STUDIES IN SECURITIES 
In 1925-6 foreign sales were just under 10% of total sales whereas 
in 1922-3 the ratio was under 59%. 
The Ethyl Gasoline Corp. is owned equally by General Motors 
Corp. and the Standard Oil Co. of New Jersey. Substantial 
economies are claimed for this fuel and after some unfortunate inei- 
dents in development it is now proven entirely safe for public use. 
It is officially stated this unit will come into earning power in 1927 
and that within a year Ethyl gasoline will be available through this 
country and Canada and in many foreign countries. 
The last and probably of smallest possibilities is the investment in 
the Yellow Truck & Coach Manufacturing Co. carried on the books 
at $24,091,000, which to date has been unsatisfactory. 
General Motors provides for the investment character of its stock 
the qualifications of dominance in its field, excellent management, 
strong capital structure and treasury position, and subsidiary activ- 
ities of potential size which may offset the rather volatile nature of 
its industry. 
Great Northern Ry. 
In aggregate and per share of stock the Great Northern Ry. earned 
more in 1926 than any road in the northwestern territory 
had in ten years. The 10.4% share net was last exceeded with 
11.1% in the twelve-month to June 30, 1916. It is not enough, 
however, to approximate the old figures, for Great Northern be- 
gan 1927 with $106,000,000 more property investment than ten 
years previous, and this must contribute earnings before the com- 
pany becomes as well off as formerly. Six percent on that amount 
would have meant over 2.5% more earnings for the stock. 
The vitality of this railroad is suggested by the record of unin- 
terrupted dividend payment for thirty-six years including nearly 
twenty-four at 7% rate and no less by the progress made lately 
under handicaps. Between 1917 and 1927 surplus after dividends 
amounted to $44,000,000 while increase in funded debt (exelud- 
ing $7,387,000 added in refunding the ‘‘Burlington’’ stock pur- 
chase bonds which continue self-supporting with $250,000 present 
annual margin) was $55,280,000 and these two sums were applied 
to improvements involving 149% addition to locomotive power, 
35% increase in 90-pound or heavier rail, and 100% installation 
of automatic signals on the St. Paul-Seattle main line. When 
freight traffic in 1921 and 1922 fell 30% and 16% below 1916- 
1917 volume, the earnings for Great Northern stock were 3.5% 
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