Evening journal., 1922-03-07

Deprecated foreign eAcnanBc.
with resulting low prices as measur-
ed in dollars of most OF the products
sold abroad by the dupont Export
Company, has resulted in a net loss
OF S1.O0O,9O6 by that company. This
loss is included as a deduction in the
consolidated profit and loss account
attached to this report.
ION May 81. 1921. a letter was
sent to the stockholders stating that
the company had sold an issue Of
S35.OOO.OOO ~ &c Ten-Year Gold
Bonds. and gave the reasons for the
issue: (. e.. S25.OOO.0OO for the pur-
pose OF more permanently financing
common stock OF General Motors
Corporation. purchased from w. c.
Durant in November 1920. and tenn
porarily financed by one-year notes;
the balance for sundry purposes. but
In considerable part 10 lquidate
more promptly bank loans made ne
cessary 10 finance increase in work
ing capital. accumulSed by the sud
denness Of the depression in busl-
ness during the winter Of 192O-21.
Your company's notes at bank were
all properly taken up and It now has
no bank indebtedness. sausfac-
tory progress has been made in the
matter OF liquidation OF inventories
resulting In large balances. out OF
which SsO7.67O has been invested in
your company's own bonds which
were acquired by purchase In the
open market.
Government Claims.
The majority Of your company'sI
claims arising out OF the suspension
OF war contracts were settled in
1921. During the year. seven items
OF claim. covering cost and expenses
incidental TO the settlement OF the
war contracts and the storage and
handling OF material hereunder
were added TO the thirty-seven
claims outstanding as OF December
81. 1920. This made a total OF
foriy-four claims. aggregating S26.-
426.59283. on which there was net
cash due the company OF 5000
369.52.
"Of these claims. 'thirty-four were
settled by collection during the year.
Those settled aggregated S25.862.-
334.36. but by reason OF advances
from the United States held by this
company. and credits due the United
States on purchase OF materials In
claims. the net cash received from
the thirty-four claims was s1.181.-
27436.
THE ten claims outstanding De
cember 81. 1921. aggregate S1.0s4.-
25S.47. but OF this amount si69.-
909.s6 has been collected. and after
deduction Of credits due the United
States for purchase OF materials in
these claims. there remains due
your company s76s.1S5.2O.
Operating Reorganization.
"As a result Of thorough study Of
b. the highly centralized form Of op-
Grating organization OF the dupont
Company. your Directors decided IN
the past year 20 segregate its fve
, principal industries. Explosives.
) Cellulose Products. Pyrahn. Paint
. and Dyestuffs. placing each In charge
- Of a general manager. maintaining
! for the common use OF all. certain
, specialized functions such as Pur-
+ 4 chasing Engineering. Accounting
o. etc. This change was put into effect
! In October. so that sufficient time has
, not elapsed for the expected effects
! 20 be fully realized. However. 81
, seems very clear that important ad-
, vantages have been gained.
, This change has necessitated
p drawing from the Executive and
5 Finance Committees OF the COM
{ pany such individuals as were pre-
! emnently fitted 10 act as general
= managers OF certain Of the depart
81 ments and who. manifestly. could
- not. IN their new positions. spare
b the time required for duties on either
} committee.
Bonus Plan.
- Earnings from the manufactur-
! ing undertakings during the year
8 1921 were less than the minimum
{ amount sDecifed in your companys
D Bonus Plan. and consequently no
s stock was awarded employees. This
Is the first rear since the adoption
NJ the plan that this has been the
; case.
THE reduction In volume N your
e company's business has required the
9 dismissal OF a large number Of en-
D ployes who IN the past have been
e awarded bonuses. Acting In accord
ance with its special powers in such
r matters. the Executive Committee
n passed on each case and where the
. bonus beneficiary had oeen laid On
J. for lack Of work with saflsfactor;
o record and was worthy OF such con
= sideration. ne was not deorivcd o.
ll his interest In the bonuses previous
II ~ awarded to him. Four hundred
II and thirty-six employees were thu
/ favorably treated during the yeai
/. 1921.
/ stock Subscription Plan.
/ Notice has been sent 10 the EN-
/ plovees that the stock Subscription
/. plan would be continued for th'
u year 1922 without change from las
/ wear. In response, the employee
/. have subscribed to 2730 shares o
II debenture stock Hereunder.
i "a participants payment OF on
ner cent. extra was made 10 tn
III participants for the year 1921. oi
n account OF earnings for the yea
\. 1920.
your company has continued II
/. Pension Plan by which employee
who have become incapacitated az
ter fifteen years or more OF faithful
service are granted a compensate
in an amount varying with tn
n length Of their service and rate @
N their previous wages All pension
n paid during the year 1921 have bee
/. taken up in cost OF operations. leav
II ing the capital amount OF the re
n serve set up for pensions the sam
! - l. - -. I.nma ~ 1901