Montana oil and mining journal. [volume] (Great Falls, Mont.) 1931-1953, 1933-03-04
o. PEETZ,
Milwaukee,, Wise.
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Those Of us who look upon the stock market the al
pha and Of all business can see more significance the
average week. than in the apparent working Of
the law Of supply and demand.
1t is fact that Standard Of New Jersey omitted the
EXTRA dividend payment the regular dividend Of %
per share will be paid March l5 to stock OF record
February Is.
Ohio Oil company, New Jersey subsidiary, likewise
passed its dividend but the preferred stock dividend
of be paid March 15 The Ohio passed it's dividends
three years ALSO but put the money to work IN purcha
ing bargainsale properties
Standard of Indiana has declared regular dividend of
rs cents per share.
Standard Of California will pay its regular dividend of
so cents per share
Imperial Oil Co, Ltd, viii pay its regular dividend of
IL IL per share March l.
Pan American Petroleum and Transport Co. heads declared
regular dividends both common and preferred stocks
each amounting to 20 cents per share.
Seaboard Oil Company of Delaware showed earnings for
1882 equivalent to 70 cents share against 10 cents share
in 1881.
Phillips Petroleum company had an operating profit of
Union Oil of California declared regular dividends
Smms Petroleum resumed payment of dividends COM
stock January The last former dividend in Sep
TENDER, 1890.
There few representative oil companies which did
fare better 1892 than 1884, despite the fact that other
lines of business showed decline and notably the
stock market which ruled by passions and prejudice rah
than the law of supply and demand.
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If there any who proof that the American oil
industry stable let him realize what East Texas would
have done to the industry in most prosperous year.
East Texas production INCREASED during 1892 to 1901
million barrels.
The number Of producing wells in East Texas increased
from $500 January 1 to $500 December 81, 1888
total of 1044 oil wells completed in the entire
United States during the year50O wells in East Texas and
only 4,540 elsewhere
Yet in spite of this record-breakng development and
production of East Texas what happened:
Total oil production in the United States 49, 600
barrels LESS than the consumption At the time
fuel stocks 100000 barrels less at the end Of the
than at the beginning.
We need argue about the ndustrys basic soundne
for the figures of the United States Bureau of Mines for 1882
conclusive.
These favorable factors involved remarkably wellsus
tanned demand for all petroleum in 1882 the earlier years
Of the depression particularly encouraging holdngup of
markets for motor fuels and unusually effective restrc
ton OF crude oil production and refining operations market
requirements
Both output of crude oil and production Of gasoline
held below actual consumption making possible substantial
withdrawal from stocks of the material and
a slight cuting-down of gasoline stocks.
That reduction Of stocks accomplished not only in
spite Of declining demand but also the face Of material
increase drilling and the existence of unprecedented crude
ell producing capacity
In practically every respect therefore, 1882 year
which should have given great encouragement exceptionally
wesustaned demand being bolered by effectiveness adj
justng supply to the demand
The cause Of the trouble in which the industry finds
itself Is lawbreang violation of proraton laws
6 gasoline taxes which have undermined the markets Of crude
and gasoline and these price would except
the big producers and marketers inclined lay