General Motors

The preliminary annual report of the General Motors Corporation revealed 1923 as the most prosperous year that company had ever had. Annual sales last year were $698,000,000 compared with $463,706,733 for 1922, while net earnings in 1923 were $61,825,000 as compared with $51,496,136 the preceding year. This means that last year $2.66 was earned on each share of common stock compared with $2.19 in 1922. This estimate leaves out of consideration the proportion of Fisher Body Co.'s undivided profits which accrue to the General Motors Corporation; including these, the earnings per share of

Motors' common stock would be $2.30 in 1922 and $3.12 last year.

The common stock of General Motors has no par value, and pays an annual dividend of $1.20. Recently it has shown a rising tendency on the stock market, ostensibly in anticipation of the declaration of a larger dividend rate. In some quarters, however, it is expected the motors will not advance the present dividend much, and perhaps not at all during the coming year. The automobile industry in 1924 will be characterized by stiffer competition than ever before. Many automobile dealers who are anything but pessimistic nevertheless declare that the companies with the best reserves will come out best.