Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-04-04
OIL FIRMS PROFITS
COVER WIDE RANGE

Y Il
Special Dispatch to The Star.
NEW YORK, April 4.-The price of
each oil stock varies according to the
character Of the company'S business.
Thus the straight producing companies
vary more widely than those companies
which also transport, refine and sell pc
troleum products.
BarnsdalI.
The Barnsdall Corporation was formed
In 1919 to take over the securities, prop
critics and obligations of T. N. Barns
dali after his death. The company holds
an interest In many relatively small
companies which are principally en-
gagged in purchasing, leasing and ex-
plotting oil lands. 1t produces large
what interested in gold, silver, silica
and zinc mining.
Barnsdall is fairly typical Of those oil
companies whose futures vary with the
discovery Of new oil pools. The biggest
strike, the discovery Of the Seminole
pool in Oklahoma, sent the price of It's
stock from 10 to 35 during the time the
properties were being developed At the
same time earnings rose from IA cents a
share TO $5.25 during the peak year Of
the boom. The company's cash position
has improved during the past year and
all bank loans are repaid. The stock
has averaged only $2.47 In earnings for
the past seven years, and although earn
ings for last year should exceed this
average slightly and increase even more
in 1929, Barnsdall must be considered
speculative, along with other companies
concentrating on production Of oil.
Tidewater Associated
The Tidewater Associated Oil Co.
was formed in 1926 to hold controlling
interests in the Tidewater Oil Co. op-
Grating In the Midcontinent and East
ern fields, and the Associated on Co.,
operating on the West Coast Both
companies produce, transport, refine
and sell petroleum products. The hold
ing company now owns 78 per cent of
Tidewater and 81 per cent of Asso-
ciated common stock. The latest re-
port OF the company shows conditions
to have been greatly improved. Earn
ings reached SOL share In 1928.
Royal Dutch.
The Royal Dutch Co. was incor-
porated In the Netherlands In 1890.
Originally 1t did a local business in
the Dutch East Indies, but soon ex-
panded rapidly.
Royal Dutch has now, either through
wholly. or partially owned subsidiaries,
an interest in the production, refining
and distribution Of oil in many coun-
tries. About IS per cent of the COM
pany's oil is produced from its wells
in the United States, 20 per cent In
the East Indies and As per cent else
where, chiefly in Mexico, South Amer
lea, Russia and Rumania.
New York Shares"
From an American point of view, one
Of the most interesting subsidiaries of
Royal Dutch Is the Shell Union Co..
about 70 per cent of whose stock is
owned by the Royal Dutch and Shell
Transport interests. Shell Union, for
some time a leading producer and dis
tributor on the West Coast, has been
expanding rapidly throughout the coun-
try, lately moving into the South and
In the last few weeks along the At
lantic Seaboard.
While Royal Dutch probably will
always remain Dutch, and continue to
show its balance sheet in terms of
forms, a small proportion of its shares
have been brought to this country,
where they were divided into smaller
units and listed on the New York Stock
Exchange.
Like many other leading oil COM
panies, Royal Dutch is extremely con-
Sentative in its balance sheet figures.
It's total investments, for example. are
listed at 353 5000, 900 forms, or about
$40 900 900. while its interest in Shell
Union alone, disregarding other ex-
tensive properties, is probably worth
that amount.