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Renee Reifel
She wants to know what we did with the 8401,518,000
Renee Reifel is a secretary in the marketing department of Union Oil. She is also — through our Employees' Incentive Plan — one of our 5.906 employees who hold shares in the firm.
This entitles her (along with over 65,000 other people who own shares in Union Oil) to a report on the 66th year of business of the 47th largest industrial company in the country.
In 1956 our customers paid us $401,518,000 — a new record.
How we spent it
We spent 72.1% of this— or S289.481.000— with over sixteen thousand other companies and individuals with whom we do business.
The more than 1000 tax collecting agencies took another 3.7%, or $14,830,000. This does not include the $74,120,000 we collected from our customers as fuel taxes and turned over to governmental agencies.
Wages and other benefits for our workers and their families amounted to 15.7%, or $62,966,000 of our income.
This left 8.5%— or $34.241.000 — as net profit. Slightly more than half of these earnings — $18.261.315 — were paid in cash dividends to Renee Reifel and our other 65,000 share owners.
The balance of our net earnings — equal to 4.0% of our customers" dollars — we reinvested in the company in order to stay in business.
The new ownership
It seems to us this report does more than give an account of our stewardship to Renee Reifel and our other owners.
It points up the broader base of ownership of American business. In the last four years, for example, the shareholders of all companies listed on the New York Stock Exchange increased by 33%. Union Oil did even better — 41%.
This could happen only in a freely competitive economy that encourages and rewards individual effort.
your comments are invited. Write: The Chairman of the Board, Union Oil Co., Union Oil Bldg., Los Angeles 17, Calif.
Union Oil Company
OF CALIFORNIA
MANUFACTURERS OF ROYAL TRITON. THE AMAZING PURPLE MOTOR OIL
Broadcasting • Telecasting
May 13, 1957 • Page 147