OIL COMPANIES

Otago Daily Times, Issue 20354, 10 March 1928, Page 11

OIL COMPANIES

LATEST AMERICAN SCHEME. A GIANT CORPORATION. (Pres* Association—By Telegraph—Copyright.) NEW TORN. March 9. (Received March 9, at 11 p.m.) The New York World states that while witnesses to-day before the Senate Oil Committee continued to disclose how Liberty Bonds from the defunct Continental Trading Company were passed on to the Republican Party Treasury, a group of prominent millionaires, including Mr W. L. Mellow and other oil magnates, underwrote a scheme and advertised it widely on behalf of Messrs Harding and Coolidgo in foreign language newspapers here. Efforts are now being made to create a giant oil corporation with total assets of 500,000,OOOdol, in which all the Sinclair interests will disappear from the names of the various corporations in which they are now interested, but will continue to own many millions of stocks. The Sinclair Consolidated Oil Corporation and Marland Oil Company will be the principal factors in the merger, which, because of it s huge extent, may possibly have to face an action of the Federal Trade Commission along the lines which more than a decade ago broke up the vast Standard Oil interests into constituent parts.—A. and N.Z. Cable.