The circle banner. [volume] (Circle, Mont.) 1914-1939, 1923-03-02

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enable us to make the year 1923 splendid
one from the standpoint of earnings.
OF Modest capitalization
Though many advisers suggested a
considerably larger authorized capital, we
decided after careful figuring to stick to
practicable capitalization and keep it
| that way" Small capitalization, so long
as adequate, means proportlonateiy
larger returns to the shareholders.
plies, eliminating necessity for overly-large
cash reserves for buying and storing crude
| far In advance of actual month to month
needs, we have provided amply in the pres
| structing the plant of the very best ma
terials and workmanship in every particu-
lar to the last detail of stills, boilers, agi-
tators, run down tanks, storage tanks tail
house, condenser, loading racks, pipes, pipe
fittings, pumps, pump house, laboratory
room, offices, garage for trucks, warehouse
for compromising plant, mixing kettles,
brick, lumber and iabor-everythin essen
tial, and a fair allowance for additional
costs or extras that could not be antici-
pated; plus a reasonably substantial work
ing capital.
Finances Well Under Way
There will be no large expense for fin
ancing, as no commissions will be paid nor
bonuses of free stock issued the only cost
being for announcements and a limited
amount of printing and postage, etc.
while considerable amount of the
shares has been spoken for before we could
prepare this statement, shares are offered
for general public subscription in reason
ably moderate lots with the view to wide
distribution of ownership; the only two
reservations being that, first we reserve
the right to allot or cut down the number
of shares subscribed by any one indivi-
dual; second, one-half of the shares offer
ed are reserved for subscription exclusive
~ by shareholders in the Sunburst Oil x
Gas company or associated companies. All
shares will be sold at par, 81 per share,
and subscribers wishing to pay for shares
with Liberty Bonds, Savings Certificates, |
their net market value. Subscriptions may |
be made by payment of only part In cash |
at time of subscription, but balances must /
all be paid during the months of March, |
April and May.
Stevenson interests Control
In order to allay all fears as to future
management CONTROL we wish to state
again distinctly that the control of the
company will be subscribed and held
among the interests now associated direct
~ in and controlling the Sunburst Oil &
Gas Company, Hager- Stevenson Oil Com
pany and allied Royalties companies.
To temper expectations to reason, we
desire to state that the Sunburst Refining
company does not expect to cause any rise
In the prices prevailing from time to time
for crude oil, nor to effect any lowering
Of the prices prevailing from time to time
for refinery products; we are Just going to
extract and distribute to shareholders
every possible dollar of profit that we can
between the two-between the price of
barrel of crude and the highest price OBJ
tainable for the refined products therefrom.
The profit from refining a barrel of
crude Is not the fabulous amount claimed
by get-rich- quick promoters, but 1t is
ample to satisfy any shareholder in a re-
finery competently planned, economically
efficiently operated, and the
product well sold.
ITO those who become interested with
is in the Sunburst Refining Company, we
promise the satisfaction of ownership in
In institution of which they may be proud
md profits enough to crafty all their
expectations"