Evening journal., 1922-03-06

s13,239,e46.72. Less: Provision for
Employees Investment Fund, S2,-
174,OSO; interest on notes payable,
S5.2S1,OS4.67; net income OF the cor
poration after ordinary charges S5,-
7S4,7S2.O5.
Charges for extraordinary losses
and adjustments Write down Of in
ventories at December 81. 1921, to
cost or market, whichever Is lower,
S16, 6,6O3.073.25.
Provision for refunds due dealers
and distributors on account OF price
reduction, effective January /, 1922,
S2.441,S76.07.
Cost OF cancellation OF commit
ments, rebates on sales in 1920 ac-
count of price guarantees, and other
miscellaneous losses charged or IN
1921 in excess OF reserve created at
the close OF 1920 in anticipation OF
such contingencies, s11.4efi02.fS.
Special reserve established Decem-
ber 81. 1921. to cover anticipated
losses and unforeseen contingencies
pertaining to 1921 or prior years.
but not at present definitely ascer-
tainabie, s14.000,OOO.
Balance to be charged against sur
plus. 3S,6SO. 1905.
"In considering the result or the
years operations your attention is
directed TO the satisfactory showing
of the units comprised in Class a
above. and to the further fact that
the adjustments in inventories ana
in Encouragement and improvement
in the quality Of Its product nave
placed the Corporation in position to
conduct It's operations in 1922 with
every promise of profitable results.
'-The Corporations Capital and
Surplus Account as OF December 81
1921. after giving effect to all adjust
ments as outlined herein, may be
summarized as follows: total capl-
tai and surplus as OF January l.
1921. s424,6O9.962.25; debenture
stock held in treasury not Included
in above figures. S6,212,2OO.OO; COM
mon stock issued during year under
employees bonus plan. $S3l'O3O.OOi
total. S431.653.192.25.
Reductions: through adjustments
and operations IN 1921, $3S,6SO,77O-
.O5; dividends paid on preferred and
debenture stock. s6,31O.O O.O09.59; div
idends paid on common stock. $780,
46S,276.90, making a total OF S65,-
459,O56.54, balance equals equity OF
s3B2.39 per share OF preferred, and
debenture stock outstanding, $780,
l194,135.71; deduct preferred and de-
f q naaafs1 D, ,nI
81. 1921. $1O3,916, 10000; balance
equals common stock equity Decembei
81. 1921. s1Os.s16.OOO.OO; balance
equals common stock equity Decembel
I31,1921, ,s262.27S.135.71; deduct com
mon stock valued at $40 per share
S2O6.46s.975.25; balance equals sur
plus over and above $40 per shar
as per assets and liabilities state
ment December 81. 1921, S55,S14,
16O.46."
The preliminary condensed com
parative consolidated balance shee
OF the General Motors Corporation
and subsidiary companies as OF De
cember 81. 1921 and 1920 show thu
assets to be S515.122.97S.93 for 1921
and S6O4, 4,S06.S6S. for 1920. TIE
liabilities. reserves and capital. 10
1921 totaled S515122.97S.93-foi
1920 the total was S604, 4,s06. .s6S.12.
Liabilities. reserves and capital a
the close'of 1921 are:
Accounts payable (and trade ac
ceptances in 1920. S15.64O,429.41
Notes payable. S4S.974.996.29; Taxes
payrolls and sundries accured not
due, SIS. ACQUIRED divi
dends on Preferred and Debentur'
Stock. payable February 1. s1.O43..
763.07; Total current liabilities. ss1,
Z 553.96717; Purchase money bonds
/ iS1.475.592.S2: Purchase m n e
notes. account Fisher Body Corpora
tion stock purchase. $4,000, 900. 90
Reserve for depreciation OF real es
tate, plants and equipment. s37.527.
1894; Reserve for employees IN
vestment fund and sundry contin
gencies. s4,477, ,04s.s5; Reserve 10
Federal taxes, s1.s1s.193.6s; Re
serve for bonus to employees. s1T.
630.S7; Special reserve as OF Decem
ber 81. TO cover anticipated losse
and unforeseen contingencies pertain
ing to prior period hut not delnitel.
ascertainable. $4,000. 900; Reserv
for completion OF office building. 50.
499,261; Total reserve. s6O.434.
9O3.79: Capital Stock: Debentur
stock 10. $26.ss1.6O0: Debentur
stock GO. t6O.sO1.O0O; Preferre
stock SO. S16.1S3.4OO; Commo
stock. no par value; 20.550. SO
| 21-40ths shares issued and outstand
ing at SO per share $2O5. .505.9 .905.25
e5.067 shares held in reserve nc
count OF subscriptions not fully pal
at SO per share. s95O.67O.OO; Con
mon stock (s10O par value). s74O(
Total capital stock. s31O.S79,975.2l
Interest OF minority stockholders
subsidiary companies with respect (
capital and surplus. s1.464.379.4.
/ Surplus over and above $40 p,
/ share on no par value common stoc
II s55,s14.160.46; Total capital stoC
]