Show c SAYS liST STANDARD ANDARD i i WILL BEAR SCRUTINY I President of Standard OilI Oil Co Corrects Statements I Made by Poindexter By Associated Press SAN FRANCISCO July 30 All All of the affairs and business of the tho Standard Standard Standard Stand Stand- ard Oil company of California will bear the closest scrutiny and and investigation i tion Uon K IC R R. J Kingsbury president resident of the company said here when advised I that an investigation of the rates of I Ithe the company by the federal feder l trade commissIon commission commission com com- mission had been sought In congress by Senator Miles Poindexter of Wash Wash- ington The he prices for the products of the company have advanced as a result of existing economic conditions due to the great war war the the greatly Increased cost of all labor and of all materials materials- just as has the price of everything else ehe Mr Kingsbury said In stating I f that there was no com competition on the Pacific coast Senator Poindexter overlooked overlooked overlooked over over- looked looked the Union Associated Shell G General Petroleum and other companies compa compa- companies nies all of which are In active competition competition competition com com- petition with the Standard Oil Olt company company company com com- pany and so far as I know with each other The conclusions drawn by the senator senator senator sen sen- ator from the company's financial statements are misleading Our dividends dividends dividends divi divi- for the past three years have been as follows Ten per cent in 1916 10 per cent in 1917 and 12 5 6 per cent In 1918 There was also a stock dividend in 1916 and in 1917 but these dividends were simply the distribution to the thc stockholders of undivided profits of the company accumulated during a considerable period of years The sum of given by the senator as the profits of 1918 was the gross figures without any deductions for depreciation and depletion I amounting to about and also without any deduction for state or Income or excess profits tax amounting In round figures to 20 20 I As a matter of fact there was left for profits from the 1918 1318 operations operations operations opera opera- of the company about for or about 12 per cent on or its invested i capital I |