The Birmingham age-herald., 1920-03-25
FINANCING FOR
 OIL EXTENSIONS
By HOLLAND

New York. March e4-(Special)-On of the largest corporations in the world whose business is the production. re- lining and distribution of petroleum and it's products decided few days ago to issue ss50Oo,oo0 in three-year 7-per cent sinking-fund gold notes The mere fact that at this time such an issue is made is one of the evidences of the magni- tude of the oil industry as 1t exists to- day. A. C. Bedford recently stated that it is now almost rival of steel as an essential industry.
 This company is especially fortunate because it's oil properties are situated so near deep water that pipe lines not longer than fifteen miles have hitherto been all that was necessary to carry the oil from the refineries to the tank CTS. But it is observed that the com pany is issuing these notes for the pur- pose of extending oil properties and en- larging refineries, building or buying tankers and laying new pipe lines. Therefore it's managers must be contem- plating extension of its producing fields somewhat into the interior
 There was no difficulty about the un- derwriting of these notes. but somewhat interesting incident is. associated with the
 
 syndicate. On the evening of the Gay when announcement was made of the underwriting of these notes telephones were called into use, their service ex- tending over many parts of the city Those who answered the telephones fQind that they were in communication v8th bankers or managers of the un- derwriting syndicate. They were asked if they would exchange their bonds for these notes. But how was it known that these men were owners of the bonds of this company The information must have been received by the bankers at first hand and immediately. The inci- dent shows in what close touch bankers and members of underwriting syndicaf es are with sources of information which will disclose who the owners of bonds are. Of course 1t is not difficult to ob- tain the list of stockholders but bond ownership is different Somewhat puzzled as to the source of information nevertheless some, perhaps many. of the bond-holders have agreed to exchange their bonds for these notes, finding temptation in the proposition. There seems to be investing money in plenty if strong temptation can be offered to investors
 AT ALBANY AND IN NEW YORK
 While legislators in Albany are con sidering whether or not they shall adopt measures which would permit the sale of beer or light wines containing per haps not in excess of two-fixhs per cent of alcohol the managers of the ho- tels and restaurants of New York are meeting the prohibition problem in an other way. For instance the manager of one of the largest of the New Ycrk hotels situated in the new hotel district said this morning that the average earn force of this hotel from the sale of wines, liquors and the receipts of three barrooms in the hotel was $2,0O0,000 a year. He went so far as to say that 70 per cent of this was net profit. That revenue he said is now lost and there is little hope that it can be recovered,
 If one of the fashionable hotels is able to report that it received two million do- lars a year for the sale of wine and liquors probably many others would, if asked, make like reports. Therefore the total receipts of the New York hotels and restaurants up to the day of prohi- bition from sales over the bars and from table service of wine must have been in the aggregate many millions of dollars. But this lost revenue must be made up and it is now partly covered by in- creased economies, but chiefly by largely increased charges to the guests of the hotel
 A CHURCH CLUBHOUSE
 In the eastern part of the city in dis trict which Thirty-fourth street and Sec