Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1922-09-26
FINANCIAL
TO the Stockholders of
MIDDLE STATES OIL
CORPORATION
rINANcIAL

Following Is a resolution unanimously
adopted at a meeting OF the Board OF
'Whereas this dividend payment
brings us to the fifth anniversary of
regular cash dividend payments. begin
ming with October. 1871.
During the ups of the oil industry
II distributed extras but at no time
to give thought to a reduction III the
regular rate, for the reason that its
policy has been to restrict Its expansion
Programme to one OF acquiring only
revcnue-producing properties and con-
hnlng drilling operations to proven
territory.
"Computed on One Thousand Dollars
par value of stock the cash dividends
paid amounted TO n total of Thirteen
Hundred Twenty-seyen Dollars and
Seventy-scven Cents (S1327.sO. ~
During said period monthly dividends
have never been decreased never been
passed. and always paid in cash. with
occasional extra cash distributions. ad-
ditional free stock given stockholders,
amounting to a total of Nineteen Hun
dred Twenty -one Dollars ts19?b: and
Whereas, for three years our stock
holders have had the best public market
In the country (the New York Stock
Exchange) whereon their stock has al
ways been actively traded in, and. not
withstanding the long period of depres.
sion from which we have recently
emerged, there never was "A single day
that such stockholders could not realize
a handsome profit on their original in
vestment by selling their holdings and
Whereas, the question OF Why on
bull market does Middle States stock
not advance as much as some other
stocks may be 'Glrly answered by the
statement that on n bear market It has
not sold rs low as many othcr stocks,
and never sold below par: and
Whereas. this Corporation recently
suhlet large amount of its nUn-produC-
ing lease acreage TO oil Lease Develop
nent Company for immediate develop
nent. and our experts IN charge assure
us, from progress 10 date, IN said acre
nge (heretOfnrC valued At nominal
Valuation Of One Dollar for the total of
all raid nor-produCing aCreage> that
earning values will be established rCa-
sCnably comparable with the present
income Of the corporation. and from
which, pursuing the nvariahla policy Of
This Company. the stockholders will be
entitled TO Drof,: now, therefore. be II
Resolved. that all profits to be derived
from such development are hereby as
signed to the dividend fund OF this
Corpora ton. 10 he distributed TO the
stockholders as rapidly as realized. and
the Executive Committee Is hereby
instructed TO carry this =, r,SoluHOn into
effect: and. hc Il further
"ReSolvsd. that the thanks Of tie Board
Of Directors ere hereby sN'vud"d to all
storkholl"rs for their deep interest II
end loyalty 70 the Corporations. and con-
gratulatons on its steady course through
'he recent Years of dcDreSSioy, and
merging from that Ueriod OF deprcs-
sion free from debt and q Corporation
wherein all OF its assets belong to its
stockholders and ho It further
Resolved. that the President IS IN
Structnd 20 send a COPY Of this rcso,u-
ton 10 each stoCkhOlder."
Respectfully yours
MIDDLE STATES Oil CORPORATION
BY y, II. SGtiutroiG, President.