JAS. H. OLIPHANT & CO. 
Earnings immediately following 1919 fluctuated sharply as the in- 
dustry went through inflation and deflation, but of later years 
have enjoyed steady growth. The record of earnings on basis of 
split-up stock is as follows: 
Per Share 
“R01 
2 
20 
20 
A 
The 1920 earning power was probably as abnormally high as the 
1921 was low. The 1927 results likely will not reach those of 
1926 as first half year conditions at least have been adverse in 
the industry. 
The dividend rate of $20 a share from before the war on the old 
stock was carried on in the equivalent of $1 a share on the split- 
up shares until last December when an additional 1214 cents quar- 
terly extra was started. 
The 1926 balance sheet as reported includes the proceeds of the 
$120,000,000 59% debenture issue of December but the retirement 
of the preferred stock and the issue of $86,232,925 new common 
at par of $25 did not occur until this spring. Deducting there- 
fore $120,000,000 from current assets as of December 31 (which 
appeared in $198,824 000 marketable securities) the adjusted figure 
was $737,612,000 compared with current liabilities of $259,218,000. 
Assuming a dividend of $1.50 on the new common stock, the finane- 
ing of last winter worked out a saving of about $2,800,000 or 11 
cents a share on the common. 
The oil industry is going through a period of severe depression, 
one which Standard Oil of New Jersey officials state will be more 
protracted than usual. It is, however, a business which changes 
character rather quickly at times and after all represents a per- 
manent industrial activity. Standard Oil of New Jersey offers 
in its common stock the equity in the greatest single factor in the 
world’s oil business, in a position to do as well as any under adverse 
conditions and prepared to enjoy full participation when the oil 
situation again turns upward. 
Swift & Co. 
Out of $950,000,000 gross receipts in 1926 Swift & Co. kept $15,- 
645,000 for stockholders. This was only 1.64% profit margin and 
so much as 49% does not appear in a 31-year record. A fair turn- 
over in relation to invested capital explains how Swift has paid at 
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