The citizen. (Honesdale, Pa.) 1908-1914, 1911-08-16
STANDARD OIL
REORGANIZATION
Stockholders Get Shares II
Subsidiary Companies.
100000 new CERTIFICATES
Dissolution Will Take Place About
Dec. 1-Shares In Minor Concerns to
Be Distributed Ratably-lntricate
Work For the Accountants.

Dec. 1-Shares In Minor Concerns &c
Be Distributed Ratably-lntrieate
Work For the Accountants.
The Standard Oil Company of New
Jersey has announced in a communi.
cation to its stockholders the way II
Intends to reorganize to meet the pro.
visions of the Sherman antitrust law
The plan provides that stock In the
thirty-1ve subsidiary companies shall
be distributed ratably among the
stockholders in the parent company
Dissolution will be about Dec. l.
The detailed plan showing what pro
rata shares in the subsidiary company
the Standard OIL stockholder may ex-
pect under the reorganization will be
made known later.
This is a matter of computation and
will require some time, but the com
muntcation shows in outline the man
ner in which the company proposes to
reorganize.
The decimal Of distribution, it is
said, will be five shares Of Standard
Oh stock. On a basis of FIVE shares
OF stock Of the parent company q hold
er will receive fractional shares of
thirty-two subsidiary companies and
one full share or more In each of three
constituent companies. The reorgani-
zatton, it is reported, involves the dis
tribution of approximately 100000 GER
tifcates, representing the thirty five
companies, compared with a little over
5000 certificates of the parent compa-
ny now outstanding.
Work For the Accountants.
The accountants will have some in
tricate work to do in figuring out the
fractional shares in the minor corpora
ttons which the stockholders in the
present Standard Oil Company of New
Jersey will have when the dissolution
Is completed. The basis of figuring
must necessarily be on single share
Of Standard Oil Of New Jersey stock.
OF the 5000 shareholders there are
many who own small lots ranging from
a single share to ten or a dozen.
man owning a single share Of
stock, which could be bought now on
the curb for about $3.50, win have aft
er Dec. next share In Standard OH
Of New Jersey worth at par $10O. He
VIII have a tenth of share in the
Southern Pipe Line company. $40; a
trdfe more than quarter of O share
In the National Transit company, $25-
.45; three-twentieths of a share in the
Standard Oil Company of New York.
SIS; IN the Chesebrough Manufacture
Ing company which makes vaseline, %
cents worth at par; in the Colonial
On company, about 25 cents worth at
par; in the South Pennsylvania Oil
company, a fortieth Of a share, $3.50
Among the twenty-six other corpora
tons in which he will have stock will
be the Swan and Finch company, in
which he will have 10 cents worth;
the Washington Oil company, in which,
to be precise, he will have 37-25O
cents worth.
The Heaviest Stockholders.
OF the total capitalization of the
Standard Oil Company of New Jersey
there is outstanding $9S,33S,3OO. Ac-
cording to recently published figures.
more than half of this is held by
twelve persons or estates. John d.
Rockfeller's holdings amount to 247,-
692 shares. The estate of Charles
Pratt comes next, with 52,SO2 shares.
G. W. Harkness has 424OO shares;
Colonel Oliver II. Payne, 10000; Hen
ry NJ. Flagler, 30,5OO; Henry H. Rog-
ers, 1920; w. L. Hardness, 1890;
the estate of II. H. Houston, 11,775;
William Rockefeller 11,7O0; L. II. Sew
erance, 1924; V. r. Macy, 1900, and
the estate Of John Huntington, $500
This is a total of 501,2l3 out of a total
authorized issue of 100000 shares.
Wall street is not ready to prophesy
what the effect of this scheme of dis
solution will be. Some speakers in
sist that the liberation of the subsidi-
ary companies from close supervision
by the Standard Of New Jersey will
open the doors wide to competition.
This in turn, 1t is declared, will lead
to unsettlement of prices and unsta-
bility in the trade. But there are many
who are unwilling to believe that there
viii be many changes.