The Birmingham age-herald., 1919-03-15
AN UNMATCHED GIFT

n us, osa who are fortunate enough to own
 stock in the Texas and Pacific Coal and Oil company are to receive. if they choose
 to take advantage of the offer, new stock
 for which they will be obliged to pay only a small part of the market price This corporation, whose career has peeH one of the most romantic and peculiar of any associated with oil production is about to increase it's capital stock by $i,- 900 GOO. It is to offer to give to stock holders as many of the new shares as they already hold. That is to say, 1T stockholder has 10 shares he can receive 10 shares of the new stock by paylns
 slOO a share for it. The latest quoted pio is s15O0. Therefore this proposition looks like a gift the equivalent of $l40O to the holders of the stock. Nothing like thia was ever known excepting possibly Tn one or two of the fabulously rich gold and silver mining corporations
 Undoubtedly the stockholders are figur- ing mon what they can get If they dis nose of their rights. One estimate IS that they may sell their rights for Sz4o
 for each share If that estimate De COT
 rect then whoever buys 10 shares Tor ex-
 ample, would receive sz4" II no e"ieu W
 sell his right.
 Those stockholders who gave heed to
 tho warning of President Marston when
 bids for this stock began to Jump rom
 about $50 a share up to $500 or $500
 share will undoubtedly be gratified ana
 will hold President Marston in high es-
 teem. Almost all of them did heed thls
 advice. He earnestly counselled them
 both by circular letter and by advertise
 ment not to part with their stock no
 matter what bids might be made for It.
 Sipce he thus advertised, the bids for the
 stock have advanced until one quotauon
 of an offer of S17O0 share was maoe' Of course if stockholders sold their stock
 at these advanced prices they would not
 receive the full amount of the advance. for the government would step in ana fake a considerable amount of it as ex- cess profits
 Tn days that have passed there were men at the head of corporations who had private information respecting the increased value of the property who kept that information to themselves and thef n;cked LID all the stock they could Pres ;dent Marston. however, was convinced that the stockholders in his corporation sbould share whatever gains were made bv reason of the unexpected discovery of vast resources in oil underneath lanc which the corporation had secured Tor the purpose of increasing it's coal mn irE interests.
 l Some of the experts believe that thera ,a,,ain to be exploited or discovred vast resources of petroleum in the district stretching from western Kansas and OK lahoma through Texas to the Mexican houndary line. If there does come in- creased production, then those who are leaders in the oil industry will greatly raioice. because there still remains the anprehension that unless our oil resources arc enlarged we shall gradually ex- baIst our supplies so that within ~ years we may be compelled to import enormous quantities of oil. That would involve an almost unexampled change in the international trade in one of our re- sources For in the past we have ex- norted oil in enormous quantities. where as if now we are compelled to import we shall be in danger of losing that bioblv advantageous foreign trade.