Tulsa daily world. [volume] (Tulsa, Indian Territory [Okla.]) 1905-1919, 1917-01-02
from slo 10 ,l05 from tboIr low TO

been pnid by the standard on group
the amount exceeding that paid II
/ 1915 by over {3O. 100000 Thc earn
/ inps at tho present time are oaiimnto,
/ to bee largest IN the history Of TIM
group as a whoIo, greatly cNcocdiul
those OF the parent company in M
best years paying double the nunud
dividends pold by the standard ON ol
Sow Jersey prior 10 its dissolution
which In the face of the largest and
strongest independent competition the
standard OH company ever had - the
strongest evidence of the gront cA.
mu.iuu of the uil industry
During the year % number ~ tho
standard Oh group show changes
from low to high points ranging from
50 lu fi95 per share. over half the
ll5t-. showing changes Of over 800.
showing good speculative opportuni-
ucN During the year past there has
been bat little change IN capitalIzn-
tiou of this group, but 1917 viii Sc"
changes in South Penn on increasing
from tl2.5UO. 600 o. t2O.OOO.OOO ONO
on from tl5.OOO.OO 10 500. OOO, 900.
with probable increases IN standard
on of Indiana. Atlantic Refining.
standard on Of New Jersey and
standard on Of Kentucky. ana prob
ably Aurlo-Amcriclu II peace Is dc
clarcd, an of which. Judging from the
surplus accounts uf the different
companies. should come as stock diyi.
dcnds
The expansion of the standard on
Of Sew Jersey into the western pro-
duciug fields ana the ONO on com
pauy IN Wyoming and Kansas. the
extension of the charter of the stand
ard on Of Kansas 10 allow n 10 hold
producing properties and own pipe
lines ls q strong indication that the
center of the oil business has moved
westward and that rcfincrirs rccog
ni2c the Importance Of crude supply
to protect their. Investment
While the majority OF the pipe line
HyWcmH haVo discovered an Increased
amount of oil over 1915, the eastern
group do not look as attractive for the
future ass the western lines which
originate their otl ana get both the
field earnings ana largest single haul
Illinois PIPE Line viii be the gather
ing line in wyoming and Montana.
while the eastern lines face "a de
clining field earnings ana eventually
their earnings viii hc largely from
trunk line or thru business Cumbcr.
land Pipe Line. while having "a new
lease OF life and increased business.
but VIII be forced to rcinvcst large
amount Of money I'm new additions To
plant and current prices discounts the
present developments In sight.
Tho refining companies have had
very prosperous year, with low-priccd
crudc iu their favor Those who Sc
cured stock of crude on the decline
have an excellent prospect for large
earnings I'm 1914. as from present out
look they viii all bc busy II they can
secure sufficient oil to supply their
capacities.
Producing companies should have
large earnings IN 1917. as crude
prices Will probably range higher
than any time during the past twenty
years. Those companies that have
both production and refining VIII also
enjoy largo earnings
More oil companies Of AN kinds
were uiEauiard during 1916 than at
any tiuic IN past H. years \ number
were formed with ample capital.
energetic management and business
organization which have not only
paid handsome dividends. but have
largely increased their plants and
business
AZ this writing with no fields in
sight that promises large production
Montana, whore they are handicapped
10y lack of pipe line connection east.
and Mexico. which suffers from un-
Suiilci'nt water transportation with
the consumption exceeding present
production and stocks on hand being
drawn ON to supply the demand. it
looks as II 1917 would sec the highest
prices for crude that have been paid
I'M years and oil securities Will be af-
fcctcd upwards Mexican oil may
havo some restraining influence ON
crude prices II transportation can be
secured. as the light gravity oils OF
Mexico Will produce products equal
To the products of many of the light
oils of the United States. the smaller
receivable percentages Of Mexican
crudc being overcome by the larger
wells. the smaller production cN-
pcnscs and the lasting qualities " the
wells This fact is recognized by
many of the large refining companies
of this country who have during the
past year enlarged their Mexican
holdings at prices that would have
seemed fabulous not many years ago.
The reports from the eastern bat
tie front of Europe indicates that the
damage to the wells in the Galiciau
ANA l,umauldu fields will nCccsSitatc
the practical rcdriiliug Of those and
before production can hc brought
back to normal This will mean that
for At least two Years after the war
the Russian fields Will he the only
serious competitors to American
crude near the European markets