The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1921-12-29
Standard Oil Value
Up to S3,276,O27,243

The various units of the old stand
ard OIL company which was ordered
dissolved in 1911, will have com
pleted the first o years of indepen-
dent operation at the close OF the
current year. Since that time the
companies have distributed S923.-
344,79S in the form OF cash divi-
dends and the stock dividends dis
tributed have present market value
of s909.723,36s. or approximately
St4,00O,000 less than the cash divi-
dends. Only Is of the 80 companies
forming the old Standard group,
at the time Of the dissolution, are
represented in the list OF stock divi-
dend payers. Standard OIL company
of New Jersey, the parent of all
units, is not among them.
Combined market value of the
Standard oil units, calculated on
the selling prices on November 81,
1921, was s2,S63. .944,550. according
to Dow, Jones & Co., who have pub
lished a series of articles on the
growth OF the various companies in
the past decade. This valuation. IL
Is said, represents an enhancement
of $2.260. 916.41S over the aggregate
market value on December 10, 1911,
shortly before the first year of in
dependent operation. following the
supreme courts dissolution decree of
May II, 1911. The present market
value, however. does not represent
the peak selling price. as 1t is point
ed out that the various securities at
the highest prices recorded had n
market value of $3,276,027, ,243. This
total. however, represents the abso-
lutte high prices for common stock
only and does not include selling
price OF the new preferred stocks
and other issues.
Value Quadrupied In q Decade.
"Sucn an expansion in market
value over period of 10 years is
unprecedented in corporate history"
says the agency, 1T represents n
quadrupling of value in a decade.
Numerous interesting developments
marked this growth. The most
prominent is the expansion In the
value of Standard Oil refining and
marketing companies. Six COM
panies in the group. Atlantic Refin-
ing, Standard Oil of California, In
diana, New Jersey. New York and
Vacuum Oil, were responsible for the
major portion of the increase in
value"
In connection with the stock divi-
dend payments. 1t is pointed out that
the distributions were mainly by
companies engaged in the refining
and marketing branch of the indus
try. Three companies, the Indiana.
California and New York, distribute
ed stock having a combined' market
value at current prices of $69l, ,SSS,-
36S, or about rs per cent of the Valu-
alton OF all Standard OIL stock dis
tributions. Most valuable single
distribution was sG0,00O,0OO stock
payment in 1919, by Standard OIL OF
New York. This 400 per cent stock
dividend has a present market value
of $225, 100000.
1.-TWO other outstanding examples
OF enhanced market values are
Standard oil of Indiana and Califor-
nia," IL is further stated. The for
mer had but Sl,000.000 capital In
1911. selling for S24,000,00O, or
s2,i0O share. Subsequent stock
dividends and the exchange of some
of its stock for Midwest Refining
have raised the outstanding capital
to approximately 100000. This
stock, which has par value OF $40
as against 500 in 1911, is selling
today for $375,S40.000, representing