Decatur Daily Democrat, Volume 57, Number 96, Decatur, Adams County, 23 April 1959 — Page 8

PAGE EIGHT

G.E. Share Owners Hear Company Head General Electric share owners Wednesday heard company president Robert Paxton declare their company “has become one of the most productive and socially beneficial business organizations in the world.” The occasion was the company’s 67th annual meeting, held in the Masonic Auditorium in Cleveland. Ohio. They also heard Paxton underscore a hard fact of economic life when he said thht the world’s largest electrical manufacturer faces a period of “increasing competition from many sources, both domestic and foreign.” The top "is a slippery place,” observed Paxton, and "a company that loses its ability to compete is soon finished and all the human hopes, the family plans, and personal security that rests on its success are doomed to fail.” “But General Electric," he stated, “has been and continues to be a strong competitor and a consistent winner. It has ranked among the 100 largest American companies for more tnhn 50 years." That General Electric has been able to Stay on top is attested to by these facts Paxton cited: —Sales in the past 50 year period have shown a percentage increase six times as great as that of all goods and services in the country. —The company's assets have gone up 24 times in this period —General Electric share owners have received cash dividents every quarter for 60 years —Nearly $1,800,000,000 was paid last year to 45,000 suppliers for goods and services required by the company. —400,000 retail dealers and 7,500 independent distributors earn all or part of their income through the sale or servicing of General Electric products. —Last year employe compensation totaled $1,640,200,000, approximately 7 times greater than net profit, and the average employe received about $6,568, including company benefits, a three fold increase in the past 20 years.

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“But,” he warned, “the competitive battle is never ended. General Electric faces stronger and more resourceful competition with each successive day." He pointed out that not only are there more than 5,600 competing firms in the electrical manufacturing field alone in this country, but that competition also arises in industries far removed from the electrical industry. “When a man debates whether to buy a new car, take a trip, or modernize the kitchen in his home, he puts up into competition with the automobile and travel industries. Competing for his dollars quite naturally puts us against the entire business world,” Pakton declared. He remarked that there are many positive steps being undertaken by General Electric to remain competitive, and he mentioned six he though would be of particular interest to the share owners. He told them that the company puts great emphasis on research and development, that it employs 22,000 college-trained scientists and engineers, that the company has spent more than a quarter billion dollars since World War II on research facilities, and that General Electric’s annual operating expenditures for research and development are well over three times the average for all industry. He underscored the importance of “good pay, excellent benefits, favorable working conditions and ample opportunity for self development and advancement which have enabled your company to attract and hold high caliber people and thus remain competitive.” He described how General Electric has invested more than $1.5 i billion in new and modernized fa-| cilities since the end of World War ! 11. He called particular attention to the fact that since the end of the war, “We have invested more money in the plant facilities in the older locations including Lynn, Schenectady, Pittsfield, Bridgeport i and Fort Wayne, than we put in ■ all the new plants established dur- ■ ing the same period." “Efficient organization,” he said, “is another means of keeping com-; petitive. We delegate very broad j powers to division and department managers. This is in essence-what is meant by decentralization .. . The decentralization of decisionmaking authority. It hps nothing to do with relocation of plants, rather it is another step forward in the long process of organizing work so as to create increasingly dignified and rewarding jobs.” Keeping competitive, said Paxton, also involved keeping the com-: pany focused on the customer. I “This is the key to General Elec-; trie’s marketing policy.” He noted that all employes share in the responsibility to increase the attractiveness of the company products and services,!,., Paxton further pointed out that productivity in industry is increased largely by the adoption of improved machinery. Such machines may only create the potential for rising productivity. “The attitudes of people are still usually the controlling consideration in determining whether productivity will risfiJL he said. In conclustion, Paxton said, "We are now challenged by a new surge of competition that is even stronger than we have faced in the past. However, I am confident that our people will respnod as they have in the past to the new competitive challenges by advancing new ideas, new knowledge, and new products." Correction Corrections to the new members to the Decatur Chamber of Commerce story that appeared in Tuesday’s edition of the Daily Democrat should read Clarence Ziner, a member of Wilbur Petrie’s - team, signed Hubert R. McClenahan as a new member, and Herman Krueckeberg signed Robert T. Boch.

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THE DECATUR DAILY DEMOCRAT, DECATUR, INDIANA

THURSDAY, APRIL 23, 1!