Mr. Ford's Treasury

If any doubt remained as to Mr. Ford's ability to finance his own way, it has been speedily removed by the recent financial statement of the Ford Motor Company, Inc., as of February 28, 1923. This statement showed total assets of $536,351,939, of which almost one-third (or $159,605,687) consisted of cash in the treasury. No other corporation in the world has so much cash in its treasury as this, not excepting the U. S. Steel Corporation, which has total assets over four times as great as the Ford Motor Company.

When the Ford Company was first organized in Michigan in 1903, its total assets were less than $100,000, and Mr. Ford did not himself hold a controlling interest in the original capital of $28,000. In 1906 Mr. Ford obtained a 51% interest and control of the company. Later he acquired 7 1/2% more, and finally his son, Edsel, bought in the remaining 4 1/2%. At present the father and son are the only stockholders.

The outstanding capital stock is now only $17,264,500, consisting of 172,645 shares of $100 par value. On these shares, net earnings for 1922, after all deductions, were $690 apiece. Profits for the year ending February 28th, 1923, were $119,000,000. The Ford Company at present has about 110,000 employees, and a payroll of over $1,000,000 a day.