The Washington times., 1921-11-03

Pan-American companies. E. l..
Doheny, f. L.. Doheny, jr., and Will
fam A. White completed the board.
Sir Alexander Mcclure and William
A. White were announced as alternate
directors residing away from Great
Britain.
The British soon obtained majority
control of the "Doheny group" OF oil
properties and thus, in one stroke,
acquired control OF one of the Oldest
and largest American oil interests, oc-
cupying a prominent position In the
United States and Mexican oil fields.
Its important position in the Oil
world today can be ascertained from
tho following summary OF recent
official report OF the Pan-American
Petroleum * Transport Company,
signed by President Il. l.. Doheny:
PROFITS-"The profit from OPP
erations Is $685. ,535; the profit de-
rived from controlled companies Is
S7151,2Sl; a total OF approximately
5000, 900, which, after providing for
interest charges, depreciation. taxes
and contingencies, leaves a net profit
of sl2,987,7 1853, equivalent to 1915 per
cent on the average outstanding com
mon stock.
D1VI0enOS ana ASSetS-
"If to the above net earnings we
add the proportion of undistributed
profits for last year, of the British
Mexican Company. whose net earn
ings before deducting taxes, amounted
| to S5,000,0 900, and your company was
given credit for such proportion, its
earnings would amount to approx
mately IL per cent on the average
| outstanding common stock, as COM
pared with IA per cent earned during
the year 1919"
DIVIDENDS-'Durin 1920 divi-
| dends paid in cash amounted TO
| SS,O34 900, stock dividends tof 10 per
cent in Glass B common in July, 1920
| to $6.378,00 Total, Sl4, 900"
ASSETS-"Since organization, 1916.
the holdings of securities and other
assets have been largely increased.
The security holdings now include (a)
Mexican Petroleum, Ltd, s9l .46l 900
common stock las against SIT 100000
in 1910 and s9035, 900 preferred stock;
! lCb) Caloric Company, $943, 900; tc) Brit
ish Mexican Petroleum Company. Ltd,
/ s2,S44, roo; Id Bankers and Shippers
Insurance Company, S250,O00; (e) Pan
American Petroleum Company (of Cali.
formal. s1,265.152.
THE additions to the holdings of
stock in the Mexican Petroleum Com
rany, Ltd, and Caloric Company,
make our present ownership II per
cent and rs per cent respectively, Of
their outstanding stocks. The Buena
Fe Petroleum Company has been
absorbed by the Pan-American
Petroleum Company tof California;.
STEAMSHIPS THE Petroleum
Transport Company has been dis
solved, and your company has &C.
quired it's entire fleet, to which addi-
tions have been made until 1t now
consists of thirty-one ships Of dead
weight capacity OF ,493 tons. II
owns a half interest In the British
Mexican Petroleum Company's fleet
| in commission and being built, which,
together with the chartered ships Of
it's subsidiaries, constitute a fleet of
fifty vessels, aggregating 420 900 dead.
weight tons, moving the oil Of its sub
salaries.
U. s. Ships Barred.
"The average cost per deadweight
ton of your fleet is s132.55. and with
depreciation already provided. the
book value is s117.91. The net earn
ings before depreciation is 2S.4 per
cent. The charter price to your sub
sidiary companies has always been at
or below the current market price"
CALIFORNIA OIL PROPERTIES
THE production of our California
oil properties has been maintained
without any increase over that OF
1919. The higher prices received for
oil, however, caused an increase in the
operating profit of nearly 100000
over 1919. The acquisition of very
favorable lease warrants the predic.
ton of greatly increased earnings from
this source"
Further expansions have taken place
since that report was made. For in
stance. the Pan-American Petroleum
Company has been awarded lease by
the Interior Department covering oil
rights in Naval Reserve No. /. Kern
county, California. The contract calls
for the drilling of twenty-five wells,
with a ropalty of 551s per cent OF the
production to the United States navy;
and there have been important exten-
sions in connection with other ac-
tivities of this group.
Turning to the report of the Royal
Dutch. Shell combination (which is con.
trolled by the British governmenO for
the year ended December 81, 1920, we
read of the operations of the Shell
Company OF California and Roxana
Petroleum Corporation, as follows:
CALIFORNIA Shell Company
of California acquired new territory
in various districts where test wells
are at present being drilled. In the
Ventura territory there are now three
wells regularly producing, while on
December 81, 1920, four more wells
were being drilled. Various plots in
the Los Angeles district were surren-
dered.
1920 Production Falls.
THE total production in 1920
amounted to 6,164 800 barrels, as
against 6,703 ,295 barrels in 1919. A
quantity of 7,lS2,600 barrels were
pumped through the 10 miles pipe
line from Coalings to Martinez, as
| against 6,420.S6l in 1919.
THE refinery at Martinez treated
| 6,253, 900 barrels OF crude oil, as
against 6,124,0O0 in 1919. The lubri.
eating oil plant, the capacity of
| which was approximately doubled.
was practically completed. The total