EARNINGS: The Diamond Chip

In his small office in Wilmington, Del., E. Herbert Tinney performed an annual rite. A onetime accountant for Price, Waterhouse & Co., Herbert Tinney earns $5,700 a year as the only paid officer—secretary and assistant treasurer—of Christiana Securities Co. Last week he sent out Christiana's annual report. In 1948, the company had netted $28.4 million, a substantial gain over the $23.3 million earned in 1947. For each of Christiana's 150,000 common shares, this was an earning of $182.72. Tinney mailed out all but 2¢ a share of this to Christiana's select little band of 3,186 common stockholders.

That gave Christiana the distinction of paying out 99.9% of earnings and the biggest dividend of any U.S. company required by law to make a public report. It also gave the public a clue to the income of the famed Du Pont clan. Christiana, formed in 1915, is in effect the Du Pont family's own investment trust, in which the Du Ponts own or control 79,859 shares. Christiana owns 27.42% of the common stock of E.I. du Pont de Nemours & Co., which, besides making explosives and Cellophane, owns 22.67% of General Motors and 60.17% of Remington Arms.

Christiana is the highest-priced stock on the market. It was quoted last week, over the counter, at $3,005 bid, $3,055 asked. Even at that price, it seemed to be a bargain. By buying a share of Christiana, an investor would indirectly own 19½ shares of Du Pont stock, almost three shares more than if he had spent the same amount of cash to buy Du Pont stock.