Studebaker

The Studebaker Corporation for the year ending Dec. 31, 1923, did very well by itself. Net sales were about $33,000,000 greater than in 1922, though expense, depreciation, etc., grew almost as much; the result was that net earning last year were $20,307,804, compared with $20,043,957 the year before, and $23.60 per share as against $23.21.

In his report, President A. R. Erskine called attention to the steady increase in sales of Studebaker cars: 39,356 in 1919; 51,474 in 1920; 66,643 in 1921; 110,269 in 1922; 145,167 in 1923.

The common stock, consisting of 750,000 shares, has been paying a $10 dividend during the past year. A special meeting of stockholders has been called for April 1 to consider increasing the company's capital stock from the present 750,000 shares of $100 par to 2,500,000 shares of no par value. The plan is to issue 2% new shares for every old share, making 1,875,000 shares outstanding, with 625,000 shares available for future issuance. At the new dividend rate, this would mean that each new share would receive $4 a year.