STANDARD OIL PROFITS.

Taihape Daily Times, 3 October 1919, Page 7

STANDARD OIL PROFITS.

£91,000,000 IN SEVEN YEARS.

The Standard Oil Company surprised financial. circles, ‘says a New York correspondent, by an annoucemet to the effect that the directors had decided to‘ double the capital of the concern by creating '£20,‘000,000 cumulative non»/oting preferred shares. The announcement also revealed two other radical departures from traditional policy in that it proposed to list the new securities on the Stock Exchange nstead of the kerb market, as has iithei-to been the custom of the com)any, and included a complete balancesheet, with a. full staternent of earnngs and dividends for the sevcan years .912 to .1918_ The fact that the shares are to be isted on the {Stock E:v.'.chang.;» means hat publication of the nalsmce-sheets. hitherto kept a close secret, will be continued. The purpose of the new issue is'to kprovide working capital for the purposes of the expansion of the foreign trade. ‘ . The balance-sheet xvhiclrhas just been circulated among the :~:harehold—ers shows earnings for the seven Years of nearly £91,000,000, while the divié dendsv paid exceed £35,000,000.