Evening journal., 1921-04-06
Same Gen. Motors Diuidend;
p. S. dupont Tells Of Big
Year; Sees Trade ReUiuaI

Muncie Products Division. North
way Motor and Manufacturing Divi-
sion. Saginaw Malleable Iron Com
pany. Saginaw Products Division.
Jaxon steel Products Division and
Lancaster steel Products Corpora
ton. weli-nigh complete facilities in
these special lines OF manufacture
have become an integral part OF the
corporation; and through ownership
OF the Harrison Radiator Corpora
tion. Dayton Engineering Labora-
tries Company. Hyatt Roller Bear
inrs Division, Klaxon Company, New
Departure Manufacturing Company.
Rcmy Electric Division, Champion
Ignition Company, General Motors
Corporation is the producer OF the
greater part Of its requirements OF
accessories. In the year 1919 a con-
trolling interest was acquired In the
Fisher Body Corporation. tho largest
manufacturers OF high-grade auto
mobile bodies. This company is
fully equipped. not only FOR the con-
struction OF bodies. but also for COM
ponents thereof. such as plate glass
and hardware specialties. The
Fisher Body Corporation is about TO
commence operations In It's new fac
tory at Cleveland. Ohio.
1T Is not possible TO state accur-
ately the percentage OF the parts Of
an automobile manufactured by Gem
cral Motors Corporation but the
field has been developed TO insure
an ample supply. Such additional
quantities as may be needed can be
purchased 20 advantage. so that no
further substantial investment In Ia
ciiities for the manufacture Of parts
will be necessary al a nearby date.
THE rapid development of the in
dustry has called for equally rapid
changes In the character OF manufac-
turing plants, but by constant rein
/ vestment and rebuilding. the General
/ Motors Corporation has kept well
In advance and its factories may now
be considered In satisfactory condi-
tion. The great plant OF the Cadillac
| Division. In Detroit. which will be
fully occupied In the summer OF 1921
Us the last large item OF reconstruc-
ton 90 be finished. There still re-
main several small and somewhat
antiquated plants that have been
relegated to minor manufacturing oi
assembly purposes, but these itcmi
are OF little consequences and may
be abandoned at not distant date
"The motor car business. in com
mon with other lines OF manufac
ture. suffered acutely from the con
ditIons which obtained during tn
last four months OF the year. Tn,
demand for the corporations prod
ucts which had been very urgen
during the first part OF the year. wa
sharply curtailed In September. In
ventorics reached their peak abou
the middle OF October. but during IN
ensuing ten weeks. 20 Decembe
31st. the corporation was able. not
, withstanding shrinkage in sales, Z
effect a net reduction in inventorio
4 OF approximately S25,0OO.0OO. Il
I addition. inventories were furthe
reduced by S25.776.l12 at Decembe
r. 81. as result Of charging of a
, obsolete materials as well as adjust
y ing values ocost or market, which
g ever was the lower.
a "Whne an known losses and az
q propriate writedowns OF inventorl'
N have been taken care OF in closin
% the books as OF December 81. 1872
n nevertheless it has been deemed "a,
visable 90 set up a special reserve ,
To- S7.50O.OOO 90 take care OF possib
% losses IN respect 10 outstanding con
mitments for materials undelivero
e and for other Unforeseen contir
e | sencies. This item is applied as
s special charge against earnings {
T the year 1920 and appears in N
81 statement OF income following.
Z Investments in Allied Companies.
y Included In investments, totallin
s S67,9S5.10O on the balance shee
- are the corporations holdings In N
! following companies:
Bearing Service Company, Detroi
| Michigan.
Brown Lipe Chaplin Compan,
Syracuse. New York.
Doehler Die Casting Company
Brooklyn, New York
) Fisher Body Corporation, Detroi