The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1924-03-18
STANDARD OIL
| DIVIDENDS ARE
SMALL
Present Yield on Common
Stock Said to Average But
3.55 Per Cent.
BY w. s. COUSINS
Copyright, 1924, by Cosmopolitan


Copyright. 1924, by Cosmopolitan
News Service.)
NEW YORK, March 18.-At to.
days price level and dividend rates
for Standard Oil stocks, no one
would accuse the company of reck-
leSsness and over-generosity in
amounts disbursed to stockholders
In the form Of dividends on common
stock. Now investors are not at
tracted to these securities by high
current dividends; and present
stockholders would receive a larger
yield by liquidating their holdings
and investing the proceeds in Lib.
erty Bonds.
At current rates, the yield on COM
mon stock Of the Standard Oil Com.
pany of New York is 1888 per cent:
on New Jersey Company 2.66 per
cent: California. S.21 per cent; In
diana, 4.O3 per cent: Kansas. AIS
per cent; Nebraska, 4.20 per cent;
ONO. SOB per cent, and Vacuum,
S.1I per cent, an average Of 1855
per cent. But present stock units
represent so many divisions and sub.
divisions OF original stockholdings,
with stock dividends and special
contributions. that income 10 those
who have held the stock for a
decade or more is at a higher rate
than probably any other stock they
could have selected at the time.
Measured in dollars, the first
quarterly dividend payments on
Standard Oil stocks this year is the
largest similar distribution of the
company's since their dissolution,
with the exception Of 1918, when
the New Jersey Cimpany paid an
extra dividend Of $39,3S5, 1852. The
total value Of the melon cut for
Standard Oil stockholders in that
period was $34.975, 867, including dis
bursements of the Humble and Mag.
nolia companies, a majority Of the
stock OF which Is held by the New
Jersey and New York companies,
respectively.
There were no extra disburse-
ments in this quarter. and no divi-
dends were included from such
companies as Anglo-American.
Illinois Pipe Line, Solar Refining
Company and others, which pay
dividends semi-annually, and Cres-
cent Pipe Line, South Penn Oil Com.
pany, Swan and Finch. and Wash
ington OIL Company which recently
suspended dividends. The largest
distributions for the quarter were
made by Standard Oil Company Of
Indiana, IS 542 1853; Standard Of New
Jersey, $5,251 900 on common and
SO, 445,525 on preferred; Standard Oil
of California. $4,665 900, and Stand
ard Of New York, $3,150,000.
Present controversies between
prominent manufacturers Of cleo
trical manufacturing companies will
emphasize rather than detract from
the enormous expansion in business
Of late.
There was a marked increase in
the electric light business last year,
as measured by the sale of mean
descent lights. About $4,000, 900
large tungsten filament lamps were
sold in tine United States in 1928,
representing an increase Of IL per
cent over 1922. Total sale Of cleo
trical merchandise supplies and
appliances amounted to about So,
100000 in 1928, according to "Elec-
trical Merchandising" which fore
casts sales Of $2,340,000,0 900 this
year.
Leading electrical equipment COM
panies report orders on hand suffi-
cient to keep them employed at
capacity well into the year. Stand
ard Statistics company's stock index
for the electrical equipment group
stands 80 points above the 1921
low; "a points above the 1923 low
and 10 points above the 1928 high.