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 com- 
parison 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 in- 
vestment 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 con- 
tributor 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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