The San Francisco call., 1913-11-28
BRITISH AND
DU I CH IN
OIL DEAL
Financiers Believe RothschiIds
and Holland Government
Are Financing Syndicate

That the great Anglo Dutch oil COM
Transport congratulated by the
Rothsehilds' and the Royal Dutch Pc
troleum company, backed by the gov
ernment of Holland-are the potent
factors in the $75,0o0.000 syndicate
that viii take over the vast general
Petroleum and Union Oil properties
in this state is the shrewd guess OF
local fnanciers, who are more or less
familiar with the preliminary negotia-
tions between the Shell-Royal Dutch
syndicate and the General Petroleum
company
AS exclusively announced in The
Call yesterday. Captain John Barne-
son. vice president of the General Pc
troleum company, upon arrivel here
from London, confirmed the sale of
control OF that company, with the
probable exercise OF General Petrol
by Andrew Weir. Later, after a con-
pany, to a British syndicate, headed
by Andrew Weir. Later, after q CON
ference of several hours duration
with Louis Sloss and other directors
OF the General Petroleum company.
Captain Barneson outlined the gen.
eral plans OF the deal. Though he
carefully refrained from mention of
indicate the correctness of the sur
mise.
A. L. We'll, attorney and member of
the board of directors of the COM
pany. denied today that the She'll
Royal Dutch interests. are in any way
concerned in the new corporation that
Will take over General Petroleum.
This. however. did not lessen the
gossip in California street that the
f1h 1,f fe
ested in the rehnancing plans
BRITISH HOLDING COMPANY
In a nutshell the deal is: A Euro
pean syndicate will underwrite
$50, ZOO 600 British holding company to
be organized to take over General Pc
troleum and to provide for purchase
of Union Oil General Petroleum
bonds will be exchangeable for per
cent preference shares, par for par in
the holding corporation: stock will
have an exchange value in ordinary
shares of SIS.
Members of the syndicate are an
nounced as among the largest mar
keters of petroleum in the world and
able to take the entire output of both
companies.
A subsidiary company is to be or
ganized to build II 10000 ton tankers
10 transport the output via Panama
canal.
The British syndicate already has
advanced $1,000,000 to bind the pre-
liminary agreement and $4,000, 600
more viii be available January l..
1914. A M. Grenfell and X Tflden
Smith, bankers of London, are named
as active managers of the syndicate.
ONE YEAR LIMIT
After the signing of the final agree
ment the public will have one year
in which to exchange bonds and
stock. AT the expiration of this period
exchanges can be effected only at the
option of the holding company. Agents
Will be appointed in this city and in
New York to receive securities of the
General Petroleum company and issue
therefor interim certificates, pending
the issuance of the securities of the
holding company. The temporary GER
tificates viii be negotiable and have
a trading value during the interval.
The voting power will be vested
solely in the ordinary shares This
stock and the preference shares will
be listed at London and on the con-
tinental bourses, and every effort will
be made TO keep the ordinary shares
ct par or better.
MORE DEALS PROBABLE
Speaking of the British syndicate
and its affiliations, Captain Barneson
said:
I do not think this deal is the end
Of this groups investments in Cali