New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-08-01

". II. Houston. II TO: William Rockefeller,
l1,7oo: l.. II. Severance. 1924; V. f. Macy
1900 and the estate of John Huntington,
$500
The task OF distributing to the 6"'
Standard Oil stockholders certificates rep
resenting their pro rata shares in the
thirty-three companies will be tremen-
dous one. involving the signing and issu-
ance of about 200ooo certificates of stock
and the payment of dividends on the stock
OF the thrty-three companies also Will rep
resent an enormous additional amount OF
la Dor. as. assuming that all of the COM
panies will pay dividends, there viii he
sent out each quarter, instead of 5000 divi-
dend checks, as at present. about ND"p'
or twice as many as are sent by the United
States Steel Corporation.
No Competition Likely.
A complicated situation Is created by the
fact that a vast number Of fractional
shares will have to be issued. owing to the
extensive list of small shareholders of the
Standard oil Company OF New Jersey. The
Chesbrough Manufacturing Company, for
example. has $4,000 capital stock. OF which
the Standard oil Company owns s277,7oo par
value. or o,777 shares. The holder Of one
share of Standard oil stock will receive
fractional interest of only 2I7 cents in
stock of the Chesbrough company, and the
dividend return to which he will he en-
titled will be almost inlnitesimal. but VIII
stu have 10 be figured. unless. az VIII
probably be the case. he shall promptly
sell his fractional certificate.
The curb. on which the Standard oll
Company stock Is now traded I'm, Will with
ont doubt be the market for the stocks ot
these subsidiaries, and an active business
will probably be transacted In them for a
while. largely in the disposal Of fractional
shares. which the holders are likely 20 sell
az material concessions. All of the present
shareholders will. of course. be entitled to
retain their interest i'm the diminished
Standard oil Company, just as the North
ern Securities stockholders retained their
holdings in the stock OF that company after
it had distributed among them Its holdings
Of Great Northern and Northern Pacific
stock
There was much discussion yesterday as
to the probable extent Of the competition
which would develop among the present
subsidiaries Of the Standard oil Company
after the expiration Of the period Of six
months from the handing down of the
mandate. allowed for making the dissou-
ton Of the combination effective.
More than ~ per cent Of the entire capt.
tai stock Of the Standard oil Company
IS owned by thirteen interests. as already
noted and these persons and estates viii
therefore own more than a majority Of the
Standards holdings in the thirty-three sub
salaries which in many Of the companies
represent ownership Of the entire capital
stock. and in addition they will probably
be found to be the chief purchasers Of tho
large volume Of fractional shares which
the holders will desire 10 sell.
The controlling interests in Standard Oil
| therefore. are expected To he the dominant
interests in the concerns which for year,
have been dominated by the Standard OF
Company Of New Jersey. and although
! these companies are prohibited from enter
| ing in the future into any agreements tend
ing 10 produce or bring about further VIC.
/ lations Of the sherman Law. il is naturally
n he supposed that they will he operated
! in harmony with tho New Jersey COMPANY
| while competing for business as agains
one another. Just &c railroads under 2
| Community Of interest understanding are
/ active competitors with one another and
that the enforced separation will result in
no decided advantage to the independent
| oil companies.
| Standard oil. which for the last sy wears
| has paid ~ Per cent annual dividends
opened Yesterday at COS and closed at $50
the high NJ the day points above Satur
DAVIS final figure. The sales were ninety
shares II touched 3io in the panic OF
| | 9o7. IFS lowest since its organization in
1899 Tho high record of $40 was made
! in 1907. in which wear the dividends
| amounted n ~ per cent
The stock was ruling around $50 IN the
middle ~ Nav. when the Supreme Court
banded down its decision. and advanced tc
SIS IN rho news. which vas well received
| by the fnancisl district because Of the al.
plicatior Of tho rule Of reason by The
| court