The San Francisco call., 1913-10-01
PALMER OIL men !.
! FIGHT DIRECTORS.
Seek interest in Stock and
Bonds of Absorbing
Corporation

There is merry war in prospect be-
tween the stock holders OF the old
Palmer Oil company and the directors
of the. Palmer. Union Oil company.
The latter corporation absorbed the
former and some of the holders of
stock In the absorbed company claim
that certain bonds and stocks OF the
absorbing company that were prom
ised them have never been distrib-,
uted. SO the protesting stock holders
of the original company have formed
a minority stock holders committee,r
with J. j. Won Loben Sells as secretarysS
and say they win institute actioF
against the directors of the Palmer
Union company. On
Oil company said Mr.. Sells today.
we were entitled to have distributed
to us. In October, 1911. our pro rata
equal amount of common stock of the (.
Palmer Union Oil company. We have
never received any interest In siIi-
gle one of these bonds or shares Of,
turn in our interests as stock holds
ers in the Palmer Oil company to thee
Palmer Union Oil company and rev
ceive therefor proportionate sharese
of stock coupled with the privilege Of
paying an assessment. on the same-1le
an assessment which became delin-
Quent September 25, and for nonpayT
ment of which our stock thus ae7s
I'VE are advised that the transacry
ton depriving us of our interest Ia =
the bonds and common stock Is void
able, and that by instituting an action
against the directors as trustees OF
the late Palmer Oil company, and
against the Palmer Union Oil com
pany. we can obtain our interest IN
these bonds and stocks. We have
formed an Organization to secure our
rights and are about to commence a.
tion in the courts"
Total dividend and interest dis
bursements for October, 1913, are es-
timated by Dow, Jones & Co. at $780,,
000, 900. as compared with $160,7o6.-
172 last year. Up to the present time
dividends declared payable this month
by New York city banks and trust
companies and the. various corpora
tions Of the United States aggregate
sson q ssssa 'fas
able in October on the bonds of rail-
road. industrial and miscellaneous
companies. as well as those of cities:
States and the government debt totals
$6S,59O,047. The total of bonds of
every class outstanding upon which
this interest is payable is s3.524,544.-'
$50. -
Perhaps the severest criticism yet.
passed upon the pending currency
measure Is that Of Henry Ciews, the
noted New York banker. In his finans
cia1 letter, received in this city today,
Mr.. Clews says in part.
The new currency bill Is complex and in
many respects will prove difficult measure to-
place in practical operation 1t contemplates
radical change In American methods Of doing
business and the substitution therefor OF trade
conditions that have grown up hand In haDd
with the antiquated systems OF Europe. In
deed, do not believe that the Bank Of Eng.
land could be re-established today II for any
reason there had been lapse ia Its existence.
1t is of course well established and so we'll
managed that 1t probably will endure forever.
But that is not argument that we should
attempt to provide either GENITAL bank or
federation OF central banks in our own -coun =
try. am not of those who believe thaf
the regional system Will prove effective in.
spreading the financial center throughout the
country. In practice the regional bank at New
York will become the dominating bank. As
long New York Is to remain the financial
center of the country it will set the pace or
name the conditions that WILL prevail and be
followed elsewhere. 81