Cash-on-hand is a pretty item on any balance sheet, but if it is not earning a fair return for stockholders they are apt to question the management, hint for a special dividend. Standard Oil of New Jersey announced last week it would employ $30,600,000 of its cash by calling one-quarter of its $120,000,000 bond issue. The bonds for retirement will be drawn by lot, paid off Feb. 1 at 102%. This is the second time the big oil company has used a large amount of cash from earnings to reduce its indebtedness. The first payment was made in 1927 when...
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