Every evening, Wilmington daily commercial. (Wilmington, Del.) 1878-1928, 1922-03-07
DU POINT BUSINESS
FOR THE YEAR 1921
OVER SIS. 900, 900
Continued from page /

The most lamentabIe result Of the
liquidation OF inventories has been dis
continuance OF employment while in
Ventories were being consumed. Your
company has been Obliged TO discon-
tinue the service Of two-thirds OF its
wage earners and half OF its ealaried
employees"
The majority OF the company's
claims against the government. aris-
ing out Of suspended war contracts
have been adjusted. but there are still
in process Of adjustment claims on
which there is due to the company
S769.1S52O.
The number Of stockholders In
creased from AGA in 1920 to lO.57s
in 1924. OF these s.342 are employees.
The report covers the affairs Of E. /
du Pont de Nemours & Company
/ delaware corporation) and also con-
solidated herewith: Z. 1. du Pont de
Nemours a CO. OF Pa. F. i. du Pont
de Ncmours Export Co. and Rokeby
Realty Co. all the stock OF which Is
owned by the first mentioned COM
pany. II says:
The continued reduction IN prices
+ In 1921 has adversely affected the
operations Of your company. both
through the reduction in inventory
values which resulted. and the restric-
ton Of buying which usually accom-
panies a falling market.
In so far as materials have beer
used in manufacture. the loss from re.
ducuon IN values has been absorbed
IN operations. The inventories wer,
re-valued December 81, 1921. on III,
Iasis OF cost, or market. whichevel
vas lower. resulting in a total write
Town Of ss.070.5s3. all OF which, ex
'epting s3s9. 0ss was charged agains
Contingent Reserves created out O
EarnYgs during the period Of war IN
dalton. Your company has no onerou
purchase or sales contracts outstand
ing.
The attached financial statemen
shows that the volume OF business il
1921 was SIS .2S5.lSl. which is onl,
5S.S per cent OF the volume OF bushes
shown for 1920. This comparison
however. is too favorable. In the yea
1920. the sales OF the Fabrikoid bust
ness were handled by a separate cor
poration not consolidated with tn
. parent company. whereas In 1872
Fabrikoid sales are included with you
ether business. A true comparison
indicates that the volume OF bust
ness in 1921 was about onehalf lik
business in 1920.
Export business-Depreciate for
eign exchange. with resulting lo'
prices as measured in dollars Of mos
OF the products sold abroad by IN
du Pont Export Co. has resulted in
net loss Of s1.o00.906 by that compan,
This loss Is included as a deduction 1
the consolidated Profit G. Loss AZ
count attached TO this report.
Bond Issue-On May 81. 1921. LEI
ter was sent 20 the stockholders sta
Ing that the company had sold a
issue Of S35.0O0.O 900 ~ per cent ter
year gold bonds and gave the reason
FOR the issue. ]. G.. SIS 900 900 for III
purpose OF more permanently financiI
common stock of General Motors Coz
poration. purchased from w. &. d.
rant i'm November. 1920. and temporaril
financed by one-year notes; the ba
ance for sundry purposes, but In cor
siderable part 10 liquidate moi
promptly bank loans made necessar
10 finance increase in working capita
accumulated by the suddenness Of n
depression In business during Il
winter OF l92O-2l. Your company
notes at bank were all properly take
up and II now has no bank indebted
ness. Satisfactory progress has be,
made In the matter OF liquidation
inventories resulting in large cas-
balances. out OF which ss07,670 hi
been invested IN your company's ow
bonds which were acquired by pu
chase In the open market.
Government Claims-The majori
Of your company's claims arising o.
OF the suspension Of war contrac
were settled in 1921. During the yea
seven items OF claim. covering co
and expenses incidental TO the settl
ment OF the war contracts and II
storage and handling or materi
Hereunder were added to the thirt
seven claims outsta nding as of ID
cember 81, 1920. This made q tot
OF fcrty-four claims. aggregating s2t
6,532.S3, on which there was n
cash due the company OF 5000 ,3G9.s
}. or these claims, thirty-four we
{ settled by collection during the yea
Those settled aggregated $780, 3.