New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-12-05
Oil Producers
Selling Output
At Record Price
Dividends Of Standard Oil
Subsidiaries This Year
$1OO,OOO,000

The Pennsylvania grade of crude oil
Yesterday was advanced % cents bar
rel, to 1915, the highest quotation since
1876. when crude oil sold at S''Z3'
Other grades of crude advanced IN pro-
portion.
CONSUMPTION of crude oil is now eX-
ceeding production at the rate OF 20
100000 barrels year. THIS IS gwen
as the principal reason for the advance
Leaders in the petroleum industry re-
gard the situation with increasing I'M
easiness in view Of the fact that the
Governments plans in the war call for
the use Of even greater quantities Oh
netroleum and its products than have
been used heretofore. A bulletin just
issued shows that in the nine months
ended September so reserve stocks Oh
crude oil decreased $4,000 barrels
oomnared with decrease of slightly
marc than 5000 900 barrels in the cor
responding period Of 1916.
Price Fixing Not Expected
In the oil trade the latest price ad-
,orco il considered especially signiil-
cant. inasmuch as it is thought 10
indicate that the programme OF price
Giving nv the government will probably
not be extended to the oil industry LOT
some time 70 come. 1t is believed that
instead every effort will be made to
stimulate production. There has been
q fixed price at which oil is sold to the
navy. but it is the opinion Of the trade
that this is as far as regulation VIII
60. for the time being, at least.
Under modern methods of produe-
tion the current price of Pennsylvania
crude ia quite extraordinary. In 1853,
when crude oil was something new, u
sold AZ 500 a barrel, but AS production
increased and the Civil War came on
i dropped TO 10 cents barrel IN lool'
Subsequently the price huctuated pc
tween IS and so cents down TO 1880
In 1914. before the war broke OUT
PENNSYLVANIA crude was selling at SZ'oV.
4 wear ago il stood at $3.50.
Leading producing and distributing
companies with few exceptions are en-
loving increased prosperity, WIN 'he
continual rise in the price OF crude OIL
and its products.
Huge Standard Oil Dividends
The prosperity of the Standard Oil
subsidiaries is shown by the dlsburse-
ment of cash dividends so far this year
of approximately Si00,000,0 600, according
TO the latest Wall Street compilation.
With the payment of that amount IL
is estimated that since the splitting up
OF the old Standard Oil Company OF
New Jersey, in 1912, the subsidiaries
operatine independently have returned
10 their stockholders in excess of
500 900 900 i'm cash and stock dlvl-
dends, according to the latest Wall
Street compilation.
In cash dividends alone the various
former Standard Oil subsidiaries have
paid total of S484,263, 900, while in
stock dividends the total has been $3.50,
OO,OOO. Rights to subscribe to new
stock have had a value of SAL 100000
under independent operation paid SOL
7s6. 634 in cash. Subsequent payments
were S1O7, 95,36l in 1913, 500, 692,SS4 in
1914. $50 ,4O1 ,204 in 1915 and S9S,627,-
SIS in 1916. In 1911, before the disso.-
luton, the Standard Oil Company of
New Jersey paid S26,o00,OOO in divi-
dends.
One of the large capital increases out
of which big stock dividends were dis
tributed was that Of sl,OOO,OOO to $780,
100000 in 1912, by the Standard Oii
Company of Indiana. The Vacuum Oil
Company gave it's security holders Sl2,-
500. 600 in stock In 1913 the Standard
Oil Company of New York distributed
SEQ. 100000 in stock, while in subse-
quent years the Standard Oil Company
of California has given its stockholders
approximately s1OO,000,OOO in the form
of stock dividends.