New-York tribune., 1922-11-17
General Motors
Resumes Dividend
+ On Common Stock
Declares Payment of so
Cents "a Share; 1922
Earnings Are Estimated
at About SIS 900, 900

directors of the General Motors
corporation yesterday announced the
resumption of dividend payments on
the common stock with the declaration
ot disbursement OF so cents share
payable out of this years earnings on
UUecemoer ~ to stockholders OF record
November II. AT the same time il was
stated that earnings for 1922, after
oedncting charges for deprcciation
S55,oo0,oo0. -
ssa dhe proposed payment on the 90,
ooUo2o snares of common stock out
stanoing is the first since quarterly
distribution was paid on November /
is1l. On January. 1922, the board
voted to pass the dividend because OF
Lhe general business depression and a
uesife to strengthen the position OF
the corporation"
vi the common stock 1000 OoC
shares arc owned by the du Pont
american Industries, Inc, and 400 .0o0
shares by the du Pont-N Nobel Company
SO anose two concerns as result Of
the General Motors dividends will re.
celve S3,700,0o0 out of the total dis.
tri6ution of s1o,275, 295.
me otficlal statement of the company
pointed out that, although the cor
poration has materially fortified its
Pos4tion and the outlook for 1923 was
fohsidered satisfactory, it was decided
=? ~ take no action at this time in the
direction of placing the common stock
osL ~, regular quarterly dividend basis
Inc Inc directors are of the opinion that
however encouraging the outlook an
pears to be for the future, the con
Slderation of the question of resuminc
regular dividends on the common stock
should be deferred until the results
ana capital requirements OF future op-
efaaonS can be satisfactorily as
certained"
The statement added that after pro
Vldlng for dividends on the preferred
and debenture stocks, and the dividend
OF DO cents a share OH the common the
corporation will be enabled to surplus
an amount in excess of $4,000, 900 al
the end of the year.
Inc financial position of the cor
poration is thoroughly satisfactory
lhe statement continued; "since the
hrst of the year its Indebtedness te
banks has been entirely discharged, its
liabilities have been reduced by up.
no Indebtedness other than pay rolls
NNN' NS~' - SoAA PAL iouh Vi bdldHCt
sheets as of September 80. 1920, and
September 80. 1922, shows reduction
OF Sl1O,D00,000 in liabilities.
I'm the year 1920 the corporation
produced on an average about 81 ,S61
cars per month, with an investment ir
inventories equal to about $5,54S pc;
car; the corporation is now producing
about $4,000 cars per month, an in.
crease of nearly so per cent, with an
investment in inventories equal to
about $3.50 per car. In other words
the average investment in Inventories
per car in 1920 was two and one fifth
times that now required"
Charles S. Mott, executive vice.
president of the General Motors in
Detroit, and Fred j. Fisher, president
of the Fisher Body Corporation, have
been elected to the executive com.
mittee of the General Motors Corpora.
ton. James D. Mooney, president OF
the General Motors Export Company
and John l., Pratt, general manager OF
the accessory divisions of the General
Motors Cooperation, were elected vice,
presidents.