New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-02-04
OIL MILLIONS DEALT OUT
Extra Distribution of $39, 1885,.
800 by Standard.
REPRESENTS LOANS REPAID
OF Moneys Returned to Parent
Corporation j. D. Rookie.
teller Gets $10,000,000.

In line with the action of other oil nro.
ducing companies which were a mar, y,
the great Standard Oil combination. and
which have distributed millions to stock.
holders since dissolution was ordered n,
the United States Supreme Court in Nav
1911, the Standard OIL Company OF Non
Jersey yesterday declared an extra dis
tribution of $40 a share, which amounts
to 500, 49, 800. OF this amount John n
Rockefeller will receive nearly slOOOo nm
as he holds about one-quarter OF the com.
paDy's outstanding s9s. 33s. 1852 capital stock
This enormous dividend is payabls
February 10 TO stockholders OF record on
February T. The officers OF the companv
made Il plain that the distribution is an
extraordinary one and has no bearing on
the regular quarterly per cent dividends
which have been paid since the dissolution
was ordered. IL is said that the New
Jersey company is simply getting back
loans made prior to the dissolution. Here
is the official explanation
A distribution OF $40 per share has this
day been ordered on the capital stock OF
this company. payable on the 18th day OF
February, 1913. to stockholders of record
at the close OF business on the 7th day OF
February. 1873
The explanation which follows is made
so that the stockholders Of the company
may be advised of and clearly under
stand the circumstances on which this
action is based. Prior TO and at the time
OF the distribution OF the stocks OF the
so-caled subsidiaries Of this company. In
obedience 10 the decree in the case of the
United States against the Standard Oil
fof No nd
many OF the subsidiary companies owed
this company large sums Of money.
The policy OF requesting the payment
Of these sums as speedily as possible was
adopted by this company on the advice OF
counsel. in obedience 10 what was deemed
TO be the spirit of that decree. Complying
with this request. those companies have
made payments from time 10 time as they
were able TO do so from moneys raised By
the realization Of assets or the increase
OF their capital stock. The result OF these
payments Is the accumulation OF fund
in the hands of this company from which
the distribution that has been ordered
may be made without impairng the CON-
pany's capital,
Other former Standard OIL subsidiaries
which have paid of their loans 10 the
parent company in the past year In the
form of extra cash distributions are the
Vacuum OH company, Nc'-"o'VV'f swan"
e. Finch. s23S.44s. and the Standard oil
COMPANY OF California. about Slo.0OO0O0
II is also said that the Standard Oil Com
many OF New York may have liqudated
loans TO the extent Of approximately ~
OOO. 900. IL is estimated that the amount
collected by the New Jersey corporation
from its former subsidiaries since the dis
solution will approximate s50.o0O,Ooo
Immediately following the announce
mont OF the extra disbursement the stock.
which is listed on the curb. jumped from
43C 10 AS on a few sales, but finally re-
acted 10 434.
II was announced that the Con'incna'
oil COMPANY. which was also a form
standard oil subsidiary, at a stockhold-
crs' meeting on March 8. will call for rs
dissolution Officials at No. 26 Broadway
refused to offer any explanation Of Oh,
nroposaI. but il was reported that the
business of the company may De taken
over by the Standard Oil Company OF
Kansas or the Standard oil COMPANY OF
Kentucky. II was also suggested ihat
,he dissolution is in the nature Of teen
meal step 10 permit an increase IN capt
tai stock and thus open the way for an
other issue Of new stock.