Evening star., 1942-04-21
g. {. War Production
Expected 10 Reach
Billion in 1912
$500, ,0O, 600 Output
For March Revealed
BY President
g ths ASsocistsd Press

SCHENECTADY. y. Y. April Il
General Electric Co. expects to
produce approximately a billion dol
lars worth Of highly diversified war
materials this year. President
Charles Z. Wilson said today.
Wilson, in a statement at the an
nUal stockholders meeting, said
last months output was al an annual
basis Of $3.50, 100000 without the
benefit Of new plants not yet IN op-
Grafton and without complete use
Of recently added facilities"
Victory Schedules Met.
Notwithstanding the magnitude
OF the task we so suddenly as
sumed." he asserted. L am happy
to report that in practically every
important item production is meet
ing the victory program schedules
set by the service departments of the
Government.
IN a number of outstanding
items, production is considerably
ahead Of schedule requirements"
The company president repeated
for the record" the offer to make
available any Of General Electric's
designs and techniques that may be
required for the Army or Navy, for
manufacturing by others, whether
patented or unpatented.
Pointing out the company, even
before Pearl Harbor, had freely
given patents. designs and expert
ence 10 others" Wilson told the
meeting:
Men who 60 to war not only give
their time and money to their coun-
try, but some part of themselves.
In this emergency corporations can
do no less"
Opposed to Profiteering.
He emphasized that public state
ments in the past l8 months made
1t clear General Electric has no in
tention Of profiteering on war busi-
ness, but rather besides only the
assurance that its capital will not
be impaired by reason of its adher-
ence to the policy Of all-out produc-
ton"
This Is our basic policy" he con-
tinued. The company has de-
clared to the Government it's will
ingness to renegotiate any contract
for war equipment just as soon as
actual costs are known, and in the
event that these provide other than
reasonable profit"
Wilson said the company's net
profit in the first quarter amounted
to lo,30o,000, equal to So cents a
capital share after all charges and
taxes had been provided for. This
compared with profit of sl1,40O 900.
or SO cents share in the first
quarter year ago.
A total of $37 ,000, 900 was set aside
for Federal taxes out of first quarter
profits, an amount los per cent
higher than last year, Wilson said,
adding that officials did not know
exactly how much to allow for this
form OF taxes at present due to
proposed changes. In addition, Will
son said, 5000 900 was put away for
contingencies, an amount double a
year ago.
b. F. Goodrich Co.
NEW YORK, April 81 DIT NAV
be necessary to reduce automobile
speed limits even more drastically
within the next two or three years.
John L. Collyer, president of the
B. r. Goodrich Co., said today at the
annual stockholders meeting.
En1nha siyir1n thA
Of conserving available rubber sup
plies, Collyer estimated the unworn
rubber on the Nations 30-odd mil
lion motor cars would last a year at
present rate of use BY reducing
driving speeds still further. Collyer
said, this supply could be stretched
to two or three years on the average.
He said production of the 300, 1000
tons Of synthetic rubber scheduled
for 1943 would require almost a
miracle" to accomplish.
Cleveland E. Dodge, vice president
Of Phelps Dodge Corp, was elected
TO the board, succeeding Arthur 3.
Newhall, who recently resigned as a
director and member of the Execu-
tive Committee of Goodrich to ac-
cept appointment as co-ordinator
for rubber of the War Production
Board.
Other directors were reelected.
Union Carbide.
Benjamin O'Shea, president Of
Union Carbide & Carbon Corp. said
at the annual stockholders meeting
that he thought earnings for the
hrst quarter probably would be
slightly less than a year ago.
Provision for income taxes prob
ably would be about sl4,500, 900,
compared with SO 900 900 a year ago,
he said. Reserves will be set aside
on basis Of about so per cent of
against As per cent last year.
Based on present operation, O'Shea
said, sales would run about s400, ,000,-
900 annually. compared with s318,-
300 900 in l941. Almost every plant
and piece of equipment the company
owns is running "a hours a day,
seven days week, he said.