The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1922-09-13
Ticker Done

Ovorproductiou OF crude oil does
not fcom 10 bother the standard
companies. az tSG.50S.O00 has been
paid In dividends by the various COR
porntiOns in this group since the be-
ginning OF this year. a new high
record Tor tho period covered. Since
The standard OH trust was dissolved
by The supreme court In 1919. the
various companies have paid out In
dividends $i,ol0,0O0,000,
Negotiations are under way for
absorption OF the Producers and RE-
fincrs corporation by one Of the
largest oil companies, according 10
an official announcement.
Sinclair Consolidated OIL corpora
tlun announces that all Of itA 5-ycar
Z t-2 per cent notes viii he called
for redemption November Is. These
notes may be converted into stocks
M to and including october 16.
Rumors persist that tho Pure Oh
company is TO be absorbed by one
of the largest oil companies.
Mexican Seaboard oil corporation
well No. 10 Cacillao IL u dry hole at
2.bb0 feet.
Marlaud oil OF Mexico has COM
hole at 2.SI0 feet.
Pan Handle Producing and Rcfln-
ing declared regular quarterly 81
preferred dividend payable october
2 stock record september 81.
Report OF Dow Jones concerning
Mnrlnnd oil company OF Mexico'H
Limon well No. 7 being completed as
dry hole NJ 2.S40 IL absolutely untrue.
This well is shut down at 2.S06 with
n showing OF oil waiting for casing.
Current assets (Marland oil com
pnny Ponca City) on Mexican Petro-
leum company on July 81. last ag-
gregated S3i,t6O,000 against $500
900 current liabilities representing
working capital of approximately
twcnty-siN million five hundred
thoudred thousand dollars. Ratio
OF current assets TO current liabili-
ties Is approximately t-2 to
L. this Is after expendlng about eight
billion dollars In expansion OF prop
critics and In acquisition OF COM
pany's i5-yoar 8 per cent bonds.
Cash on hand amounted to Sl4,s70,-
600 including provision for United
states taxes and accrued dividends.
Compared with December 81, 1921
current assets show an Increase of
s9,730.000 current liabilities show
decrease OF $2.700.000 and bonded
debt has Nbeen reduced S2,O30. 900.
surplus at Nuly 81. 1929 amounted
to s37,i24,00p an increase since De-
cember 81. 1921 OF $l2,273. 600 after
providing for dividends.
Curron assets Pan-American Pc
troleum company on July 81, 1922
were S6.213,000 against current liza
hilitioa OF $4,102,000, At December
81, 1921 current assets were si722.-
600 and current liabilities S4,792, ,00O.
Cash on hand July 81, 1922 was Si,-
2il,000 against S2l75,000 on De-
Comber 81. Net current position is
improved about two million dollars
Notwithstanding there has been ac-
duirod duri.g seven months Sl,4t7,-
900 n-Amcrican Marine equip
ment bonds that purchase money
obligations have been reduced $2l2,-
GOO ana that S2.500 has been eX-
pended on oil properties surplus
on July 81, 1022 OF $3S,967. 900 rep
reaents an increase OF Sl3,blO,000 in
sevon months.
The street heard yesterday that
negotiations arc under way for the
acquisition OF the Producers and Re
liners corporation by ono OF tho lar
gest oil companies ana that Off
cial announcement of the closing OF
the deal will be made shortly, Pro-
duers and Refiners own extensive
oil properties in salt Creek. Wyom-
Ing and other parts OF the Mid-Con-
llncnt field and has developed leases
In New Mexico aud Colorado. 1t Is
said that the terms OF the merger
viii ha an boeia fuUorab bIp "a hot n