Studies in securities

Bibliographic data

Monograph

Identifikator:: 1757542078

URN:: urn:nbn:de:zbw-retromon-134903

Document type:: Monograph

Title:: Studies in securities

Edition:: Revised

Place of publication:: New York

Publisher:: Jas. J. Oliphant & Co.

Year of publication:: 1927

Scope:: 81 S.

Digitisation:: 2021

Collection:: Economics Books

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Document type:: Monograph

Structure type:: Chapter

Title:: General Motors Corporation

Collection:: Economics Books

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 [ 49

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