Western Art
Ass'n to Back
Joint Exhibits
Delegates of the Western College
A.rt Association voted, during the
annual conference at the School of
Allied Arts and Architecture on
Friday1 and Saturday, to sponsor
art exhibits jointly in order to ob
tain better exhibits from the east
at a lower cost.
The main items of the agenda
dealt with such administrative af
fairs as accrediting and staff teach
ing loads. The group favored a plan
that would provide a state art sup
ervisor for elementary art educa
tion.
Following the meeting, the an
nual dinner was held at the Eugene
Hotel. Prof. Marion D. Ross, also of
the School of Art, gave a lecture
accompanying slides describing a
survey he recently made on the
“Colonial Period of South Ameri
can Architecture.
During- the course of the confer
ence, the delegates visited the Ori
ental Museum and various schools
on the campus. The visitors agreed
that the University's School of Al
lied Art and Architecture is one ol
the best on the coast because all of
the courses related to art are en
compassed within one school.
This group composed of the
heads of western art schools is pre
sided over by Dean Sidney W. Lit
tle of the School of Arts. As a fol
low-up on the conference Dean Lit
tle will be guest speaker at a ser
ies of conferences at the University
jf Washington on May 5 and 6.
$25'/i MILLION
%%
*1'/a MILLION
14.5%
(Revert etc.
($30 MILLION
7%
$16Vi MILLION
$3'/j MILLION
Tmw/ gvi
m
W 29%
yuue
$60% MILLION
f
Union Oil owners
get 5.4% of 194S soles dollop
LARGEST DOLLAR PROFITS IN COMPANY’S HISTORY
According to the bookkeepers, Union Oil Company made a net profit
during 1948 of $31,293,000.
If this bookkeeping profit represented the company’s actual"take,”
our 34,035 common stockholders would be throwing their hats in
the air.
BUT HERE’S THE JOKER
53% of these profit dollars had to be plowed right back into high
cost equipment, facilities and oil properties.
Another 11% had to go into working capital.
So the actual "take”—profits that were drawn out of the business in
the form of dividends to stockholder-owners—came to $11,320,000.
This amounted to a return of only 5.4% on our total sales of
$209,000,000, or 5.6% on the capital invested in the company.
UNION OIL COMPANY
OF CALIFORNIA
Incorporated in California, October 17, 1890
♦Taxes in chart do not include $35,200,403 w hich we collected for Fed
eral, State and local authorities from our customers; taxes paid by our
suppliers; or personal taxes paid by our stockholders and employees.
WHY DID WE HAVE TO PLOW BACK &
OF OUR PROFITS?
1« Under the tax laws, a corporation can set
sums aside each year to replace equipment and
oil properties when they’re worn out. (These
sums are represented in "Depreciation and De
pletion” segment of big chart.) But the sums
you’re allowed to set aside are based on what
these things cost when you acquired them—not
on what it costs to replace them today. Since those
depreciation funds aren’t adequate to replace
equipment and oil properties at today’s prices,
we have to make up the difference somewhere—
or go out of business. That’s where one part of
the "profit” dollars went—replacement.
2* Every housewife knows that it takes more
dollars to meet daily expenses today than it used
to. A corporation’s daily expenses have increased
just like the average family’s. That’s where the
other part of our "profit” dollars went—into in
creased working capital required for day-to-day
expenditures.