Norwich bulletin., 1922-10-24
MUSIC
HELEN L. PERKINS TEACHER OF SINGING Phone 552.2 Studio. AIies sIda
s5 PER CENT STEEL DIVIDEND
 BY PAN-AMERICAN PETRoLEuM

New York Oct. 23.-Deciaration of a stock dividend Of 25 per cent by the Pan-American Petroleum and Transport company, payable in class B stock upon the common and class stocks of the company; an increase from ;1.50 to ;2 in the quarterly dividend on both common stocks. including that issued as stock dividend, and a plan for an exchange of Mexican Petroleum com mon and preferred stock, was an- nounced tonight by Edward L. Doheny, head Of both companies. The plan was approved today at a meeting of the board Of directors of the Pan-American company.
 Under the plan Of exchange, there will be issued 1-2 shares of class B" Pafi-American stock for each share of the common stock Of Mexican Petro- leurn and one and one-tenth shares of class ''B" Jan-American for each Mex ican Petroleum preferred.
 Mexican Petroleum common st0cl- holders are advised by Mir. Doheny that the exchange will net them an increased dividend earning Of s13 share annual ly over the present SIP dividend on that stock. In illustration of this he points out that the present authorized dividend on Pan-American stock is ;s l q lUdlH A-E tuaEEH 6I Nb per nun equals y20 per annum and that the stock dividend of 25 per cent on 2
 1-2 shares is 5-S of a share, the dfvi- dend on which, at the rate of sS per an- nun, Is S5, making a total return of S25. The exchange of Mexican Petro- leum preferred stock for Pan-Americnn
 ''B" will result In an increase Of @ per annum in dividends, provided the pres ent rate is maintained.
 Under the original offer of the dtreo- tors of the Pan-American company.
 holders of Mexican Petroleum common
 stock were 10 be given two shares of
 nor-voting Pan-American ~B" for each
 one of Mexican Petroleum conamon. This offer was originally made in 191e and at the close of 1920 the company stated
 that more than 75 per cent of the Mex ican Petre stock had been erchanged.
 The Mexican Pete company had out
 standing 12.0o0, 900 in bon-camuiative
 eight per cent preferred stock and sf1.- : 155, 100 of common stock Cpar valne ' $l0ol, of which the Pan-Anerfcan com
 pany, as Of June 90. 1922. owned s. 055 900 Of the preferred and s514s1.- 900 of the common. The surplus of the company on July 3i, 1922 was .3z.4St.- , 661.
 } The Pan-American company has out l standing S50.O77 500 in common stocS
 (par value ;5o) and ;.e. .e9s ,2so in non voting class "B" common Cpar sSe), , The surplus as of September 90, 1s17
 was $42,5os,Sss and the cash on hand f s2s, ss7, ,oso.
 ! Payment of the stock dividend and T the extra cash dividend will begin with
 the current quarter.
 Me.tican Petroleum stock touehed 534 ! 1-2 today, its high of the year. 6u' ' closed at 229 a.. Its low of the yeaI ' was los 3-4, Pan-Annerhcan A and
 closed today at 91 7-s and s1 s-f re : spectiveIy as compared with their re ]. spective lows for 1922 Of 4s 7-s and 4t
 Mir. Doheny. in his notice to stock holders, reports that present producttoE . is at the rate of I55,eoo barrels daily z and that the monthly earnings of th. . Pan-American company to date hay ,. averaged s5,soo, poo in refutat&on of re q cent reports that the salt water inva
 sion" had caused a serious deprecist1os e in the physical valuation Of Mexican : Light Oil properties.