New-York tribune., 1911-09-01
TRANSFER BOOKS CLOSED.
Standard Oil Co. of New Jersey
Practically Ceases to Exist.
PREPARES FOR DISTRIBUTION
Stock of Thirty three Subsidi-
aries To Be Apportioned Be-
fore December /.

With the closing Of the transfer books
at o'clock Yesterday. the Standard OH
Company Of New Jersey practically ceaseu
10 exist ir the form which enabled II 70
gain an almost absolute monopoly or the
oil business ana resulted in its being made
the chief target in the governments cam
psign against the trusts
The closing Of the books. as explained in
yesterdays Tribune. Is preparatory to as
tributing the stock OF thrty-three OF the
subsidiary companies now held by the
Standard 70 the latters stockholders IN
accordance with the decree ~ the tnited
States Supreme court L Is expected tnat
the work OF anportioning the many parent
corporations holdings of these subsidiary
companies stocks will take about three
months. 80 that the reorganization Of the
corporation as orGered BY the court VIII
not he complete until about December j
After being shorn of the thirty-three SUB
siflarv companies whose stocks arr 70 he
distributed. the Standard on company ot
New Jersey will sUll 30 left with more
than thirty subsidiaries. including All the
natural gas companies ard al the toreign
companies except the Anglo American ana
the Colonial OIL companies. Il also holds
outright large reaneries at Bayonne. Al
Baltimore. AMI a. Parkershure. W Va.
which it will continue e. operate rs
manufacturing company.
What Is pulling tho curb traders r. the
value II Standard on stock subsidiaries.
which is the bs sis upon which y viii he
traded in. nov that the transfer books are
closed Bids II 80 and 3l5 for the stock
Il a1 srfT
yesteriav bur found no takers. 59o heinG
the lowest price az which the stock was
offered shorli # the subsidiary companies
II hes been expected that 2 plan would
be formulated by traders whereby 2 huye~
Of the stock after the books closed was
70 receive a due bill emitting him IN par
t'cirate. the same as a stockhclder Of rec
ord. in the distribution that the corpora
ton is 70 make Of the stock Of the SUD
sidiarv companies. az well as in any diVi-
dends that might he declared or in any
riehts which might accrue in the mean
time. hut it was learned that the transfer
company would refuse 70 transfer the stock
under such conditions and the scheme
has been abandoned.
AZ a result. brokers believe that there
viii be verv little trading in standard OH
stock until after the books are opened
again. as they have nothing at present by
which they can determine the value Of the
stock subsidiaries. IL is thought tnat
what little trading takes place will be be
tween brokers who viii have an agree
ment that the buycr of the stock is 10
receive whatever the stockholder Of rec
ord is entitled 10.
Trading in Standard oil stock was quite
active on the curb yesterday. the total
transactions being 81 shares. at prices
ranging from go 70 e5 The closing fig
ure was $50 a net gain If IS points for
the day. All the transactiAns were Tor
cash-that Is. the stock was delivered as
soon as paid for. instead Of being delivered
the following day. as is customary. The
cash basis Of dealing was due &c the fact
thai buyers Of the stock had 10 have the
certificates before O'Clock. in order that
they might appear as stockholders of rec
ord when the books closed. Trading in
the stock practically ceased at 2.3o. as the
cor7rsnv gave notice that no certificates
,-ot,id fe transferred after o'clock.
director oT the Standard p'l Company
said ir was not true. as reported on
"Wednesday. that q number OF the sub
sidia1,v coi1uanies We're going 70 increase
their caritai stock. IN order 70 bring their
capitaliZatlo mp 10 the actual value OF
the properties.