The San Francisco call., 1913-10-13
NE VI SHELL ISSUES
To BUY OIL FIELDS
Capital Increased, Possibly to
Purchase General Petro-
leum and Union

In view of the activity in this state
of the ShelI-RoyaI Dutch petroleum
interests considerable Importance will
be attached locally to the news re-
eeived in San Francisco by cable from
London this morning to the effect that
the Shell Transport and Trading COM
pany has announced new issue of
10000 preference shares, par value flo,
to share holders in the proportion of
enc new share for every three shares
held. The company also has issued
367,964 fl ordinary shares at f3 Is to
snare holders in the proportion OF one
new share for every 10 shares held.
Under the terms of the -agreefnent
with the California Oilfieids, Ltd, the
Shell company is to furnish -ffths
OF the cash consideration of $2,00O,00t,
or SS00,000, and the Royal Dutch Pc
troleum company Will furnish three
fifth of the cash purchase price. The
issues Just announced will provide the
Shell company with close to $500, ,0O0.
What the company proposes TO DO
with this money is not known here,
but in view Of the fact that the
representatives of the Shell-Royal
Dutch interests have been inspecting !.
several California properties, il is not
unlikely that part of the new money
will be used in securing control of oil
properties in this state.
When the Shell-Royal Dutch people
TOOK over TIE properties o. the w. ~
and Turner Oil companies 10 days
ago. the foreign syndicate gave fur
ther evidence that it was in the Cali
fornia oil field to stay, and that II
producing and marketing oil in this .
state on a large scale.
OF all the AngIo-Dutch negotiations
most interest has been attached to the
pending deal for acquisition of the
General Petroleum company and
through it the control Of the Union Oil
company, with its distributing plant !
and equipment. The fact that +. de
Saba r., president of the General Pee,
troieum, has gone to London. presunl- ).
ably to discuss General Petroleum af-
Dutch officers, indicates that the con
summation of the deal may be only
question Of agreement on terms. Ac-
cording to general report the Anglo .
for control of General Petroleum, but
De Saba, previous to sailing from
New York. is said to have held out
for soc a share.
The Union oil company owns or has /.
under lease approximately 24O, 900
acres of oil lands and General Pc
troleum owns about $4,000 acres IN
this state and $4,000 acres in Mexico. 3
which would give the foreign COM :
bine control of nearly 100000 acres,
mostly in California.
A review Of Northern Pacific's re-
port for the year ended June 80, 1918,
shows surplus available for divi-
dends of S21 ,563 51S, equal TO S.69 per
cent on the S242,000,0 900 stock out
standing Last year 7.9S per cent was
earned on the same amount of stock.
Gross earnings increased s9,252, 1872. of
which $S,477164 was due TO larger
freight revenue. The tons of revenue
freight carried during the year to-
tailed 21 2S5,527. an increase of 1898,
552 tons over the year previous. Two
thirds of Northern Pacific's gain In
gross anHjfl0nal
operating expenses. For matnte-
nance of way and maintenance OF
equipment $3,65l.519 more was spent
than in the year before.
The annual report of the Rock
Island system for the year ended June
80. 1913. shows balance Of income,
after. an charges. Of S4,o5S;S55, equal
to Sal per cent on $75,000,000 capital
stock. OF this amount there was paid
out in dividends SS,743.525, leaving. a
against surpluses Of s106, 636 In 1912,
$I.511,766 in 1911 and $1,604 6O9 in
1910. Gross earnings for the last year
totaled sll.5649S5; an Increase Of
1912; gross revenue for 1911 was $685.
487.473. and for 1910 $50, 220.579. Net
revenue for 1913 was $1S,s60,S32,
against $17,953,359 in 1912, s19,431 100
in 1911 and s1S,151, 30 in 1910
E. H. Rollins & Sons Will offer ot-
morrow $55,000 per cent South San
Francisco sewer bonds at prices to
yield BIB per cent. Bonds are in de-
nominations of S100 $500 and $1,000.
They are dated August /. 1918, and
are due serialiy from 1914 to 1941,
inclusive This is the only debt out
standing against property assessed
for 81, f31, ,0S5
Transactions in oil stocks on the
San Francisco stock exchange for the
quarter ended September so, 1913, I
amounted to 1896 shares. as follows: