The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1922-09-23

RDA1, SEPTEMBER 23, ]
comment Is noted in connection with
the dividend rate OF Cosden oil.
The rights OF Cosden and company
have been admitted TO dealings on
New York stock exchange,
Marland OIL company has discov-
cred what is probably an extension
TO Burbank field OF oklahoma with
completion OF 5000, ,0O0-foot gas
wcll ~ 3.O3G feet In southeast cor
nor of 33-27-5e, Usage county.
Well is three miles west Of nearest
production IN Burbank field and is
producing Ras from Burbank sand
about a. feet lower than It appears
IN Burbank field proper. This is
believed to show. according 10 COM
pany's geolORlRts flatteuing 20 the
west NJ present producing area SINH
lar 60 conditions which were found
20 north OF Burbank field whore
leases recently brought as high as
$4,000 nm acre at Usage auction.
Marland has five quarter sections In
all In vicinity OF now well, three OF
them BgErcgating 480 ncrca and In
Guiding quarter section ON which
gHAscr was completed are adjoining
pieces all purchased at Dec. ~, 1921
auction sale for an aggregate cost
OF $4,000.
In Burbank proper Mnrlond has
completed six wells with aggregate
! initial daily production OF 2.S00I
barrels Marlaud has four OF these
on rs own acreage with 1000 barrels
in initial flow. Two wells are owned
Jointly with Tidal Usage tTIdewater
oil subsidiary with aggregate flow
of 800 barrels
with bonus bin out ~ tho way. II
can be expected Standard oil viii
proceed with several plans ot capital
reorganization which IL has held In
allegiance pending the killing Of that
proposal II had been feared bonus
bin might have included provision
untavorable to standard Oirs plans,
but now everything appears 20 stand
In way or carrying out those plans
Foremost among them IN read
justment OF capital OF Standard oil
company OF Now Jersey, which has
done nothing for common stock
holders except allowing them to sub
scribe TO preferred stock I'm 10
years Its outstanding common
stock remains at slightly more than
S9S,0O0,000, whore IL has been since
dissolution OF company in 1911.
New Jersey company Is greatest OF
all standard groups and in consc-
quence It's plan of readiustment is
expected 20 involve benefits 10 stock
holders OF greater magnitude than
any other Standard companies. I'm
derstood It's plan calls for issuance
OF four shares OF common stock for
each one share now held. 1t is be-
lleVed that when readiust ment is
finally completed. Standard of New
Jersey will be a billion dollar COM
pany It's assets at present are well
In excess OF that amount. II has
now about S300,00O,00O stock out
standing, consisting OF s2OO,OoO.OOO
preferred and roughly 100000, 900
common. Second in Importance TO
Jersey company IL proposed read
1ustment OF Standard OIL OF New
YORK another reorganization to
be accomplished presently is that
OF Vacuum oil company.
Standard oil OF Kansas closely
held by Standard insiders is maxi
ing arrangements to adjust its capt.
tai by declaration of stock dividend
and reduction of It's par value from
500 TO S25. and allowing stock |
holders TO subscribe to additional
stock az nominal price.
Denver.-Operators In Salt Creek,
wyoming oil fields have voted to
shut down drilling operations until
May j. on completion OF wells now
drilling. This agreement a result
OF excessive oil production.
Closing Stock Letter September Fl.
Prices ruled weak today. Money
was advanced to per cent due, II
Is said. to seasonal mercantile op-
erations and government withdraw
ais OF income tax funds. The market
was in the right technical position
for n fair-sizsd reaction. Some of
the selling was said to be for for
etgn account but this Is question
able. Indications are for a further
reaction tomorrow.
A per cent stock dividend has
been mentioned in connection with
standard OIL OF New York plans as
Wen as direct absorption of the
Magnolia Petroleum company,
Standard OIL OF New Jersey has
raised the price of kerosene from
tank-wagons cent a gallon in New
Jersey and Maryland to 1914 cents.
In Virginia a half cent advance has
been made at various points.
Some other Standard OIL COM
panies are expected 10 make read
Justments. The Kansas company,
closely held by Standard OIL insiders
Is making arrangements to readiust
its capital by declaration OF stock
dividends and reduction OF it's par
value from 500 to s25 by allowing
stock holders to subscribe 10 addi-
tional stock at nominal price.
Changes are expected also In STAN
dard Oh! cf New York and Ia Vacu-
um oil company. Standard OH of
New Jersey share advanced 7k
points to 1916 on buying prompted
by reports OF a readjustment of cap
italization, what was said included
the issuance OF four shares for each
one now outstanding. The common
stock is little more than $9s,OO0,-
GOO par value s25. The change from
800 was made in December 1920.
| The S25 shares are selling for nearly
eight times their par value and the