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.