JAS. H. OLIPHANT & CO.

Nt
y

General Motors’ capitalization consists of $134,916,000 of preferred
and debenture stocks (including $25,000,000 sold in February of
this year) and 8,700,000 shares of common stock. As of March 31,
1927 current assets totaled $364,924,000 (including $111,257,000
cash and marketable securities) and current liabilities were $134,-032,000.

In 1926, including equities in undistributed subsidiary profits, the
surplus for the common stock at present outstanding was $21.80 a
share, against $14 a share in 1925 calculated on a comparable basis.
In the first half of 1927 net was $124,842,000 (increase of $27,-550,000
 over the 1926 period) which was equal to $14.35 a share
on the common. The large expansion and acquisitions make comparison
 of previous years futile.
Disregarding undistributed subsidiary profits the past five year
record has been as follows:

Net Sales
1926......$1,058,153,000
1925...... 734,593,000
1924...... 568,007,000
1923... .. 698,039,000
1622 4.68 707.000

Earned on
Common
$168,440,000
98,845,000
38,058,000
55,180,000
45.067.000

Carried to
Surplus
$64,509,000
36,910,000
13,028,000
30,408,000
24 .290.000

General Motors’ success has of course come primarily from
domestic sales of passenger cars. Its fortunes will for some time
vary with the conditions affecting this business. It is interesting,
however, to consider the phases of its activities which hold promise
over coming years of providing offsets to any adversity in this
main department.
In 1926, $19,000,000, and in 1925, $6,000,000 was added to the investment
 in Frigidaire, whose market possibilities General Motors
officials believe largely parallel those of the motor car. Last year’s
volume doubled that of 1925 and substantial increase in capacity
is available this year. Frigidaire now is the third largest contributor
 to General Motors business, ranking next to Chevrolet and
Buick units. Detailed figures are not available but enough is known
to indicate the extraordinary possibilities of this subsidiary.
Overseas sales provide a second activity which may increasingly
supplement domestic business. The record of this department for
the past five years is interesting:
Number of
Units
118,791
100,894
64,845
45,000
21.872

1926... ci ve
B88 es vir ve
1924... .........
iit caiman
1099 Ss

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