JAS. H. OLIPHANT & CO. 
Its quarterly reports for just over a year now have indicated this 
company is earning in excess of $25 a share a year available for 
dividends and depreciation. This level of gross profits, the fact 
that the formative period may be considered past (with a decade’s 
experience as a guide), and the substantial plant expansion 
financed from profits form the basis for stockholders’ hopes that 
future charges for depreciation need not be so large and hence a 
larger proportion of net may be disbursed in dividends. 
The dividend rate was $4 a share from 1917 until last fall when 
it was increased to a $5 basis, with extras of 50 cents a share in 
1918 in Liberty bonds, and $1 a year in 1924. 1925 and 1926. 
A level near 200 for Air Reduction stock indicates the market’s 
discounting process of better than a $5 dividend for this issue. 
Conservative management, prudent financial policy, and continu- 
ous expansion in operations, have placed this stock among those 
with possibility of split-up in the not distant future and larger 
income to holders. 
Allied Chemical & Dye Corporation 
Allied Chemical & Dye Corporation was six years old December 31, 
1926, and its management can point to the following accomplish- 
ments financially since December 31, 1920: 
1—Funded debt of $6,040,547 has been paid off. 
2—Minority interests of $4,638,940 have been eliminated. 
3—Contingent liability of $1,967,040 has disappeared. 
4—Current liabilities (including taxes) have decreased to $13,557,000 
from $25,624,000, or by $12,067,000. 
5—Current assets have increased to $144,029,000 from $95,638,000, or by 
$48,391,000 (cash and marketable securities have increased to $94. 
420,000 from $22,642,000, or by $71,778,000). 
6—Total reserves (excluding taxes) have increased to $112,030,000 from 
$70,059,000, or by $41,971,000. . 
These major financial changes together with integration of consoli- 
dating properties and personnel are the outstanding six year de- 
velopments, with no apparent effort to ‘‘show’’ earnings. The per 
share earnings are set forth below, both as reported and including 
the increase in reserves : 
Earned 
per Share 
1926..........59.80 
1925. 5. . 2.20 
1924. oa. 2 7.95 
LO8 Sr vi na Th 
Increase 
in Reserves 
31.80 
2.85 
2.80 
R20 
Total 
$11.60 
11.05 
10.05 
12.70 
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