OIL INDUSTRY.

Hawera Star, Volume XLVII, 10 March 1928, Page 5

OIL INDUSTRY.

PROPOSED AMERICAN MERGER. BIG INTERESTS INVOLVED. BY CABLE—PRESS ASSOCI ATION--COPV m(3 i I NEW YORK, March 9. The ‘‘New York World” .states that .vhil? witnesses to-day before the Senate Oil Committee, continued to disclose how Liberty, Bonds from the defunct nii rental Trading Company were passed on to the Repub',ican Party’s treasury and a group of prominent millionaires, including. Mr A. W. Mellon (Secretary to the Treasury) and oil magnates underwrote the .scheme and advertised it widey on behalf cf Messrs Harding and Coolidge in the foreign language newspapers here, efforts are now being mad? to create a giant oil cor,point on with total assets of five hundred million dollars, in which all the Sinclair interests wi I disappear from the names of the various, corporations in which they are now interested, but vV ill continue' to own many millions’ worth of stocks. The Sinclair Consolidated Oil Corporation and the Marland Oil Company w : !'l be the principal factors in the merger which, because .of its huge extent, may possibly have to face action by the Federal’ Trade Commission along the nines which more than a decade ago broke up the vast Standard Oil interests into, their constituent parts