New Britain herald., 1930-02-22
Antitrust Law Verdict Must Be Obtained Be- fore Project Is Contin- ued-Proposed Combine Causes Stir in Petroleum World.

New York; Feb. - CUP)--Anoth- CT bilIion-dollar corporation is in the making. to engage in the world bat tlc for supremacy in oil.
 With announcement Of prospcc- tive merger of the Standard Oil Co. Of Now York and the Vacuum Oil Co.,. notice was served in effect on Sir Henri Dotcrdmg and other for clgn potcntatcs Of oil that a power ful combination has taken the field against them.
 The merger announcement was made by the directors of tho Vacuum oil Co. and the Standard Oil Co. of New York in an identical letter to stockholders. which advised them { that the directors of the two con- Cerns had agreed upon q basis for a merger. It is contingent only upon ! q favorable court decision sanction ing the combine under the anti i friendly test case will be brought, ] probably within a few days, and at 1 torncys for the two companies have 1 advised their principals that they believe tho merger is in conformity | with the law.
 Causes stir in Oil World | The letter was made public for this 1 mornings papers, and caused q stir l throughout the oil world. Between ! them. the two companies operate in i every quarter of the earth, and their l combined assets if they have not already reached the billion dollar mark, might be expected 10 so shortly. The latest available figures arc as of December 3l 1928. and list those of the Standard Oil Co. Of New York at $695,3S5.77G. and those of the Vacuum Oil Co. at $lS6.S64. .052 a total of $SS2,249,S2S. In addition impending acquisition by Standard Oil Co. of New York of the White Eagle Oil Co. with assets of $33,- 3G2,032 has been rumored which, il accomplished. would bring the com bincd assets as of Dec. 3l. 1928, tc more than S900.oo0,00O.
 Under the merger contract. the two concerns would be united as tho General Petroleum Corporation Shareholders of Vacuum Oil will re ceivC three shares of the new cor poration for each share of Vacuum Oil they now hold. Shareholders O Standard Oil Co. of New York vii receive share for share. "SoCony'
 | ...l, day at . T. and Vacuum Oil on the curb at 91. On the basis of current quotations. therefore, Vacuum share holders receive a very slight pre- mium for entering the merger which may or may not have con- elusive bearing on the actual value of the stocks.
 The two companies have an i'm portant position in the world oi market. Standard Oil of New York specializes in crude oil production refining and marketing of gasoline and kerosene. Its chief business is in the United States, where its 50. cony" gasoline is widely known. but it has extensive ramitications abroad It has a large fleet of tankers anG has great storage and distribution facilities abroad for marketing gaso- line, kerosene. fuel oil and kindred products. chiefly in the Far East India, Alden and the Near East, in cluding the Balkans. In that respect it does not conflict with Standard Oi of New Jersey. a separate and dis tinct corporation. which operates chiefly in Europe and south Amcri. ca.
 Vacuum Is Oil Concern
 Neither does it conflict Nitl Vacuum oil, which spccializcs ir