Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1901-12-19
eR,roNs BUY TEXAS OIL.
Foreian Capitalists Invest Heavily it
the Beaumont Fields.


the Beaumont Fields.
New York, Dec. 19.-An important
deal has just been closed whereby
British capitalists have acquired
substantial interest in Texas oil fields
and will ship large quantities OF oil
to the European markets. The capital
lists referred to are represented by the
Roche Stuart syndicatesof London. This
syndicate has purchased the Hogg-
Swayne property, on which about
three-eight1,s of the producing wells
at Beaumone are located. The pur~
chase price is stated to- have been in
the neighborhood of s6,0O0.o00.
The crude oil will be carried by pipe
line from the Texas fields to Port Ar
thur, a distance of about twenty miles,
where it will be shipped in British tank
steamers to various parts of Europe
Eleven steamers. representing tonnage
of 10000, varying in capacity from 49,
600 barrels to $4,000 barrels, will be
employed in the service.
The first voyage is scheduled to be
made from Port Arthur Feb. 19, when
a cargo of $4,000 barrels OF crude oil
will be exported to Cette, for Spanish
refining purposes. Regular consign-
ments will be sent to Rouen and Havre,
France, also to Middlesboro-on-Tee
and London, England.
1t is said that the oil can be carried
ito England at cheaper rate than it
can be at present shipped to Baltimore.
Philadelphia, New York or Boston. 1t
r.
the Atlantic for 80 cents barrel and
show a reasonable profit, whereas be-
tween Texas and the aforementioned
American cities the rate is 40 cents.
The Roche-Stuart syndicate has al
ready issued contracts for the construc-
ton Of storage tanks Of large capacity
pipe lines from the oil fields to Port Ar
thur and for the building of refinery
at that place, which in all will entail an
expenditure Of nearly 100000. In the
Port Arthur refinery, which will be in
operation by Feb. 1 and will have q
daily capacity of 5000 barrels, solar oil
will be turned out for London gas COM
Spanies, which will utilize 1t for the pur-
pose of enriching the quality Of their
gas.
In addition to It's shipments Of oil
abroad the British concern purposes to
ask almost Immediately for ruling
from the courts at Washington to show
cause why they can not utilize British
steam tug to haul American barges With
oil cargo from Port Arthur to Ralti-
More, Philadelphia, New York and Bos-
ton. They are said to have already
contracted with American ship-building
concerns for the construction Of four
barges-two of $4,000 barrels capacity
each and the remainder capable of car
rying 1000 barrels Of oil. They purpose
to utilize the British ocean-going steam
tug Stormcock, which Is 1000 horse pow
er. BY these means the British syndi-
cate anticipate transporting oil from
Texas to eastern seaboartl points before
refined at 25 cents barrel
There was another sharp decline in
Standard OIL on the outside market yes
terday, sales being made at $50, against
66O at the close the day before which in
turn marked for the day decline of 20
points. The stock was quoted at 695
week ago. and at $50 at the close of last
week The decline in the stock has been
continuous since the Northern Pacific
panic. The extremely high record pirce
1OF Cne SIldreS WIS IHdQe 1MOuudy, MAY
6. when the stock sold at S42. The next
day the directors declared a quarterly
dividend of IL per cent This action,
which was not as liberal as had been
predicted, was followed by some liquidQ-
ton. but at the end of the week, after
extreme fluctuations, resulting from the
panic, the price was quoted from 7s9 to-
SOP. Since that time the price has stead
lily yielded on comparatively small sales.
This weeks decided weakness has
been generally ascribed to the cut in
crude oil prices during the last few days,
re garding which no information has
been provided by the Standard interests
here. The company has been paying
dividends at the rate Of 4S per cent a
year. which at present prices for the
stock would net something over Z per
cent.