The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1902-07-15

the oil company. The NTH floor carries
a amehey, sn rooms SO that there VIII be
~
The Manhattan Oil company today >.
ceived the lumber at the field which ,s -.
oe used Tor the purpose Of installing the
walking beam pumping outfit which WIN
he used on both their wells The com
pany is making other extensive Improve.
ments also that will give them better IA.
eintiss Tor handling the Increasing de.
The following was handed The Post cor.
respondent today by j. H. Bright, general
manager Of the German.Am ericau OH com.
pany.
In your issue Of today occurs the fol.
lowing paragraph Tue German. American
Oll company OF Texas had recorded yester.
I cay against all their property on Spindle
4Ip, at SoIsicana, Sour Lake and else
where deed of trnst dated April T., 1907
maturing In six months, to Major H. e.
stribbiing, for $4,000. Owing to lack of.
transportation and other causes this COM
pahy mas not been able to market much OF
It's product and their stock mas gradually
declined from 81 per share, par, TO offerings
at ~ cents and no sale. The capital stock
WA, was NVoo.oo. about one-half of which
| Nos s'iu uuIlLE Tue Doom DAYS at 30 cents
| on the dollar. The outlook for stockholders
| Is not encouraging
The recitation therein, as an Item of
news, OF the filing of a $4,000 mortgage
| executed by the German-American OH com
| pany to I. c. Stribllng is proper but the
further voluntary comments are gratuitous
| misleading aud calculated to seriously i'm
PAIR the credit of this company, Interfere
| with It's business and work lrreparable in
! jury to its stockholders.
! we trust therefore that you will give
| equai prominence to this correction The
incts are that, ut the time the stock of the
| company was selling at pa., its total cap
| ltalization was just one-half the present
| hence 80 cents on the dollar on the present
! stock Is equivalent to par ON the former
capitalization. No stock belonging to the
| company has ever been sold for less In
order thai our stockholders. who are wide
| ~ scattered, both in this country and
abroad may not become alarmed or be
misled by your publication, it is deemed
proper to briefly state the facts, viz:
| AS stated by You the mortgage was
| given several months since. and has been
and is still held by the original mort gagee,
! who Is vice president and large stock
! holder of the company, who from Its first
| inception, has been actively devoted to the
! affairs of the company.
Negotiations are now pending for the
sale of II large block of stock to a strong
| syndicate which has been incidentally IN
| duced to consider the concurrent purchase,
before maturity of Major Striblings mort
| gage; hence IL became necessary to record
the mortgage fin order that the agent Of
| the purchasing syndicate might carry back
with him complete official record Of all
| corporate affairs.
| I'VE beg further to correct the statement
that this company has been unable to sell
! much of It's product ewing 80 lack of trans
portaton facilities, 1t Is 4 fact that we
are making prompt shipments upon orders
accepted by us; it Is also fact, however,
that we have recently refused to I'LL nu-
merous orders because the price ohered
| was not attractive.
'Our tanks at Corsicana, from which
| constant shipments are made ana or 80
000barrcl reservoir 2t Beaumont are kept
I full; our bills are all paid when due anu
| we maintain balance In the bank, so that
it has been unnecessary for the corpora ton
| 10 sacrifice the interests Of the stockholI,
crs by entering the scramh'e tu sen or
| nj much cheaper price than IT'S actha
value or even Mt less than cost OF produc
ton. as has been done In many instances
AS to your concluding statement, Tue
outlook for stockholders Is not encourag,hE,
,hc reverse is considered by the manage.
mcnt to he the fact, although we are NOT
conducting our business with brass paha
accompaniment.
Secretary Childress Of the oil exchange
has sent out a number of invitations today
To the prominent men of Orange and Port
Arthur to MIR. Coopcr's reception and VIII
expect replies from them tomorrow and tue
r'net elaborate one and will surpass any
i Thing ever ever given here. The opening viii
take place at $50 Thursday. evening ana
ali the distinguished guests have signiheu
their intention of being here
\ y \
The Penman Steel AMI Iron Works should
begin BURNING out material from the Beau
| mon nlant by the first Of next week.