STUDIES IN SECURITIES 
tion reserves for intangibles, 
charges : 
Earnings 
Reported 
10926... eee £9.08 
1928... cies emacs P 1.00 
1924... . cor... 0.80 
1923... . aves 16.09 
1922... veins. 24.20 
1921 . “0 
and the net results before such 
Reserves other 
than for 
Depreciation 
* 55 
{ 
£1) 
60 
90 
Combined 
$9.63 
8.10 
6.80 
6.69 
5.30 
Note—In 1924, results of foreign subsidiaries were included for first 
9 months only. For 1921, the figure represents annual earnings rate in 9 
months beginning April. 
Dividend rate was increased in December, 1926, to current $6 
basis from $5 in effect since April, 1924, when the $4 rate paid 
two and one-half years was increased; the $4 rate was begun with 
1918, raised to $5 in October, 1918, to $6 in July, 1920, and 
resumed in July, 1921. 
Quoting a company statement: ‘‘The diversity of the activities 
of the corporation’s subsidiaries is an important factor in its 
stability and growth. The products are used in many industries 
for many purposes and yet the processes of manufacture are by 
no means unrelated.’’ 
Concentric about the electric furnace, over 120 separate plants, 
1200 factory buildings, using about 250,000 electric horse-power of 
which at least 90,000 is owned (180,000 in reserve undeveloped), 
with 21,500 employes, and over 100 sales offices, make up the 
Union Carbide industrial group. Principal units manufacture 
and distribute calcium carbide, and its derivative acetylene, also 
oxygen, jointly used for welding and cutting; the necessary equip- 
ment; and separately acetylene for lighting rural homes, miners’ 
lamps and motor trucks; radio batteries, dry cells, carbon special- 
ties like electrodes; alloy steels highly resistant to heat, abrasion 
and corrosion; chemical compounds used in lacquer, rayon and 
explosives, and anti-freeze mixture for automobiles. Research 
laboratories are engaged in discovering new products and new or 
extended uses for present products. 
Union Carbide stock combines investment quality with speculative 
promise to a degree unusual. 
Union Pacific R. R. 
Physical property and appurtenant working capital on the books 
of Union Pacific R. R. at a net figure of $808,523,000 in 1926 pro- 
duced $43,957,000 earnings or 5.44% return and securities held at 
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