| Show UTAH OIL REFINING COMPANY INCREASES CAPITAL TO on the the autho authorized authorised capitalization of the utah oil refining company was increased from to at a special meeting of the stockholders of the corporation the new capitalization is represented entirely by common stock the par value of which is to be 5 a share instead of the 1 which was effective prior to the action of the meeting under the former management the capital stock in the amount of was represented b by y shares of 1 and shares of 8 per cent preferred stock with a par value of 10 a share in connection with the new capitalization the preferred stock is to be retired as of december 30 1922 at 1150 a share business growth cause of change the increased capitalization does not contemplate a stock dividend but merely an adjustment between capitalization and capital assets since the company became a going go I 1 concern a very large share of its earnings have been put back into the property either through plant improvements or the acquisition of new holdings until the discrepancy cre pancy between capitalization and assets appeared to demand an adjustment the outstanding stock of 1 par will be exchanged for the new stock of 5 par which if all the old stock were outstanding would account for one third of the shares of the new stock it is understood that a substantial block of the new stock will be if it has not already been subscribed for disposed of for cash to provide additional working capital in addition to the salt lake plant which has been enlarged greatly in recent years the company has acquired valuable oil lands principally in the salt creek and lost soldier fields of wyoming from which it now has a daily production of crude oil in the neighborhood of barrels has spent in past year within the past year the company has undertaken improvement pro to the refining plant at salt lake representing an expenditure of about the improvements comprise new crude and high pressure stills which will increase the crude capacity from to barrels of oil daily and increase the gasoline production from crude by about 10 per cent the new stills are expected to be ready for duty about february 1 besides work already under way further improvements representing an expenditure of approximately have been authorized and will be undertaken shortly after the first of the year the new work will consist of new storage facilities the company has declared the regular quarterly dividend of 25 cents a share on common stock and the regular semiannual semi annual dividend on preferred stock payable december to stockholders of record december |
