Show I STANDARD WILL WILLI I INCREASE CAPIT AU Oil Company Desires to Purchase Purchase Pur Pur- chase Lands and Add dd to Refining Plants Plan New Tork York April 14 H. Stockholders of ot the Standard Oil company of or orew New ew Jersey Jer Jer- ersey er- er sey wh whose se s shares r a are e row now listed d on the stock exchange e toda today were In Informed Informed informed In- In formed of or a special meeting t to be held in Bayonne N N. J. J May Ia 5 5 when the they will be requested to approve of or an In Increase Increase increase In- In crease of or the capital preferred stock from to I The new stock which has no voting vot vot- ot I int ing power will be underwritten by J.P. J.P. J. J P P. Morgan Company Compan as were the two classes of or stock issues last year It is understood that all the new Is Issues Is- Is Ups sues will be taken b by present stock stock- holders stock stock-I A statement b by W. W C. C Teagle president president I dent of oC the company says sas that the proceeds of ot the present Issue will be I used to acquire oil lands to enlar enlarge e ennd and improve refining refining- and distributing facilities to pa pay for tank steamers un under under under un- un der construction an and to provide pro additional additional additional addi addi- working c capacity It is expected expect expect- ed ed that the present issue of or preferred stock will be bo sufficient taken with surplus earnings s to lo provide the compan company com corn pan pany with all the new capita required required for the balance of or the year 1920 1520 ana anu throughout hout the year 1921 I In connection with the new issues Issues' i stockholders are given Iven are preliminary I nary nan consolidated balance sheet showIng showing show- show I In Ing the company's condition at the I close of 1919 1910 This discloses net as assets assets assets as- as sets of ot and net current assets of or after charging off ocr current liabilities including Including- r reserve erve for working working- capital 4 The statement also shows that for forthe forthe forthe the last three e years ears annual earnings s shave have averaged 99 before de deducting do- do ducting federal taxes and OOn after deducting such taxes |