Show I 70 Ratio 5 to 1 i V. V t The rhe total net assets behind the tile note issue described below belo are stated J by the tile Company to be over including the proceeds of the tile notes This is more than five times these notes These assets in- in others producing producing oil properties pipe lines refineries and I distributing facilities each of which has an independent earning power In the opinion pinion of the Company's management these valuations are conservative conser and the tile properties could not be duplicated to-day to except except ex ex- at much higher figures J i To yield 8 I A Complete Unit Five Five- Year Five Year Se Secured v in an 7 2 7 Convertible Gold Notes Note Essential Industry of the Sinclair Consolidated Oil Facts and figures compiled bV th the Sinclair Company Compa Produces J C Corporation t- t Ion 4 t J J 1 tr transports refines and markets petroleum prod prod- which tc has d us wit frith l the following information I J These Secured Notes are the sol About producing wells funded debt of the enterprise excepting equipment I E Approximately V 2800 miles mUes notes Motes and othe I E of pipe lines and against this tillS the audited statement shows total lj net assets including the proceeds of this note iss issue e l G-l- pumping G. G stations I of over five times the amount of the note issue 31 Over J 1000 tank cars The fhe I consolidated net earnings over a series of y years ars m the audIted Jj I 10 0 modern refineries with statements showing an amount available for interest in- in in i l total loUl lal daily capacity of about terest depletion etc equal to times the annual f t i barrels interest on these notes for th the year ear 1919 and I i 10 averaging over 5 times such interest interest for for the pa past t J it plants three years i u 1 00 distributing oo stations in The he notes noles have l ve the b benefit f t of f a sinking ru fund d provi- provi J i 20 states sion at the rate of every six mouths for the ll purchase of the notes at ator or below and interest 1 About b 1 0 t r. r v b barrels I s. s K KA i crude oil in storage A feature is the the n privilege of converting rtin each 1000 note into 1000 par value ten sl arcs f fl fleet of f J Marine ce t 0 OJ ro tons ons in service S 8 01 10 C Cumulative umu I. I S. S Sinking In k Ing c Fund un d P Preferred re f erre d S Stock toe k an and d 21 shares Common Stock of the Company 1919 net earnings before before interest and reserves j These secured notes may be purchased in In denominations 0 I of 1000 and amI Interest payable parable without dc- dc 1 for the Federal Income Tax up to 2 Total earnings for ur Write n t for r illustrated 1 t t d b booklet 00 hi hit f t last 3 8 years I. I Wc offer and recommend Ih these e nol notes for in investment at 98 and interest to lo yield 8 i J J. A. A 1 Hogle Company Palmer Painter Bout Bond 4 Mortgage 1 fco to l Ed l. l 1 P. Smith 4 fc Company The presented In 11 this eM advertisement white uJ not t l' l 7 a art aN obtained from sources a which we believe to be b. reliable c. S J III |