The Birmingham age-herald., 1913-05-25

eminent gentlemen are struggling desper-
ately for position at the head of the
ranks. 1t may take panic to develop
a colossal figure In the western finan-
cial world. Candidates for the honor are
not confined alone to New York. Chica-
go, st. Louis, Philadelphia and Boston
have men they think could go to the front
and stay there If they only had the
chance. The present affords a great op-
portunity for the development of a SUI
preme financial genius His appearance
would be welcomed None of the secon-
dary class need apply. Candidates must
be prepared to submit to the sternes.
acid tests
The process of reorganizing and read
justne the "a subsidiary companies of the
old Standard Oil trust is approaching a
close. The parent company had share
capital of Approximately 100000 600. The
stock in all OF them was owned in en-
tirety by the Rockefeller corporation and
its distribution and reorganiza ton has
been an exceedingly complicated piece Of
work. There has been a general enlarge
ment of capital in the smaller companies
and a distribution among the sharehold-
ers of large accumulations of profit which
had been allowed to remain in the treas
uries. The dissolution of the parent conf
pany took place in December, 1911. just
about a year and half ago. Since that
disruption, so-called, there have been
paid out in cash dividends about SIPS 900 900
in cash and more than that in the way of
new stock issues Before the readjust-
ment is completed there will be afioat
about $500.000,000 of share capitlization, or
an increase of about 400 per cent. 1t is
declared by the insiders that the ultimate
purpose is to so arrange the capital that
1t will pay u per cent on the aggregate
issues and command a standard market
value of around 200, thus making a net re-
turn of 6 per cent on a $1,000, 900 600 in
vestment
Speculation in Standard Oil
The astounding speculation that has
been going on for a year or more in the
subsidiary Standard Oil stocks and in
the parent stock too. for that matter, has
resulted in a weird convulson in quota
tions. The commotion has excited the en-
tire public and transactions have mounted
into stupendous totals. Insiders have
taken advantage of the excitement to
unload prodigiously. 1t is admitted by
insiders that they have sold heavily Of
their holdings on the uprising in prices
one apparently efficient estimate is that
outsiders have absorbed more than the
majority of the varied issues. but this is
doubted. 1t is declared earnestly. how
ever that the number of new stockhold-
ers is more than 100000. They must have
got the shares from the insiders. No
body else had them. Skeptical people are
saying that stock which Standard Oil in
siders will sell is a good thing to keep
out of. Few of them have been notorious
for the particular brand of benevolence
involving self sacrifice of that sort.
There is real founda tion to the petrolueIn
Industry. American production has
reached the total of about 900, 100000 bar
rels. for which the public pays probably
not less than $oOOo00.o0O every year 1t is
the announced purpose of the controlling
interests to keep the share capitalization
of the "a companies down to about actual