Evening star., 1924-12-31
Curb Market Fully Justifies
Utility for AU Kinds of Issues
No Longer InvariabIe Custom to Shift
Securities to Ne,U York Stock
Exchange for Prestige.

make itself felt in the Spring and
early Summer, and was not wholly
eliminated until late in September.
Outlook Brighter for Next Year.
AS the year draws to a close the
outlook for the oil industry is con-
siderably brighter, but this so far
has not been reflected in the market
for oil stocks. Their failure to Join
in the bull movement" started i'm
mediately after election day is attrib
uted to uncertainty concerning the
future price policy. This situation,
however, cannot be overcome by the
independent companies and appears
to be due principally to failure OF
officials in high quarters to agree
upon this question. What the oil
stocks will do in the future depends
almost entirely upon the action taken
by leading company officials concern
ing prices, and what this ultimately
will be still remains a question.
Prairie Oil and Gas, the largest of
the mid-continent refiners, is quoted
today above 5000 a. share, where il
compares with 1864 on the first day of
1924. Standard OIL of Indiana, one of
the most active of the popular priced
so-called Standard Oils, is selling
some 10 points lower as compared
with earlier in the year, while Stand
ard of Kentucky at 35 compares with
Az, the price at which it was quoted
on the first day of 1924.
Blames Companies Themselves.
President Walter C. Teagle of the
Standard Oil Co. of New Jersey, in his
remarks before the annual meeting
Of the American Petroleum Institute,
late in December, said: I'm my opin-
ion we are nearer the high road of re
l.
ly that most of our troubles are Of
our own making; that we are all IN
varying degree responsible, the larger
companies, including the one I repre-
sent, perhaps in greater proDortionate
degree-that none of US is able to say
told you So and that OF us all the
producer Of crude is perhaps the least
to blame"
The one group of Independent oil
companies whose shares have become
increasingly prominent in the past
year are those operating in the Mara
caibo Basin Of Venezuela. Included
among those are Gulf OIL, Lago Petro-
leum, Creole Syndicate, Venezuelan
Petroleum and Maracaibo Oil. all with
the exception of the last named being
dealt in on the Curb Exchange. While
the price Improvement in most in
stances has been nothing sensational.
their recent action has been cause for
considerable comment in oil quarters.
The main difficulty that these com
panies have had 10 face in the past
has been the problem of transporta-
tion, but this is gradually being over
come and the shipments from this
pool have increased substantially in
the later months of 1924.
The Gulf Oil Co.'S production is now
being moved in combination steel
barge and tug outfits to their ter
minal on Los Piedras Bay. off the
west coast Of Paraguana Peninsula,
where a permanent ocean-loading
terminal is being built. The CONNER
cial development of the Venezuelan
oil fields can be said to date from
January 1, 1923. The manner in which
development work has progressed is
cause for belief that these stocks will
come in for more attention in the
near future.
Price of Curb Seats Doubled.
The number Of securities traded in
up to November 26, 1924, on the New
York Curb Exchange were 1885 indi-
vidual stocks, 119 domestic bonds and
42 foreign bonds. During the year a
number of these were dropped owing
to the failure of the companies to live
up to the requirements of the Curb.
This meant principally inability 10
submit financial statements. From
January 9, 1924, to November 26, 81
associate members and 81 regular
members were admitted
On January seats on the New York
Curb Market could be purchased for
$4,000. Today they are not obtainable
under $4,000. The establishment of a
clearing house similar to that of the
New York Stock Exchange has great
ly facilitated operations in this mar
ket and at the present time almost
200 stocks are being cleared
Copyright. 1924, by Consolidated Press Asso-
ciation.)