The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1921-12-17
Ticker Done

OShRt VII company,
controlled by the Tidal OIL com
pany, has entered into contract with
"a shortly stock holder of Magma.
under terms OF which. subject TO the
approval OF it's stockholders, not less
than $4,000 shares OF Magma oil g.
refining Co. stock will be acquired
In exchange for nonvoting common
stock OF the Tidal Usage OIL com
pany on a basis of seven shares of
Magma oil & Refining company
stock for one share of Tidal Usage
Oil stock. The proposed exchange Is
TO be at rate OF SIS a share for
Tidal Usage nonvoting stock and
s21 share for Magma stock. Magma
has 1900 barrels daily settled pro-
duction.
In letter TO stockholders Presi-
dent Hane OF the Tidal Usage oil
company says that out of the pro-
ceeds of $3,500,000 bond issue OF
August last. the company liquidated
its Indebtedness other than a few
accounts amounting to 100000.
AS a result of economies expenses
of the company were in August one
half less than for June and since
then additional economies have been
made.
An operating loss for June was
converted into operating profit In
August.
The management is considering
applying to TO list Tidal Oil company
stock on the New York stock ex-
change.
A special meeting OF the stock
holders OF the Middle States OIL cor
poration, has been called for Janu-
.-4- t.,
the authorized capital from $4,000
900 to $50 1000, 600 to provide addi-
tional stocks to acquire by ex-
change all stock outstanding In the
hands of the public OF the various
companies now controlled by Mid
die States. THESE companies include
Imperial OIL OF Delaware. Texas
Ranger OIL company. Texas Chief
OIL company and Dominion oil COM
pany.
It Is estimated the exchange OF
Middle States oil company stock for
stocks of subsidiaries will require Is
suance OF t7,22s.s51 par value OF
Middle States oil stock, bringing
outstanding stock to s22.S71 600.
Stock OF Middle States oil will be
exchanged for stocks OF various sub
salaries on the following basis:
for $40 par value Of Imperial oil
common; 60 par value for $40 par
yaluo Imperial oil preferred 81 par
value for $40 par value Ranger.
Texas, Texas Chief and Dominion
Oil stocks.
Denver-Local markets were at
the opening higher than Mondays
close but buying was not strong on
the part of the public and most OF
the prices In the early morning
were lowered before noon. Western
oil fields made recovery to ll5
after Mondays break but failing to
hold Il went back 10 about 10s TO
Ilb. Western oil fields officials an
nounce Humphreys Thomas well
which came In Saturday at 5000
barrels a day, lies 1900 feet east of
their Emma williams drilling we'll
which is now down 2,0o0 feet and
due for completion in about two
weeks. Activity In Cow Gulch ep-
pears 10 be due TO the companies'
prospects In cat creek, the high
grade Montana fields rather than
10 evidence a revival OF tho public
confidence In Lance creek the Wyo-
ming district IN which tho company
had it's inception. A royalty inter- |
est in Lance creek pays the COM
pany $50 day; IL IL considered |
well placed In the Montana dis
trict.
PociflG Gas a Electric Co. de- |
cIares common stock dividend OF !
per cent in common stock,
Dallas. Texas--The Magnolia Pc |
troleum company today put into ef- |
feet the followins schedule Of high |
.r pt ices fur ;i,fos sratiss OF crude |
oil at wells: Healdton and Wal |
ters and Beaver creek districts. Ok
lahoma; Cement, Oklahoma; and /
Corsicana, Texas, light crudes 81 80 |
a barrel; Moxia. Texas. 81 a barrel; |
Corslcana. Texas. heavy 95 cents a
barrel; previous prices were IS 1
cents for Healdton and Walters and |
s1.2O for Corsicana light, s5 cents |