New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-01-03
STANDARD OIL STOCKS.

nh. stock of the Standard Oil Company
=, New Jersey Just before the decree OF
,;ssolution became effective on December
,o,t was selling at 500 share. Each
.tholder received shares in thirty-four
'r,napies and by September, 1912. Stand
"a ol Of New Jersey and subsidiaries en-
h,oc had advanced to the equivalent of
:, %, a share. At the close of the year
- we're selling at about $3.50 share.
several good reasons have been ad-
..,rced 10 account for the extensive rise
.Sot has taken place. In the first place,
;. ,,os fair 10 assume that the quotations
.,oh,iebcd shortly after the dissolution
- before dividends had commenced to
aoolared by the individual companies
80 entirely too conservative to he full
,,eaeure of the values of the stocks of
,bose companies. Accordingly, therefore,
,.,ces were bound to advance automat-
aauv through purchases by people more
- Iees familiar with the affairs Of each
,nd,vidual company. In this connection
nI~o n &c 10 he borne in mind that the
to of standard Oil old stock for
20, many years had been depressed
',.orgb fear Of the possible results of the
constant government prosecution. The
a,ssolution came then as measure or re-
No, or as an indication that for time
:, last business could be pursued undis-
.n-bad within the limits defined by the
.o,rts Perhaps however. the most I'M
,ortant factor making for higher stock
rrlces since higher prices were also en-
i,,ed nv the securities OF companies out
IAN the standard system, has been the
sr.roordinarv prosperity of the oil bust
zee The multiplicity Of uses 70 whlch
netroleun and its products are oeins put
has tremendously increased the demand
r,o a point where production finds II oii-
4oult 70 keep pace. The price OF Pennsyl-
yar,a crude oil advanced from 81 80
,ar,s1 IN December. 1911 TO 81 e5 barrel
g. nscember, 1912, and advances varying
from 80 cents 10 10 cents barrel nave
occurred during the same period in other
qualities and grades OF crude OIL
, email part OF the advance in price OF
,ha stocks en- bloc is. of course. repre-
sented by the amounts subscribed al par
nv stockholders for new stock issues maze
bv the Vacuum. Swan & Finch and stand
ard on of California companies. Ihese
three subscriptions were equivalent 10
GAS a share on each share oil the Oh"
Standard Oil stock.
Other capital changes. which, however
bed no effect on the intrinsic values. were
STOCK dividends of 300 per cent and S3i2
Der cent. respectively. declared by the
standard Oil Of Indiana and the standard
Oil Of Nebraska companies.
Many violent fluctuations in the prices
of the stocks of the subsidiary companies
occurred. The low prices of January were
doubled. trebled or quadrupled In some
cases in September or December.
Numerous cash dividends were declared
during the year. the total payment on all
the stocks being equivalent to S55 % on
each share of Standard Oil old stock
Generally speaking, the disbursements
were more liberal by the pipe line com
panies than by either the producing or
refining companies.
Though some doubt may exist as to the
intrinsic value Of the shares of some OF
the individual companies, since compare
lively few of them have issued any state
ment Of earnings or conditions. there Is
well defined feeling among people more
or less Intimately connected with the af-
fairs Of the former trust that the pres
ent advanced level OF prices measures
only in part the actual value Of the
Standard Oil aggregation. The year opens
with feeling of optimism in the oil busi-
ness and with an upward trend in crude
and refined petroleum and petroleum Sc
Curties GILBERT ELLIOTT &, co