Last week Standard Oil Co. of New Jersey filed a registration statement for an $85,000,000 issue of 25-year debentures with a 3% coupona record low for a long-term industrial bond. Biggest oil company in the U. S. with assets of $1,894,000,000, Standard Oil thus demonstrated that its credit is nearly as good as that of the U. S. Government. One sound reason for that credit rating was revealed at the time the registration was filed: Last year Standard Oil earned $62,800,000, a fat increase over the $45,600,000 reported in 1934 and an astonishing recovery from 1932 when profits amounted to precisely...
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