Standard in Indiana

Because of the unusual fluctuations in the price of oil during 1923, the annual reports of the leading petroleum companies have been received with more than ordinary interest. Recently, the report of Standard Oil of Indiana was considered very creditable, all things considered. Net earniings for 1923 were $41,538,499, which is equivalent to $4.68 on its 8,868,266 shares of ;$25 par stock. In 1922, $5.60 a share was earned.

Compared with 1922, the Company's profits fell off about $8,000,000, while $22,106,839 was paid out in dividends last year, compared with $17,453,994 the previous year. In consequence, the balance added to surplus last year amounted to $19,431,000, or about $12,500,000 less than in 1922.

Ordinarily Standard Oil of Indiana sells about one-fifth of the gasoline marketed in the U. S. Last year its domestic sales are computed to have exceeded a billion gallons, plus export sales of about 100 million gallons. This was accomplished in spite of the "price wars" last Spring and Summer, and the threatened competition by Gov. McMaster of South Dakota.