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Trifrf7y
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h Wv
tefi.
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fi-
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;,. fi .'y.
Ar$
t
Vete ue
-:..
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$3,000,000
Marland Oil Company
(A Delaware Corporation)
'ft
.
Due April 1,1931.,
'V2 Sinking Fund Geld Bends
Sariea"B"j l
Te be dated February 1,1922 '
OutstandingSeries ''A'' $3,785,000 This, issuer-Series "B" $3,000,000
PeStflSu W" f Nermal Federal Inebltanotlnetee.ieM.
S He te whole or in e.rt?t lOSlK0?,, L$i,0? dtnomlntJen rejiiterable a te principal only. Oerlca "A" and ""
hefereAnril 1 iea etliftL.tf., 1 5nd Interest enfiOdaya" notice by the Company en or before April 1, 19 16: thereafter en or
tc I maturity it 10l!' 4 ' hereaftef en or " April 1, 192B,.t 103; thereafter m or before April 1. 19J9.' teirdStc
CAPITALIZATION
Upen completion of the present financing the capitalisatien of Marland Oil Company will be as follews:
. . , Outitandini
r'.U.I Ca 1. -,--.. Authoring lahandr Public
Sr !i ST"' :., -."."...:: ' 2,000,000 .har. ' 817,894 ahare.
J5Jld,?Sld,!S,M,,A- KOQO.OOO $3,785,000 '
7gS.F. Geld Bend, (this iaiue) Seri.a "B ., ., ,. . . . 3,000,000 3,000,000
'15,000 have been retired by Sinking Fund
GUARANTY TRUST COMPANY OF NEW YORK, TRUSTEE
- h ft' i
.V.
S?,fca,ifi?en','n ' Jettfff'" W. Marland, Esq., Preaidentlef the Corporation, which
has briefly summarized as follews: .
ha
BUSINESS: The Marland Oil Company owns
substantially all of the Capital Stock of Marland
Refining Company and Kay County Gan Com
pany, both incorporated in Oklahoma, and
through the latter company, a large majority of
the Capital Stock of the Marland Oil Company
of Mexico. The operating companies in Oklahoma
constitute a complete unit in the oil industry.
PROPERTY: The Marland Oil Company,
through its subsidiaries, owns in whole or in part,
207,500 acres of active and undeveloped oil leases,
chiefly in Oklahema.il owns two refineries having
a combined daily capacity of 15,000 barrels of oil.
The Kay County Gas Company owns 271 milesef
oil pipe lines serving the Marland refinery and
also owns 345,937 acres of gas leases. The Com
panies' properties yielded 2,371,0Q0 barrels in
1921, of which their net interest, after deducting
royalties and partnership interests, was in excess,
of 1,150,000 barrels. Average production of prop
erties in which Cempany1 is interested for the
last quarter of 1921 was in excess of 9,400 barrels
per day.
ASSETS: Based upon an independent appraisal,
combined net assets are in excess of$51,000,000.
Consolidated Balance Sheet as at October 31,
1921 , before giving effect te the present financing,
shewsnet current assets of $4,574,140 which must
be maintained at net less than 70 of bends out
standing. EARNINGS: Net earnings of the Company
and its subsidiaries for the three years ended
December 31, 1920, available for interest charges
and reserves, arid after prevision for Federal
Taxes averaged $3,124,430.71 a year. Earnings
for the twelve? months ended October 31st, 1921,
amounted te $2,135,747.35. Annual interest
charges en the bends outstanding and these pro
posed te be issued amount te only $527,800'.
SINKING FUND : A'sinking Fund of $300,000
a year, operating quarterly, until and including
November 1 , 1923 (first payment August 1,1922),
and of $340,000 a year thereafter, should retire
practically all Series "B" bends before maturity.
SUBSCRIPTION RIGHTS: Each Series "B"
Bend will carry a detachable warrant entitling the
holder thereof te subscribe en or before April 1,
1931, te 25 shares of stock of Marland Oil Com
pany at $40 per share.
All legal details concerning the validity of theae benda wilt be pasted upon by Messrs. Cettintfiam, Hayes, Green 8 Mclnnii,
AttorrwyafertheCompany.ondby 'MeMr.. Crocker, J6hnien & Sheres. Attorneys for the Bankers. The accounts of theCempany
have been audited by W.O.LIgen Company, Certified Public Accountants, for the Company, and have been checked by mS
Arthur Yeung & Company. Certified Public Accountants, for the Bankers. If. as and when issued and received by us, temporary
bends, exchangeable for definitive bends will be delivered. . " ""'""'i"""
Price 96 and accrued interest, te yield ever 8V4
Petter & Company
F. S. Smithers & Ce.
Hemphill, Noyes & Ce.
Merrill, Lyheh & Ce.
Tbl, Itforattlen and Uieia .ut'iik, . a.i nu.ntttd. but bate bttn ebulncd from ieutcci e bfllert te bccuf u.
il
GOSSIP.0F
THE STREET
- J
2'Bend; men found lets of comfort In
the brief addrese 'given en "Wednesday
afterrioen by Jehn Meedy en the Invest
ment, altua'tlen, ' , Mr. Meedy painted a
ntshly pleasing picture, insofar as
the investment1' buslnMB Is concerned,
and pointed out that the young men
starting out In the' bend business were
exceptionally fortunate In being con
fronted with such farorable conditions.
In lils opinion, the trend of Investment
Values would he a riHtnir one for n.
geed many years, although, of course,
there was a newlbillty of seme tempo
rary drawbacks."
Thrbuah the vennresHr of' Harrison.
Smith fc Ce,, ,. virtually all the local
mum mrp were given an opperinniij w
hear Mr. Meedy. Net only was his 'ad -
drops Illuminating, -but also in the many
questions answered, Mr. Meedy cleared
up a great many existing doubts, Mr.
Meedy's deductions, la brief, dovetall
nicely with the expressed opinions of
all investment authorities. While the
outlook for general busina is anything
but premising, prospects for the Invest
ments werv npver brighter, nor has
there been u time In a generation when
such a golden opportunity offered for
laying away what will later prove high
ly profltnble investments.
Trouble 'Rumors Multiply
T.ike all diseases, rumors of financial
difficulties are spreading with alarming
rapidity. It Is about the only topic et
discussion en the Street these days and
nlmest a ramlem use of names is mode
concerning the nlleged financial straits
of different concerns. Many of the re
ports are baseless, or greatly exagger
ated. It would net be surprising that
ether bucket-shop concerns will threw
up the sponge, for It Is known In better
Informed circled many of these con
cerns have been working en dangerously
thin margins. It was whispered nreuud
yesterday that one of these handsomely
furnished, but totally unrespensible,
eQccs was about ready te shut up shut
ters. There Is no crisis in the real broker
age sltiintlen. With rising prices and
a broader market, the reputable brokers
are looking forward te a mero profit
able business. If there is the slightest
reason for suspecting any of the houses
is net executing orders, the customers
should cither close the account or hare
It transferred te a house of unquestion
able character. Many, who were fool
ish enough te be caught in the meshes
of these pseudo brokers, have already
take'n this advice, but are experiencing
no end of trouble te get what Is their
own. The bucket-shop evil possibly
cannot be completely eliminated, but
there are no reasons why the recent
mushroom growth should have been per
mitted te have proceeded se far with
out mere' police or legal "opposition.
Putting the Screws en the Shorts
Many of these who lmvebccn In the
moving forces that helped create the
pronounced strength In tCe security
trading situation agreed in the view
that the highest prices in many move
ments were due te the forced settle
ment of. short accounts. They insisted
covering of shorts is simply nn inci
dent te. a sustaining bull movement
and the bullish position has- a strong
foundation in an excessive supply of
mono)-, the direct result of the liquida
tion of leans and the closing out of
frozen credits In progress from Novem
ber. 1010. until the middle of lust
summer.
Included in ' the diwussien of the
market situation' after the closing yes
terday were references te premises of
f rr'"" '. I Beveral irrfperianV developments, In -1 flhee dealers aretdelhg a miMewts iiwif fSM
t
JVC,, j-( ,
clurllnC en ndltistmcnt of 'the railway
.labor situation whch many expected te
result irem me conierence 10 ee mn
in Chicago en Saturday, Alse of con
summation of the plans for steel mer
gers which have been under considera
tion for se long a time. Oulf Btatet)
Steel naturally demanded a geed deal
of attention because of its further ad
vance of 10 points In yesterday's trad
ing and It was thought that the move
ment te higher levels will wake sub
utantinl progress, during' the remaining
two days of thwcek.
The npprovalief the St. Paul lean by
the Government Is, expected, te find 11
rcsponse seen Iri an improved market
position of allJ the securities of that
system. It was thought that Benv
announcement of the 'same character
will seen be made Jn.'regard te the Erie
company. '
Canadian Decetnbtr VTrade
3-
.)J,' !," k '
i.;wmmim
THE INDUSTRIAL TRUST
Title and Savings Ce.
1944-52 North Frent Street
CAPITAL $500,000.00
SURPLUS & PROFITS (Earned) . 1.428,007.60
DEPOSITS ..- 8,026,525.65
TRUST FUNDS 4,296,616.41
JOHN G. CARRUTH, President
Jehn S. Bowker, Vico-Pres. and Treas. Harry W. Hand, Vice-Pres.
We Own and Offer:
$25,000
Terente, Hamilton & Buffalo Railway Ce.
lit Mortgage 4i 1946
These benda nre u Mrst mertgage en 80 miles of
railroad In Ontario, Canada. The toad Is owned
by the
Xew Yerk O.ntrat Michigan Central
Canada Henthern and Canadian Paelfle RallreKla
who agree te set nslds a guaranty fund te met the
Interest en these bends. I
, THICK 81 TO YIELD B.40
I PMICE 81 TO YIELD B.40 -g
Schibener, Boenning & Ce.
191 Invuttmtnt Benda II
ll.lln 4014
Iimburd 715U
12.1 4 Walnut Qn-Mt nirect Frltale
Uttnbtra i'MfaiielyftCa Stock Uichana """ 9 ,,,,' YerI
Onnntllg lniln-ndfne Squar
Income
Tax
Returns
Ferms for incomes
of $5000 and under
mailed upon request.
Commercial
Trust
Company
Member of
Federal Reiervt Syitem
City Hall Square
SERVICE
True service lies in per per
ferminjr the greatest geed te
the greatest number. That's
the idea back of The It. L.
Dollings Company. On the
one hand, we offer te sound,
.dividend - earning manufac
turers the necessary capital
for legitimate expansion.
On the ether, we offer
thrifty investera securities
representing the maximum
of income and the maximum
of snfetj-.
ISy preliminary surveys,
conservative capitalization
and constant supervision, we
have kept faith with our
fifty theusnnd investors and
our numerous industries.
The R. L. Dollings Ce.
1421 Wajxiut Street
rhiUdelphla
"A Ten-Year Price
Range en
Listed Stocks"
A newly published book
which contains a ten-year
record of high and low
firlces coveting every stock
ied en the New Yerk
Stock Exchange, together
with the par value et" the
shares.
Tlili boeV ilie rfvei (he date
ml amount of the mett recent
dividend payment and the dates
tirim nlilch dividcndi ate resit
ixf pild
A limited tupptr of theie boel-i
lu lust been received from the
ptintcr and It available for' ftra
dlitilbutlen te theae Interested.
(.'all. teltihtne or
trrltc fur a free cepu
e booklet y-e:i
WM.H.MCKENNA &. Ce.
Widener DIdg.
PHILADELPHIA, PA.
cace
adelphla
Chlca
Phil
I'aterfen
Pitttburih
Newark Consolidated
Gas Ce.
Consolidated Sa, 1948
r
A mortgage) en the
gas properties in and
around Newark.N.J.,
serving a population
estimated at ever
575,000.
Price te yield 5.90
further particular! en request
Bonbright & Company
437 Chestnut Street
Philadelphia '
Naw Yerk Chieaje
Boateu D.'trelt
AUTOMOBILE
INSURANCE
avsis-H,.
1ie6her9r6gkev&ge
wed Public Accountant
uuxt TUdIf Mm
If There Is a Market
We Can Find It
We held sales of stocks
and bends every Wednes-,
day, charging $1.50 en
trance fee for each item. Our
weekly catalogues und postal
card scrvice reach every mar-
I kct. We take plcasure in
furnishings quotations.
Barnes & Lefland
GE0.A.HUHN & SONS
StOt'KS AND IIOND.S
Member nt the l'lilladelphlu, Natr
Yerk und Chlcuict Mteck Kxrnuiiiea
New Verlt Cotten Ktrhanze
Conimltelen Order Executed In
All the Principal Markets
Liberty Dende neught and Beld
IWIIniie Cenrt Itldic.. Mia Vtnlnut Ht.
N. V,, 111 Ilrvndiray
Ml
ll ' il!
Stock Ilrnliera and Anrtlenaart
147 S. 4th St.
ilk Inta uu lutealur er lull dellttt
i.f iiilnclual ur Inte-real tin anr uttu. i
rltr beugiil uf n, iv, ntrau a i,7 tila
(or our booklet t-Q and learn (ha rtatsa
"'' S. W. STRAU8 A CO.
Bleck Excbanipldt,. rklladtlpbja
w
MUNICIPAL BONDS
YIELDING 7
Maturing Frem 1 te 10 Yeara
V. W. MILLS & CO.
Stock Exchange, Buildlrif
1'IllL.iUKLl'IUA
Safe Bends j$r Investment
HALSEY, STUART
CO. Inc.
Land Tltl Uldv,
1'hena. Locust SS0
C.i. PAH ON & CO. I
UU i C'IIIT.X'T BTtJ. !
BANKKKS
liansAn.rftNS0N
nil
tiMm' nnd nub(itatitlaif orders are belnif
placed tot sptlMtT delivery, ,
"Tti btnvn trniln In" nillAP'nti Mlnnll
(toeds, ewitlif te continued mild weather
arid large stocks carried by jobber. ,nml
retallcrH. Foundries are eneratlntf at
alnutv- 8." per cent capacity. Prices are
firm and collections show' an improve;
rnent.
"Tomatoes have advanced. Cern ts
dull and unchanged. Fancy (trades are
firm and fairly active. Chean P"" "''
wanted, but appear te lie scarce.
"I'effce is unchanRfd. Prices of all
grades of Itles and Santes remain the
same, with possibly a shade decline.
Tea is fairly active nnd firm, the whole
line .bcinj: steady, particularly' For Fer For
meies,. due te expected short erem.
Consumptive, demand Is poed,
"The sugar market is demorellzedt The
wholesale refined market has dropped
te 4. HO cents for granulated but chain
stores are scllinc at 4 rents and mail
order houses at 4 cents Beth raws
"The trade in Jeati tobacco has been
. ., . . . . . . .. .. ..
very ciiiipi nnu no fhics ei any
' rAMMM.nM' nf flfiatiTna rfinerfft tntnl
iciiuiiiujiiv """, 1 ' i , "--: erucr iieuws ai - ccnis jji
trade of Dominion for Ucccmber at .i .-n,t i. u,nui.
iliHll5l -..l -.1.1. 9nn - iiUiiil'liMirwn,..,.i
83,184 for December, 1020. Fer nine
months .'ended December trade was Sl,
101,547,571. a decrease of $834,409,188.
Imports for consumption in Decern
bur fell from 8K882.i03 te S00.040.-
100, experts of domestic merchandise
eense-.
tpienre are reported. There continue
wnall intiuirles for old trades of I'enn
sylvnnia and Oonncetitiuts, but hlKh
prices are maintained and purchases
Miimatrn ami
10U, expena ei tiemenw niercnunii. irp .,.. f(.p rpn.llr,.menf(. Hn
from S141.iM4.;SZO te SMU.(H.1U.I. and ' tr I I...i.-...- ... i. u i ..,-11
te 881,0rjl. h or nine mentliB decline , , , , SIIla nmt,,llltH.
n .impetw waa irem i,utM,.w,-ii wi T, , r niHiiufaeturcra air n
AVtmntu n... VII , .1 . -- t ' rv - -n .....,-,
VMM i "PU
-tm.wgmtmm
Special Service
Ohie Securities
Mcmbcre
New Yerk Bosten
Cleveland
Detroit Chicago
Stock Exchanges
N. Y. Cotten Exchange
Chicago Beard of Trade
Extensive Private Wire
System
OTIS & CO.
Cleveland
Ncvr Yerk, Bosten, Detroit,
Cincinnati, Columbus, Teledo,
Akren, YounKHtewn, Dayton,
Denver, Colerado Springs
Sri02.670.2in and oxjierty from 07i,
VXUtiXu lu voeriuu, oe
little qtiirt nfer tht holiday trnde.
...T. IL a.. I f l7 -,t !..-
Duties collected in De.ctmr.pr totaled .W"K". .T?: ""S."";. T
!0,ttll,008, 'compared with $11,B21,lmii7 '" '. " "" " " '
In December, 1020, nnd for nine months ,len'' Bre VJr
188,850,403 against ?nr),M'.',H4,
THE TUADElt, , Liverpool Cotten
t 1 .1 1 ia.irwtl
COTTON YARNS UNSETTLED
Liverpool, Jan i!0. Thrr w e)r : a
1 mlted ilTnand for apet. cotton te'luy vyith
prl''c biirnlj Ktrml' en li hal r an ml
vancn uf 7 tieliitn for m'ddllrtir at tn.ts.l
Th nl6 weri fiOOO bala. Th rtclDti
wr 7000 bain, Includlne 3500 baleii An.vi .
Iran. ruturea ware taO' In the early
denllnKK. Spot prlccir were: AraTlfan.
mlddllnir, fu'r, tZ.Rd. Keed mlddllnc;. lO.H.'l.l,
fully mlddllr.v. 10.83d; ml.Mlltur M.l.i:
Industry in general has brought about. land ordinary. 7.03d.
Present Dullnees Attributed te Pre-1
vailing Conditions In Textiles I
The prevailing dullncas In the textile ,
.1.
an unsettled condition in the cotton
yarn trade, according te tiic weekly re
view of business conditions in the Phila
delphia district by H. G. Dun &. Ce
Dealers said prices show a tendency te
become unsettled, and that there is n
lack of demand. I
Weel dealers report business con
tinues te Improve, trading Is active and
prices nre firm. Continued improve-
ment is expected, !
The review, continuing, says in part. : I
"Uleak anu b,uu manuiariurers are ,
doing little. There is a feelini; among I
uuj em iiii-rtj win uv fvuutiiuj, m iiiii:n
later. I
'Manufacturers of dresses say the I
trade is buying sparingly for immediate j
needs only, endeavoring te obtain goods :
at their own prices. !
"Manufacturers of shirtwaists rrpert '
trade, continues quiet, there being little
demand for the better class of merclian- :
(Use. Iluyers generally arr net disposed
te place advance business. Collections ;
are slew.
"Wholesalers and jobbers of cotteus
apd woellens report little trading. Cel-
lectiens arc slew.
Manufacturers of shirts say a slight I
falling off in business is evident. I'res- i
poets for late spring business is favor- j
able. I
"Manufacturers of men's nnd boys' j
clothing state there is a slight falllturi
off, few buyers nre placing small orders
i for immediate needs and prospects aris '
fair ter n late spring tmsincss. I
"The leather market Is only fairly
active, but prices continue steady.
Glazed kid dealers continue te Increase
their production nnd prices held firm,
with seme advances en better grades.
Strawbridge & Clothier
lit Mortgage 6s, 1942
MORLEY, WOOD & CO.
333 Chestnut Street
Member N. Y. 4 Phlla. Slix-k Kxrlr.
January 1923
Investors
Pocket Manual
contain Utett atatlatlcal In
formation, alae hleh and low
prices for the entire year et
19il,en alt luiiuea Kited en th
New Yerk, Chleafe. Phlladel- ,
phis, nosten and Pltbnriti
Steclc Echanc, New Yerk
Curb and ether leading ex- '
chancai throughout the
United State.
Cmpy i.nt I'REEen r.etit
AU for V A S3S
"AUcayt JTithetit Obligation"
S-SRuskayGCe.
ESTABLISHED 1077
W.T.beta Cendaltd MrEiavefRY
1103 WALNUT ST. PlULADtLPlllAJA.
Phene LeUtt 7 TOO
StxVWM PlTl BOMOW BWW" OtMO
Dtnel fmiai Wirt Syitm
NEWBURGER,
HENDERSON & L0EB
Member New Yerk and
Philadelphia Stock Excliangct
1410 Chestnut St.
WANT OFFERINGS
Miller Train Control Stock
BAUER. STARR & CO.
Land Title Dnlldtn-. PhlladIphla
New Yerk Offlce. 2 Recter Htret
Direct PHvata Telephone 6ef. 0lcf
STATE OF SAN
PAULO
5cc External Lean
of 1907
We arc in possession of a
list of numbers of bends called
for payment at par en January
a, 1922.
STROUD & CO.
1429 Walnut St., Philadelphia
43 Exchance Place, New Yerk
m
Docs Your Corporation Need
Financing?
Our perfected flnanclnif avatrm. tetiulrd with
a lars". hluh-claes (islet nrKanlr.jtlen anil
clientele. nabls ue te ralii funds ery
diilckl for corporations of merit. Our aerv
Icea ur htghlr f atl!facterv end cummlaaleti
baala very reasenahl. 1'er appointments
write
. A 716, Ledger Office
rrnnvlTnnln Kallread IajuId. , . B'a 102&3.t(
retrrn Afir ierv . I'i'tinn. II. B.4' 043(
Seiilhrrn Indlamt llnlltvar Int 4'e 1U.MI
Nw Yerk. I'hlln. X Norfolk 11. It. 4' lUlAi
Strnnhrldt-e 1 Clethlrr te. (t'm mi'J'
Mohawk & Mnlene ICtllrand Ce. HIV Sueij
camiici if puii i ipc s. rr i
Ufutiwuu tk. a a aa i .1 ,ia tj jl Jt
.Member rhllaUelnhla Sterk Kichanie
r.07 niESTMT HTKKKT
NEW ISSUE
$1,700,000
Galveston-Housten Electric Company
7 Secured Geld Notes, Series A
Dated February 1, 1922
Due August 1, 1925
Redeemable, as a whole, at any time en 30 days' notice, at 101 and accrued interest puei te August 1, 192J; at 100' , and interest 0:1
August 1, 1923, and prier te February 1, 1925. and at 100 andintertist en or after February 1. 1925.
Interest payabla August 1 and February 1, without deduction for the. Federal Nermal Income Tax up te 2
BUSINESS: The Galveston-Housten Electric Company owns all the capital stock
of theGalvestenElectric Company, the Housten Electric Cempanyand the Galveston-Houseon
Electric Railway Company, which companies de the entire
electric railway and a portion of the electric lighting and power business in .
Galvpsten, Texas, the electric railway business in Housten, Texas, and operate
an interurban. electric railway between the cities of Galveston and Housten.
Population served about 220,000.
PURPOSE OF ISSUE: The proceeds of these $1,700,000 Notes will provide for the
retirement of the Company's $1,500,000 Three-Year 7 Secured Geld Notes
maturing March 1, 1922, and leave sufficient working capital for present needs.
The Company has no floating debt.
. SECURITY: These Notes will be the direct obligation of Galveston-Housten Elec
tric Company and will be secured by deposit of $2,040,000 General Mortgage 7
Bends of the three operating companies.
EARNINGS:
Yrra EncUri
Dicimber SI
1916
1917
1918
1919
1920
1921
Nat Earninfa
Creia ftT Oparatlnr lntrtt
Earning! tip, and Tatai Chart"
$1,944,839 $708,732 $321,757
2,088,121 703,250 331,203
2,691,331 S41.082 350,185
3,095,151 819.01G 414,722
3,808,952 1,126,504 422,036
3,679,867 918,980 426,636
Rnlence for Sinking Fund
Requirement a, Hciervee,
Replacemente tnl
Olvldenda
$386,975
372,047
490,897
404,294
704,448
492,343
-
Prevent annual interest charges including interest en these Netec $409,767.
Net Earnings in 1921 were 2Vt times these interest charges.
SINKING FUNDS of the operating companies have acquired $1,48S,500 of the
underlying bends and are acquiring bends at the rate of about $135,000 per
year.
We Recommend these Notes for Investment
PRICE 99V2 AND INTEREST TO YIELD ABOUT 7.15
LEE, HIGGINSON & CO.
PARKINSON & BURR
ESTABROOK & CO,
Notes are offered subject te approval of our counsel. The above statements, while net
tuaranteed, are based upon information and advice which We believe accurate and reliable
JL
-
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