho annual re-
port gives an interesting review OF
the automobile industry in the Unit
ed States showing the increase OF
investments from S5.76S,O00 In 1893
with production OF 37O0 cars. TO
1913 when the investment was es-
timated at $500. 600. 600 and the car
production was 1.974.3O0 or a three
hundred fold increase In capital dur
ing twenty years and a five hundred
fold increase Ia cars manufactured.
The number OF persons employed in
1899 Is unknown. but In 1904. there
were 1888 with annual wages Of
sS.416.OOO. In 1919. the employees
} had mounted 10 65l.45O and salaries
and wages TO $s13.7i3.o00. The
value Of the 1899 car production was
S4.75O.OOO and that OF 1919 was
S2.136.1S3.O00.
The report In part continues.
} 1T is estimated that there are now
Z 9.2l1.295 automobiles registered In
the United States. These vehicles
are serviced by 17S.OOO dealers
charging stations, garages and re-
pair shops The total registration
and drivers license fees paid in the
United states In 1920 were over ssh.
900. 900. The States and Counties
OF the United States have recently
, authorized S635.OOO.OOO bonds foi
ID road construction. S391.0OO. .OOl
. bonds are passing through process
OF authorization. and the Fedora
Government has appropriated 5000,
OOO.O toward road construction
making an available fund OF owe
!, S1,2OO.00O,OOOf for this purpose Whei
J.. one realizes that the motor industr
; started not more than twenty year
ago, the position now occupied is
great tribute 10 its stability an
q worth. and warrants the expectatio
u that IL will soon be firmly establish
II ed as one Of the greatest factors Il
economic development
y 1.-THE history Of the General Mo
" tors Corporation parallels. In a gen
eral way. the greater development
, While complete annual reports werl
not issued until the year 1912, tn
u comparison OF the corpOrationi
statements as OF the 3ist OF July o.
that year with the statement of De
% cembcr 31st, 1920, after a lapse o.
eight and one-half years. sufficiently
reveals the great progress that hal
been made. Thus we find the fol
lowing comparative items.
1920 1912
itai ........... .siiLss27o $50 o.sss.ss
] Capital cNpcndi-
! lures charged 10
yestments 80. 7o.oos.ai7 slails
plants -. 2is.7ss.7s5 l9.2so.ssl
Miscellaneous in
! / Nesiments ...s. $3.50, 100 lbli iuu
/ | Goodwill and pat-
tuta ....sst-t-s --ftltfhlh t,hNafh
1.-THE corporation has not growI
L by the issue OF securities only, fol
e during the period from 1912 TO 1890
I there has been invested out Of earn
s ings s12S.O7O,23S. and the CORPORA
a tion has received In cash through
sale of securities. largely on stock
e holders rights. S13O.S26. .635. a tota
b cash capital paid in OF S25S,S96,
a S73. It is encouraging that the ac
cumulated earnings and the casl
r. subscriptions OF new investors have
d added so largely 10 the corporation
development. showing on the on
q hand strength in earning capacity
and on the other faith of the invest
% ing public in the stability and pros
81 poets OF the industry.
THE growth Of the business OF tn
J. corporation is further reflected b
r the increased production OF cars an
trucks. In the year ending Jul
.y 3lst. 1912. 5000 units were pro
rs duced. In the year 1920, 401, 81
4. units. The increase in number q
N employees Is another indication q
lg growth. At the height OF the manu-
W. featuring season of 1911. 11,474 wer
of employed in the factories. In IN
te season Of 1912 this had risen TO l6,
US 9S4 In. the height of the manufac
N turing season Of 1920 the total EN-
"a ployes had risen TO 1886.
&" while in the year 1912 few OF tn
component parts of the automobil
were made by the various division.
in the year 1920 all OF the engine
M used in the corporations case wer
y produced in its own factories an
az through the organization and deve
opment OF the Central Axle Division
- Central Forge Division. Central Gea
ed Division, Central Products Division
Michigan Crank Shaft Division