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Full text of "Investigation of concentration of economic power. Hearings before the Temporary National Economic Committee, Congress of the United States, Seventy-fifth Congress, third Session [-Seventy-sixth Congress, third Session] pursuant to Public Resolution no. 113 (Seventy-fifth Congress) authorizing and directing a select committee to make a full and complete study and investigation with respect to the concentration of economic power in, and financial control over, production of goods and services .."

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INVESTIGATION OF CONCENTRATION 
OF ECONOMIC POWER 

HEARINGS 

BEFORE THE 

TEMPOEAEY NATIONAL ECONOMIC COMMITTEE 
CONGRESS OF THE UNITED STATES 

SEVENTY-SIXTH CONGRESS 

SECOND SESSION 
PURSUANT TO 

Public Resolution No. 113 

(Seventy-fifth Congress) 

AUTHORIZING AND DIRECTING A SELECT COMMITTEE TO 
MAKE A FULL AND COMPLETE STUDY AND INVESTIGA- 
TION WITH RESPECT TO THE CONCENTRATION OF 
ECONOMIC POWER IN, AND FINANCIAL CONTROL 
OVER, PRODUCTION AND DISTRIBUTION OF 
GOODS AND SERVICES 



PART 14-A - 15 



PETROLEUM INDUSTRY 

ECONOMIC OUTLINE AND DATA RELATING 

TO THE PETROLEUM INDUSTRY 



SEPTEMBER 25, 1939 



Printed for the use of the Temporary National Economic Committee 



UNITED STATES 

GOVERNMENT PRINTING OFFICE 

'WASHINGTON : 1940 



iHRTHEASTERN UNIVERSITY SCHOarof IMfmOT^t 



TEMPORARY NATIONAL ECONOMIC COMMITTEE 
(Created pursuant to Public Ees. 113, 75th Cong.) 

JOSEPH C. O'MAHONEY, Senator from Wyoming, Chairman 

HATTON W. SUMNERS, Representative from Texas, Vice Chairman 

WILLI AM H . KING, Senator from Utah 

WILLIAM E. BORAH, Senator from Idaho 

CLYDE WILLIAMS, Representative from Missouri 

B. CARROLL REECE, Representative from Tennessee 

THURMAN W. ARNOLD, Assistant Attorney General 

•WENDELL BERGE, Special Assistant to the Attorney General 

Representing the Department of Justice 

JEROME N. FRANK, Chairman 

•LEON HENDERSON, Commissioner 

Representing the Securities and Exchr..nge Commission 

GARLAND S. FERGUSON, -Commissioner 

•EWIN L. DAVIS, Commissioner 

Representing the Federal Trade Conamission 

ISADOR LUBIN, Commissioner of Labor Statistics 

•A. FORD HINRICHS, Chief Economist, Bureau of Labor Statistics 

Representing the Department of Labor 

JOSEPH J. O'CONNELL, Jr., Special Assistant to the General Counsel 

Representing the Department of the Treasury 



Representing the Department of Commerce 
JAMES R. BRACKETT, Executive Secretary 
•Alternates 



n 



REPRINTED 
BY 

WILLIAM S HEIN & CO.. INC. 

BUFFALO. IN. Y. 
1968 



CONTENTS 



Exhibit No. 1138 

The industry in general 7697 

World Production and Consumption of Petroleum 7697 

The Petroleum Industry in the United States 7698 

Production of crude oil in the United States 7698 

Growth and size of petroleum industry 7698 

Cause of rapid growth of industry 77G0 

Divisions' of the petroleum industry 7701 

Estimates of petroleum reserves 7701 

Petroleum production, gasoline production in relation to gasoline 

consumption and population 7703 

Seasonal trends . 7703 

Trend of earnings and dividends of petroleum industry 7703 

The twenty major oil companies 7706 

General Description . 7708 

Names and places of incorporation ^ 7708 

Nature of business , 7708 

Subgidiaries and affiliates of major oil comjmnies 7712 

Interlocking subsidiaries and aflSliates of the major oil com- 

panies_ . 7713 

Common stock held by the largest 100 stockholders of the major 

oil companies \ 7713 

Position of the Twenty Major Oil Companies in the Various Branches 

of the Industry . 7r- i 

Crude oil activities , 7714 

Crude oil production ^ 7714 

Purchases and sales of crude petroleum 7714 

Imports of crude oil 7718 

Exports of crude oil 7718 

Transportation 7719 

Pipe-line transportation 7719 

Crude oil pipe lines . 7710 

Pipe line ownership by companies . 7720 

Growth of crude oil pipe line mileage 7724 

Investment in pipe lines 7724 

Gasoline pipe lines 7724 

Growth of gasoline pipe lines.- . 7728 

Investment and income of gasoline pipe lines 7728 

Oil tankers 7728 

Refining ... 7730 

Capacity of refineries 7730 

Crude runs to stiUs and gasoline produced 7730 

Ratio of capacity operated 7735 

Other gasoline statistics 1 :.. 7737 

Exchanges of gasoline 7737 

Marketing.... . . 7737 

Domestic marketing territories of major oil companies 7737 

Domestic sales of gasoline 7737 

Methods of marketing i 7737 

Use of tetra-ethyl lead 7738 

Gasoline specifications 7738 

Bulk plants and service stations . ■- -.. 7738 

Price basing .points 7738 

Total assets and capital employed by major oil companies 7738 

Earnings, dividends and changes in surplus of major oil companies... 7763 

Tir 



IV CONTENTS 

Exhibit No. 1139 

APPENDICES 

Page 

I. Tables in support of "Exhibit No. 1 138" 7769 

II. Lists of subsidiaries, affiliates, and all companies in which the report* 
ing company, its subsidiaries or affiliates, held any capital stock, 

preferred stock, or bonded indebtedness as of Dec. 31, 1938 7885 

III. Lists of largest 100 stockholders of 17 of the 20 major oil companies- ^ 8003 
IV. Domestic oil acreage and reserves of major oil companies by fields 

and States, Dec. 31, 1938 . 8043 

V. Crude oil and gasoline transported for the account of others 8115 

Vt. Basing points 8123 



INVESTIGATION OF CONCENTKATION OF ECONOMIC POWER 



MONDAY^ SEPTEMBER 25, 1939 

United States Senate, 
Temporary National Economic Committee, 

Washington, D. C. 

EXHIBITS NOS. 1138 AND 1139 ^ 

ECONOMIC OUTLINE OF DATA RELATING TO THE PETROLEUM 
INDUSTRY— COMPILED BY THE TEMPORARY NATIONAL ECONOMIC 
COMMITTEE STAFF 

THE INDUSTRY IN GENERAL 
World Production and Consumption of Petroleum 

The United States leads the world in crude oil production. Since 1859, ap- 
proximately three-fifths of the total world production of crude petroleum has 
been produced in the United States. The United States produces currently 
about five times as much annually as the Soviet Union, which is the second 
largest producer. The total world's petroleum production is now in excess of 
two billion barrels annually. 

Approximately 61.49% of the total world crude oil production is produced in 
the United States; 14.05% in Europe; 12.72% in South Americfa; 8.47% in Asia; 
and 2.41% in Mexico. 2 The leading crude oil producing country in South 
America is Venezuela. In Asia, the principal crude oil producing countries are 
Iran and Netherland India. Russia and Rumania are the most important crude 
oil producing countries in Europe. (See Chart I.) 

The United States also ra^ks first in petroleum consumption. In 1936, the 
per capita consumption of petroleum products in the United States was 8.51 
barrels as compared with 4.23 barrels in 1921. In other words, the per capita 
consumption in the United States during the period, 1921-1938, almost doubled. 
With only 6.5% of the world's total population, the United States accounts for 
62% of the total consumption of petroleum products. In this connection it 
should be remembered that the people of the United States own more than 70% 
of all the motor vehicles in the world. 

The 1. en leading countries in the consumption of petroleum products are listed 
below: 



Rank 


Country 


Per Capita 
Consumption 
of Petroleum 
Products, 1936 
(Barrels) 


Rank 


Country 


Per Capita 
Consumpnuii 
of Petroleum 
Products, 1936 
(Barrels) 


J 




8.51 

2.' 85 
2.38 
2.32 


6 

7 

8 

9 

10 


Argentina 

Australia 


2.04 


2 


Ciinadii 


1.86 


3 

4 


Uniou of youth Africa... 


United Kingdom 

Denmark 


1.71 
1.32 


5... 


New Zealand 




1.31 











1 Entered in the record September 25, 1939. See Hearings, Part 14, p. 7108. 
' Based upon 1936 production, Petroleum Facts and '^ {ures (1937). 



7698 CONCENTRATION OF ECONOMI-C POWER 

The Petroleum Industry in the United States 

The" Petroleum industry is one of the largest and most important industries 
of the United States; in terms of capital investment, it is the fourth largest in the 
United States. It is exceeded in size only by agriculture, the railroads, and the 
combined divisions of the utility field. 

It is an important customer of many other industries. Excluding some 200,000 
active proprietors in the marketing division, the industry gives employment to 
more than half a million workers, and has an indicated annual wage bill of nearly 
$800,000,000. Approximately $1,000,000,000 is spent annually for supplies. 
Purchases of crude oil by refiners from producers amount to about $1,400,000,000 
a year, and additional millions are paid out for royalties, rentals, and similar 
expenses. Taxes on petroleum products are large. The 1938 tax bill was in 
excess of $1,275,000,000, of which close to $1,000,000,000 was collected in taxes 
on gasoline. ^ 

The estimated value of petroleum products f. o. b. refinery is about $2,500,- 
000,000 annually, while the total volume of business transacted by the entire 
industry exceeds $6,000,000,000. 

PRODUCTION OP CRUDE OIL IN THE UNITED STATES 

The cumulative production of crude oil through 1938 was more than 21 Billion 
barrels. (See Chart II, and see Table I on p. 7771, infra, Appendix I.) During 
the past three years, 1936-38, the average annual production of domestic crude 
oil has been approximately 1,200 million barrels. A summary of the production 
of crude petroleum by years in the United States from 1859 to 1938 follows: 



Table A. — Production of crude petroleum 
[Millions of Barrels] 



years — U. S. 



1938 
1937 
1936 
1935 
1934 
1933 
1032 
1931 
1930 
1929 
1928 
1927 
1926 
1925 
1924 



Domestic 


Cumula- 


.Produc- 


tive Pro- 


tion of 


duction of 


Crude on 


Crude OU 


2 1.213 


21. 186 


1,279 


19,973 


1,100 


18,694 


997 


17,594 


908 


16,597 


906 


15,689 


785 


14,783 


861 


13,998 


898 


13, 147 


1,007 


12,249 


901 


11.242 


901 


10,341 


771 


9,440 


764 


8,669 


714 


7,905 




Dom^tie 
Produc- 
tion of 
Crude Oil 



1922... 
1921... 
1920... 
1919... 
1918... 
1917... 
1916... 
1915... 
1914... 
1913... 
1912... 
1911... 
1910... 
1859 to 




Cumula- 
tive Pro- 
duction of 
Crude OU 



7,191 
6,459 
5,901 
5,429 
4,986 
4.608 

3! 917 
3.616 
3,335 
3.069 
2.821 

2^378 
2,168 



I Source: United States Bureau of Mines. 
» Preliminary. 



In the United States there are twenty-two crude oil producing states. The 
more important of the crude oil producing states are Texas, California, Oklahoma, 
Pennsylvania, Louisiana, Arkansas, Kansas, JUinois, Wyoming, Ohio, West 
Virginia, Kentucky, New York, Michigan, Indiana, Montana, Colorado and New 
Mexico. 

GROWTH AND SIZE OF PETROLEUM INDUSTRY 

Estimates of the aaaount of capital utilized by the petroleum industry vary 
from 11 billion to 15 billion dollars. The more conservative estimates are from 
11 billion to 11 and % bilUon dollars. 

According to studies made by the American Petroleum Industries Committee 
of the American ^Petroleum Institute, the petroleum industry has had a constant 
and increasing growth since 1921. The gross investment in properties, plant and 
equipment (exclusive of depreciation, depletion and amortization), has increased 



CONCENTRATION OF ECONOMIC POWER 



7699 



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7700 



CONCENTRATION OF ECONOMIC POWER 



from $6,550,000,000 in 1921 to $14,750,000,000 in 1938. 
made by the American Petroleum Institute follows: 



A summary of the study 



Table B.- 



- Trend of Gross Investment in Properties, Plant and Equipment of the 
American Petroleum Industry,^ By Years, 1921-S8 



Year 


Million 
Dollars 


Year 


Million 
Dollars 


1921 


6,550 
7,877 
8,000 
9, 151 
9,500 
10,000 
10,500 
11,000 
11,500 


'1930 


12,000 
12 100 


1922 


1931 


1923... 


1932 




1924 


1933 




1925 


1934 




1926 


1935 - .. 




1927 


1936 




1928 


1937 . 


14, 525 


1939. 


1938 . 









« Petroleum Facte and Figures (1937), p. 170 for figures 1921-1936, and Fred Van Govern, Director of 
Department of Statistics of Petroleum Institute for figures 1937, 1938. 

The total investment shown in the above table includes only properties and 
equipment, but does not include other assets such as cash, receivables and general 
investments. The figures are also prior to depreciation, depletion, and amortiza- 
tion. The gross investment indicated above represents both domestic and foreign 
investment; and the figures include the foreign investment of domestic companies 
but do not include the investments in other countries of foreign companies 
operating in the United States.' 

Measured by the amount of total depreciated assets, i. e., total assets of all 
description at net depreciated values, the total investment of the petroleum 
industry is estimated to be from 11 billion to 13 billion dollars.* 



CAUSE OP RAPID GROWTH OF INDUSTRY 

Since gasoline is now the principal product of crude oil,' the petroleum industry 
has grown with the automobile industry. 

Standard Statistics states: "The tremendous size to which the industry has 
grown is a result of the development of petroleum as an indispensable element in 
modern mechanized society, both as a fuel and a lubricant. The major product, 
gasoline, is second in importance only to the basic necessities of food, clothing, and 
shelter in the current economy. That this is true is demonstrated by the unique 
record of demand for gasoline. Except for a small recession in one year (1932) 
demand has increased without interruption since the automobile came into general 
use, and 1938 demand was the largest in the history of the industry. No other 
basic industry has enjoyed a more consistent gain." 

The National Resources Committee on Energy Resources and National Policy 
(January, 193.9) has stated: 

"The growth of the petroleum industry since 1900 has been closely coordinated 
with the growth in automobile registrations, and since 1910 the history of the 
petroleum industry may be roughly characterized as a search for more and more 
gasoline. In recent years the consumption of gasoline, and to a large extent the 
production of crude oil, has' been closely coordinated, year by year, with changes 
in automobile registrations. The rapid expansion in the use of gasoline is roughly 
indicated by the jump in motor vehicle registrations from 8,000 in 1900 to 468,500 
in 1910, then to 9,231,900 in 1920. The rate of growth slowed dowm somewhat 
during the twenties, but the number of motor vehicle registrations in 1930 amounted 

' This explanation was contained in two letters from Fred 'Van Govern, Director of Department of 
Statistics of American Petroleum Institute. Letters were dated May 23, 1939 and July 24, 1939. 

* This estimate is based upon a comparison of the property, plant and equipment of twenty major com- 
panies as reflected in their balance sheets and the total property, plant and equipment for all companies 
as reported by American Petroleum Institute for the years 1929 and 1938. 

In 1929, the total property, plant and equipment of all companies amounted to 11 .5 billion dollars, of which 
7 billion dollars (or approximately 60%) was for the major oil companies, and 4.5 billion dollars (or approxi- 
tnAtdy 40%) was for al\other companies. In 1938, the total property, plant and equipment of all companies 
•moonted to 14.7 billion dollars, of which 9.8 billion dollars (or approximately 66^4%) was for the major oil 
companies, and 4.9 billion dollars (or approximately 33^)%) was for all other companies. 
. ThiM, since the total assets at depreciated values of twenty major oil companies amoimted to approxi- 
mately 8 billion dollars at December 31, 1938, it is estimated that the total for all other companies would be 
from 3 to 5 billion dollars. 

» According to the United States Bureau of Mine^ the refining of crude oil in 1938 yielded gasoline, 48.7%; 
gas oil and fuel oil, 38.3%; kerosene, 5.6%; lubricants, 2.6%; miscellaneous products 4.9%. 



CONCENTRATION OF ECONOMIC POWER 7701 

to 26,445,300. During the depression years the sales of new cars and trucks 
failed to equal the units that were withdrawn from use, so that registrations 
actually declined. By the end of 1938, however, the number of registrations had 
more than recovered the depression loss and stood at 29,212,000." 

Chart III on following page shows the parallel increase from 1900 to 1938 of 
domestic crude oil production, gasoline consumption and automobile registrations.' 

DIVISIONS OF THE PETROLEUM INDUSTRY 

There are four major divisions of the petroleum industry (1) prod^iction, (2) 
transportation, (3) refining and manufacturing, and (4) marketing. An analysis 
of the investment in the petroleum industry by divisions for the year 1935 made 
by the National Petroleum News follows: 



Table p. 



-Investment in the United States Petroleum Industry by Divisions of 
the Industry, 1935 i 



Division 


Investment 


% of Total 




$5,665,000,000 
270,230.000 
2,127,000,000 
3,400,000,000 
1,814,000,000 






2.0 


















Total .— - — 


$13,276,000,000 


100.0 


■ 



1 National Petroleum News, February 5, 1936; quoted also in Petroleum Facts and Figures (1937), p. 201. 
Concerning this analysis, Fred Van Govern, Director of Department of Statistics of American Petroleum 
Institute said in a letter dated July 24, 1939; "The figures . . . indicating the investment for the year 1935 
by the departments is the only available information so broken down that has come to our attention. We 
know of no source from which such classifications are available for any of the years 1936, 1937 and 1938." 

Standard Statistics estimated the distribution of invested capital for 1937 by 
departments as follows: 



Table I).— Distribution of Invested Capital by Divisions c 


/ the Industry 




Investment 


of Total 




Investment 


of Total 


Crude oil division 


$6, 202, 000, 000 
1,031,000,000 
3,718,000,000 
291, 000, 000 
73,000,000 
1,336,000,000 


42.7 
7.1 

25.6 
2.0 
0.5 
9.2 


Wholesale stations 


497.000,000 
581,000,000 
581,000,000 
233, 000, 000 


3 3 








Refining division 


Trucks and automobiles.-. 


4 






Gasoline pipe lines 


Total 




$14,525,000,000 











Oil companies are of three general types. One type, including generally the 
smaller companies, is engaged in one specialized operation, either producing 
transporting, refining, or marketing crude oil or petroleum products. A second 
type engages in more than one operation but does not engage in all operations. 
T.he third type of company is an integrated company and engages in all branches 
of the industry including producing, transporting, manufacturing and refining, and 
.marketing. 

The Temporary National Economic Committee submitted questionnaries to 
approximately forty of the larger oil companies, including all of the major oil 
companies, asking for an analysis of assets and income by branches and depart- 
ments. The replies to these questionnaires have been analyzed and the results 
will be presented later in these hearings. 



ESTIMATES OF PETROLEUM RESERVES 

For many years the question of reserves of petroleum in the United States 
has been a matter of considerable concern, both to the public and to those engaged 
in the industry. Between 1859, when the industry began, and the end of 1938 
more than 21,186,000,000 barrels have been produced. (See Chart II.) Even 
pfter this enormous drain, estimates made in 1939 of future reserves are larger 

' For data included in chart, see Table 2 in Appendix I, infra, p. 7771. 



7702 



CONCENTRATION OF ECONOMIC POWER 






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CONCENTRATION OF ECONOMIC POWER 7793 

than that of any estimate made in previous years. No one can estimate with 
any degree of finality what the ultimate recovery in oil will be. In 1939, two 
estimates of reserves have been made, exceeding 17 billion barrels, one by H. C. 
Weiss, geologist of the Humble Oil and Refining Co. and the other by American 
Petroleum Institute. If these estimates prove to be as greatly in error on the 
low side a^'earlier estimates, our supplies should be ample" for a good many years. 
In 1925 and 1926, the estimates of the American Petroleum Institute and the 
Federal Oil Conservation Board were about 5 billion barrels. Since that time 
12 or 13 billion barrels have been produced and the estimated reserves are higher 
than ever before. Without attempting to appraise past estimates or those of the 
present. Chart IV 1 sets forth data of the outstanding estimates, the amount of 
production prior to and after each estimate and data for annual production. This 
chart is derived from Tables 3a and 3b in the Appendix I, infra, p. 7772. 

Estimated proven crude oil reserves in the United States, by states, for each 
of the years 1935 to 1939 inclusive, are set out in Table 5 in Appendix I, infra, 
p. 7773. 

PETROLEUM PRODTJCTION, GASOLINE PRODUCTION IN RELATION TO GASOLINE 
CONSUMPTION AND POPULATION 

The geography of crude oil production of the United States contrasts sharply 
with the pattern of population distribution. The four states of Texas, Okla- 
homa, Arkansas and Louisiana contributed 66 percent of the total production 
in 1937, while population and gasoline consumption for this area amounted to 
only 9.97 and 9.44 percent, respectively of the country's totals. On the other 
hand, although the states east of the Mississippi and Ohio Rivers and the eastern 
boundary of Indiana contributed only 2.94% of total crude production they 
accounted for 54.78% of population and 46.94% of total gasoline consumption. 
Chart V, and Table 4 in Appendix I,* show the proportions of production of crude 
and gasoline, gasoline consumption and population. 

SEASONAL TRENDS 

The average of monthly indexes of the petroleum industry reflect the correlation 
of consumption of gasoline, stocks of gasohne at refineries, and retail prices of 
gasoline. The crude oil producing and refining branches of the industry represent 
a rather stable month-to-month activity as shown in Chart VI, and Table 6 in 
Appendix I. From the standpoint of seasonality this industry compares more 
favorably than other industries. 

TREND OF EARNINGS AND DIVIDENDS OF PETROLEUM INDUSTRY 

Earnings in the petroleum industry fluctuate to a greater degree than do the 
earnings of other industries, and the fluctuations are not always synchronous with 
changes in other industries. (See Chart VII.) 

Standard Statistics reports: "Earnings of the petroleum producing and refining 
industry have not conformed closely with general cyclical conditions. For 
example, the industry suffered its worst depression in 1931, when extreme over- 
production, chiefly from the East Texas fleld, demoralized price structures, and 
profits were recovering in 1932 when the general depression low was experienced. 
Under the influence of new record high volumes and better prices , oil profits in the 
1932-1937 period increased to 133% of the 1928-1930 average, whereas the 
composite 1937 earnings of 400 leading industrials stood at about 97% of the 
1928-1930 average. The decline in 1938, it is estimated, brought earnings of the 
400 industrials to about 52% of the average, and earnings of the oil industry to 
about 65% of the average. This better-than-average showing is strictly on a 
proportionate basis and does not signify that the earning power of the field is 
greater than that for industry generally. Because of the unusual oil accounting 
policies, «^ven such a basis as reported earnings on indicated invested capital 
does not j rovide a true measure of relative earning power. But all studies of the 
subject Uave the strong impression that the accounting policies which have permitted 
creation of huge plant facilities and the building up of large volume have tended to 
reduce the proportion of earnings available for stockholders." * (Italics supplied) 

• Onjp. 7704, following. 
».P. 7772, infra. 

' A discussion of accounting policies by Christopher Del Sesto, special assistant to the Attorney Qen- 
esal, is included in Hearings, Part 17. 



7704 



CONCENTRATION OF ECONOMIC POWEll 



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15. 

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CHART V 

PETROLEUM PRODUCTION. GASOLINE PRODUCTION, GASOLINE CONSUMPTION, AND POPULATION 




PETROLEUM PRODUCTION 



GASOLINE PRODUCTION 



f 


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124491 — 40— pt. 14-A (Face p. 7704) 



7704 




CONCENTRATION OF ECONOMIC POWER 



7705 



CHART VI 

SEASONAL TRENDS OF SELECTED PHASES OF THE PETROLEUM INDUSTRY 

UNITED STATES 
BASED ON THE 10-YEAR AVERAGE OF MONTHLY INDEXES FROM (929 TO 1938 



1 \ r 



STOCKS OF OASOUNE AT REFINERIES 



Z 



COHSUMPTIOH 



OF CASOLIWE 



RETAIL PRICES OF GASOLINE 




REFINERY ACTIVITIf 



:zz:- 



JIM. FEB. 



7706 



CONCENTRATION OF ECONOMIC POWER 



Ib making a forecast for the future, Standard Statistics states: "Reported data 
indicate that profits swings in the oil industry tend to be more extreme than in 
the case of industry generally. Moreover, the swings occasionally occur inde- 
pendently of general business conditions. While this has been a basic charac- 
teristic of the industry, tendencies to lessen competitive forces that are developing 
from proration may provide a better degree of stability of profits." 

A comparison of the net income from 1926 through 1938 of 28 oil producmg and 
refining companies with 735 industrial companies and with 960 corporations as 
prepared by Standard Statistics follows: (See also Chart VII.) 

Table E. — Net Income of 28 Oil Producing and Refining Companies Compared 
With 735 Industrial Companies and;^With 960 Corporations by years, 1926- 
19^8 

(In Millions of Dollars] 





'28 Oil Producing 
and Refining 
Companies 


735 Industrial 
Companies 


960 Corporations 




Amount 


Index 

Nos. 
1929=100 


Amount 


Index 

Nos. 

1929=100 


Amount 


Index 

Nos. 

1929 = 100 


1926 --- -- 


$571. 2 
255. 1 
537:7 
602.9 
265.1 
'72.7 
72.8 
101.4 
179.7 
282.0 
451.2 

334!? 


94.7 
42.3 
89.2 

100 
44.0 
-12.1 
12.1 
16.8 
29.8 
46.8 
74.8 

103.1 
65.5 


$2, 456. 3 

2,171.9 

2,779.9 

3,248.9 

1,807.2 

681.1 

85.6 

710.7 

1,083.2 

1. 582. 1 

2. 359. 2 
2, 639. 1 
1, 358. 7 


75.6 
66.9 
85.6 
100 
55.6 
21.0 
2.0 
21.9 
33.3 
48.7 
72.6 
81. 2 
41.8 


$3, 665. 1 
3, 289. 2 
4, 082. 6 
4, 744. 2 

2. 921. 5 

1. 369. 6 
363.5 

1,068.6 

1. 412. 7 
1,968.2 
2.998.4 
3,225.9 

1. 647. 8 


77.3 






1928 - 


86.1 


1929 I 


100 


1930 . . 


61.6 


1931 .. .-_ 




1932 - - - - 


7.7 




22.5 




29.8 




41.5 




63.2 




68.0 




34.7 







In commenting on the dividend policy of the petroleum industry, Standard 
Statistics states: "The oil industry has long been regarded as a poor source of 
dividends, not in terms of the proportion of available earnings disbursed, but in . 
terms of the relative cash return on the invested capital in the business. For 
example, of the combined earnings available for the common stocks of 25 leading 
oil companies during the 1928-1937 decade, 71.6% was paid in dividends, com- 
pared with 79.7% for 400 leading industrials. 

"However, total dividends paid in relation to stockholders' share, in invested 
capital (the balance sheet value of all securities outstanding, plus surplus and 
capital reserves, less the claims of senior securities) give a truer indication of 
relative dividend returns, regardless of accounting policies. On this basis, the 
stockholders' cash return on the aggregate invested capital of 21 leading qU com- 
panies for which comparable data are available averaged about 4% a year for 
the 15-year period 1922-1937. Returns for 135 leading industrial corporations 
for the same period 'have averaged better than 5%." 

THE TWENTY MAJOR OIL COMPANIES 

The petroleum industry is characterized by a relatively small number of large 
enterprises constituting probably two-thirds of the investment of the entire 
industry. The remainder of the industry is made up of thousands of small 
producers, and marketers and several hundred refining companies. The larger 
■nits are commonly referred to as "major companies." Each of the major com- 
panies is integrated, that is, it engages in each of the four branches of activity — 
crude oil produttiqn, refining, transportation and marketing. 



CONCENTRATION OF ECONOMIC POWER 



7707 



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i' 



7708 



CONCENTRATION OF ECONOMIC POWER 

General Description 

names and places of incorporation. 



The twenty major oil companies listed in the order of their total assets as of 
December 31, 1938, with the states and dates of incorporation are as follows: 


I^amc of Company 


State of Incorporation 


Date of Incorpora- 
tion 


1. Standard Oil Company.- 

2. Socony- Vacuum Oil Company, Inc - 










Indiana 


June 18, 1889 




Delaware 

Delaware 

Pennsyl7ania 


August 26. 1926 








August 9, 1922 




Delaware 

West Virginia.--- --.. 

Pennsylvania 


September 2, 1910 




March 7, 1912 




September 15, 1916 


Empire Oas and Fuel Company 


Delaware 


Juno 12, 1919 


Delaware 

New York 


February 8, 1922 


a nrirfE/^HHotaH'nil Cnrnnratinn 


September 23, 1919. 




Delaware 


June 13, 1917 






March 5, 1926 


12. The Atlantic Reflnlng Company 




April 29, 1870 


Ohio - 


April 9, 1914 




California 


October 17, 1890 




New Jersey..- 

Ohio 


May 2, 1901 




July 30, 1887 






October 8, 1920 




Ohio. .-■— 








July 9. 1917 




Delaware 


August 20. 1919 









The names of the companies listed above are their present legal names, as 
reported to the Temporary National Economic Committee. Many of them have 
changed their legal titles from time to time. For example, the Socony- Vacuum 
Oil Company, Incorporated was formerly known a^ the Standard Oil Company 
of New York; Gulf Oil Corporation was formerly known as Gulf Oil Corporation 
of Pennsylvania; Consolidated Oil Corporation was formerly known as Sinclair 
Consolidated Oil Corporation. 

The Cities Service Company listed above is a holding company owning securities 
not only in petroleum companies but also in electric utilities and other companies 
engaged in industries other than the petroleum industry. For the purposes of 
this study the principal subsidiaries of the Cities Service Company engaged in the 
petroleum industry have been considered. These subsidiaries are: Arkansas Fuel 
Company, Cities Service Oil Company and Empire Gas and Fuel Company. 

The Texas Corporation listed above was incorporated in 1926 but its predecessor, 
the Texas Company, was incorporated in 1902. The Standard Oil Company of 
California listed above was incorporated in 1926 but its predecessor, the Pacific 
Coast Oil Company, was incorporated in 1922 but its predecessor, Gulf Oil 
Corporation was^incorporated in New Jersey in 1907. Tide Water Associated 
Oil Company listed above .was incorporated in 1926,, but its predecessor Tide 
Water Oil Company was incorporated in 1888. 

The twenty major oil companies were incorporated in the following States: 



Delaware \ 9 companies. 

Ohio V 3 companies. 

New Jersey - - 2 companies. 

New York. 2 companies. 



Pennsylvania 2 companies 

California I company . 

Indiana - 1 company. 



NATURE OP BUSINESS 

Four of the major oil. companies are primarily holding companies. These 
include Standard Oil Company (New Jersey), the Texas Corporation, Cities Serv- 
ice Company aod Consolidated Oil Corporation. 

Ten of the major oil companies are both holding companies and operatmg 
companies. These include The Atlantic Refining Company, Continental Oil 
Company, The Pure Oil Company, Shell Union Oil Corporation, Socony- 
Vacuum Oil Company, Inc., Standard Oil Company (Indiana), The Standard 
Oil Company (Ohio), Sun Oil Company, Standard Oil Company of California 
and Mid-Continent Petroleum Corporation. 



CONCENTRATION OF ECONOMIC POWER 7709 

Six of the major oil companies, whUe they are both operating and holding 
companies^, are considered primarily operating companies. These include Gulf 
Oil Corporation, the Ohio Oil Company, Phillips Petroleum Company, Skelly 
Oil Company, Tl ' Water Associated OU Company and Union Oil Company of 
California. 

The nature of the'-Ibusiness engaged in by each of the major companies as 
reported by the Temporary National Economic^Committee is described below.' 

Standard Oil Company (New Jersey) 

"The reporting company is a holding company and is not engaged in business."* 

Socony-Vacimm OU Company, Incorporated 

"The reporting company is both a holding company and an operating company. 
Through its own operations and through those of its subsidiaries it conducts a 
fully integrated oil business from producing and refining to transportation and 
marketing." 

Standard Oit'Company {Indiana) 

"Holding and Operating Company. Engaged in manufacturing, transporting, 
dealing in and marketing petroleum and its products, etc." 

The Texas Corporation 

"The Corporation is not an Operating company. It holds securities of subsidi- 
aries and other companies engaged for the most part in one or more phases of the 
petroleum industry, or in businesses related thereto, in the United States and in 
foreign countries." 

Standard Oil Company of California 

"Activities of this company concentrate for most part on the Pacific Coast, 
where it is the dominant factor, both as a producer of crude oil and a distributor 
of refined petroleum products. Output also is marketed in practically all states 
in Western half of this country, and in Alaska, Hawaii, Western Canada and 
Central America. Export business to the Far East is important. Crude oil 
reserves among largest of any domestic concern, are principally in California, 
and production is transported largely by own pipeline and marine facilities to 
refineries near consuming centers." 

Gulf Oil Corporation 

"Gulf Oil Corporation is an operating company which, itself or through sub- 
sidiaries, is engaged in the principal branches of the petroleum business," 

Cities Service Company (Delaware) 

"Cities Service Company is a holding company owning securities in petroleum 
companies, natural and manufactured gas companies, electric utilities, real 
estate companies, and other miscellaneous companies. It id not an operating 
company." 

^ Arkansas Fuel Oil Company (Subsidiary of Cities Service Company) 

"Arkansas Fuel Oil Company is an operating company engaged in the prt)- 
duction, transportation, refining and marketing of petroleum and its products. 
The company also holds stock in two pipeline companies and a small marketing; 
company." 

Cities Service Oil Co. (Pa.) (Subsidiary of Cities Service Company) 

"Cities Service OU Co. (Pa.) is an operating company engaged in the production, 
transportation, refining and marketing of petroleiun products." 

' Standard Oil Company of California and Mld-Contlnent Petroleum Corporation did not answW the 
questionnaire furnished by the Committee. The data as to these two companies were obtained from 
Stuidard Statistics. 

* While.the Staadar'd Oil Company (New Jersey) Ls not itself engaged in the petroleum business, Its 
subsidiaries are eneagod In all branches of the petroleum business both in the United States and In foreign 
countries. 

124491 — 40 — pt. 14-A 2 



7710 CONCENTRATION OF ECONOMIC POWER 

Empire Gas & Fuel Company (Subsidiary of Cities Service Company) 

"Since 1927, Empire Gas and Fuel Company has been a holding company 
owning securities in petroleum companies and one natural gaa company. . Prior 
to 1927, it was an operating as well as a holding company;" 

Shell Union Oil Corporation 

"Shell Union Oil Corporation, the reporting company, was a holding company 
during the entire period covered by the questionnaii-e and was also an operating 
company in certain eastern states during the period from November 2, 1936 to 
May 1, 1939. The Company itself is at present engaged in marketing petroleum 
products in the state of Delaware and through its subsidiaries, is engaged in 
substantially all branches of the oU business except the marine transportation of 
petroleum products." 

Consolidated Oil Corporation 

"Although authorized by its charter to engage in all branches of the petrgleum 
business as an operating company, the reporting company is exclusively a holding 
company, engaged in the business of holding stocks and obligations of subsidiary 
.and other companies, and of financing its subsidiaries. Treating the activities 
of the subsidiaries of the reporting company as a whole, the general character of 
the business done may be described as the production, purchase, transportation, 
refining and marketing of crude oil and the products thereof." 

Phillips Petroleum Company 

"Phillips Petroleum Company is primarily an operating company. It is not 
a holding company as defined by the Public Utihty Holding Company Act of 
1935, although by reason of its ownership of stocks of subsidiaries, it would be 
classed as a holding company under a wider definition of the term. 

"PhilUps Petroleum Company and its subsidiaries comprise a complete unit 
in the petroleum industry, owning reserves of crude petrbleutn in a number of 
fields in the Mid-Continent and Gulf Coast areas, gasoMne and crude oil refineries, 
oil pipelines, gasoline pipehnes extending from Borger,. Texas to East St. Louis, 
IlUnois, and marketing outlets in seventeen states located for the most part in the 
greater Mississippi Valley area of the United States. 

"The general character of the business in which the company and its subsidiaries 
are engaged is as follows: 

"(1) The acquisition and development of prospective fis well as proven oil and 
gas lands and leases. At present the chief activities in connection with such 
development are carried on in the !Mid-Continent and Gulf Coast areas. 

"(2) The production and purchase of crude petroleum, natural gas aqd the 
products and derivatives thereof. Such activities are also carried on chiefly 
in the Mid-Continent and Gulf Coast areas. 

"(3) The transportation of crude petroleum and gasoline by pipelines and the 
transportation of refined products, including hquified gases, by tank cars and 
mo^r trucks. The Company also transports by pipeline the natural gas which 
it, produces and purchases. 

"(4) The refining and processing of crude petroleum and natural gas, the 
products thereof including natural and refined gasoline, automotive and industrial 
oils, greases and fuel oil, kerosene, hqmfied gases and residue gas. 

"(5) The distribution and marketing of crude . petroleum and natural gas, 
the products thereof, tires and other automotive accessories. The Company is 
domesticated in 31 states, in each of which all or some of its products are dis- 
tribiited. Shipments^ are also made to 13 other states and for e^ort. To a 
large extent sales of gasoline and other petroleum products are made under the 
Company's trade names, the most important of wluch is 'Philhps 66'. 

"The Company produces more crude petroleum than is required in t^e opera- 
tion of its refineries and consequently is a 'seller on balance'." A substantial part 
of the crude petroleum ^d natural gas produced by the Company is gathered and 
transported through its own pipelines to its own refineries and gasoline plants, 
and a substantial portion of the natural and refined gasoUnes manufactured is 
transported through its own and other pipelines to its own terminals and bulk 
plants, 

"The Company has also developed a process for the thermal pplymerization of 
natural gas and refinery gases, resulting in the production therefrom of. gasoline 
having a high octane rating, and has recently constructed a plant for the pro- 
duction of catalysts and polymerized aviation fuels with octane rating as high as 



CONCENTRATION OF ECONOMIC POWER 7711 

100. In 1935 it was instrumental in forming the Polymerization Process Corpora- 
tion with the objective of licensing the polymerization process to the industry. 

'Tercel' Incorporated (formerly The Petroleum Engineering Research Company), 
a subsidiary, was organized for the purpose of coirmierciaHzing and licensing the 
Company's patents for processes and equipment used in the industry. 

"In addition to its other activities, the Company sells carbon black and other 
by-products, and markets automobile and truck tires, tubes, batteries and 
accessories." 

Tide Water Associated Oil Company 

"Reporting Company is an operating Company. It is engaged in the business 
of producing, transporting, refining and marketing of crude petroleum and its 
products." 

The Atlantic Refining Company 

"The Atlantic Refining Company, is both a holding and an operating company, 
and the character of the business in which it is engaged is to driU and operate for 
or in any other manner to obtain petroleum, oil and gas; to produce petroleum, 
oil and gas, and other minerals incidentally developed; to manufacture or refine 
all products or minerals or substances found in or upon any lands of, or in any 
manner obtained by, the Company; to transport the same to market, and sell 
the same in crude or manufactured form; to buy, sell, lease, hold and dispose of 
such real and personal estate as may be necessary and convenient; to construct 
and erect such pipe lines, buildings, machinery and appliances as may be necessary 
or convenient in conducting the business of the Compariy; to manufacture, pur-, 
chase, or in any manner to carry on in connection with any and aU of the purposes 
of the corporation the business of owning, leasing, and operating filling statiohs, 
'service stations, garages and repair shops; and buying, selling, and dealing with 
and in goods, wares, and merchandise and commodities of any and all classes and 
descriptions; and to do and transact all business connected with, or incidental to 
the foregoing objects and purposes." 

The Pure Oil Company 

"The reporting company is both a holding company and an operating company. 
It is engaged in acquiring, generally by lease or purchase, and developing pros- 
pective and proven oil and gas lands and interests therein; in producing, pur- 
chasing, transporting, refining and selling petroleum and petroleum proc^cts, 
including gasoline, kerosene, automotive and industrial lubricating oils, greases 
and fuel oil; in producing, purchasing and selling natural and casinghead gas and 
natural gasoline; and in carrying on operations incidental to the foregoing." 

Union Oil Company of California 

"(a) The company is an operating company. 

"(b) The company is engaged in substantially all branches of the oil business, 
including the acquisition and development of prospective and proven oil lands; 
the production, purchase, transportation and sale of crude oil and natural gasoline ; 
the refining of crude oil; the production, treatment and sale of natural gas; and 
the manufacture, transportation and wholesale and retail marketing of petroleum 
products." 

Sun Oil Company 

"The Sun OU Company is both an operating and a holding company, its sub- 
sidiary companies being largely those acquired by state law to be incorporated in 
states other than that in which Sun Oil Company is incorporated. 

"Sun Oil Company is largely integrated and is engaged in the production, trans- 
portation, refining, and marketing of petroleum and petroleum products." 

The Ohio Oil Compariy 

"The Ohio Oil Company originally was solely an operating company, is now pre- 
ponderantly an operating company. It is direbtly engaged in -the business of 
prospecting for, producing, purchasing, selling and disposing of crude petroleum 
andfnatural gas; of refining crude petroleum and marketing the prodiicts the'"''of; 
andfof purchasing, leasing, acquiring, holding and disposing of such real and perr 
sonal property as niay be necessary and convenient for the carrying on of its SAid 
business. It holds a majority of stojck interest in certain other gas producing 
companies,, and natural gas transporting and distribilting compdnies, ftad oU 
pipeline transporting companies." 



7712 CONCENTRATION OF ECONOMIC POWER 

Continental Oil Company 

"Holding and operating company. Producer of crude oil, manufacturer and 
marketer of petroleum products." 

Standard Oil Company (Ohio) 

"Reporting company is both a holding company and an operating company. 
Reporting company is engaged primarily in the business of refining and marketing 
of all types of petroleum products. • The company markets products for the motor 
vehicle trade at wholesale to jobbers and dealers and sell same at retaU direct to 
the consumer, at service stations op)erated by it and also delivered at the consum- 
er's premises. As incidental to and in furtherance of its main activities, as above 
set forth, the company is engaged in the business of plirchasing, gathering and 
transporting crude oil by pipeline and transporting gasoline by pipeline, and also 
is engaged, to a small extent, in the producing of crude oil." 

Mid-Continent Petroleum Corporation 

"Acquisition of additional properties in recent years, financed mainly out of 
earnings, has established this company as a complete unit in the oil industry. 
Potential crude oil output is sufficient to supply its refining requirements, but with 
production curtailed by proration restrictions, the company has been forced to 
purchase nearly half of its current needs in the open market. Own pipkeUnes 
supply crude oil to its refinery, while owned or controlled bulk and service stations 
furnish marketing outlets for bulk of refined products." 

SkeUy Oil Company 

"Skelly Oil Compahy is an operating company; however, for convenience of 
operation it has from time to time incorporated other companies to better serve 
its operating needs and/or acquired interests in other companies engaged in related 
businesses all of which are disclosed in this report. 

"Skelly Oil Company is engaged in all branches of the oil business the principal 
lines of which are^ 

(A) Conducting geological and geophysical surveys for its own account; 

(B) Leasing land for oil and gas purposes and buying oil and gas royalty rights; 

(C) Drilliiig of wells for discovery and production of oil and gas and producing 
and selling of oU and gas; 

(D) Owning and operating natural gas^oline plants for the production of natural 
gasoline and related products; 

(E) Purchasing, gathering, and transporting crude petroleum from the public 
and from its own properties to its refinery and a minor amount to others through 
its refinery pipeline system; 

^F) Owning and operating a refinery for the manufacture of petroleum products; 

(G) Marketing through its own and/or leased facilities at retail, and at whole- 
sale through jobbers, a line of petroleum products; 

(H) Purchasing at wholesale and marketing at wholesale and retail tires, 
batteries and other motorists supplies; 

(I) Compounding a line of lubricating oils and greases; 

(J) Marketing through its subsidiary, Skelgas Company (100% owned), 
propane and butane and appliances used therewith; 

(K) Manufacturing and selling through its subsidiary. Spartan Aircraft 
Company (96.62%) owned, airplanes and airplane parts;.. 

(L) Conducting through Spartan School of Aeronautics, Inc., a wholly owned 
subsidiary of Spartan Aircraft Company, an aeronautical school and an aero- 
nautical service station." 

SUBSIDIARIES AND AFFILIATES OF MAJOR OIL COMPANIES 

Eighteen of the twenty major oil companies * furnished lists of subsidiaries, 
and affiliates and all cbmpanies in which each of them, their subsidiaries or affi- 
lijttes, held any capital stock, preferred >6tock, or bonded indebtedness as of De- 
cember 31, 1968 to the Temporary National Economic Cornmittee. Thes» lists 
have been included in Appendix II. With respect to each subsidiary and affiliate, 
these lists include (a) napie of company, (b) address of company, (c) place and 
date of incorporation, (d) date of acquisition of intterest; (e) detailed statement 
as to the nature of the business conducted, where conducted, and description of 
the commodities manufactured or handled or services rendered; (f) nature of in- 

« Standard OU Company of California and Mid-Continent Petroleum Corporation did not furnish any 
data. 



CONCENTRATION OF ECONOMIC POWER 



7713 



terest owned by the reporting company, (g) number of shares of voting stock of 
company so reported now outstanding, (h) number of voting shares owned or 
controlled by the reporting company, and (i) reason for acquiring interest in such 
company. 

INTERLOCKING SUBSIDIARIES AND AFFILIATES OF THE MAJOR OIL COMPANIES 

A study of the subsidiaries and affiliates of the major oil companies discloses 
that capital stock of many of the operatingjcompanies, in the petroleum industry 
is owned by more than one of the major companies. A schedule of interlocking 
subsidiaries and affiliates is included in Table 7 in Appendix I, p. 7774, infra. 

It will te noted that interlocking of subsidiai 'es and affiliates occurs most 
frequently<in the case of pipe line companies, foreign land holding or development 
companies, ^nd patent companies. For example. The Great Lakes Pipeline Com- 
pany, the largest gasoline pipeline, representing roughly one-third of the total 
gasoline pipeline mileage, is jointty owned by eight major oil companies as follows: 

Continental Oil Company. 29. 2% 

Mid-Continent Petroleum Corporation 19. 0% 

Skelly Oil Company 14. 2% 

The Texas Corporation 12. 1% 

Pui-e Oil Company -. 9. 5% 

Consolidated Oil Corporation 5. 8% 

• Cities Service Company 5.2% 

Phillips Petroleum Company 5.0% 

(See Table 16b in Appendix I, p. 7789, infra.) 

In the foreign field, examples of joint ownership include Standard- Vacuum Oil 
Company which is jointly owned by Standard Oil Coropany (New Jersey) and 
Socony- Vacuum Oil Company, Inc.; Shell Oil Company of Canada, Ltd. which 
is jointly owned by Shell-Union Oil Company and Continental Oil Company; 
Dutch New Guinea Petroleum Company, which is jointly owned by Standard 
Oil Company of California. 

The Polymerization Process Corporation is an example pf joint ownership in the 
field of patent companies. Standard Oil Company (Indiana), Phillips Petroleum 
Company, The Texas Corporation, and Standard Oil Company (New Jersey) ail 
own an interest in this corporation. 

COMMON STOCK HELD BY THE LARGEST 100 STOCKHOLDERS OF THE MAJOR OIL 
COMPANIES 

The Temporary National Economic Committee requested in its questionnaire 
that the oil companies supply — 

"A list containing the names and addresses of the largest 100 common stock- 
holders, corporate and individual, As of December 31, 1938 and the number of 
shares held-^by each." Also "The total number of common stockholders as of 
December 31, 1938." See Table F, following: 

Table F. — Shares of Common Stock Held by the 100 Largest Stockholders of the 
Major Oil Companies,^ December SI, 19S8 



Name of Company 


Total. Num- 
ber ot^Com- 
mon Stock- 
holders 


Total Com- 
mon Shares 
Outstand- 
ing 


Shares Held 
by 100 Largest 
Stock- 
holders 


Percwit- 
age 


Shell Union on Corp ..-- 


17, 393 
5,226 
3,152 
3,532 
24,116 
16, 135 

126,383 
31,287 

113,240 
29,869 
89,068 
99.665 
29,033^ 
40,105 
26,524 
86,380 
29,313 

466,688 


13,070,626 

2,316,484 

996', 349 

763,740 

6,375,253 

13,751,846 

26, 618,-065 
6,563,377 

31.206,071 
4,738,593 

13,751,846 

15, 272, 020 
3,982,031 
4,449,052 
4,666,270 

10,876,882 
2,663,999 
3,704,067 


11,624,811 
1,966,808 
817, 245 
621, 166 
4,066,873 
7,430.934 

2; 955; 244 
12S03,585 
1,688,030 
4,801,289 
5,287,862 
1,369,366 
1,355,064 

.&,« 


88.9 




84.9 


SkeUy Oil Co.... . .. . 


82.1 


Standard Oil Co. (Ohio) 


69.1 


Tide Water Assoc. Oil Co 


63.7 


Gulf Oil Corp. of Pa 


54.0 


Standard OU Co. (N. J.) 

Ohio Oil Co — 


47.3 
46.0 




41.0 




36.6 




34.9 


Standard Oil Co. (Ind.).... 


34.6 


Pure Oil Co .. .'. 


34.1 




30.4 


Union Oil Co. of CnUf 


>28.1 




24.0 




23.8 


Cities Service Co 


21.0 







> Source: T. N". E. C. Questionnaire. Standard Oil Company of California and MId-Contlnent Petro« 
Icum Corporation did not answer. 
» Figure not available, as company reported percentage only. 



7714 



CONCENTRATION OF ECONOMIC POWER 



The lists of largest 100 stockholders for each of the seventeen companies which 
did report is given in full in Appendix III. 

Chart VIII shows the percentage of shares held by the largest 100 common 
stockholders and also shows th.e percentage of stock of some of the principal 
stockholders. Certain of the individual holders of common stock included in the 
largest 100 stockholders own stock in more than one major oil company. (See 
Table 9 in Appendix I, p. 7776, infra.) 

POSITION OF THE TWENTY MAJOR OIL COMPANIES IN THE 
VARIOUS BRANCHES OF THE INDUSTRY 

Crude Oil Activities 



CRtTDB OIL P^^ODTJCTION 

In 1937 the major companies owned 23.7% of the producing oil wells in the 
United States. Their share of flowing wells is, however, much higher. This is 
indicated by the fact that their production of crude petroleum in 1937 amounted 
to over half of the total — 52.5%. Although their percentage of crude production 
falls far short of their percentage in transportation and refining, the trend has 
been upward. The crude production of this group rose from 46.3% in 1926 to 
52.5% eleven years later. Data for number of wells and crude production are as 
follows (see also Chart IX)' : 

Table G'^rr-Domesiic Produdion of Crude Petroleum and Producing Oil Wells * 
Twenty Major Oil Companies and all Companies 





Domestic Production of Grade 
Petroleum (In thousands of 
42 gallon barrels) 


Producing Oil Weill 


Year 


All 
Companies 


20 Major Oil 
Companies 


Com- 
panies 


'^^'M' 




Number 


Pw Cent 
of Total 


Nuiiiber 


Per Cent 
of Total 


1026 


770.874 

851081 

006,696 

1,090,687 

1,279,160 


357, 137 
434,080 
642,786 
585, 618 
671, 092 


«.3 
51.1 
54.5 
53.3 
52.5 


318,600 
316,850 
340,990 
349,450 
363.030 


(») 

68,562 
77,276 
81,716 
86,126 




Igl:^;::-:-:::::::;:;::;::::::::; 

1936 -. - 


21.7 
22.7 
23.4 


1937 y --— 


23.7 











« Source: United States Bureau of Mines. 
» Not available. 

PURCHASES AND SALES OF CRUDE PETROLEUM 

While the production of crude petroleum in recent years by the 20 major oil 
companies has been slightly over one-half of the total, the trading activities (buy- 
ing and selling) in crude have gone far beyond this proportion. In view of the 
fact that consumption of crude (runs to stiUs) of the 20 m,ajor companies has 
approximated 83 or 84 per cent of the total runs, it is obvious that large purchases 
would be necessary to make up the deficiency between their production and their 
runs to stills. However, the record for the 10 years, 1929 to 1938, shows pur- 
chases considerably in excess of production. For example, 18 major companies 
in 1938 produced 528 million barrels and purchased 652 million barrles, or a total 
of 1,180 million barrels, whereas for the same year the runs to stills for these 
companies amounted to 884 million barrels. Thus, production 3,nd purchases 
together exceeded their own refinery needs by 296 million barrels. Also during 
this period of 1929 to 1938,/large quantities of crude were sold. In 1938, sales 
of crude amounted to 282 milhon barrels or over 53 per cent of their Own produc- 
tion. While much of these purchases and sales reflect major inter-company 
transactions to adjust for geographical differences in supplies and needs, never- 
theless, it becomes evident that this large trade in excess of Requirements for 
refining purposes suggests a factor of control of the entire crude supply in the 
interval .between production and consumption at refineries. The figures of pro- 
duction understate the degree of control which the major companies have over 
crude supplies above ground. Storage -of refinable crude stocks are ,predomi- 



(7HART VIII 



COMMON STOCK HELD BY THE 100 LARGEST STOCKHOLDERS 
OF THE MAJOR OIL COMPANIES. DECEMBER 31, 1938 



NAME OF COMPANY ^?>?L.''il'^S^'' 

OF COMMON 
STOCKHOLDERS 

SHELL UNION OIL CORP 17,393 

SUN OIL C0.__. 5,226 

SKELLY OIL CO 3,152 

STANDARD OIL CO. (OHIO) 3,532 

TIDE WATER ASSOCIATION OIL CO 24,116 

GULF OIL CO. OF PA 15,135 

STANDARD OIL CO. (N.jJ 126,383 

OHIO OIL CO 31,287 

SOCONY VACUUM OIL CORP 113,240 

CONTINENTAL OIL CO 29,969 

CONSOLIDATED OIL CORP .89.068 

STANDARD OIL CO. (INDIANA) 99.665 

PURE OIL CO 29.033 

PHILLIPS PETROLEUM CO 40,105 

*UN10N OIL CO. OF CALIF. 26,524 

THE TEXAS CORPORATION 86.380 

ATLANTIC REFINING CO 29.313 

CITIES SERVICE CO 466.658 



PERCEMT 
50 



-•• - I ■■=■ I 

I 
OCKEFELLER iNTERESTsI I 

' I 



* STEWART FAMILY OWNS LARGE PORTION OF STOCK 

SOURCE- TEMPORARY NATIONAL ECONOMIC COMMITTEE QUESTIONAIRE FOR OIL COMPANIES 



124491— 40— pt. 14-A (Face p. 7714) 



CONCENTRATION OF ECONOMIC POWER 



7715 



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7716 



CONCENTRATION OF ECONOMIC POWER 



nantly held by the 20 major companies — on December 31, 1937, these were no 
less than 96.5 per cent of the total- Thus, the 20 major companies engage in 
the marketing functions of crude oil — purchases, sales and carrying of stocks — 
considerably above their owh manufacturing requirements, and therefore exercise 
an influence over the crude market beyond that indicated by their degree of 
participation in the production phase alone. 

Data for purchases and sales of crude oil are shown in the following table: 



Table H. — Purchases and Sales of Crude Oil by Major Oil Companies 
eluding Imports and Exports) by years, 1929-1938 
[In 42-gaUon barrels] 



(£z- 



1038. 
1937, 
1936. 
1935. 

1934. 



Purchases 



661,828,473 
704,259,062 
690. 944, 083 
520,913,623 
472,240,031 



282,082,269 
304,863,039 
263,093,216 
228, 190, 678 
191, 347, 348 



Year 



1933 
1932. 
1931. 
1930 
1929. 



485, 365, 622 
486,689,956 
467, 104, 220 
479,640,698 



203,073,474 
200,358,899 
216,067,630 
253.961,211 
229, 793, 240 



iSooroe: Temporary National Economic Committee Questionnaire for Oil Companies. Standard Oil 
CompBnv of C^onua and Mid-Continent Petroleum Corporation did not answer the Committee's 
questionnaire. In the case of imports of the Standard Oil Company (N. J.) and exports of the Standard 
Oil Company (N. J.), Stan<btrd oil-Company <Ohio) Mid the Texas Corporation the preliminary analysis 
does not indicate whether or not some of these items are Included as revealed by the detail company 
tabulation. 

Stocks of crude oil and refined products are shown in Chart X, and the following 
tables: 

Table I -^Stodes of Crude Petroleum and Principal Petroleum Products for the 

United States i 

Twenty Major Oil Companies and all Companies 

[Thousands of Barrels] 





Reflnable Crude OU 


Finished Gasoline at Refineries, 
Bulk Terminals, and in Pipe 
Lines 


Kerosene 


Date 


Total 


20 Major 
Com- 
panies 


Per 
Cent 


Total 


20 Major 
Com- 
panies 


Per 
Cent 


Total 


20 Major 
Com- 
panies 


Per 
Cent 


^n: 


309,125 


(1) 

286,233 
362.511 
263.211 
281,'642 
228,169 


06.5 
91.0 
88.1 
77.4 
73.8 


69,892 
56,382 
60,647 
62, 401 
> 39, 023 


(2) 

62,873 
49,710 
45,299 
47,745 
« 33, 056 


90.0 
88.2 
89.4 
91.1 
84.7 


7.083 
5,633 
7,915 
6,332 
8.575 


(3) 

6,462 
4,901 
7,118 
4,869 
7,489 


91.2 


ItOti ' 


87.0 


KKIK 


90.0 


1931 


91.3 


1926 


87.3 

















1 Source:3U. 8. Bureaujof Mines. «JAt Refineries only. 

Tablb J. — Stocks of Crude Petroleum and Principal Petroleum Products for the 

United States ' 

Twenty MajofOU Companies and all Companies 

(Thousands of Barrels] 





Oas Oil and Distillate Fuel 


Residual Fuel Oil, Includ- 
ing Heavy Crude Oil in 
California 


Lubricants 


Date 


Total 


20Ma]or 
Com- 
panies 


Per 
Cent 


Total 


20 Major 
Com- 
panies 


Per 

Cent 


Total 


20 Major 
Com- 
panies 


Per 
Cent 


Dm. 81: 

1987 


22.566 
22.813 
19,930 
18,526 
»113,Jp7 


(4) 

19,886 
18,915 
17,051 
14,956 
•91,946 


88.1 
82.9 
86.6 
80.7 
81.2 


95,019 
84.236 
84,064 
117,336 


(5) 

87,406 
71,664 
70,208 
102,504 


92.0 
86.1 


7,612 
6,942 
7,026 
9,486 
7,576 


<0) 

6,98, 
6,131 
6,203 
7.270 
5,323 


93.0 


va» 


88.3 


1936 


88.3 


1981 


76.6 


1036 


70.3 









U. 8. Bureau of Mines. , ^ ,, 

stocks of residual fuel oil in the United Statts and stocks of heavy crude in Califomia. 



CONCENTRATION OF ECONOMIC POWER 77 17 

CHART X 

YEAR-END STOCKS OF CRUDE OIL AND PRINCIPAL 
PRODUCTS IN THE UNITED STATES 

20 MAJOR COMPANIES AND "ALL OTHER" COMPANIES 
1926, 1931, 1935-37 



REFINABLE CRUDE OIL 



RESIDUAL 
FUEL OIL* 



I I I l|l| 

I ■iinniinnTi 



WNISHED GASOLINE** 



'26 '31 '35 '36 '37 







' Vi'iiiiiiiiiiiitiiiiiiiii 



LUBRICANTS 



lajl 35 3b 

LEGEND - 



35 36 37 



20 MAJOR COMPANIES 



ALL OTHER COMPANIES 



PERCENTAGES OF AGGREGATES OF THE 
SIX SELECTED STOCKS HELD BY: 




A INCLUDIMC HEAVY CRUDE OIL FOR CALIFORNIA. COMPARABLE DATA NOT 



SOURCE: U.S. BUREAU OF MINES 



7718 CONCENTRATION OF ECONOMIC POWER 

Table K. — Slocks of Crude Petroleum and Principal Petroleum Products for the 
, ^ United States 

Twenty Major Oil Conrpanies and all Companies 



[Thousands of Barrels] 










Total 


Summary of Six Se- 
lected Stocks 1 


Date 


20 Malor 
Companies 


Per Cent 


Dec. 31: 

1937 . - - - 


497,658 
453,-351 
473, 897 
667,066 
477, 506 


468,844 
403,832 
414,090 
458,936 
366,983 


94.2 


1936 


89.1 


1936 


87.4 


1931.. . - 


80.9 


1926 -.- -- 


76.6 







'Includes total of 'Items (1) to (6), Inclusive. 

IMPORTS OF CRUDE OIL 

Imports of crude petroleum are relatively small as compared with domestic 
production, amounting to only slightly over 2 per cent in 1938. The trend of the 
past de.cade has been dovraward, the imports for 1938 being Approximately one- 
third.of those in 1929. Ten major companies occupy a dominant position in the 
importation of crude. Since 1929 their proportion of total imports ranged from 
88.2 per cent to 95.8 per cent of the total imports as shown- in the following table: 

Table L. — United States Imports of Crude Oil by 10 Major Oil Companies Com- 
pared to all Companies by years, 1929-1938 

[In thousands of 42-gallon barrels] 



Year 


Total 1 


10 Major 
Oil Com- 
panies » 


Per Cent 
of Total 


Year 


Total 1 


10 Major 
OU Com- 
panies * 


Per Cent 
of Total 


1938 . 


26.412 
27,484 
32, 327 
32,239 
35,658 


23,936 
S4,238 
28,921 
29, 115 
31,921 


90.6 
88.2 
89.5 
90.3 
89.8 


1933 


31,893 
44,682 
47,250 
62,129 
78,933 


29,102 
41, 755 
43. 656 
59,498 
72,892 


91.2 


1937 


1932 


93.4 


1936. 


1931... 


92.4 


1935 ...1 


1930 


95.8 




1929 


92.3 









• Bureau of Foreign and Domestic Commerce (published by U. S. Bureau of Mines). 

• Temporary >fational Economic Committee Questionnaire for Oil Companies. Standard Oil of Califor- 
nia ancTMid-Continent Petroleum Corporation did not answer the Committee's questionnaire. Eight of 
the reporting major oil companies reported no imports (^ crude oil. 



EXPORTS O* CRUDE OIL 



Exports constituted over 6% of the total production in 1938. Fifteen major 
companies accounted for 57.3 per cent of all exp>orts of crude. Data for exports 
are shown in the following table: 



Table 



■United States exports of crude oil 6i 
to all companies by years, 



' 16 major oil companies compared 
1929-1938 



[In thousands of 42-gallon barrels] 



Year 


TotaK' 


15 -Major 
Oil Com- 
panies « 


Per Cent 
of Total 


Year 


Total I 


15 Major 
Oil Com- 
paijies* 


Per Cent 
of Total 




77, 273 
67,234 
50,313 
51, 430 
41,J27 


44,292 
46,099 
30,509 
32, 482 
25, 268 


57.3 
68.6 
60.6 
63.2 
61.4 


1933 


36,584 
27,393 
26,635 
23,705 
26, 401 


22, 162 
17,203 
16,023 
12.077 
12. 638 


60.6 


1937 


1932 


62.8 






62.7 


1935 


1930 


50.9 




1929 


47.9 









• Bureau of Foreign and Domestic Commerce (published by U. S. Bureau of Mines). 

• Temporary National Economic Committee Questionnaire for Oil Companies. Standard Oil Co. of 
California and Mid-Continent Petroleum Corporation did .not answer the Committee's guestlonnaire. 
Three of the reporting major oil companies reported no exports of crude oil. ' 



CONCENTRATION OF ECONOMIC POWER 7719 

Tables 15 (a) to 15 (c) in Appendix I ' inclusive contain other data with respect 
to crude oil activities. 

The rephes to Question 12 (b) of the Committee requesting domestic crude oil 
acreage and reserves by fields and states, as of December 31, 1938 are set forth in 
full in Appendix IV.* 

Transportation 

pipe line transportation 

Long-range movements of its products assume a high degree of significance in 
the petroleum industry. Three states, Texas, California and Oklahoma, together 
produced 76.6 per cent of the total crude petroleum of the United States in 1937. 
These three states in turn accounted'for only 15.8 per cent of the total gasoline 
consumption. On the other hand, all states east of Indiana, Kentucky, Tennessee 
and Georgia produced 2.51 per cent of the total crude oil in 1937 and consumed 
39.46 per cent of the total gasoline. Twenty-eight states, including the District 
of Columbia, had no production of crude oil whatsoever and yet accounted for 
35.6 per cent of the total consumption of gasoline. The production of petroleum' 
is thus highly concentrated and the problem of transportation is of vital impontance 
in the industry. 

As a consequence of the important role of transportation and the peculiarities 
of the product itself, special types of facihties have been developed to move the 
products of this industry, namely, pipeUhes, tankers, railroad tank cars and tank 
trucks. Most important of these types is the pipeUne. Practically all crude oil 
produced moves through pipelines for some part. of its journey from well to 
refinery. 

In each of the years between 1934 and 1937, 71% of the crude oil received' at 
refineries was dehvered by pipeline, 26% by tanker or barge and approximately 
3% by tank cars and trucks. Although there is a very heavy movement of crude 
oil and gasoline by tanker from gulf ports to Atlantic coast refineries, the oil is 
carried from the producing fields of Texas, Oklahoma and Louisiana to the gulf 
ports by pipelines. 

The significance of pipelines is further indicated by financial statistics of 1937: 
Pipelines reporting to the Interstate Commerce Commission (approximately 82 
per cent of the United States total mileage) represent a total investinent of 
$803,000,000 before depreciation and $389,000,000 after depreciation. For the 
whole industry the corresponding aggregates may be estimated to be $980,000,000 
and $480,000,000. Pipeline operating revenues amounted to $248,000,000 in 
1937 and operating income $110,000,000. The rate of return upon investment 
(after depreciation) averaged a characteristically high figure — 28.4 per cent. 
(Rates of return for other years, 1929-1938, are included in Table 23 iruAppendix I).^ 

The statistical summaries whiclj foUow are intended to reflect operating activi- 
ties and the degree of control exercised over petroleum transportation by the 
major oU companies. 

CRUDE OIL PIPELINES 

Crude oil pipelines faU into two classes, gathering and trunk lines. Gathering 
lines are small diameter (usually under 4 inches) Unes which connect with indi- 
vidual oil wells. A single gathering system may connect with scores or even 
hundreds of wells. These connections converge into larger lines and ultimately 
lead to refiineries hear the fields, to field storage, or tie-in with trunk lines. The 
trunk lines are larger in size (from 6 to 10 inches in diameter) and ordinarily 
convey crude over considerable distances, e. g. from Oklahoma and Texas to 
refining areas in Illinois. The latest figures available showing separately the 
mileage of crude oil trunk and gathering lines for the United States are those 

' Pp. 7784-7787, infta. 
« Pp. 8043-8113, inft«. 
» P. 7797, infra. 



7720 



CONCENTRATION OF ECONOMIC POWER 



supplied by the United States Bureau of Mines as ofJJune' 30, 1936. These are 
shown in Chart XI and in the following table: 

Table_N. — Mileage of Crude Oil Pipe Lines in the United States,^ SO Major Oil 
Companies as Compared to "All Other" Companies, June SO, 1936 



Kind of Liifes 


All Companies 


20 Major Oil Com- 
panies 


All Other Com- 
panies 


Per Cent 
Major Oil 

Companies 
is of all 

Companies 


Miles 


Percent 
of Total 


Miles 


Percent 
of Total 


Miles 

8,449 
22,476 


Per Cent 
of Total 

27.3 
72.7 


Trunk 


• 67.820 
62,760 


52.3 
47.7 


49,371- 
30.284 


62.0 
38.0 


86 4 


Gathering 








Total 


no, 680 


100.0 


79,655 


100.0 


30,925 


loJ.o 


72.0 







• Source: U. S. Bujreau of Mines. 

It will' be noted that of the grand total of 110,580 miles, 52.3 per cent were 
trunk lines and 47.7 per cent were gathering. The twenty major companies 
owned or controlled 57.4 per cent of the total gathering line mileage of the industry. 
This share was not greatly diflfereni from that represented by the crude oil pro- 
duction of these companies, namely 53.3 per cent in 1936. While no figures are 
available as to the number of barrels of crude oil entering th6 gathering systems 
of the twenty major companies, it is probably in the neighborhood of their ratio 
of runs to stills — over 80 per cent of the total. The difference is accounted for 
by the fact that the major companies own a high percentage of flowing wells and 
also purchase a large quantity of oil at the wells of independent producers. 

In contrast with the local or field transportation of these gathering lines, the 
20 major companies controlled 85.4% of the large-volumet. long-distance mileage 
crude trunk lines. 

PIPELINE OWNERSHIP BY COMPANIES 

As previously indicated, the 20 major companies owned 72% of the crude oil 
mileage (trunk and gathering) as of June 1936. On January 1, 1938 the ratio 
was practically the same — 71.8% — as shown in Chart XII (See Table 16a in 
Appendix'I for analysis of prorated mileage.)' Five companies alone control 42.5 
per cent of the total crude oil mileage in the United States while seven conap >^ie8 
control 53 per cent. 

Overall, figures of mileage do not indicate fully the concentration of con\ :•:! of 
transportation facilities because small gathering lines are obviously not *■ ^"' - 
parable with trunk lines used in transporting crude over, great distances, ^'iv" 
trunk line systems (extending from producing areas to refineries often many 
hundreds of miles distant) serve as elongated funnels through which crude oil 
converges from many thousands of wells to a relatively small number of refineries. 
It is because of their vital function in the linking of crude production to markets of 
petroleum products and because of their effects upon the development and location 
of units in the industry that they assume strategic importance in the struggle for 
position by the various companies. 

As of January 1, 1938 fourteen major oil companies reported to the Interstate 
Commerce Commission ftie mileage of crude trunk lines which they owned which 
were interstate In character, or so closely and directly related to interstate opera- 
tions as to fall within the jurisdiction of the Interstate Commerce Commission. 
These reports show that those companies owned 45,915 miles of crude trunk lines. 
This amounted to 89% of the total of 51,569 miles of crude trunk lines reported to 
the Interstate Commerce Commission by aU companies. This percentage figure 
may very well be taken as indicating the degree to which aU the major oil companies 
own and control crude trunk lines. A considerable mileage of purely intrastate 
character is not included in the reports made to the Interstate Commerce Com- 
mission, but it is unlikely that the inclusion of these intrastate lines would appre- 
ciably modify this conclusion as to the percentage of crude trunk lines owned by all 
of the major companies. (See Chart XIII, infra p. 7723.) 

» P. 7789, infra. 



CONCENTRATION OF ECONOMIC POWER 



7721 



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7722 



CONCENTRATION OF ECONOMIC POWER 





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CONCENTRATION OF ECONOMIC POWER 



7723 



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7724 CONCENTRATION OF ECONOMIC POWER 

GROWTH OF ORUDB OIL PIPBLINB MILEAGE 

The Temporary National Economlo Committee questionnaire to oil companies 
requested data on mileage of crude oil plpellnea for years 1929 to 1938 inclusive. 
The eighteen major companies reporting snowed an Increase in crude mileage from 
67,800 miles on January 1, 1929 to 76,8d7 miles on Januarv 1, 1938. The data 
for individual companies are given in Tables 17 (a), (b), and (c) in Appendix I.» 

The growth in pipeline transportation is better reflected in the increase of 
barrels transported and the barrel-miles of transportation afiPorded by pipelines 
as shown in Tables 18 and 19 In Appendix I.* Crude oil transported through 
trunk lines by the 16 reporting companies increased from 524,902,000 barrela to 
826,003,000 barrels, an Increase of 57.4%. Barrel-miles of operation for crude 

billion, or 70%, as shown in Table 20 in Appendix I.» 

The questionnaire to oil companies sought information as to the extent to which 
pipe lines transported crude oil for others than the owners. The answers obtained 
were not comparable because of varying interpretations placed on the question,, 
and therefore It is not possible to tabulate the data received. The answers, how- 
ever, iiisclosed that as a general rule the pipe lines are used chiefly to transport 
crude oil to the owners' refineries. In addition to the crude oil which the com- 
panies move exclusively for their own refinery use, a large percentage is also moved 
which is bought at the well and sold at terminals. In other words, probably more 
than 90% of the crude oil tra,nsported through the pipelines is owned by the trans- 
porting company. In most cases the amount of crude oil moved for companies 
other than the company owning the crude oil, over a year period, is probably less 
than 10%; the movement of this small quantity of crude oil for the accounts of 
others usually occurs in cases where the pipeline of one company joins the pipeline 
of another COmpanv at a common terminal and when there has been a previous 
agreement h regard to the through shipment of crude oil, . A' few of the companies 
reported to Temporary National Economic Committee the companies other than 
the company owning the pipe line for which crude oil was transported, and this 
data may be found In Appendix V. 

INVESTMENT IN PIPI) LINES 

The total investment made in pipelines to date is approximiately one billion 
dollars. The companies reporting to the Interstate Commerce Commission 
showed a gros& investment (before depreciation) of $808,000,000 at the end of 
1938; after deductions for depreciation, the net investment was',$374,377,51»0. 
Operating income for 1938 was $95,140,882, which was equivalent to an average 
rate of return of 25.4 per cent. These data are shown in detail, by companies, in 
Table 22 in Appendix I.* 

Data for investment and income of 15 principal pipeline companies are given in 
Chart XIV. 

The trends of rates of return for difi'erent groupings of companies reporting to 
the Interstate • Commerce Commission • (all pipelines, major, crude oil pipelines, 
independent crude oil pipelines and major gasoline pipelines) are shown in Table 
23 la Appendix T, for years 1929 to 1938, inclusive.* (See also Chart XV). It will 
be noted that within three years after gasoline pipelines operations were well estab- 
lished, rates of return thereafter approximate those of the major crude oil lines. 
The advantages to the majors of pipeline operation, whether crude or gasoline, 
become apparent when it is recalled that the major companies have the dominant 
position of ownership in the profitable branches, — crude trunk lines (89 per cent 
of the Interstate Commerce Commission coverage) and gasoline lines (96.1 per 
cent). A comparison of rates of return on crude oil pipeline investment for major 
companies and independent companies is also shown in Chart XVI. 

GASOLINE PIPELINES 

Prior to 1931 the use of pipelines for the transportation of gasoline from refineries 
to market was very limited. The first significant event in gasoline transportation 
was the conversion of the Tuscarora pipeline from a crude to gasoline carrier. 
Other lines carried insignificant quantities of gasoline. In 1931, the two largest 
systems were completed— the Great Lalces and the Phillips pipelines. Thereafter, 
while the growth has not been too phenomenal, it has nevertheless been substan- 

1 Pp. 7790-7792, infra. 
' Pp. 7793 and 7794, infra. 
« P. 7796, infra. 
- ♦ P. 7796, Infra. 
• ^ 7797, Infra. 



CONCENTRATION OF ECONOMIC POWER 



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tial, each year recording increases over the preceding. (See Gasoline Pipeline 
Map facing this page.) 

PHor to the advent of gasoline pipelines those refineries which were located in 
marketing centers, such as Chicago, had an advantage over those located near 
crude producing centers but far from markets as in North Texas and Oklahoma. 
This advantage existed because the refineries located near the market could take 
advantage of maximum use of cheap pipeline transportation while those located 
near producing fields must use higher cost rail transportation to get to a large part 
of their markets. In response to this situation refineries located at a distance 
reduced this disadvantage by the construction of gasoline pipelines to coneuming 
areas. Evidence of the economic strength derived from ownershipSof gasoline 
transportation is found in the enormous profits derived from their operation, as 
shown in data presented in this section. 

GROWTH OF GASOLINE PIPELINES 

With the early success achieved by the Great Lakes and Phillips gasoline pipe- 
lines it was only natural that this type of transportation should be adopted by 
others in the industry seeking to overcome disadvantages of refinery location with 
reference to markets. Table 24 in Appendix J ' shows the growth of gasoline pipe- 
line mileage from 1928 to 1938, inclusive, bj' major companies. 

Chart XVI T shows the gasoline pipeline mileage for all companies and differs 
from T^ble 24 in Appendix I in that the mileage of Great Lakes Pipeline has been 
prorated among the major companies on the basis of percentage of ownership; 
also, estimates for Standard Oil Company of California, Richfield Oil Corporation, 
and Mid-Continent Petroleum Corporation have been added. It should be noted 
that 96.1% of the gasoline pipelines are owned by major companies and one inde- 
pendent, the Champlin Refining Company owns the remaining mileage. Not 
included in this table are the 62 miles representing the share of Barnsdall in the 
Great Lakes system, which subsequently to the date of data shown has been ac- 
quired by the major companies sharing Great Lakes ownership. 

Growth in the utilization of gasoline pipelines can best be measured in terms of 
barrels transported and barrel-miles of transportation. Table 25 in Appendix I 2 
shows the number of barrels transported annually from 1929 to 1938, inclusive,, 
and indicates a 30-fold growth over this period. Table 26 in Appendix I ^ Bhqws 
the number of barrel-miles of transportation to be over 500 times as great in 1938 
as in 1929. 

Answers to supplementary question 19e, regarding gasoline transported for the 
exclusive use of the company owning the pipeline, indicated that a very small 
percentage of gasoline was transported for other than the pipeline ownipg com- 
pany. Although Phillips Petroleum Company indicated that approximately 
20% of its total movement of gasoline was for other companies, practically all 
of this was for the Great Lakes Pipe Line Company under joint tariff, in which the 
Great Lakes line was the original carrier. The Sun Oil Company transported 
ga&ullne for three other oil companies, each of which was a major company. See 
Appendix V.* 

INVESTMENT AND INCOME OF GASOLINE PIPELINES 

Investment in gasoline pipelines has mounted rapidly since 1928, reaching 
a level of over $44,000,000 by the end of 1938. As in the case of crude lines the 
income has been very high, amounting to over $13,000,000 in 1938 and yielding a 
rate of return of 29.7 %. (See Table 27 in Appendix I.) = These data for individual 
companies are shown in Chart XV. Rates of return, by years, are shown in Table 
23 in Appendix I.^ 

OIL TANKERS 

Ocean going tankers constitute an important branch in the transportation of 
petroleum and its products. These are engaged in coastwise as well as foreign 
traffic. The most important tanker movement of the domestic industry is from 
Louisiana and Texas po^ts to Atlantic coast ports. Smaller quantities are moved 
from California ports to other Pacific coast ports, and infrequently to Atlantic 
ports. 

' P. 7797, infra. 
» P. 7798, fnfra. 
« P. 7799, infra. 
« P. 8116, Infra. 
» P. 7800, infra. 
• P. 7997, infra. 



GASOLINE PIPE LINES OF THE UNITED STATES 
MAY 1939 





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In this field of operation the major companies also enjoy a dominant position. 
From data supplied by the ^^ S. Maritime Commission for tankers of over 1,000 
tons (deadweight) it is found that 15 major companies own 84 per cent of the 
tankers, and 87 per cent of the tonnage. Chart XVIII shows the ownership of 
tanker tonnage of the major oil companies as of September 30, 1938. 

Refining 



CAPACITY OF REFINERrES 

Crude oil as such is not put to use as a commercial product. Processes of 
manufacture (refining) must be applied to crude in order to make available the 
many products of this industry. Thus the refining branch becomes a bottle neck 
in the industry — crude oil produced by over 350,000 oil wells by thousands of 
producing units converge through less than 600 refineries. The great diversity of 
interest in crude oil production represented by a few large companies and thou- 
sands of independent producers is sharply contracted at the refinery. The con- 
centration of ownership arid control by the large units is much greater in refining 
than in production. As of January 1, 1938, the 20 major companies owned no less 
ithan 75.6 per cent of the total refining capacity in the United States. Eight 
companies owned 52.9 per cent of the total. Data for refining capacity of the 20 
major companies are shown in Chart XIX. 

In the process known as "cracking" the dominance of the major companies is 
even greater than in refining generally. Cracking processes represent a great 
technological advance in the art, of oil refining and are employed by all modern, 
efficient refineries. The use of cracking processes is practically an economic 
necessity in -the struggle for position in the refining branch. On January 1, 1938, 
the capacity of cracked gasoline manufacture by these companies was 85.2 per 
cent of the total, as shown in Chart XX. 

In addition to having a preponderant share of the more eflScient cracking type of 
refinery operations, the major companies enjoy whatever advantages that accrue 
to large scale operations. Table O which follows compares the average size of 
refineries and cracking plants of the 20 major companies with those of inde- 
pendent operators. It will be noted that the average refinery size of the 20 majors 
in 1938 was about eight times that of independents while that for cracking plants 
was nearly six times as large. 

Table O. — Average Capacity of Refineries and Cracking Plants ' Twenty Major 
Companies and All Other Companies for Specified Years 





Crude Oil Refining 


Cracking Plants 




Capacity 


Num- 
ber 


Av. Ca- 
pacity 


Capacity 


Num- 
ber 


Av. Ca- 
pacity 


Twenty Major Oil Companies: 


3,291.450 
3, 142, 450 
2,981,000 
2,963,700 
2,988,100 

1,059,701 
1,152,431 
1,136,047 
1,094,800 
954, 585 
985, 617 


!^ 

163 
167 
156 

400 
419 
470 
164 
279 
392 


21,798 
20, 539 
18, 288 
17, 747 
19, 154 

2,649 
2,750 
2,417 
2,359 
3,421 
2,514 


' 794, 922 
1, 952, 550 
1,948.668 
1,948,269 


114 
115 
121 
123 


' 6, 973 


« 1937 


16, 979 


" 1936 


16, 105 


« 1935 . 


15; 839 


« " 1931 




All Other Companies: 


J 138,049 
264, 300 
201, 650 
261,000 
(») 


114 
103 
102 
98 


» 1,211 


« " 1937 


2,566 


« « 1936 


2,565 




2,663 


" 1931 .... 




" * 1926 















' Source: U. S. Bureau of Mines. 

• Measured in terms of cracked gasoline capacity; other years in terms of fresh charging stock throughput. 

CRUDE RUNS TO STILLS AND GASOLINE PRODUCED 

It has been observed that the major company share of crude production was 
slightly over one-half of the total for the jndustry and crude oil refining capacity 
was slightly over three-fourths of the total. The shares of crude oil runs-to-stills 
and gasoline production of the 20 majors are even greater. In 1937 these com- 
panies represented about five-sixths of these two items as shown by the following 
Table P. (See also Chart XXI.) 

In other words the control chrough ownership by the 20 majors ihcreases Uom 
about 53 per cent of crude production to 84 per cent of the production of the 



CONCENTRATION OF ECONOMIC POWER 



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7735 



principal refined product — gasoline. Furthermore, the control in refining has 
increased appreciably over the past decade, from 71.3 per cent of total gasoline 
production in 1926 to 83.8 per cent in 1937. Data of crude runs-to-stilla and 
gasoline production for individual companies are shown in Tables 28 and 29 in 
Appendix I.' 

Table P. — Crude Oil Runs to Slills and Gasoline Production for the United States 

Twenty Major Oil Companies arid All Other Companies ' for Specified Years 

[Thousands of barrels] 







Crude Runs to Stills ' 


Production of Gasoline ' 


Year 


All Com- 
panies 

(1) 


Twenty 
Companies 

(2) 


All Other 
Companies 

(3) 


All Com- 
panies 

(4) ' 


Twenty 
Companies 

(5) 


Another 
Companies 

(6) 






1, 183, 440 

1, 068, 670 

965, 790 

894, 608 

779, 264 


977,016 
882, 747 
794, 368 
727, 914 
555, 064 


206, 424 
185, 823 
171, 422 
166, 694 
224, 200 


559, 141 
502, 811 
457, 842 
431,510 
299, 734 


468, 639 
420, 929 
384, 861 
356, 343 
213, 822 


90, 5C' 




88, 882 




72, 981 




75, 167 




85,9)2 










Percent 
Crude 
runs to 
stills of 
twenty 
compa- 
nies is of 
all com- 
panies 

(7) 


Percent 
Oasoline 
Produc- 
t-ion of 
twenty 
compa- 
nies is of 
all com- 
panies 

(8) 


Ratio of Gasoline Production s to Crude Runs to Stills 




Per Cent 


Indexes (1926—100) 




All Com- 
panies 

(9) 

47.2 
47.2 
47.4 
48.2 
38.5 


2( 
C 

_ 


Major 
ompa- 
nies 

(10) 


All Other 
Compa- 
nies 

(11) 


All Com- 
panies 

(12) 


20 Major 
Compa- 
nies 

(13) 


All other 
Compa- 
nies 

(14) 


1937 


82.6 
82.6 
82.3 
81.4 
71.2 


83.8 

84! 1 
82.6 
71.3 


48.0 


43.8 
45.1 
42.6 
45.1 
38.3 


122.6 
122.6 
123.1 
125.2 
100.0 


124.7 
123.^ 
125. 7 
127.3 

leo.o 


114.4 


1936 


47.7 
48.4 
49.0 
38.5 


117.8 


1935 


111.2 


1931 - 


117.8 


1926 


100.0 























' Source: U. S. Bureau of Mines. 
' Includes Imported Crude Oil. 
' Includes blended natural gasoline. 



RATIO OF CAPACITY OPERATED 

While the major companies control 75 per cent of crude oU. refining capacity, 
it is interesting to note the exi/ent of its utilization. See Chart XXI(a). In 1937 
their refineries operated at 85 percent of capacity compared with 49 per cent by 
"all other" companies. In 1926 the major companies operated at 81 percent 
while "all other" companies operated at 62 per cent, showing an improvement in 
operations for the majors and the reverse for independent operators. The following 
table shows data on degree of capacities operated by majors and independents: 



Table Q. 



-Refinery Operations of Twenty Major Oil Companies and All Other Com- 
panies, by years, 1926, 1931, 1935-1987^ 





20 Major Oil Companies 


All Other Oil Companies 


Year 


Crude Oil 
Capacity 2 


Crude Oil 

Runs to 

Stills 


Per Cent 
of Ca- 
pacity 3 


Crude Oil 
Capacity » 


Crude Oil 

Runs to 

Stills 


Per Cent 
of Ca- 
pacity ' 


1937 


1,146,994 
1.088,065 
1,081,751 
1,090,656 
681,619 


977,016 
882, 747 
794.368 
727, 914 
655.064 


85 
81 
73 
67 
81 


420, 637 
414, 657 
399, 602 
348.424 
359, 714 


206, 424 
185, 823 
171,422 
166, 694 
•224,200 


49 


1936 


45 


1935 


43 


1931 


48 


1926 


62 









> Source: U. 8. Bureau of Mines. 

' Maximum daily crude oil throughput as of January 1-, inflated to annual refinery capacity basis. In- 
cludes some shut-down plants. 
' The per cent crude oil runs to stills is of crude oil'capacity. 

' Pp. 7800-7803, infra. 



7736 



CONCENTRATION OF ECONOMIC POWER 




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CONCENTRATION OF ECONOMIC POWER 7737 

OTHER GASOLINE STATISTICS 

The lemporary National Economic Committee questionnaire required the 
furnishing of data for purchases, sales, imports and exports of gasoline by the 
reporting companies. These data are given in Tables 30 to 33 inclusive in 
Appendix I.' 

EXCHANGES OF GASOLINE 

It is quite common practice among major oil companies to exchange gasoline 
with each other. This is done where a marketing company finds it advantageous 
to obtain a supply from another company to fill its needs in a territory rather than 
make shipments from its own source of supply. Often through the medium of 
exchange two companies find it mutually profitable through transportation sav- 
ings for each company to supply the other in different territories, thus eliminating 
cross-haul movements on the part of each. For example, a New Jersey refiner 
may supply a marketing company gasoline for delivery in New Jersey or Eastern 
Pennsylvania while in Ohio the conditions of supply and need between the com- 
panies are reversed and the New Jersey refiner will receive his marketing require- 
ments from the Ohio refiner. Thus each may be able to maintain a wider range 
of distribution than if each endeavored to service all of his market requirements 
from his own refinery. Supplies so received are usually sold under the brand of 
the receiving company. In some instances exchanges of gasoline may be supplied 
under the receiving company's specifications; in other cases, the supplying com- 
pany's specifications may be f ,c 3ted as satisfactory and sold by the receiving 
company as its own brand.^ In other instances the receiving company may blend 
or otlierwise treat gasoline 'received in exchange or purchase so that the resulting 
product conforms to its own established brand specifications. The extent to 
which gasoline is exchanged among marketing companies is shown in Tables 34 
to 36 inclusive, in Appendix I.^ 

Marketing 

DOMESTIC marketing TERRITORIES OF MAJOR OIL COMPANIES 

Each of the 1 8 companies answering the questionnaire submitted the statements 
describing their present domestic marketing territory in which they normally sell 
their branded products, irrespective of the method of delivery. For the com- 
panies f&iling to answer, distribution data were obtained from published sources. 
Table 37 in Appendix I ^ shows the states for each of the companies designated as 
being within the normal marketing area. 

The twenty major oil companies as a group market petroleum products in all 
the states in the union. One company, The Texas Company, markets in every 
state. The Standard Oil Company (Ohio) and Union Oil Company of California 
do business in only six states. Most of the companies do business in fifteen or 
more states. 

DOMESTIC SALES OF GASOLINE 

As to the distribution of domestic gasoline s^les by the 18 compa,nies for the 
year 1938, two tables are submitted as analyses of the information contained in 
the answers to the questionnaire. One shows distribution by companies and by 
states. See Table 38a in Appendix I.* The other table shows the total consump- 
tion of gasoline in 193S by states for the number of companies operating in each 
state, total sales of gasoline in each for all 18 companies, percentage of total, sales 
for each state enjoyed by the 18 companies, and the percentage of total sales for 
each state sold by the individual company enjoying the largest amount of sales 
during the year. See Table 38b. » Reference to Table 38a will indicate the name 
of the company enjoying the largest amount of sales in each state during the year. 

METHODS OP MARKETING 

An attempt was made to obtain a percentage analysis of the methods of marketing 
employed by the major- oil companies in domestic sales of gasoline .during the 
period' 1935 to 1938, inclusive. Only six of the twenty compames submitted 
analyses which may be considered to be on a comparable basis. The answers 
iV the six companies for the year 1938 are set forth in Table 39a in Appendix I.« 

' pp. 7804-7806, infra. 
' Pd.^806-7811, infra. 
3 p: 7812, infra. 
< P. 7816, infra. 
» P. 7817, infra. 
« P. 7818, infra. 



7738 CONCENTRATION OF ECONOMIC POWER 

USE OF TETRA-ETHTL LEAD 

For each of the years 1929 to 1938, inclusive, seventeen major companies sold 
gasoline treated with tetracethyl lead purchased from the Ethyl Gasoline Cor- 
poration. Table 39E in Appendix I ' shows the amounts of gasoline blended with 
tetra-ethyl lead Tor each of the ten years. Over the period the sales of lead- 
treated gasoline increased from 22,000,000 barrels in 1929 to 310,000,000 barrels 
in 1938. 

GASOLINE SPECIFICATIONS 

The oil compa,nies were also requested to report the specifications of the differ- 
ent brands and grades of gasoline marketed. The data are assembled in Tables 
40 and 42, inclusive, in Appendix I.^ Three companies failed to report these data 
on a comparable basis and they are, therefore, separately shown in Tables 43a 
to 43c in Appendix I.» An explanation of the terms used in the specifications is 
given in a statement identified as Table 44 in Appendix I * and entitled "Defini- 
tions and Significance of Terms Used in Connection with Gasolines" 

BULK PLANTS AND SERVICE STATIONS 

The questionnaire sent out by the Committee requested information relative 
to the ownership, management and control of bulk plants and service stations 
used by the companies for the distribution of gasolinp during the period 1929 to 
1 938. Answers received from the companies are not on a comparable basis. There- 
fore, statistics regarding the number of domestic bulk plants and service stations 
are set out in Tables 39c to 39k, inclusive, in Appendix I.^ 

PRICE BASING POINTS 

The Committee's questionnaire requested a statement as to the freight rate 
basing points on other bases used in determining gasoline sales prices for tank 
car delivery, tank wagon delivery and service stations sales. Calculations of 
prices arrived at for typical destinations were requested. The answers by the 
eighteen companies are not susceptible to analysis in table form. Therefore, the 
complete answers by each of the companies are set forth in full in Appendix VI 
to this report.* 

TOTAL ASSETS AND CAPITAL EMPLOYED BT MAJOR OIL COMPANIES 

The total assets at net depreciated value of the twenty major oil companies 
comprise approximately 66^% of those for the entire petrole\im industry. As 
of December 31, 1938, the total assets at net depreciateo value of the twenty 
major oil companies was in excess of 8 biUion dollars. 

Chart XXII ^ shows the growth of the total assets of tlie twenty major oil 
companies, by years, 1924 to 1938. It should be noted that the total assets have 
increased from approximately 5 biUion doUars in 1924 to slightly more than 8 
billion dollars in 1938, an increase of over 60%. While this chart shows the rela- 
tive growth of the twenty major oil companies during the period 1924-1938, it 
should be pointed out that the following factors must be considered in analyzing 
financial data of the major oil companies: (a) Accounting policies of the com- 
panies have not been uniform and therefore the financial statements of all the 
companies are not strictly comparable; (b) Many of the major oil companies 
have changed their accounting policies during the period 1924-1938 so that their 
own financial statements for the various years are not on a strictly comparable 
basis. In some cases, the changes in accounting policies have substantially 
affected the financial statements; (c) During the period 1924-1938, some of the 
major oil companies have re-stated their capital stock and have written off sub- 
stantial amounts of assets; (d) There have been some consolidations and mergers 
and acquisitions of other companies during the period 1924-1938. 

Chart XXIII ^ shows a comparison of the total assets of each of the twenty 
major oil companies for the years 1924 and 1938. It wiU be noted that even 
among the twenty major oil companies there is considerable concentration of 
total assets among the five leading companies — Standard Oil Company (New 

» p. 7820, infra. 

> Pp. 7824 and 7828, Infra. 

» Pp. 7832-7839, infra. 

♦ P. 7840, infra. 

» Pp. 7819-7823, infra. 

• P. 8123, infra. 

' For data supporting these tharts, see Table 45 in Appendix I, p. 7842, infra. 



(JONCKNTKATION OF ECOx\()MlC I'OWEII 
CHART XXII 



7739 



TOTAL ASSETS OF TWENTY MAJOR 0!L GOMF^NIES 
BY YEARS. 1924-1938 






1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 
source: annual reports to stockholders and moooVs industrials 

Jersey), Sccony-Vacuum Oil Company, Inc., Standard Oil Company (Indiana), 
The Texas Corporation, and the Standard Oil Company ,of California. Of the 
approximately 8 billion dollars of total assets of the twenty major oil companies 
in 1938, over 60% was cctoccntrated in the first five major oil companies. 

A composite "balance sheet of the twenty major oil companies as of December 31, 
1936, 1937 anda938 follows: 



Table R.- 



-Composite Balance Sheet 20 Major Oil Companies 
Dollars) 



{In Millions of 



Property, Plant and Equipment. 

Investments 

Current Assets—. . '.- 

Other Assets - 



Total Assets. 



Liabilities, Capital Stock and Surplus: 

Common Stock 

Surplus - 

Preferred Stock .. 

Funded and Long Term Debt 



Minority Interest InlSubsidiaries. 

Current Liabilities 

Other Liabilities. 



Total Liabilities, Capital Stock and 
Surplus -. 



December 31, 1938 



$4,967 

665 

2,279 

197 



$3,312 
2,214 



61.3% 

8.2 
28.1 

2.4 



100. 0% 



40.9% 
27.2 

3.6 
11.4 
■ 2.9 

3.4 

6.8 

3.8 



$8,108 100.0% $8, 



December 31, 1937 



$5,017 



$3,303 
2,257 
314 
716 
224 
301 



61. 8% 
8.2 
27.6 
2.4 



100. 0% 



40. 6% 
27.8 

3.9 

8.8 

2.8 

3.7 

8.3 

4.1 



December 31, 1936 



$4,653 

646 

1,982 

146 



$7,427 



100.0% $7,427 100. 



62. 6% 
8.7 



2.0 
100.0% 



'Data from annual reports to stockholders and from Moody's Industrial Manuals. 



A review of the above composite balance sheet indicates clearly that the petro- 
leum industry is one that requires substantial investments of a fixed nature. 
Over 60% of the total assets consists of property, plant and equipment. This 
percentage is even more striking when it is considered that the figures represent 



7740 



CONnKNTKATlOX OF ECONOMIC', POWKR 



CHART XXIII 



COMPARISON OF THE TOTAL ASSETS OF TWENTY MAJOR OIL COMPANIES 
FOR THE YEARS 1924 AND 1938 




SKELLY OIL COMP/VNY 



CONCENTRATION OF ECONOMIC POWER 7741 

the net depreciated value of assets, i. e., assets after deductions for depreciation, 
depletion and amortization have been made. 

The aboVe table also shows that the largest proportion of -capital employed ' 
by the major oil company consists of equities of common stockholders. The 
common stockholders' equity has averaged approximately 70% of the total 
liabilities, capital and surplus during the period 1936-1938. This equity has 
consisted of common stock, amounting to approximately 40% of the total lia- 
bilities, capital stock and surplus; and surplus, amounting to approximately 30% 
of the total liabilities, capital stock and surplus. 

Preferred stock and funded and long term debt are not substantial in comparison 
with the equities of common stockholders. 

The small amount of minority interest in subsidiaries indicates that the sub- 
sidiaries of the major oil companies are practically all wholly owned. 

The accompanying chart XXIV shows the total capital employed by the 
twenty major oil companies during the period 1924-1938. 

A review of the capital employed by the twenty major companies during the 
fifteen year period, 1924-1938, indicates that the pattern of the three years, 1936- 
1938, as reflected in the above composite balance sheet, has been typical. A 
suminary of the average capital employed during the period 1924^1938, expressed 
in percentages, follows: 

Table S. — Average Capital Employed hy Major Oil Companies Expressed in 
Percentages ', 1924-19S8 



Common StocK 44.9% 

Surplus 26. 2% 

Preferred Stock 4. 0% 

Funded and Long-term Debt. 10. 6% 

Reserves 2.2% 



Minority Interest in Subsidi- 
aries 3.4% 

Current Liabilities 6. 8% 

Other Liabilities 1. 9% 

Total 100.0% 



' Data from annual reports to stockholders and from Moody's Industrial Ivianual. 

A comparison of the capital employed by the twenty major oU companies in 
1924 with that employed in 1938, and the amount of increases and decreases 

follows: 



Tablet. — Comparison of Capital Employed I 
and 1938 > 

(In millions of dollars] 



Major Oil Companies, 1924 





1924 


1938 


Increase 
or de- 
crease 




1924 


1938 


Increase 
or de- 
crease 


Common stock 

Surplus 


$2, 523 

1,110 

323 

439 


$3,312 

2,214 

289 

924 

274 


+$789 

+1. 104 

-34 

+485 

+266 


Current liabilities 

Other liabilities 


$461 
14 
124 


$554 
309 
232 


+$93 
+295 




Funded and. Long 
Term debt 






5,002 


8,108 


3.106 


Minority interest in 
subsidiaries 







' Data from annual reports to stockholders and Moody's Industrial Manual. 

It will be noted that the largest dollar increase was in surplus, the rate of increase 
being 99.4%. This would indicate that, to a large extent, the twenty major oil 
companies had grown to their present size through the reinvestment of earnings. 
However, as will be pointed out later, large amounts were transferred from the 
capital stock accounts to the surplus accounts by some of the major oil companies 
through restatements of capital stock. 2 

Charts XXV (a) to XXV (t) inclusive are comparative charts showing the 
capital employed by each of the major oil companies, 1929-1938. (See also 
Tables 46a to 46t, inclusive in Appendix I.)» 

' The term "capital employed" Is used In its broadest scope so as to Include not only Invested capital of a 
permanent nature such as common stock, preferred stock and funded debt, but also capital of a current or 
temporary natiuxs such as current payables and accruals. Thus, the term "capital employed" means all 
funds used by a company at a given time regardless of the source of funds. 

« This subject will be discussed in greater deatil in a subsequent report. 

' Pp. 7843-7862, Infra. 



124491— 40— pt. 14-A- 



7742 



CONCENTRATION OF ECONOMIC POWER 




CONCENTRATION OF ECONOMIC POWER 



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CONCENTRATION OF ECONOMIC POWER 



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CONCENTRATION OF ECONOMIC POWER 



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CONCBNTRATION OF ECONOMIC POWER 



7763 



Earnings, Dividends and Changes in Surplus of Major Oil Companies 

The average annual earnings of the twenty major oil companies for the fifteen 
year period from 1924-1938 amounted to approximately 283.2 million dollars. 
This was equal to 8.9% based upon the par or stated value of common stock out- 
standing, and was equal to 5.6% based uponthe book value (par or stated "aluc 
of common stock outstanding plus surplus) of common stock outstanding. 

The high point in earnings was reached in 1937 when they amounted to approxi- 
mately 545.4 miUion dollars. The low point was in 1931 when the twenty major 
oil companies sustained an aggregate deficit of approximately 77.2 million dollars. 

The complete earning record of the twenty major oil companies by .years are 
shown in Table 47 in appendix' and in Charts XXVI and XXVII and in the 
following table: 

Table U. — Net Earnings Applicaible to Common Stock, Twenty Major Oil Com,- 
paniea, 1924-1938 * 



Year 


Amount 

(in Million 

dollars) 


% of Par or 

Stated Value 

of Common 

Stock 


% of Book 

Value of 

Common 

Stock 


Index Nos. 
1929=100 


1924 --- 

1625 - -- - 


276.0 
432.2 
462.2 
205.0 
450.4 
527.5 
254.1 
77.2 
43.5 
73.7 
142.3 
242.3 
381.0 
545.4 
271.1 


10.9 
16.4 
16.7 
7.0 
14.9 
15.5 
7.1 
(8)2.1 
1.2 
2.1 
4.5 
7.8 

n.8 

16.5 
8.2 


7.6 
10.6 
10.5 

4 5 
9.3 
9.6 
4.5 
(d)1.3 
0.8 
1.4 
2.9 
4.8 
7.3 
9.8 
4.9 


52.3 
6L0 


1926 -. - 


91.4 


1927 . - - 


38.9 


1928 




1929 .. _ - 


100.0 


1930 


48.2 


193) (d) 


-14.6 


1932 -- - 


8.2 


1933 


14.0 


1934 


27.0 


1935 


45.9 


1936 


72.2 


1937 


103.4 


1938 — - 


51.4 






Average 


283.3 


8.9 


6.6 


53.; 





Data from annual reports to stockholders and Moody's Industrial MSnual. 



I P. 7863, infra. 



7764 



CONCENTRATION OF ECONOMIC POWER 



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7766 



CONCENTRATION OF ECONOMIC POWER 



Individual analyses of the earnings of each of the twenty major oil companies 
for the ten year period, 1929-1938, are included in Tables 48a to 48t, inclusive, in 
Appendix I.' 

A composite income account of the twenty major oil companies for the years 
1936-1938 follows: 



Table V.- 



-Composite Income Account of Twenty Major Oil Companies, 1936-1988^ 
[In'millions of dollars] 





Year Ended 




Dec. 31 


,1938 


Dec. 31 


1937 


Dec. 31 


,1936 




Amount 


% 


Amount 


% 


Amount 


% 


Gross Operating Income 


$4. 337 
3,330 


100 
76.8 


$4, 714 
3,419 


100 
72.5 


HHS. 
3,082 


100 


Costs, Operating Ghargesand Qenerai Expenses 
(Exclusive of depreciation, depletion and 
amortization taxes and interest) 


74.3 






Nfet Operating Income before Depreciation, 
Depletion and Amortization, Taxes and In- 


$1,007 
90 

$1,097 
'490 


23.2 
2.1 


$1,295 
93 


27.5 
2.0 


$1,066 
90 


25.7 




2.2 






Net Income Before Depreciation, Depletion and 
Amortization Taxes and Interest 


25,3 
11.3 


'478 


29.5 
10.2 


$1, 156 
452 


27.9 


Depreciation, Depletion and Amortization . 


10.9 




$607 


14.0 
5.4 


$910 
250 


19.3 
5.3 


$704 
222 


17.0 


Taxes . _... 


5.4 








$375 
42 


8.6 
0.9 


$660 
,43 


14.0 
0.9 


$482 
44 


11.6 




1.1 






Net Income for Year Before Adjustments 

Miscellaneous Charges and Adjustments,. 


$333 
13 


7.7 
0.3 


$617 
15 


13.1 
0.3 


$438 
■ 9 


10.5 
0.2 




$320 


7.4 


$602 


12.8 


$429 


10.3 






Allocation of Net Income: 


$35 
285 


10.9 
89.1 


$44 
558 


7.4 
92.6 


396 


7.7 




92.3 








$320 


100.0 


$602 


100.0 


$429 


100.0 



> Data from Temporary National Economic Committee Questionnaire, annual reports to stockholders 
and Moody's Industrial Manual. 

A review of the dividend record of the twenty major oil companies indicates 
that the rate of dividends paid lias been lower than the average rate of dividends 
paid by industrial corporations. However, it should be pointed out that dividend 
payments by the twenty major oil companies has not been uniform. Some of the 
companies have maintained steady dividend payments while others have passed 
dividends for protracted periods of times. Some of the companies have paid 
stock dividends in addition to cash dividends. These companies include Stand- 
ard Oil Company (Indiana), Pliillips Petroleum Company, Union Oil Company 
of California, Gulf Oil Company, Sun Oil Company, and Standard Oil Company 
(New Jersey). 

Approximately 70% of the net earnings applicable to common stock has been 
paid out in dividends, wliile approximately 30% has been plowed into the business. 
During the 15 year period from 1924-1938, dividends paid by the twenty major 
oil companies averaged 6.3% annually based upon the par or stated value of 
common stock outstanding. Based upon the total book value of common stock 
outstanding (par or stated value of common stock plus surplus), the dividends 
paid by the twenty major oil companies during the fifteen year period from 1924- 
1938 averaged 4% annually. 

' Pp. 7864-7884, infra. 



CONCENTRATION OF ECONOMIC POWER 7767 

The composite dividend record of the twenty major oil companies by years, 
for the period 1924-1938 follows: 

Table W. — Dividends Paid on Common Stock by Twenty Major Oil Companies, 
1924-1938 1 



Year 


Amount 

million 
dollars) 


% Based 
on Par or 

Stated 
Value of 
Common 

Stock 


% Based 
on Book 
Value of 
Common 
Stock 


Index 

Nos. 

1929= 

100 


Year 


Amount 

(in 
million 
dollars) 


% Based 
on Par or 

Stated 
Value of 
Common 

Stock 


% Based 
on Book 
Value of 
Common 
Stock 


Index 

Nos. 

1929= 

100 


1924-. 

1925_. 

1926. 

1927__ 

1928 

1929 

1930 

1931 

1932 


122.4 
132.7 
200.9 
213.9 
214.6 
395.1 
273.6 
207.7 
140.0 


4.9% 
5.0 
7.0 
7.3 
7.1 
11.6 
7.6 
5.6 
4.0 


If" 
4.4 
4.7 
4.4 
7.2 
-4.8 
3.6 
2.6 


50.8 
54.1 
54.3 
100.0 
69.2 
52.6 
35.4 


1933 

1934 

1935 

1936 

1937 

1938 

Average. 


97.7 
118.7 
127.8 
318.4 
269.7 
185.0 


3^8 " 

4.1 

9.8 

8.2 

5.6 


2.4 " 

2.5 

6.1 

4.9 

3.3 


24.7% 

30.0 

32.3 

80.6 

68.3 

46.8 


201.2 


6.3 


4.0 





' Data from Temporary National Economic Committee Questionnaire, annual reports to stockholders 
and Moody's Industrial Manual. 

In connection with the analysis of earnings and dividends of the twenty major 
oil companies, a review of the annual changes in surplus of the twenty major oil 
companies is also made. A review of the annual changes in surplus of the twenty 
major oil companies is of importance to determine the efficiency of those com- 
panies. Theoretically at least, the difference between the earnings of a company 
and the dividends paid during the year should represent the net increase or de- 
crease in surplus. Such a review is also of importance to determine the extent, 
if any, to which earnings have been plowed back into the business, and the extent, 
if any, that surplus is u.sed to tide over times of adversity. 

The total surplus of the twenty major oil companies increased at an average 
rate of 82.2 million dollars annually during the fifteen year period, 1924-1938. 
This was equal to 2.6% of the average par or stated value of common stock out- 
standing, and it was equal to 1.6% of the average book value (par or stated value 
of common stock plus surplus) of the common stock outstanding. 

This increase was by no means uniform during the entire fifteen year period. 
The fifteen year period can be divided into three periods, (1) 1924-1929; (2) 
1930-1934; (3) 1935-1938. 

During 1924-1929, an increase was registered each year excepting 1927. The 
largest increase occurred in 1925 when the net increase was 322.3 million dollars, 
and the second largest increase was recorded in 1926 when the net increase was 
299.5 million dollars. 

Each of the years 1U30-1933 showed a net decrease in surplus, and the year 1934 
showed only a nominal increase of $99,299. The lowest point reached in 1932 
when there was a net decrease of 148.1 million dollars. The year 1934 ap- 
parently marked the turning point in the depression for the twenty major oil 
companies. 

During 1935-1938, there was an increase each year in the net surplus with the 
exception of 1938. The high point was reached in 1937 when the net increase of 
surplus was 270.5 million dollars which was slightly higher than the increase 
in 1929. 



7768 



CONCENTRATION OF P^CONOMIC POWER 



A tabulation of the net increase or decrease of surplus by years, 1924-1938, 
follows: 

Table X.- — Net Increase or Decrease of Surplus Twenty Major Oil Companies, 
by years, 1924-1938 ' 



1924 
1925 
192e 
1927 
1928 
1929 
1930 
1931 



Amount of 

Increase or 

Decrease (in 

million 

dollars) 



+130. 1 
+322. 3 
+299.5 
-140.2 
+246. 8 
+263. 9 
-10.2 
-64.4 
-148. 1 



% of par or 

stated 

value of 

common 

stock 



+5. 2% 
+12. 2 
+10.4 

-4.8 

+8.1 

+7.7 

-0.3 

-1.7 

-4.2 



% of book 

value of 

common 

stock 



+3.6?i 

+7.9 

+6.5 

-3.1 

+5.1 

+4.8 

-0.2 

-2.1 



1933.-. 

1934 

1935... 

1936 

1937... 

1938-_.. 

Average for 
15 years - 



Amount of 

Increase or 

Decrease (in 

million 

dollars) 



-52.2 
(=) 
+ 119.8 

+39.4 
+270. 5 

-43.4 



+82.2 



% of par or 

stated 

value of 

common 

stock 



(2) 

+3.9 
+1.2 
+8.2 



% of book 

value of 

common 

stock 



-1.0% 

m 

+2.4 
+0.8 
+4.9 
-0.8 



• Data from Temporary National Economic Committee Questionnaire, annual reports to stockholders 
and Moody's Industrial Manual. 
» In 1934 there was a nominal increase of $99,299. 



A comparison of the earnings, dividends and changes in surplus of the twenty 
major oil companies, by years, 1924-1938, follows: 

Table Y. — Comparison of Earnings, Dividends, and Changes in Surplus — Tioenty 
Major Oil Companies ^ 

By Years. 1924-1938 



Year 


Net 

earnings 

applicable 

to common 

stock 


Dividends 

paid on 

common 

stock 


Net 

increase or 

decrease 

of total 

surplus 


Year 


Net 

earnings 

applicable 

to common 

stock 


Dividends 

paid on 

common 

stock 


Net 

increase or 

decrease 

of total 

surplus 


1924 .- 


276.0 
432.2 
482.2 
205.0 
450.4 
527.5 
254.1 
(d) 77. 2 


122.4 
132.7 
200. 9 
213. 9 
214.6 
395.1 
273. 6 
207.7 


+130. 1 
+322. 3 
+299. 5 
-140.2 
+246. 8 
+263. 9 
-10.2 
-64.4 


1932 


43.5 
73.7 

242'. 3 
380.9 
545.4 
271.1 


140.0 
97.7 
118.7 
127.8 
318.4 
209. 7 
185.0 




1925 


1933 




1926 


1934 


+1.1 
+119.8 

+39.4 
+270. 5 

-43.4 


1927 ... . 


1928 


1936 

1937 


1929 ... . 


1930 .... 


19.31 







d = deficit. 

' Data from the Temporary National Economic Committee Questionnaire, annual reports to stock- 
holders and Moody's Industrial Manuals. 

Individual analyses of the net increase or decrease of surplus for each of the 
twenty major oil companies by years, 1929-1938, are included in Tables 48a to 
Table 48t, inclusive, in Appendix L* 

1 Pp. 7864-7884, infra. 



Exhibit No. 1139 
APPENDIX I 

TABLES 

Page 

Table 1. Indicated Crude Oil Reserves 7771 

'Table 2. Comparison of Gasoline Consumption, Domestic Crude Oil 

Production and Motor Vehicle Registrations 7771 

Table 3a. Crude Petroleum Production in the United States, Before and 

After Selected Dates 7772 

.Table 3b. Estimates of Petroleum Reserves in the United States 7772 

Ta:ble 4. Crude Oil Production, Gasoline Production,' Gasoline Consump- 
tion and Population (Supporting Chart V) 7772 

Table 5. Estimated Proven Crude Oil Reserves in the United States, by 

States, 1935-1939 '. 7773 

Table 6. Seasonal Trends of Selected Phases of the Petroleum Industrv 

(Supporting Chart Vll-a) \ 7773 

Table 7. Interlocking Subsidiaries and Affiliates of the Major Oil Com- 
panies 1 7774 

Table 8. Shares of Common Stock held by the 100 Largest Stockholders 

of the Major Oil Companies, December 31, 1938 7775 

Table 9. Largest Interlocking Stockholders of Major Oil Companies, 

December 31, 1938 7776 

Table 10. Gross Production of Crude Oil by Major Oil Companies, 

1929-1938 7779 

Table 11. Number of Domestic Producing Oil Wells Owned or Operated 

by Major Oil Companies, 1929-1938 --_ 7780 

Table 12. Purchases of Crude Oil by Major Oil Companies, 1929-38 7781 

Table 13. Quantities of Crude Oil Sold bv Major Oil Companies, 1929-1938.. 7782 

Table 14. Imports of Crude Oil bv Major Oil Companies, 1929-1938 7783 

Table 15a. Exports of Crude Oil bv Major Oil Companies, 1929-1938.-- 7784 

Table 15b. Total Acreage of Oil Lands Held in the United States by 

Major Oil Companies, 1929-1938 7785 

Table 15c. Domestic Crude Oil Storage Capacitv of Major Oil Companies, 

1929-1938 '- 7787 

Table 15d. Year-end Stocks of Crude Oil on Hand by Major Oil Com- 
panies, 1929-1938 -.--- 7788 

Table 16a. Prorated Mileage for Six Pipeline Companies Owned by Two 
or More Major Oil Companies, January 1, 1938 -• 7789 

Table 16b. Stock Outstanding of the Great Lakes Pipe Line Company, 

December 31, 1938 7789 

Table 17a. Total Crude Oil Pipe Line Mileage of Major Oil Companies in 

the United States, 1928-1938 7790 

Table 17b. Pipe Line Mileage of the United "States, bv Companies, 

January 1, 1938 1 7792 

Table .17c. Summary Statistics of Pipe Line Companies, 1929-1937 7792 

Table 18. Crude Oil Transported by Major Oil Companies through 

Gathering Pipe Lines, 1929-1938 - .-- 7793 

Table 19. Crude Oil Transported by Major Oil Companies through Trunk 

Pipe Lines, 1929-1938 7794 

Table 20. Barrel-Miles of Crude Oil Trunk Pipe Line Operations for 

Major Oil Companies, 1929-1938 7795 

Table 21. Average Cost per Barrel-Mile for Gasoline Transported by 

Major Oil Companies, 1929-1938 7796 

Table 22. Rate of Return on Pipe Line Investments for Oil Companies 

Reporting to Interstate Commerce Commission, ^938 7796 

Table 23. Rate of Return on Investment for Pipe Line Companies Re- 
porting to Interstate Commerce Commission, 1929-1938 7797 

Table 24. Gasoline Pipe Line Mileage Owned and Operated by Major 

~ Oil Companies, 1928-1938: . -. - 7797 

7769 



7770 CONCENTRATION OF ECONOMIC POWER 

Page 

Table 25. Gasoline Transported bv Major Oil Companies through Pipe 

Lines. 1929-1938 •- 7798 

Table 26. Barrel-Miles of Gasoline Pipe Line Operations for Major Oil 

Companies, 1929-1938 7799 

Table 27. Investment and Income of Gasoline Pipe Line Companies as 

Reported to Interstate Commerce Commission, December 31, 1938 7800 

Table 28a. Crude Oil Runs to StiUs in Domestic Refineries by Major 

Oil Companies, 1929-1938 7800 

Table 28b. Daily Crude Oil Refining Capacity 780 1 

Table 28c. Daily Capacity of Cracking Plants 7802 

Table 28d. Total Q\iantity of Gasoline Produced from Crude Oil and 
Crude-Oil Conservation from Cracking by United States Refineries, 
1920-1938 7802 

Table 28e. Percentage Yields of Gasoline from Crude Petroleum Refined 

in the United States, Ijy Methods and Districts, 1937 7803 

Table 29. Gasoline Manufactured by Major Oil Companies, 1929-1938- - 7803 

Table 30. Purchases of Gasoline by Major Oil Companies, 1929-1938 7804 

Table 31. Quantities of Gasoline Sold by Major Oil Companies, 1929-1938. 7805 

Table 32. Imports of Gasoline by Major Oil Companies, 1929-1938 7805 

Table 33. Exports of Gasoline by Major Oil Companies, 1929-1938 7806 

Table 34. Gasoline Received by Major Oil Companies on an Exchange 

Basis, 1935 7806 

Table 35. Gasoline Received by Major Oil Companies on an Exchange 

Basis, 1936 7808 

Table 36. Gasoline Received by Major Oil Companies on an Exchange 

Basis, 1937 . 7810 

Table 37. Domestic Marketing Territory of 20 Major Oil Companies, 

May 1939 7812 

Table 38a. Total Domestic Sales of Gasoline by Major Oil Companies, 

by states, 1938 7814 

Table 38b. Total Gasoline Consumption and Domestic Sales of Gasoline 

by Major Oil Companies, by states, 1938 . 7817 

Table 39a. Percentage Breakdown of Total Domestic Sales of Gasoline by 

Major Oil Companies, 1938 "- 7818 

Table 39b. Number of Domestic Bulk Plants, by Major Oil Companies, 

by years, 1929-1938 . A 7819 

Table 39c. Number of Domestic Service Stations, by Major Oil Com- 
panies, 1929-1938 7819 

Table 39d. Number of Service Station Operator- Managers and Employees 

of Major Oil Companies, 1935-1938-- - 7820 

Table 39e. Number of New Service Stations Built by Major Oil Com- 
panies, 1929-1938 . 7820 

Table 39f. Number of Service Stations Purchased by Major, Oil Com- 
panies, 1929-1938 .' -i- 7821 

Table 39g. Number of Service Stations Leased by Major Oil Companies, , 
1929-1938 : 7821 

Table 39h. Number of Service Stations Sold by Major Oil Companies, 

1929-1938 1 .. 7822 

Table 39 j. Number of Service Stations Abandoned by Major Oil Com- 
panies, 1929-1938 7822 

Table 39k. Number of Service Stations Leased by Major Oil Companies 
to Operators Handling the Supplies of the Company Exclusively (In- 
cluding Leased Service Stations) under 23-b (2) of the questionnaires).- 7823 

Table 391. Quantities of Gasoline Sold in the United States by Major Oil 
Companies to which Tetraethyl Lead, Purchased from the Ethyl Gaso- 
line Corporation, was Added in any Quantity for use in Blending, 
1929-1938 : . 7823 

Table 40.— ^Specifications of Brands of Gasoline Distributed by Major Oil 

Companies in the United States — "Regular" Grade as of May 1939 7824 

Table 41. Specifications of Brand of Gasoline Distributed by Major Oil 

Companies in the United States — "Premium" Grade as of May 1939-, 7826 

Table 42. Specifications of Brands of Gasoline Distributed bv Major Oil 

Companies in the United States— "Third" Grade as of May 1939 7828 

Table 43a. Specifications of Brands and Grades of Motor Fuel Distri- 
buted by Standard Oil Company (New Jersey) . 7830 

Table 43b. Specifications of Brands and Grades Of Motor Fuel Distri- 
buted by Standard Oil Companv (Ohio) ., _. - 7833 



CONCENTRATION OF ECONOMIC POWER 



7771 



Page 
Table 43c. Specifications of Brands and Grades of Motor Fuel Distri- 
buted by Tide Water Associated Oil Company . 7838 

Table 44. Definition and Significance of Terms Used in Connection with 

Gasolines 7840 

Table 45. Total Assets of 20 Major Oil Companies, 1924-38 7842 

Table 46a-46t, incl. Individual Analyses, of the Capital Employed by 

Each of the 20 Major Oil Companies, 1929-1938 7843 

Table 47. Composite Analysis of Earnings, Dividends and Changes in 

Surplus, 1924-1938 . 7863 

Table 48a-48t, incl. Individual Analyses of Earnings, Dividends and 

Changes in Surplus, 1929-1938 7864 



Table 1. 



-Indicated Crude Oil Reserves 
[Millions of barrels] 



Year 


Discoveries 
Cumulated 


Production 
since 1859 


Indicated 
Reserves 


rear 


Discoveries 
Cumulated 


Production 
since 1859 


Indicated 
Reserves 


1938 


38, 188 
34, 199 
31, 755 
30, 030 
25, 910 
15,960 


21,118 
19, 970 
18, 692 
17, 593 
13, 149 
8,670 


17, 070 
14, 229 
13,063 
12.437 
12, 761 
7,290 


1920 


11,860 
8,935 
6,435 
5,060 
3,360 


5.430 
3,617 
2.378 
1,514 
1.004 


6, 430 
5,318 
4,057 
3,546 
2,356 


1937 


1915 


1936 


1910 


1935 


1905 


1930 


1900 


1925 









Source: U. S. Bureau ot Minei. (Published by Standard Statistics.) 



Table 2. — Comparison of Gasoline Consumption, Domestic Crude Oil Production 
and Motor Vehicle Registrations, by years, 1900-19S8 



Year 


Gasoline 
Consump- 
tion! 


Motor Vehi- 
cle Regis- 
tration 


Dome-'tic 

Production 

of Crude 

Oil' 


Year 


Gasoline 
Consump- 
tion « 


Auto Regis- 
trations 


Domestic 

Production 

of Crude 

Oili 


1938 

1937 

1936 _. 


521, 657 
518, 760 
481, 606 
434,810 
410, 339 
380, 494 
377, 791 
407, 843 
397, 609 
382,878 
338,881 
305, 367 
268, 128 
232, 745 
196,586 
175,088 
137, 770 
116,840 
108, 948 
88,648 


29, 485, 680 
29, 705, 200 
28, 165, 550 
26, 230, 834 
24, 951, 662 
23, 843, 591 
24,115.129 
25, 832, 884 
26, 545, 281 
26,501,443 
24, 493, 124 
23, 133, 243 
22, 001, 393 
19, 937, 274 
17, 595, 373 
15,092,177 
12, 238, 375 
10, 463, 295 
9, 231. 941 
7, 566, 446 


1,213,000 
1,279,000 
1,098,516 
996, 596 
908, 065 
905, 656 
785, 159 
?51.081 
898,011 
1, 007, 323 
901, 474 
901, 129 
770, 874 
763, 743 
713,940 
732, 407 
557, 531 
472, 183 
-142,929 
378, 367 


1918....... 

1917 

1916 


79, 949 


6,146,617 

4,983,000 

3, 513, 000 

2. 446, 000 

1,711,000 

1,258,000 

944, 000 

640, 000 

469,000 

312, 000 

198,000 

142,000 

107.000 

78,000 

55,000 

32,920 

23,000 

14,000 

8,000 


335, 928 
335, 316 
300, 767 


1935 


1915.. 




19.34 


1914 






1933 


1913 






1932 


1912. 




222, 935 


1931...- .... 


1911 




1930 


1910- 






1929. 


1909 






1928. 

1927 


1908 

1907 




178, 527 


1926 


1906 




126,494 
134,717 
117,081 
100 461 


1925. 


1905... 




1924 


1904 




1923 


1903 




1922 


1902 




88,767 
69 389 


1921. . 


1901 




1920. .. 


1900 




63, 621 


1919. 







> Unit is thousands of barrels. 

' Authoritative flgiues prior to 1918 are not available. 

Source: American Petroleum Institute, Bureau of Public Roads, Department of Agriculture. 



7772 



CONCENTRATION OF ECONOMIC POWER 



Table 3a. — Crude Petroleum Production in the United States Before and After 
Selected Dates 

[Millious of barrels] 



192G 



Subsequent 
Production 



18, 117 
17,851 
15,757 
13, 995 
13, 28 1 
12, 517 



Previous 
Production 



3, 0ti9 
3, .335 
5,429 
7,191 
7,905 
8, 6(19 
13, 998 



January 1. 1933 
" " 1934 
" " 1955 
" " 1936 
" " 1937 
" " 1938 



Subsequent 
Production 



6,403 
5,497 

3!592 
2,492 
1,213 



Previous 
Production 



16, 597 
17, 594 



Source: U. S. Bureau of Mines. 

Table 3b. — Estimates of Petroleum Reserves in the United States 
[Millions of barrels] 



Year of Estimate 


Quantity Esti- 
mated 


Estiiriating Authority 


1914 


6, 000 
7,500 
9.000 

13, 2m 
5, 000 
4,500 
10, 000 
12,000 
10,638 
13,250 
10, 763 
12,177 
10, 575 
12,992 

12, 400 
12,904 
15,507 
15,000 

15, 856 
12,909 

13, 976 
14, 352 
17, 505 


Ralph Arnold. 

U. S. Geological Survey. 


1915 


1921 


U. S. Geological Survey and American Associa- 


1924 - - 


tion of Petroleum Geologists. 
U. S. Geological Survey. 


1925 


American Petroleum Institute. 


1926 


Federal Oil Conservation Board. 


1932 - 


Federal Oil Conservation Board. 


1933 

1934 ' 


V. R. Garfias of H. L. Doherty Co. 
Petroleum Administrative Board. 




U. S. Geological Survey. 


1935 ' 


Petroleum Administrative Board. 


1935'.... --- 


American Petroleum Institute. 
V. R. Garfias and R. V. Whetsel. 




Baker (Oil Weekly). 




"The Lamp" Standard Oil Co. (N. J.). 




Oil and Gas Journal. 




American Petroleum Institute. 




J. Elmer Thomas, American Association of Pe- 




troleum Geologists. 
American Petroleum Institute. 




A. McCoy (Oil Weekly). 




Oil and Gas Journal. 




Oil and Gas Journal. 




n. C. Weiss, Humble Oil and Refining Co. 







January 1 of the year indicated. 



Table 4. — Crude Oil Production, Gasoline Production, Gasoline Consumption and 
Population, Regional Proportions of the United States Total, 19S7 





Crude Oil 


Gasoline 


Gasoline Consumption 


Population 


Regions 


Produc- 
tion 


Per 
Cent 


Produc- 
tion 


Per 

Cent 


Volume 


Per 
Cent 


Per 
Capita 


In 
Region 


0^^. 




(>) 
5,478 

26,559 
5,504 

94, 962 
841,847 

64,782 
238, 521 


0.43 

2.08 
0.43 
7.43 

65.89 
5.07 

18.67 


(') 
11.419 

105,314 
5,216 
107, 681 
236,069 
13,283 
79.967 


2.04 

18.85 
0.93 

19.27 

42.24 
.2.36 

14.31 


(') 
77, 514 

121,114 
37, 699 

145, 041 
47,566 
18, 439 
56, 108 


15.40 

24.06 
7.48 

28.81 
9.44 
3.67 

11.14 


(') 
151 

151 
102 
185 
155 
210 
264 


(3) 

21, 556 

33, 757 
15,486 
32.927 
12.900 
3.691 
8,940 


:6.68 


2. Central Atlantic Coast 
and Ohio 


26.11 


3. Southeastern States... - 

4. Central States _ 

5. Southcentral States..., 

6. Mountain States 

7. Pacific Coast 


11.99 
25.48 
9.97 
2.86 
6.91 






Totals 


1,277,653 


100.00 


558,949 


100.00 


503, 481 


100.00 


164 


129, 257 


100.00 







' Thousands of barrels. 

» Gallons. 

' Thousands of populatlpn as of July 1, 1937. 

Source: .U. 8. Bureau of the Census: "Crude Petroleum and Petroleum Products,' 
of Mines. 



8, by U. S. Bureau 



CONCENTRATION OF ECONOMIC POWER 



7773 



Table 5. — Estimated Proven Crude Oil Reserves in the United States, by States, 
1935-1939 

[Quantities In thousands of 42-gallon barrels) 



Reserve ' 
1939 
Jan I 



Per- 
cent 



Reserve ' 
1937 



United States, Total 

Texas 

California 

Oklahoma 

Louisiana , 

New Mexico 

Kansas 

Wyoming: 

niinois 

Pennsylvania 

Arkansas 

Montana .-... 

Michigan. _ 

New York 

Kentucky... 

Ohio 

West Virginia 

Colorado 

Indiana 



17, 348, 146 



9, 447, 764 

3, 188, 763 

1, 162. 370 

1, 040, 256 

703, 252 

613, 230 

261, 133 

242,847 

200,460 

188, 246 

104, 471 

42, 749 

40,490 

37,545 

26, 358 

24,468 

17, 713 

6,031 



, 247, 928 
, 063, 142 
, 212, 252 
713, 434 
646,587 
601, 317 
265, 922 
40,884 
287,886 
192, 101 
109, 378 
49, 181 
60,535 
38, 366 
28, 456 
28,152 
19, 125 
2,622 



5, 763, 938 
3,217,412 
1, 131, 247 
428,906 
558, 198 
587, 752 
304, 894 
28,210 
207,060 
54. 364 
56, 693 
46,453 
31, 133 
30, 038 
22, 042 
17, 227 
12,832 
3,441 



46.2 
25.8 
9.0 
3.4 
4.5 
4.7 
2.4 
.2 
1.7 
.4 
.5 
.4 
.2 
.2 
.2 
.1 
.1 





Reserve ' 
1936 
Jan. 1 


Per- 
cent 
1936 
Jan.! 


Reserve « 
1935 
Jan. 1 


Per- 
cent 
1935 
Jan. 1 


United States, Total _ _.. .__ 


12,501,972 


100.0 


12,177,000 


100.0 


Texas 


5, 793, 288 
3,299,669 
1, 178, 694 
500,364 
389, 846 
489, 737 
303, 163 
30,649 
224, 102 
63,862 
55, 633 
37,431 
35, 759 
34, 176 
25, 879 
21,042 
14, 445 
4,233 


46" 3 1 r, .inn nnn 


45 1 


California 


26.4 
9.4 
4.0 
3.1 
3.9 
2.4 
.2 
2.0 
.5 
.4 
.3 
.3 
.3 
.2 
.2 


3, 500, 000 
1, 200, 000 
375,000 
350,000 
400,000 
250,000 
35,000 
240,000 
75,000 
60,000 
45, 000 
40,000 
35,000 
30,000 
25,000 
12,000 
5,000 


28 7 


OkrlfthoTTia 


9 9 






New Mexico 


2 9 


Kansas 




Wyoming 


2 1 


Illinois. .._. 

Pennsylvania 

Arkansas 


.3 
2.0 


Montana 


5 


Michigan 


4 


New York 


3 


Kentucky 


3 


Ohio 


2 


West Virginia 


2 


Colorado 




Indiana 


■ 







American ±-etroleum Institute. 



Table 6. — Seasonal Trends of Selected Phases of the Petroleum Industry, Based 
on the 10-year Average of Monthly Indexes from 1929 to 1938, United States 



Month 


Crude 

Oil 
Produc- 
tion 


Refinery 
Activity 


Con- 
sump- 
tion of 
Gasoline 


Stocks of 
Gasoline 
at Re- 
fineries 


Retail 

Prices 

of 

Gasoline 


January 

Febr'uary 

March 


97.2 
89.6 
100.6 
98.7 
104.3 
lOLO 
105.1 
104.7 
99.7 
102.6 
97.3 
99.3 


96.0 
97.6 
97.2 
100.7 
100.9 
103.6 
103. 4 
103.3 
101.3 
99.8 
98.3 
97.1 


79.6 
74.3 
92.0 
99.5 
106.8 
112.4 
•112.7 
116.4 
108.8 
106.5 
98.7 
92.2 


104. 2 
117.0 
120.8 
117.7 
111.9 
101.1 
94.2 
86.5 
82.4 
84.0 
85.8 
94.5 


100.6 
100.2 
99.0 
99.7 
100.1 
102.2 
102.0 
10L5 
100.2 
98.2 
98.2 
98.3 


April - 


Nfay... .: 


June 


July . 




September 


October 




December . 





nourca: Survey of Current Business. 
124491 — 40— pt. 14-A 



7774 CONCENTRATION OF ECONOMIC POWER 

TABXiB 7. — Interlocking Subsidiaries and Affiliates of the Major Oil Companies 

1. Ajax Pipe Line Company: 

Standard Oil Company (New Jersey) ^0 % 

Pure Oil Company 30 % 

; Standard Oil Company (Ohio) 30 % 

'2. Arkana Transit Corporation: 

Ohio Oil Company 60 % 

' Cities Service Company ^ 40 % 

3. Colombian Petroleum Company (Foreign) : 

Socony- Vacuum Oil Company, Inc 50 % 

The Texas Corporation 49. 8% 

4. Detroit Southern Pipe Line Company: 

Pure Oil Company 60 % 

Gulf Oil Company.. . . ;... 20 % 

5. Dutch New Guinea Petroleum Company (Foreign) : 

Standard Oil Company (New Jersey) 40 % 

Shell Union Oil Corporation 40 % 

* Standard Oil Company of California ^ 20 % 

6. Great Lakes Pipe Line Company: 

Continental Oil Company 29. 2% 

Mid-Continent Petroleum Corporation 19. 0% 

Skelly Oil Company 14. 2% 

The Texas Corporation 12. 1% 

Pure Oil Company 9. 5% 

Consolidated Oil Corporation . 5. 8% 

Cities Service Company . , , 5. 2% 

Phillips Petroleum Company , 5. 0% 

7. Gray Processes Corporation: 

Standard Oil Company (Indiana) 25 % 

Pure Oil Company 25 % 

8. Hydro Patents Company: 

Pure Oil Company 2 % 

Standard Oil Company (Indiana) , 3. 9% 

Gulf Oil Corporation 4 % 

Skelly Oil Company 4 % 

Standard Oil Company (Ohio) .J 4 % 

Shell Union Oil Corporation, Atlantic Refining Company, Stand- 
ard Oil Company (New Jersey), Consolidated Oil Corporation, 
Continental Oil Company, Mid-Continent Petroleum Corpora- 
tion, The Texas Corporation, and Union Oil Company of 
California also own a percentage of the stock. 

9. Kaw Pipe Line Company: 

Cities Service Company 33. 3% 

Phillips Petroleum Company 33. 3% 

The Texas Corporatioai . 33.3% 

,10, Kettleman North Dome Association: 

Continental Oil Company..- - - 19. 8% 

SheU Union Oil Corporation 8. 5% 

Standard Oil Company of -California 6. 2% 

Union Oil Company of California . 3. 9% 

The Texas Corporation 

IL Martin and Schwartz, Inc.: 

Socony- Vacuum Oil Company, Inc 50 % 

Sun Oil Company 35 % 

12. Mission Corporation: 

Tide Water Associated Oil Company — Mission Corporation owns. 20 % 
Skelly Oil Company — Mission Corporation owns 1 — 1 — 57 % 

13. Near East Development Company: 

Standard Oil Company (New Jersey).- 50 % 

Socony- Vacuum Oil Company, Inc 1 50 % 

14." Polymerization Process Corporation: 

Standard Oil Company (Indiana) 20 % 

Phillips Petroleum Company 20 % 

The Texas Corporation and Standard Oil Company (New Jersey) 
also own a percentage of the stock. 



CONCENTRATION OF ECONOMIC POWER 



7775 



Table 7. 



-Interlocking Subsidiaries and Affiliates of the Major Oil Companies- 
Continued 



15. Petroleum Corporation of America:' 

Consolidated Oil Corporation 39. 0% 

16. Richfield Oil Corporation: 

Consolidated Oil Corporation 17. 9% 

Cities Service Company: 17. 9% 

17. Shell Oil Company of Canada, Ltd. (Foreign); 

Shell Union Oil Company 50 % 

Continental Oil Company 50 % 

18. South American Gulf Oil Company (Foreign) : 

Socony-VacuumOil Company, Inc 50 

The Texas Corporation • 50 

19. Standard- Vacuum Oil Company: 

Standard Oil. Company (New Jersey) 50 

Socony-Vacuum Oil Company, Inc 50 

20. Texas-Empire Pipe Line Company: 

Cities Service Company 50 

The Texas Corporation . 50 

21. Texas-Empire Pipe Line Company (Texas): 

Cities Service Company 37. 5% 

The Texas Corporation 37. 5% 

Tide Water Associated Oil Company 25. 0% 

22. Texas-New Mexico Pipe Line Company: 

The Texas Corporation 55 

Consolidated Oil Corporation 

Tide Water Asspciated Oil Company 

Cities Service ' Compan y 

23. Toledo Northern Pipe Line Company: 

Pure Oil Company 

Gulf Oil Corporation 

24. United Petroleum Securities Corporation: 

Standard Oil Company (New Jersey) 67. 5% 

Gulf Oil Corporation 22. 5% 

Atlantic Refining Company 10 % 

25. Universal Oil Products Company: 

Shell Union Oil Corporation 50 % 

Standard Oil Company of California — . . 50 % 

' Petroleum Corporation of America owns capital stock in the following major oil companies— Tide Water 
Associated Oil Co., Consolidated Oil Corp., Socony-Vacinim Oil Co., Inc., Continental Oil Co., Ohio 
Oil Co., Gulf Oil Corp., and Texas Corp. 

Table C, — Shares of Common Stock Held hy the 100 Largest Stockholders of the 
Major Oil Companies, December SI, 1938 



55 


% 


25 


% 


10 




10 




60 


% 


20 


% 



Name of Company 



Shell Union Oil Corp 

Sun Oil Co....i 

SkeUyOilCo 

Standard Oil Co. (Ohio).. 
Tide Water Assoc. Oil Co. 

Gulf OU Corp. of Pa 

Standard Oil Co. (N.J.).. 

Ohio OU Co .— 

Socony-Vacuum Oil Co... 

Continental Oil Co 

Consolidated Oil Corp 

Standard Oil Co. (Ind.)... 

Pure Oil Co ., 

Phillips Petroleum Co 

Union Oil Co. of Calif 

Texas Corporation... 

Atlantic Refining Co , 

Cities Service Co 



Total 


Total 


Shares 




Nutnber 


Common 


Held by 


Percent 
(3) +(2) 


of Common 


Shares 




Stock- 


Out- 


Stock- 


holders 


ending 


holders 




(1) 


(2) 


(3) 


(4) 


17, 393 


13,070,625 


11,624,611 


88.9 


5,226 


2, 316, 484 


1, 966, 808 


84.9 


3,152 


995,349 


817, 245 


82.1 


3,532 


753, 740 


521, 166 


69.1 


24, 116 


6, 375, 253 


4, 066, 873 


63.7 


15, 135 


13,751,846 


7,430,934 


64.0 


126, 383 


26,618,065 


12, 682, 063 


47.3 


31.287 


6, 563, 377 


2, 955, 244 


45.0 


113.240 


31, 206, 071 


12, 803, 585 


41.0 


29,969 


4, 738, 593 


1,688,030 


36.6 


89,068 


13, 751, 846 


4,801,289 


34.9 


99, 665 


15,272.020 


5, 267, 862 


34.5 


29,033 


3,982,031 


1, 359, 356 


34.1 


40, 105 


4, 449, 052 


1,355,054 


30.4 


26,524 


4,666,270 


0) 


28.1 


86,380 


10,876,882 


2,605,090 


24.0 


29,313 


2,663.999 


633, 271 


23.8 


466.658 


3,704.067 


776. 599 


21.0 



1 Figure not available. 

Source: Temporary Nstional Economic Committee Questionnaire- for Oil Companies. The Standard 
Oil Company of California and the Mid-Continent Petroleum Corporation did not answer the Committee's 
Questionnaire. 



7776 



CONCENTRATION OF ECONOMIC POWER 



Table 9. — Largest Interlocking Stockholders of Major- Oil Companies, December 31, 

1938 



STOCKHOLDERS 


6 

o 
o 

g 
o 

< 


« 
o 

o 
ij 
o 

Q 

w 

■< 

o 
a 
o 

o 
o 


8 

o 

t> 
o 
■< 
> 
>^ 
z 
o 
o 


d 
o 
►J 
o 

h3 
<j 

Eh 

w 
g 

o 

o 




g 

d 
o 

o 
a 
« 

-< 
Q 

z 

< 


-> 

6 
o 
fj 
o 

Q 

« 



< 


o 

3 

o 

d 
o 

o 

Q 

« 

Q 


d 
o 

lj 
o 
o 

s 

o 


d 

o 

o 

>H 

IS 


d 
o 
(^ 
o 
> 

CO 

o 


o 

o 
o 

1^ 
o 
yi 
o 


d 
o 
1^ 
o 
z 

CQ 


8 

o 
p- 

3 

Ph . 


z 
o 

« 

o 

o 

CO 

■< 
tii 


o 

o 

o 
w 
a 


'd 

o 

o 
d 

Q 


1^ 

§ 

o 

o 
z 

o 

z 

i 


PKIVATE STOCKHOLDERS 

William Hale Harkness 






X 
X 
X 
X 

X 
X 
X 
X 
X 
X 
X 
X 
X 
X 
X 

X 




X 
X 
X 
X 
X 
X 
X 
X 


X 
X 
X 
X 
X 
X 
X 
X 

,x 

X 


X 
X 
X 

X 

X 


X 
X 
X 
X 
X 
X 




















Mrs. L. H. Edwards 


X 


X 
X 




















Harry Harkness Flagler... 




















Annie L. Flagler. 




















Jean Louise Flagler -. 




X 

X 




















Mary Flagler Gary 






















Edward S. Harkness., 






















Edith Hale Harkness. 




X 


X 






















John D. Rockefeller, Jr.... 




X 
X 
X 
X 

X 
X 
X 
X 
X 

X 
X 
X 

X 




















Mrs. Abby Rockefeller.... 
























David Rockefeller 




X 
X 
X 


















































Winthrop Rockefeller 






























John D. Rockefeller, 3rd— 






X 
X 
X 
X 

X 


X 
X 
X 
X 

X 
X 

X 
X 
X 
X 
X 
X 
X 
X 


X 
X 

x" 

X 
X 
X 

X 

.... 




















Nelson Rockefeller 
























Alta R. Prentice 


X 


X 




















Mrs. Milton ._ 




















Trustees for Wm. Rocke- 
feller 












































Rockefeller Foundation.... 








X 


X 

X 
X 
X 
X 
X 
X 
X 
X 
X 
X 




















Rockefeller Inst, for Med- 


























Harry Payne Bingham 


X 
X 
X 
X 
X 
X 
X 


X 

X 

X 


X 
X 
X 
X 
X 
X 
X 


X 
X 
X 




















William Bingham, 3rd 






















Elizabeth Blossom 












































John Hay Whitney 


X 
X 
X 




















Helen Hay Whitney 




















Joan Whitney Payson 




















Harry Allen Chapman.. 




















J. A. Chapman 






X 
X 
X 
X 


• 
























Leta Chapman 






























Helen Pratt Dane 




X 
X 
X 


X 
X 
X 
X 
X 
X 
X 
X 
X 


X 
X 

X 
X 
X 
X 
X 


X 
X 
X 
X 
X 
X 
X 
X 
X 
X 

x' 

X 


X 
X 
X 
X 




















Ruth Baker Pratt 




.... 


















Othei* Pratt Interests. . . . . , 






















W. R. Coe . 






X 
X 








■ 


X 
















X 
X 
X 
X 
X 


"" 
















William R. Kenan, Jr 






















































X 


X 
X 


X 








































Benjamiii L. Armstrong- 




~ 






X 










X 


Robert S. Brewster.. 






X 




X 


X 


X 
X 
X 


















John Huntington Hord. 




X 




















Louise H. Ingalls.. 


X 


X 
X 

X 
X 
X 
X 
X 
X 

X 

X 
X 


X 


X 
X 

X 
X 
X 
X 


X 
X 

X 

X 
X 




















Helen J. James. 




















Mrs. Janet Walker Mc- 
Cune... . 






X 
X 

X 


X 




















Myrtle H. Macomber 
























Martha Frew Mason l 


X 




X 
X 






X 














Elizabeths. Prentice 


















Arthur E. Spance __ 


X 


.... 




" 








X 








Isabelle W. Tilford 


X 


X 

X 
X 


X 
X 




















INVESTMENT TRUSTS AND 
CORPORATIONS 

TheLynwood Corp .. 




X 
X 


X 




















The Cleveland Trust Co. . 

Engl Ass'n of Amer. 

Bgodholders.,.. 


X 


""'.:; 


X 


X X 


X 


X 










X 




X 


John Huntington Corp 


X 


X 




X 


X 


X 


1 X 













CONCENTRATION OF ECONOMIC POWER 7777 

Table 9. — Largest Interlocking Stockholders of Major Oil Companies, December 15, 
1938— Continued 



STOCKHOLDERS 


d 
o 
o 
z 

S 

o 


« 
o 
o 

o 


w 

< 

o 
o 


6 
o 
lj 
o 

o 
> 

z 

o 

§ 


6 
o 
lj 
o 

■< 

H 

g 

o 
o 


6 
o 

o 
Q 
P5 


•z 

6 
o 

ij 
o 

Q 

« 
< 

Q 

z 


a 
o 

d 
o 
1-3 
o 

p 
« 

Q 

z 


8 

o 
o 

s 

o 


8 

o 


d 

o 

o 

w 

CO 

CO 


■< 

Ph 

o 
o 

Q 

o 

o 

X 

X 


d 
o 

o 

z 
& 

X 


8 

w 
h; 
o 

Ph 
Ph 

i 

a 


z 
o 

% 

o 

Ph 

P3 

o 
o 

ra 

■< 
X 

EC] 

X 

X 
X 


d 
o 

id 

'o 

w 

Ph • 


d 

o 

d 
o 

■< 

Q 


Ph 

a 
o 
o 

jj 
o 
z 
o 

z 
t> 

w 

s 


INVESTMENT TRUSTS AND 

CORPORATIONS— contd. 
Massachusetts Investors 




X 

X 
X 


X 

X 
X 
X 


X 

X 
X 

x" 

X 


X 


X 






Petroleum Corp. of Amer- 
ica 






X 








X 






X 


"x" 


X 
X 


X 






X 








• 










Carnegie Corp. of'N. Y 










X 
X 

X 
X 






X 
X 

X 

X 

X 
X 








Home Insurance Co .- . - . 




















X 


X 

X 
X 








Sun Life Assur. Co. of 
Canada 1 








X 


X 
















INVESTSIENT AND BANK- 
ING HOVSES 

Abbot, Proctor & Paine--. 


X 


X 
X 
X 

X 








X 
X 
X 


X 
X 
X 
X 

X 

X 

X 
X 


X 
X 


X 
X 
X 
X 


X 
X 






X 
X 


X 
X 


X 


X 


X 
X 
X 




J. S. Bache & Co 


X 
X 


X " 


Ranlcmnnt. Ar. Co 


X 


X 


X 


Auerback, Pollack & 
Richardson 


X 
X 


X 




X 








X 
X 


X 
X 










X 

X 

x' 

X 
X 
X 
X 
X 
X 
X 


X 

X 
X 
X 
X 
X 
X 
X 






Brown Bros., Harriman 
& Co 


X 
X 


X 
X 


X 


X 


X 


X 






X 
X 
X 
X 


X 

x 

X 


X 


S. B. Chapin& Co 


X 




X 




Clark, Dodge & Co 


X 
X 


X 
X 
X. 
X 
X 


X 
X 


X 


X 


X 


Cobb & Co—. 




X 










X ' 












X. 






X 


Cudd& Co 


X 

X 


X 
X 


X 
X 
X 
X 
X 


X 


X 
X 
X 
X 


X 
X 


X 
X 
X 
X 
X 






— 


X 
X 

X 


X 


Dominick &.Dominick._-. 
Eddy & Co— . 


X 


X 


X 
X 


X 








X 
X 
X 
X 
X 
X 
X 

X 
X 
X 


X 

X 
X 


X 
X 
X 
X 
X 
X 
X 
X 
X 
X 
X 
X 


X 

X 


Y 


Fcnner & Beane 


X 
X 


X- 

X 


X 








X 




Goodbody & Co . 










Hall & Co 




X 
X 
X 








X 
X 
X 


X 




X 
X 
X 
X 
X 


X 
X 




Hare & Co 


X 
X 
X 
X 

x" 

X 


X 
X 
X 
X 

i 

X 
X 
X 
X 


X 

X 


X 


X 


x' 






Harris, Upham & Co 

Hayden, Stone & Co 

H. Hentz & Co 


X 
X 


X 
X 




X 














X 
X 
X 
X 


X 

X 
X 

"x 

X 


X 


Hirsch, Lilientlial & Co... 
















X 


Hornblower & Weeks 










X 


X 
X 


X 

X 


X 


X 
X 
X 


x" 

X 




E. F. Hutton & Co 


X 

X 
X 


X 
X 






X 




X 
X 
X 






X 




X 
X 


X 


X 


X 
X 


X 
X 


X 












X 
X 
X 

X 




Kidder-Peabody & Co— .. 


X 


X 












1 

X 
X 
X 
X 
X 
X 
X 


X 




X 
X 










X 
X 






X 




X 


X 
X 




X 


X 










.... 


X 




Loeb, Rhodes & Co. 




X 


X 


X 


X 


Lvnn & Co .- 






X 
X 

X 








X 


.... 


X 




Mansell&Co.. 






X 
X 


X 
X 


X 
X 
X 


X 










X 




Merrick & Co 




X 


X 














J. P. Morgan & Co 














X 


-... 


X 


Q. M. P. Murphey & Co 












X 


X 






X 


X 


O'Neill & Co 


X 
X 

X 


X 
X 
X 
X 
X 
X 








X 
X 


X 
X 












Paine, Webber & Co 










X 


X 


X 

.X 




X 
X 
X 
X 


X 
X 
X 
X 


X 


X 




Perkins & Co 












E. A. Pierce & Co 


X 

x" 

X 








X 


X 
X 


X 
X 


X 
X 


X 
X 


X 
X 
X 




Post & Flagg 


X 






X 


Pouch & Co 


X 






X 


Rush & Co 




X 
X 
X 










X 
X 
X 


:::: 


X 
X 
X 


"x 

X 


X 
X 
X 




Salkeld & Co 


X 


X 


i 


X 




X 


X 




X 


X 


Schmidt <t Co.— 


X 



7778 CONCENTRATION OF ECONOMIC POWER 

Table 9. — Largest Interlocking Stockholders of Major Oil Companies, December SI, 
1 938— Continued 



STOCKHOLDERS 


d 

O 

o 

o 

< 

■< 


§ 

o 

Q 

w 
< 



o 

o 
o 


d 

o 

JJ 
o 

o 
> 
>^ 
z 

o 
o 
o 


d 
o 

O 

2; 
§ 


d 
o 

o 



2; 

-< 


d 
o 

o 

Q 

<) 

Z 

■< 


c 

1 

d 
o 

o 

Q 

<! 
Q 

z 


d 
o 

o 

o 

5 

o 


d 

o 

|j 
o 

:^ 


§ 

o 
> 

CO 

TO 


o 

P3 

o 
o 

lj 
o 

o 


d 
o 

o 

Z 


d 
o 

f 

O 

Pl, 

m 

Pl, 

►J 
g 


z 
o 

« 
o 

tf 
o 
o 

ra 


d 

o 

o 

« 

PL, 


6 

o 

o 
-< 

w 

Q 


PS 
o 
o 
J 
o 
z 
o 

z 

t3 
h4 
►J 

a 


INVESTMENT AND BANK- 
ING HOUSES— continued 

J. & W. Seligman & Co. . 




x 


X 


X 
X 


X 
X 


X 
X 






X 
X 
X 
X 
X 
X 




X 




X 

X 


X 
X 
X 
X 
X 
X 
X 


X 

X" 
X 
X 
X 

X 
X 

X 
X 
V 






Shaw tfe Co 










T 


Shearson Hammill & Co 












X 

X 
X 








Slgler & Co 




X 
X 
X 
X 


X 

x" 

X 
X 


X 
X 


X 


X 


X 


X 

X 


X 




X 


X 

X 
X 




Smith Barney <t Co 


X 

X 




Thomsom & McKinnon 


X 
X 


X 
X 


X 
X 






X 




Weber & Co 








White Weld & Co 


X 






X 






X 


T 


Williams & Co 


X 




X 


X 


X 
X 

X 










Winthrop, Mitchell & Co. 


X 


X 
X 
X 


X 

X 


X 
X 






X 


X 


i 


















Wonham Albert & Co 






X 


X 








X 


X 




X 


X 


X 










1 -- 





Source: Teniporary National Economic Committee Questionnaire for Oil Companies. Standard Oil 
Company of California and Mid-Continent Petroleum Corporation did not answer the Committee's 
Questionnaire. Union Oil Company of California did not submit a list of its 100 largest stockholders. 



CONCENTliATION OF ECONOMIC POWER 



7779 



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CONCENTRATION OF ECONOMIC POWER 









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7783 



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12, 674, 456 
24,230,97fi 
1, 824, 040 
4,468,200 



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CONCENTRATION OF ECONOMIC POWER 



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239 
239 
318 
977 
1,433 
148 


:i§ 1 


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(Del.)' 




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Co.i 


iii 


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7792 



CONCENTRATION OF ECONOMIC POWER 



Table 17b. — Pipeline Mileage of the United States — Twenty Major Oil Companies 
and All Other Companies, January 1, 1938 





Crude Oil Mileage 


Gasoline Mileage 


Name of Company 


Reported to 
TNECi 


Pro- 
rated ' 


Total 


Per- 
cent 


Reported to 
TNEC 


Pro- 
rated • 


Total 


Per- 
cent 


Consolidated Oil Corp 


13, 130 

10,902 

8,382 

6,565 

7,961 

7,309 

4,814 

4,226 

« 3, 701 

1,337 

1,682 

1 306 

1,449 

1,118 

» 1, 212 

911 

500 

666 

646 

«560 

407 

78, 784 


253 
318 

■i,'433" 

"'"I55" 
977 

"'"'148" 

'"'239' 

""'239 
"--•"^ 

"3,"76r 


13, 383 

11,220 

8,382 

7,998 

7,961 

7,309 

4,814 

4,226 

3,856 

2, 314 

1,682 

1,454 

1,449 

1, 357 

1,212 

911 

739 

666 

646 

5fi0 

407 

82, 546 

' 32, 454 


11.6 
9.8 
7.3 
6.9 
6.9 
6.3 
4.2 
3.6 
3.3 
2.0 
1.5 
1.3 
1.3- 

i!o 

.8 
.7 
.6 
.6 
.6 
.4 
71.8 
28.2 




124 
""'258' 


IIS 

40 

258 


1.9 


Standard Oil Co. (N. J.) 

Standard Oil Co. (Ind.)._ 


644 
40 


8.4 




4.0 


Gulf Oil Corp. of Pa 






Socony-Vacuum Oil Co., Inc 

The Ohio OU Co 


363 




363 


5.6 


Shell Union Oil Co ..- . 










Tide Water Assoc. Oil Co 


13 
186 


"'"'629' 
100 

'""202' 
404 

' "362' 
"2,"0i9' 


13 

186 
629 
899 
815 
345 
404 
170 
1.58 
302 
855 
23 
125 
6,253 
•257 


.2 






Phillips Petroleum Co 


799 
815 
143 


13 8 


Atlantic Refining Co 


12 5 


The Pure Oil Co 


5 3 


Mid-Continent Pet. Corp 


6 2 


Union Oil Co. of Calif 


170 

158 


2 6 


Standard- Oil Co. (Ohio) 


2 4 


Skelly Oil Co 


4 6 


Sun Oil Co 


855 

23 

125 

4,234 


13 1 


Standard Oil Co. of Calif 

Richfield Oil Corp « 


.4 
1 9 


20 Major Oil Companies 


96 1 


All Other Companies 


3 9 














Total 






V 115, 000 


100.0 






6,510 


100 















• Trunk and fathering lines. 

2 Mileage prorated according to percent of ownership in 5 jointly -owned crude oil pipelines. 

3 Mileage prorated according to percent of ownership in Great LakKs Pipeline Co.— I. C. C. 

< Mileage of Bradford Transit Co., which Tide Water owns with South Penn Oil Co., added to figure 
submitted. 
» Figures obtained from Oil and Gas Journal, Sept. 22, 1938. 

• Controlled by Consolidated Oil Corp & Cities Service Co. through stock ownership debentures anE 
warrants. 

' Estimates as taken from Oil and Gas Journal. 

' Cimarron Valley Pipeline of Champlin Refining Co. 

Source: Temporary National Economic Committee Questionnaire for Oil Companies and Interstate 
Commerce Commission Annual Reports of Pipeline Companies. 

Table 17c. — Summary Statistics of Pipeline Companies — Reporting to Interstate 
Commerce Commission, 1929-1937 















Per 














Cent 




Num- 


Total 
Invest- 
ment 


Oper- 


Oper- 




In- 


Year 


ber of 
Com- 
panies 


ating 
Rev- 
enue 


ating 
pcnses 


Net 
Income 


come 
is of 
in- 
















vest- 














ment 






(1,000) 


(1,000) 


(1.000) 


(1,000) 




1937 


158 


$890, 334 


$248, 645 


$99, 641 


$102, 796 


11.6 


1036 


52 


850, 981 


219, 057 


92, 899 


91, 742 


10.8 


1935 


53 


882,080 


197, 368 


89,364 


78, 249 


8.9 


1934 


53 


815, 447 


199, 166 


86, 884 


84, 143 


10.3 


1933 


49 


814, 198 


217, 192 


85, 374 


105, 943 


13,0 


1932 


49 


805, 696 


211, 789 


86, 003 


112,362 


13.9 


1931 


61 


935, 665 


222, 944 


96,237 


120, 738 


12.9 


1930 


40 


868, 895 


237, 910 


99, 364 


123, 741 


14.2 


1929 


87 


845, 466 


261, 411 


102, 101 


142, 216 


16.8 



Number of Miles 



96,612 
94, 060 
92, 037 
93, 070 
93, 724 
92, 782 
93,090 
88; 728 
85,796 



56, 81 
54,460 

52, 657 

53, 405 
52, 865 
51, 404 
61,287 
46,922 



Gath- 
ering 



Total 
Num- 
ber Em- 
ployees 



40, 859 
41,378 
41, 803 
42,806 



24,168 



21, 615 
20,853 
18, 884 
16,291 
19, 854 
21,948 
23,457 



(1,000). 
$45, 054 



34, 670 
32, 462 
27,880 
28,184 
36,447 
40,473 
46,261 



Aver- 
age 
Annual 
Com- 



1,611 
1, 557 
1,476 
1,730 
1,836 
1.844 
1,972 



' As of December 31 of the yeaf indicated. 

Source: Compiled from Annual Reports submitted to Interstate Commerce Commission. 



con(;entration of economic power 



7793 



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TIable 21.- 



GONCENTRATION OP ECONOMIC POWER 

-Average Cost Per Barrel-Mile for Gasoline Transported 
Companies, by years, 1929-1938 

[Cents per barrel mile] 



Major Oil 



Name of Company 


1929 


1930 


1931 


1932 


1933 


1934, 


1935 


1936 


• 1937 


1938 


Tidewater Assoc. Oil Co 

Pure OU Co. (The) 

U. S. EipeLineCo 


.2140 


.2580 


.2600 


.3680 
4.0855 


.4420 

.4121 

.1027 

(') 
.1300 


.3870 

.5953 

.0903 

0) 
.1400 


.2870 

.4378 

.0687 
.2626 
.1400 


.1290 

.2746 

.0617 
.2440 
.1000 


.1230 

.2446 

.0645 
.1872 
.1000 
.1020 
.0706 
.0721 
.0624 
.0508 


.4590 
.2429 


Detroit Southern & To- 








.0813 


Standard Oil Co. (Ind.) 

Union Oil Co. of Calif.. 


(') 


0) 
.0900 


.0600 


(') 
.1100 


.1995 
.1300 
.1020 








.1470 
.1874 
.0498 
.0959 


.0883 
.1161 
.0729 
.0908 

.0880 


.0951 
.0959 
.0554 
.0853 

.0680 


.0830 
.0944 
.0660 
.0706 

.0730 


.0891 
.0952 
.0617 
.0667 

.0520 


.0794 
.0738 
.0694 
.0535 

.0470 
.0450 


.0693 








.0675 








.0592 


Standard Oil Co. (N.J.) 

Cities Service Co. 




.1859 


.0521 










.0440 


.0460 





















1 Not reported. 

Source: Temporary National Economic Committee Questionnaire for Oil Companies 



Table 22. 



-Rate of Return on Pipeline Investment for Oil Companies Reporting 
to the Interstate Commerce Commission, 1938 



Name of Company 



Investment 
in Carrier 
Property 

(after depr.) 



Pipeline 
Operating 
Income 



Rate of 
Return 



Atlantic Refining Co. 

Consolidated Oil Corp 

Tide Water Assoc. Oil Co.' 

Gulf Oil Corp. of Pa 

ointly Owned Majors 

Shell Union Oil Corp. 

Socoily- Vacuum Oil Co 

Philips Petroleum Co 

Standard Oil Co. (Ind.).... 

Pure Oil Co.»... 

Ohio Oil Oo.3._ 

Standard Oil Co. (N. J.)._. 
Standard Oil Co. (Ohio)... 

Texas C orporation 

Cities Service Co 

Continental Oil Co 

All major companies... 

All independent cos 

All crude oil pipe lines 



233, 850 
723, 862 
315,037 
577,912 
799, 548 
839,860 
215, 540 
594, 716 
359,957 
565, 170 
512, 440 
736, 798 
321, 303 
293, 255 
868, 758 
246,281 
204,287 
144, 350 
377, 510 



156, 207 
903,257 
244, 772 
243,968 
926,650 
469,098 
772,627 
082,057 
037,903 
193,638 
566,719 
414, 427 
437,917 
707,955 
406,996 
324,083 
877, 274 
170, 188 
140,882 



50.6 
50.2 
37.5 
29.9 
28.9 
2a3 
28.0 
23.6 
22.1 
21.4 
20.4 
19.5 
18.9 
17.4 
8.4 
7.6 
28.0 
9.4 
25.4 



< Includes Bradford Transit Company, 50% of whose stock is owned by South Penn Oil Company. 
' Includes Bell General Transit Corporation. 

« Includes Arkana Transit Corporation, 50% of whose stock is owned by Arkansas Fuel Oil Company 
(a Cities Service subsidiary). 

Source: Annual Reports to the Interstate Commerce -Commission. 



CONCENTRATION OF ECONOMIC POWER 



7797 



Table 23. — Rale of Return on Investment for Pipeline Companies Reporting to 
the Interstate Commerce Commission, by years 1929-19S8. 





All companies 


Major Oil Companies 


Independent 
Companies 


Year 


Crude & Gasoline 


Crude 


Gasoline 


Total 


Crude 




Incl. 
Deprec. 


Excl. 
Deprec. 


Incl. 
Deprec. 


Excl. 
Deprec. 


Incl. 
Deprec. 


Excl. 
Deprec. 


Incl. 
Deprec. 


Excl. 
Deprec. 


Incl. 
Deprec. 


Excl. 
Deprec. 


1936 

1935 

1934 

1933 

1932 

1931 

S::::: 


11.8 
13.8 
12.2 
10.4 
11.2 
14.1 
14.4 
13.8 
15.8 
18.3 


25.4 
28.4 
25.4 
21.7 
22.2 
26.7 
25.7 
23.7 
27.5 
30.7 


11.7 
14.0 
12.5 
10.6 
11.5 
15.0 
15.7 
17.8 
18.1 
20.3 


26.0 
29.6 
26.4 
22.3 
23.0 
28.6 
28.0 
30.4 
30.5 
33.0 


20.7 
19.5 
18.6 
18.5 
18.0 
15.7 

■J:S 

15.6 
"6.8 


29.7 
26.8 
25.9 
24.8 
24.2 
20.2 
14.4 

1 leii 

118.4 


12.5 
14.4 
12.9 
11.1 
11.9 
15.0 
15.5 
17.2 
17.8 
20.0 


26.5 
29.3 
26.3 
22.6 
23.1 
27.8 
26.8 
28.6 
30.2 
32.6 


3.5 

5.7 
3.7 
2.2 
2.3 
2.6 

!9 
9.0 
12.8 


9.4 
14.9 
10.1 
6.4 
6.6 
7.2 
4.5 
1.8 
17.1 
23.8 



1 Indicates Deficit. 

Source: Annual Keports to the Interstate Commerce Commission. 



Table 24. 



-Gasoline Pipeline Mileage Owned and Operated by Major Oil Compa- 
nies, December 31, of years 1928-19S8 



Name of Company 


1928 


1929 


1930 


1931 


1932 


1933 


1934 


1935 


1936 


1937 


1938 


Total 


236 


769 


1,054 


4,071 

226 
186 
766 


4,127 


4,256 


4,764 


4,947 


5,532 


6,042 














200 
186 


226 
186 
764 
58 


226 
186 
764 
139 


408 
186 
736 
140 


536 
186 
736 
140 


815 
186 
736 
142 


815 
186 
799 
143 


818 
186 
799 


Cities Service Co 


186 


186 




Pure Oil Co.. - - 








Shell Union Oil Corp ._ 
















81 
40 
534 


179 
40 
534 


179 
40 
534 


180 
40 
534 


183 
40 
534 


186 
40 
536 


363 
40 
536 


363 
40 

544 
39 

849 
13 

170 
2,081 


363 
192 




40 


40 
533 


Standard Oil Co. (N. J.) 


Standard Oil Co. (Ohio) 












733 

13 

147 

1,247 


733 

13 

146 

1,248 


733 

13 

149 

1,292 


733 

178 

146 

1,480 


733 

178 

158 

1,518 


847 
178 

1,518 


849 
(') 


Tide Water Assoc. Oil Co - 

Union Oil Co. of Calif ._ 


10 
(') 


10 

(') 


13 
(1) 




2,134 











' Not available from the Company's records. 

'Jointly-owned by Continental Oil Co., 29.2%; Mid-Continent Petroleum Corporation, 19.0%; Skelly 
Oil Co., 14.2%; The Texas Corporation, 12.1%; Pure Oil Co., 9.5%; Consolidated Oil Corp., 5.8%; Cities 
Service Co., 5.2%; Phillips Petroleum Co., 5.0%. 

Consolidated Oil Corporation, Continental Oil Co., Gulf Oil Corp. of Pa., Ohio Oil Co., Skelly Oil Co., 
and The Texas Corporation reported no gasoline pipe line owned or operated during the above years. 

' Not reported. 

Source: Temporary National Economic Committee Questionnaire for Oil Companies; Standard Oil 
Company of California and Mid-Continent Petroleum Corporation did not answer the Committee's 
Questionnaire. 



7798 CONCENTRATION OF ECONOMIC POWER 

Table 25.— Gasoline Transported by Major Oil Companies Through Pipelines, 
by years, 1929-1938 

(In 42-gallon barrels] 



Name of Company 


1920 


1930 


1931 


1932 


1933 




2, 987, 203 


5,480,179 


18, 795, 931 


33.942,464 


43, 526, 446 






Atlantic Refining Co . . 






152, 374 


3. 131, 621 
2, 276, 637 
6,922,206 
7, 730, 885 

1, 557,' 750 

854,311 

2, 300, 772 


3, 807, 509 


Cities Service Co .. 






2.250.511 


Great Lakes Pipe Line Co.' 






4, 419, 066 
3,959,211 


12.108.068 


Phillips Petroleum Co - .... 






:0, 292. 430 








984:234 


Socony- Vacuum Oil Co .. .. 




90.565 
1, 029, 032 
1, 282, 143 


727, 441 
1, 032, 085 
2.017,837 


1. 715. 652 




882, 478 


589. 772 


Standard Oil Co. (N. J.) 


2. 644. 387 


Standard Oil Co. (Ohio) 






Sun Oil Co 






2,422,288 
1, 675, 327 
2, 390, 302 


4, 850, 314 
1, 770, 192 
2. 532, 488 


5, 078, 305 


Tide Water Assoc. Oil Co 

Union Oil Co. of Calif.. 


2,104,725 


1,521,906 
1, 556. 533 


1,534,663 
2.520,915 


Name of Company 


1934 


1935 


1936 


1937 


1938 


Total - . 


50, 568, 825 


57, 094, 884 


65,562,024 


81. 598. 695 


89. 747, 364 






Atlantic Refining Co 

Cities Service Co 


4, 537, 194 
2, 129, 459 
14, 244, 432 
10, 626, 400 
2, 229, 635 
2, 252, 666 
600, 796 
3, 736, 027 


6, 172, 250 
2,767,411 
15,135,440 
12, 327, 003 
3,042,006 
2, 878, 422 
530, 431 
.4, 072, 926 


8. 512, ^02 
3,144,714 
15, 736, 868 
12, 269, 809 
4. 346. 324 
3, 190, 861 
561, 607 
4,994,316 


10. 466, 715 
2, 813, 326 
18,433,868 
14, 106, 891 

4, 712, 525 

5, 614, 665 
563,620 

6, 185. 220 
43,831 
12, 489, 266 
2. 755, 099 
3, 413, 669 


12,957,590 
2, 464. 636 


Great Lakes Pipe Line Co.' 


18, 873, 952 


Pure Oil Co-.--.- 

Socony-Vacuum Oil Co 


3. 803. 744 
5. 558, 737 






Standard Oil Co. (N. J.) 


6,090,178 


Sun Oil Co 


6, 380. 386 
1, 293, 183 
2, 538, 647 


6, 829, 442 
2, 120, 560 
2, 218, 993 


7,»171, 975 
2, 792, 514 
2, 830, 334 


13, 721, 575 


Tide Water Assoc. Oil Co 

Union Oil Co. of Calif 


3, 084, 143 
3, 194, 709 



■ Jointly-owned by Continental Oil Co., 29.2%; Mid-Continent Petroleum Corporation, 19.0%; Skelly 
Oil Co., 14.2%; The Texas Corporation, 12.1%; The Pure Oil Co., 9.5%; Consolidated Oil Corporation, 
5.8%; Cities Service Co., 5^2%; Phillips Petroleum Co.. 5.0%. 

Source: T' nporary National Economic Committee Questionnaire for Oil Companies. Standard Oil 
Company of California and Mid-Continent Petroleum Corporation did not answer the Committee's 
Questionnaire. 



CONCENTRATION OF ECONOMIC POWER 7799 

Table 26. — Barrel-Miles of Gasoline Pipeline Operations for Major Oil Com- 
panies, by years, 1929-1938 

[Thousands of barrels] 



Name of Company 


1929 


1930 


1931 


1932 


1933 


Total 


47,204 


680,995 


5,619,631 


11.069,829 


13.942,736 




Pure Oil Company: 

United States Pipe Line.... 








801 














Cities Service Company: 








423, 454 


418, 595 


Arkansas Fuel Oil Co 










34.858 


40, 647 

3,184 

437, 041 


40, 767 
30,797 
602, 557 
1, 803, 327 
195, 457 
13, 053 


33, 745 
93,091 
621, 348 
4, 207, 443 
154, 434 
338, 213 


23,296 
99,905 
691, 802 
5, 027, 866 
150, 862 
416, 877 








Phillips Petroleum Co 








91, 252 


Atlantic Refining Co 




Standard OU Co. (Ohio) 






Sun Oil Co 






645, 893 

8,002 

2, 179, 678 


1,420,591 
3, 767; 764 


1 437 772 


Tide Water Assoc. Oil Co. . 


12,346 


8,871 


' 6;961 
5,596,428 


Great Lakes Pipe Line Co 









Name of Company 


1934 


1935 


1936 


1937 


1938 


Total 


16, 343, 736 


17, 773, 527 


19,071,080 


23, 205, 881 


24, 268, 216 




Pure on Company: 

United States Pipe Line 


7,916 
168,483 

396,079 


10, 451 
230,830 

514, 738 


22, 307 
326, 466 

515,991 

68,926 

22, 183 

212, 593 

1, 336, 921 

5, 329, 460 

126, 483 

1, 508, 515 


32, 621 
354, 452 


34, 214 
293,855 


Detroit Southern and Toledo Northern 

Cities Service Company: 

Louisiana Oil Refining Corp 


Arkansas Fuel OU Co 


523, 279 
22, 263 

630, 168 
1,679,988 
6, 131, 585 

167,000 

1, 933, 619 

1,687 

2, 706, 283 

113, 125 
8,909,809 


468, 422 

19, 692 

612, 538 

1, 617, 995 




23,731 
133,640 
975, 083 
5, 248, 044 
153, 474 
492, 283 


20,952 
173, 930 
1, 082, 350 
5, 829, 895 
101, 240 
586,827 




Standard OU Co. (N. J.) 

PhiUips Petroleum Co . 


Union OU Co. of Calif 


Atlantic Refining Co. 


'■]^Z 


Standard OU Co. (Ohio) 


Svm OU Co 


1, 805, 216 

5,348 

6,934,439 


1,917,602 

48,548 

7, 256, 262 


2, 004, 142 

107, 469 

7,489,624 


2,697,404 
11 596 


Tide Water Assoc. Oil Co . 


Great Lakes Pipe Line Co 


8,686,326 





Source: Temporary National Economic Committee Questionnaire for Oil Companies. Standard Oil 
Company of California and Mid-Continent Petroleum Corporation did not answer the Committee's Ques- 
tionnaire. 



7800 



CONCENTRATION OF ECONOMIC POWER 



Table 27. — Investment and Income of Gasoline Pipeline Companies as Reported 
to the Inter date Commerce Commission, December SI, 1938 



Name of Company 


Parent Company 


Investment 
in Carrier 
Proparty ' 


Pipe Line 
Operating 
Income 


Rate 
of Re- 
turn I 


Total ,.a.— -.-. 




44, 028, 873 


13, 093, 420 






Jointly-Owned Majors.- 

Phillips Pet. Co ._.. 

Atlantic Ref. Co 




Great Lakes Pipe Line Co _._ 


17,966,709 

9, 525, 476 

6, 808, 575 

4, 419, 617 

1, 593, 051 

1, 530, 430 

5fi0, 481 

499, 355 

397, 152 

728, 027 


5, 565, 770 
3, 999. 139 
1,221,219 
794, 630 
498,224 
327, 666 
297, 724 
176, 877 
107, 250 
104, 921 




Phillips Pipe Line Co^._ _. 














Standard Oil Co. (N.J.)- 

Atlantic Ref. Co 

Sun on Co... 




















Pure Oil Co . 




Middlesex Pipe Line Co 













1 After depreciation. 

Source: Annual Reports to Interstate Commerce Commission. 



Table 28a. — Crude Oil Runs to Stills in Domestic Refineries by Major Oil Com- 
panies, by years, 1929-1938 

[Thousands of 42-gallon barrels] 



Name of Company 



United States, 
total 

19 Companies, 
total 

Atlantic Refining Co. 

(The) 

Cities Service Co 

Consolidated Oil Corp. 

Continental Oil Co 

Gulf Oil Co o. of Pa... 
Ohio Oil Co. (The)..... 
Phillips Petroleum Co. 

Pure Oil Co. (The) 

Shell Union Oil Corp.. 

Skelly Oil Co. 

Socony-Vacuum Oil 

Co . 

Standard Oil Co. of 

Calif.L. 

Standard Oil Co. 

(Ind.) 

Standard Oil Co. 

(N.J.) 

Standard Oil Co. 

(Ohio) 

Sun Oil Co 

Texas Corporation 

(The) 

Tide Water Assoc. Oil 

Co 

Union Oil Co. of Calif. 



861, 254 



819, 997 



34, 521 
33. 417 
64, 616 
13, 805 
76, 086 

5,772 
15, 812 
25,040 
82, 835 

7,374 

96, 115 

49, 532 

86,992 

135, 756 

15,739 
25,780 



44, 107 
25, 171 



33,276 
65, 040 
14, 426 
77,894 

6,116 
15, 709 
28, 621 
84, 451 

7,180 

100, 635 
53, 772 



14, 673 
25,861 



96, 303 



43,965 
26,281 



33, 258 
30,544 



13,700 
26, 780 
82, 788 
6,769 

91, 601 

49, 992 

74, 

129, 836 



30, 203 
28. 873 
53, 787 
12, 281 
61, 681 
5,440 
13, 179 
26, 258 
76, 329 



44, 737 
66, 057 
116, 266 



76, 132 

38, 991 
21, 817 



29, 16: 
25, 945 
46, 708 
13, 504 

i, 813 
12, 646 
23, 735 
65, 793 



42,714 
56, 649 

118,8.53 



70,928 
34,428 



2fi, 259 
45, 782 
12, 434 
55, 689 

4,828 
12,015 
23, 660 
66,885 

4,903 

70, 536 

40, 755 

49, 833 

116.728 

11,909 
20, i 

64,5 

34,649 
20,843 



27, 730 
26,849 
35,628 
14,290 
65, 616 
6,512 
9,123 
22, 119 
62, 072 
4,992 

73, 118 



54, 858 
122, 694 



13, 141 
18,291 



36, 358 
12, 331 
67, 697 
3,583 
4,546 
17, 703 
67, 176 
5,020 

75, 551 

51, 975 



132, 767 



9,703 
16,006 



41,238 
28,201 



26,221 
14,686 
35. 729 

(') 
67,978 

2,366 

2,888 
17. 726 
75, 476' 

4,620 

75,473 

(') 

68,428 

146, 655 

9,823 
12,890 



48,854 
31, 725 



1 Moody's Manuals of Investments. 
« 17 Companies. 
« Not available. 

Sources: Temporary National Economic Committee Questionnaire for Oil Companies. The Mid- 
Continent Petroleum Corporation and the Standard Oil Company of California did not answer the 
questionnaire. 



CONCENTRATION OF ECONOMIC POWER 



7801 



Table 28b. — Daily Crude OH Refining Capacity — Twenty Major Oil Companies 
and All Other Companies 

[Percentages of total] 



Name of Company ' 



1. Standard Oil Co. (New Jersey). 

2. Cities Service Co 

3. Socony-Vacuum Oil Co., Inc 

4. Standard Oil Co. (Indiana) 

5. Standard Oil Co. of California... 



Subtotal. 



6. Texas Corporation 

7. Gulf Oil Corp. of Pa 

8. Shell Union Oil Corp 

9. Consolidated Oil Corp 

10. Tide Water Associated Oil Co. 



Subtotal. 



11. Phillips Petroleum Co 

12. Atlantic Refining Co 

13. Pure Oil Co 

14. Union Oil Co. of California 

15. Ohio Oil Co 

16. Sun Oil Co 

17. Continental Oil Co 

18. Mid-Continent Petroleum Corp. 

19. Standard Oil Co. (Ohio) 

20. Skelly Oil Co. 

Richfield Oil Corp. 2 



20 Major Oil Companies . 
All other companies 



12.3 
1.1 
4.4 
7.6 



13.5 
3.0 

7.1 
7.2 
6.5 



10.9 
3.5 
7.1 
5.3 
6.2 



11.0 
3.2 
8.0 
5.6 
5.9 



1 The order of listing of companies is determined by their relative assets as of December 31, 1936. 

»^__, J -J ...,„,«■-.■-_ ^j, ^ ,-_ T , ,,,..o-:_.. -^^ is controlled through stocl 

Consolidated Oil Corporation; for 



» Included in 30 Major Oil Company grou_p for January 1, 1938 since it is controlled through stock owner 
ship, debentures and warrants by the Cities Service Company 



previous years it is included in the "All Other Companies" group. 
Source: U. S. Bureau of Mines. 



7802 CONCENTRATION OF ECONOMIC POWER 

Table 28c. — Daily Capacity of Cracking Plants — Twenty Major Oil Companies 
and All Other Companies 

[Percentages of total] 



Name of Company i 


Jan. 1, 
1935 


Jan. 1, 
1936 


Jan. 1, 
1937 


Jan. 1, 
1938 


1. Standard Oil Co. (N. J.) 

2 Cities Service Co 


19.7 
2.7 
5.9 
8.0 
5.7 


17.7 
2.8 
5.8 
8.2 
5.8 


17.6 
2.3 
5.5 
8.2 
6.0 


10.2 
2.6 


3 Socony- Vacuum Oil Co Inc 


6.6 


4 Standard Oil Co (Irsd ) 


9.0 


5 Standard Oil Co of Calif 


4.1 








42.0 


40.3 


39.6 


32.5 








7.8 
5.8 
7.3 
6.6 
2.5 


8.1 
5.7 
8.2 
6.5 
3.0 


8.7 
4.8 
9.0 
5.9 
2.9 


9.0 




7.1 




9.6 




S.2 




1.8 








72.0 


71.8 


70.9 


fl5.2 








2.8 
2.1 
2.2 
0.5 
0.7 
3.4 
1.2 
0.9 


2.8 
2.2 
2.2 
0.6 
0.7 
3.4 
1.1 
0.9 
1.2 
1.3 


2.8 
2.9 
2.6 
0.6 
0.7 
3.4 
0.9 
0.9 
1.2 
1.2 


2.7 




2.8 




3.6 




0.6 




0.5 




2.6 




1.2 




a 9 


19 Standard Oil Co (Ohio) 


2.6 


20 Skelly Oil Co 


1.6 


Richfield Oil Corp. 2 


0.9 












20 Major Oil Companies 


11.8 


11.8 


88.1 
11.9 


85.2 


All Other Companies 


14.8 








100.0 


100.0 


100.0 









• The order of listing of companies is determined by their relative a!3sets as of December 31, 1936. 

2 Included in 20 Major Oil Company group for January 1, 1938 since it is controlled through stock owner- 
ship, debentures and warrants by the Cities Service Company and Consolidated Oil Corporation; for 
previous years, it is included in the "All Other Companies" group. 

Source: U. S. Bureau of Mines. 



Table 28d. — Total Quaniity of Gasoline Produced from Crude Oil and Crude-Oit^ 
Conservation from Cracking by United States Refineries, 1920-19S8 

[Quantities in millions of barrels] 



1932. 
1931. 
1930. 
1929. 
1928. 
1927. 
1926. 
1925. 
1924. 
1923. 
1922. 
1921. 
1920. 



Actual 
Yield 
Straight 
Run Gaso- 
line Per 
Cent 



(1) 



Total Quantity of Gaso- 
line Produced from 
Crud. Oil 



Total 
(2) 



Crack- 
ing 



Straight 
Distilla- 
tion 



Crude 
Oil to 
Stills 



Required 
Quantity 
Without 
Cracking 



(6) 



2.449 
2,444 
2,175 
1,880 
1,687 
1,656 
1,537 
1,612 
1,606 
1,568 
1,424 
1,255 
1,189 
1,036 
861 
756 



Crude Oil Con- 
served by Cracking 



(6)-(5) 



(7) 



1,284 
1,261 
1,107 
946 
792 
706 
717 
717 



51.60 
5a 89 
50.34 
46.92 
48.02 
46.65 
44.50 
42.27 
36.99 
35.86 
33.95 
34.46 
28.59 
25. 18 
23.09 
20.83 
16.63 
13.25 



1 Figures for years prior to 1925 are estimates. 

Source: Unltbd States Bureau 6t Mines and American Petroleum Institute. 



CONCENTRATION OF ECONOMIC POWER 



7803 



Table 28e. — Percentage Yields of Gasoline Jrom Crude Petroleum Refined in the 
United States, by Methods and Districts, 1937 

[Quantities in thousands of barrels] 



East Coast.. 

Appalachian 

Ind., lU., Ky., etc.. 
Okla., Kan., Mo.... 

Texas Inland 

Texas Gulf Coast... 

La. Gulf Coast 

Ark. & La. Inland.. 
Rocky Mountain... 
California 

United States 



Quantity 
of Gaso- 
line 



Total 

Per Cent 

Yield 



40.2 
48.6 
55.6 
52.6 
51.2 
42.2 
33.9 
41.9 
54.1 
33.2 



Straight Distilla- 
tion 



Percent Per Cent 
Yield of Total 



16.9 
24.6 
24.0 
30.4 
30.6 
16.2 
16.7 
24.7 
29.4 
20.4 



42.0 
50.6 
43.2 
57.8 



Cracking 



Per Cent Per Cent 
Yield of Total 



23.3 
24.0 
31.6 
22.2 
20.6 
26.0 
17.2 
17.2 
24.7 
12.8 



49.4 
56.8 
42.2 
40.2 
61.6 
50.7 
41.1 
45.7 
38.6 



Source: United States Bureau of Mines. 

Table 29.- — Gasoline manufactured by major oil companies {including natural 
gasoline used in blending) by years, 1929-1938 

[In 42-ganon barrels] 



Name of Company 



1935 



1934 



Total... 

Atlantic Refining Co 

Cities Service Co 

Consolidated Oil Corp.... 

Continental Oil Co 

Gulf Oil Corp. of Pa 

Ohio Oil Co 1 

Phillips Petroleum Co 

Pure Oil Co 

Shell Union Oil Corp 

Skelly OUCo 

Socony- Vacuum Oil Co... 
Standard Oil Co. (Ind.)... 
Standard Oil Co. (N. J,).. 
Standard OU Co. (Ohio).. 

Sun Oil Co 

Texas Corporation 

Tide Water Assoc. Oil Co 
Union Oil Co. of Calif.... 



419,229,110 



377, 886, 726 



350, 



,151 



313, 641, ! 



16, 703, 101 
17, 455, 261 
33, 058, 000 

9, 601, 108 
32, 514, 545 

3, 498, 887 
14, 150, 672 
15,991,467 
39, 174, 181 

4, 402, 059 
41, 519, 376 
47, 580, 595 
46, 144, 746 

8, 264, 112 
11, 769, 480 



15, 401, 991 
16, 161, 893 
28, 267, 000 

8, 925, 385 
28, 599, 676 

3, 464, 793 
12, 300, 239 
14, 298, 991 
37, 552, 442 

4,110,529 
38, 580, 292 
39, 062, 140 
41, 060, 271 

7,371,519 
10,927,381 
45,969,560 
18,891,008 

6, 941, 616 



14,776,082 
15, 753, 142 
26, 381, 000 

8, 836, 260 
25, 558, 108 

3, 177, 194 
11,775,105 
13, 791, 335 
33, 377, 006 

3, 882, 638 
34, 067, 333 
35, 855, 570 
41, 655, 764 

6, 865, 396 
10, 407, 820 
40, 708, 298 
17.348,726 

6, 715, 376 



13, 772, 783 
13, 570, 055 
22, 298, 000 

8, 962, 982 
22, 934, 298 

2, 892, 665 
10,836,614 
10, 910, 555 
28,945,246 

3,488,970 
31, 701, 256 
30, 678, 035 
37, 977, 703 

6, 476, 235 

9, 868, 445 
36, 743, 213 
15, 904, 518 

5, 679, 762 



Name of Company 



Total 

Atlantic Refining Co 

Cities Service Co 

Consolidated Oil Corp 

Continental Oil Co 

Gulf Oil Corp. of Pa 

Ohio OUCo 

Phillips Petroleum Co 

Pure Oil Co 

Shell Union Oil Corp 

SkeUy OUCo 

Socony- Vacuum Oil Co... 
Standard OU Co. (Ind.).. 
Standard OU Co. (N.J.).. 
Standard OU Co. (Ohio).. 

Sun OUCo -. 

Texas Corporation 

Tide Water Assoc. OU Co 
UnionOUCo. of Calif..-. 



306, 273, 455 



342, 650 
128,205 
406,000 
110, 167 
507, 431 

603. 721 
200,624 
363,544 
935,643 
255,023 
658, 418 
816, 295 
285,420 
447,364 
708, 692 

463. 722 
645, 771 
837,028 



13,066,546 
12,993,607 
19,188,000 

7, 289, 485 
22, 309, 657 

2, 443, 263 

9, 154, 479 
11, 837, 521 
29, 423, 043 

2,918,006 
29,851,390 
27, 577, 237 
48,017,483 

6, 860, 122 

8, 078, 661 
32, 563, 181 
14,941,120 

7, 760, 654 



320, 927, 700 



13, 843, 103 
14, 672, 051 
20,038,000 

9, 109, 608 
26, 266, 472 

3, 131, 413 

8,213,879 
11,549,814 
29, 721, 212 

3, 361, 689 
32, 261, 256 
32, 665, 430 
51,673,127 

7, 433, 348 

7, 655, 802 
33,546,755 
16, 101, 697 

7, 964, 968 



11,107,427 
9, 435, 631 
20,962,000 
6, 793, 657 
25, 245, 761 
1, 751, 371 
3, 495, 176 
9, 198, 802 
39, 643, 303 
3, 208, 938 
30, 361, 351 
34, 193, 978 
56, 081, 043 
5, 737, 355 
6, 376, 254 
31, 262, 224 
15, 986, 063 
10,087,366 



318, 366, 448 



11, 712, 224 

5, 795, 326 

20, 140, 000 

' 7, 502, 791 

23, 808, 033 

1, 456, 316 

1, 348, 515 

8, 562, 802 

39, 795, 718 

2,940.899 

30, 943, 948 

37, 529, 499 

56,701,892 

5, 205, 502 

5, 212, 528 

31, 500, 258 

17, 713, 708 

10, 496, 489 



1 Estimated figure. 

Source: Temporary National Economic Committee Questionnaire for Oil Companies. The Standerd 
OU Company of California and the Mid-Continent Petroleum Corporation did not answer the Committee's 
Questionnaire. 



7804 CONCENTRATION OF ECONOMIC POWER 

Table 30. — Purchases of Gasoline by Major Oil \Companies, by years, 1 929-1938 
[in 42-gallon barrels] 



Namo of Company 



Total - - 

Atlantic Rcflnine Co 

Citios Service Co _- 

Consolidated Oil Corp 

Continental Oil Co 

Gulf Oil Corp. of Pa 

Ohio Oil Co 

Phillips Petroleum Co— - 

Pure Oil Co.. 

Shell Union Oil Corp 

Skelly Oil Co 

Socony- Vacuum Oil Co... 
Standard Oil Co. (Ind.).. 
Standard Oil Co. (N. J.). 
Standard Oil Co. (Ohio).. 

Sun Oil Co 

Texas Corporation... 

Tide Water Assoc. Oil Co 
Union Oil Co. of Calif 



, 070, 914 



313,922 
606, 501 
677, 000 
718, 667 
411,746 
494, 865 
267, 512 
514, 932 
690, 522 
370, 107 
225, 424 
703, 810 
842,015 
623, 572 
620, 049 
274, 0.^3 
100, 512 
615, 726 



41, 128, 697 



424, 828 
2,323,857 
2,631,000 
1,978,309 
3, 480, 148 

317,413 

296,089 
1, 497, 688 
1,803,033 

398, 729 
8, 291, 579 

1, 24.3, 268 
5, 516, 289 

667, 733 
4, 970, 031 

2, 249, 295 
2, 471, 933 

567, 475 



35,187,091 



367, 526 

854, 004 

4, 284, 000 

1,691,935 

3, 252, 301 

124. 160 

263, 264 

1, 2.56, 612 

2, 195, 691 

541, 750 

8, 354, 321 

1, 673, 058 

1, 942, 242 
59S, 039 

3, 857, 305 
1,068.100 

2, 677, 969 
181, 754 



32, 459. C40 



210, 186 
2.533,695 
4,130,000 
1, 877, 299 
1,778,310 

3(M, 699 

436. 294 

921,707 
1, 254, 274 

536, 220 
8, 192, 281 
1, 024, 858 
1, 399, 971 

326, 403 
3,911.116 

851,366 
2, 439. 283 

331, 072 



27, 480, 074 



220,002 
1, 5.'i2, 701 
1, 846, 000 
1,836,892 
1,972,616 

330, 862 
74,883 

702, 632 

'363! 775 
8,030.438 
1, 023, 556 
1, 160, 093 
169, 047 
3, 190, 673 
1, 099, 200 
2, 288, 028 
355,938 



Name of Company 



Total-... 

Atlantic Refining Co 

Cities Service Co.. 

Consolidated Oil Corp.... 

Continental Oil Co 

Gulf Oil Corp. of Pa 

Ohio Oil Co 

Phillips Petroleum Co 

Pure Oil Co 

Shell Union Oil Corp 

Skelly Oil Co '--..-. 

Socony-Vacuum Oil Co... 
Standard Oil Co. (Ind.).. 
Standard Oil Co. (N. J.). 
Standard Oil Co. (Ohio).. 

Sun Oil Co.... 

Texas Corporation .. 

Tide Water Assoc. Oil Co 
Union Oil Co. of Calif.. .. 



607, 280 
, 312, 365 
,571,000 
, 320, 480 
928,623 
315, 154 
377, 842 
942,061 
,089,002 
293, 742 
, 923, 176 
, 684, 991 
, 349, 053 
239, 795 
,769,810 
443, 792 

261466 



542, 986 
1, 748. 393 
1, 574, 000 
1,636,312 

308, 090 
18, 423 

178,127 

320, 908 
1,047,591' 

127,971 
9, 143, 657 
10, 770, 706 

1, 543, 014 
323. 503 

2, 837, 821 
456, 976 

2, 850. 451 
115,362 



51, 698, 661 



1, 634, 281 

1,502,000 

1, 894, 623 

642, 120 

40, 160 

425, 316 

216, 307 

1, 093, 528 

168, 882 

12, 347, 892 

11, 611, 567 

671, 009 

1. 583. 137 
3, 031, 582 

2. 380. 138 
2, 972. 966 

60, 400 



2,316,281 

3, 733, 248 
1, 470. 000 
2, 095, 854 
1, 573, 894 

32, 861 

513. 032 

274, 054 

1, 365, 107 

62, 857 

13,161,507 

9, 817, 032 

3, 224, 692 

1, 576, 733 

4, 196, 155 
239, 778 

5,733,454 
312,119 



52,073,212 



3. 704, 738 

4, 188. 756 

889,000 

I 2, 879, 120 

1,615,712 

3,429 

433, 327 

642,088 

1, 370, 832 

52, 251 

12, 970, 181 

4, 630, 809 

3, 229, 242 

2, 390, 816 

4, 377, 765 

52.5, 03* 

8,015,242 

354, 869 



' Estimated flgiire. 

Purchases exclude imports, except in the cases of Cities Service Company, Standard Oil Company (New- 
Jersey) and Union Oil Company of California where the preliminary analysis does not indicate whether 
or not imports are included in purchases. 

Source: Temporary National Economic Committee Questionnaire for Oil Companies. Stiindard Oil 
Company of California and Mid-Continent Petroleum Corporation did not answer the Committee's 
Questionnaire. 



CONCENTRATION OF ECONOMIC POWSK 7805 

Table 31. — Quantities of Gasoline Sold by Major Oil Companies, by years, 1929-1938 
[In 42-gallon barrels] 



Name of Company 



Total 

Atlantic Refining Co 

Cities Service Co _- 

Consolidated Oil Corp._- 

Continental Oil Co 

Gulf Oil Corp. of Pa 

Ohio Oil Co -- 

Phillips Petroleum Co 

Pure Oil Co _. _. 

Shell Union Oil Corp 

Skelly Oil Co.,- 

Socony- Vacuum Oil Co... 
Standard Oil Co. (Ind.).. 
Standard Oil Co. (N. J.). 
Standard Oil Co. (Ohio).. 

Sun Oil Co 

Texas Corporation 

Tide Water Assoc. Oil Co 
Union Oil Co. of Calif 



423,718,854 



391, 218, 346 



,676 



334,112,811 



, 884, 284 
, 679, 684 
, 675, 000 
,017.600 
, 271, 440 
,713,210 
,117,676 
,581,390 
, 862, 671 
, 842, 677 
,119,020 
, 206, 262 
, 994, 403 
, 349, 871 
, 603, 921 
,111,017 
, 037, 375 
, 650, 152 



12, 767, 519 
17,856,813 
32, 495, 000 
11, 176, 872 
33, 404, 535 

3, 770, 159 
14,114.653 
16, 449, 592 
36, 922, 821 

4, 721, 931 
47, 590, 584 
49,015,998 
49, 629, 804 

8. 182, 673 
15,926,744 
43, 824, 944 
19, 043, 380 

6, 824, 832 



11,885,747 
16, 065, 917 
29, 876, 000 
10, 687, 431 
30, 570, 068 

3, 479, 900 
12, 582, 219 
15, 752, 944 
35, 386, 949 

4, 646, 643 
45, 310, 540 
45, 779, 369 
43, 053, 889 

7, 546, 818 
14, 722, 585 
39, 090, 867 
18, 470, 420 

6, 310, 040 



11,000,390 
16, 546, 820 
27, 382, 000 
10, 439, 180 
27, 351, 163 

3,461,998 
11.682,541 
14, 005, 350 
31, 796, 297 

4. 418, 804 
40, 868, 304 
40, 760, 266 
40, 943, 522 

6, 604, 271 
14, 027, 587 
34, 445, 400 
16. 896, 975 

7,005,808 



10, 585, 374 
14, 495, 977 
23^233, 000 
10,686,000 
23, 939, ISl 

3, 307, oj3 
10, 846. 098 
12.440.299 
30.150,039 

3. 945. 758 
39.112.965 

38, 936, 987 

39, 646. 125 
6. 552. 268 

13.118,235 
31, 667, 099 
14, 904, 038 
6, 545, 715 



Name of Company 



Total 

Atlantic Refining Co 

Cities Service Co 

Consolidated Oil Corp 

Continental Oil Co 

Gulf Oil Corp. of Pa 

Ohio Oil Co 

Phillips Petroleum Co 

Pure Oil Co 

SheU Union Oil Corp __ 

SkoUy OilCo 

Socony- Vacuum Oil Co 

Standard Oil Co. (Ind.) 

Standard Oil Co. (N. J.) _. 

Standard Oil Co. (Ohio) 

Sun Oil Co : 

Texas Corporation 

Tide Water Assoc. Oil Co 

Union Oil Co. of Calif... 



321, 



,610 



344,480,113 



327. 



,215 316.501. 



207, 793 
273, 782 
954, OOO 
532, 638 
470, 595 
816.267 
192, 426 
714,916 
050, 476 
319, 156 
189, 195 
585, 931 
572, 995 
554, 508 
587, 853 
976, 670 
621,020 
394, 647 



10, 549, 923 
14, 198, 521 
19,077,(100 

8, 281, 249 
22,141,083 

2, 732, 220 

9, 345, 668 
11,960,268 
27, 780, 881 

2, 990, 199 
37, 186, 215 
37, 192, 657 
50, 407, 985 

7,130,375 
10, 337, 069 
28, 807, 577 
14, 699. 513 

6, 148, 207 



10. 479, 887 
15.439,810 
19, 078, 000 

9. 946. 662 
23. 995, 838 

3,103.079 

7,936.657 
11.755,805 
31,910,016 

3. 320, 798 
42,534,017 
40,991,81] 
52, 709, 979 

8, 510, 999 
10, 179, 553 
30, 484, 920 
16, 434. 208 

5. 668, 074 



9,233.198 
9, 936. 843 
19,049,000 
10, 019. 556 
23, 054, 838 

2. 208. 128 
3, 541, 395 
9, 306, 252 

25, 905. 094 

3. 186, 003 
40, 092, 832 
42, 064, 853 
60, 128, 097 

7, 325, 306 
9, 727, 361 
27,614,364 
17. 464, 448 
7, 491, 647 



10,231,570 
7, 668, 248 
19, 082, 000 
1 9. 545, 289 
22, 732, 281 
1, 286, 746 

1. 595. 160 
9. 147. 383 

25. 480. 766 

2, 983, 035 
37,818,610 
39, 036, 152 
61,691,349 

7, 273, 846 
7,706,929 
27, 444, 226 
18, 950, 214 
6,827,292 



1 Estimated figure. 

The quantities of gasoline sold excludes exports of gasoline, except in the case of The Atlantic Refining 
Company and Standard Oil Company (Indiana). The preliminary analysis does not indicate whether or 
not exports are included in the figures for Union Oil Company of California. In some cases, the gasoline 
sold includes natural gasoline used in blending. 

Source: Temporary National Economic Committee Questionnaire for Oil Companies. Standard Oil 
Company of California and Mid-Continent Petroleum Corporation did not answer the Committee's 
Questionnaire. 

Table 32. — Imports of Gasoline by Major Oil Companies, J}y years, 1929-1938 
[In 42-gallon barrels] 



Name of Company 


1938 


1937 


1936 


1935 


1934 


1933 


1932 


1931 


1930 


1929 


Total- 




145,000 


83,000 




133,000 




6. 757, 509 


12.333,224 


16.000,124 


6,081,511 






















76. 753 








Shell Union Oil Corp.. 

Standard OU Co. 

(Ind.) 

Standard OU Co. 
(N. J.). ..._... 




145, «X) 


83.000 





133,000 




2,782,889 

3,736,867 

161,000 


4,225.476 
8,081,986 


8,564,851 
7, 403, 939 


3, 786, 766 
2,272,812 


Union Oil Co. of Calif. 






25, 762 


31.3.'i4 


21, 933 





















' 



Source: Temporary National Economic Committee Questionnaire for Oil Companies. Standard Oil 
Co. of California and Mid-Continent Petroleum Corporation did not answer the Committee's Question- 
naire. Atlantic Refining Co., Consolidated Oil Corp., Continental Oil Co., Gulf Oil Corp. of Pa., The 
Ohio Oil Co., Phillips Petroleum Co., The Pure Oil Co.. Skelly Oil Co., Socony-Vacuum oil Co., Standard 
Oil Co. (Ohio): Sun Oil Co., The Texas Corporation and Tide Water Associated Oil Co. reported no imports 
of gasoline for the above years. 

124491— 40— pt. 14-A — 8 



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CONCENTRATION OF ECONOMIC POWER 7817 

Table 38b. — Total Gasoline Consumption and Domestic Sales of Gasoline^by Major 
Oil Companies, by States, 1938 



State 


Total Con- 
sumption 1 

(1) 


Sales by 18 
Majors 2 

(2) 


Percent 
(2)-^(l) 

(3) 


Percent 
Principal 
Company 

(4) 


No. of Com- 
panies 

(5) 


Total 


509, 665, 311 


407, 688, 901 


80.0 


9.6 


18 






Alabama 


5,482,786 
2, 433, 571 
4, 049, 595 
41, 721, 476 
5,403,976 
7, 606, 286 
1, 322. 905 
3, 316, 452 
8,061,976 
8, 066, 357 
2, 254, 786 
31, 781, 929 
15, 045, 619 
12, 573, 643 
11,167,000 
6, 109, 286 
5,899,286 

3, 449, 190 
6, 475, 143 

16, 432, 381 
25, 094, 286 
12, 612. 500 

4, 615, 762 
14, 372, 833 

2, 823, 905 

5,489,381 
948, 024 

2, 027, 524 
19, 748, 214 

2, 14.5, 405 
42, 909, 929 

9, 546, 405 

3, 030, 905 
30, 448, 214 

9, 564, 452 

5, 468, 690 
33, 418, 714 

2, 880, 619 
4, 656, 143 
3, 079, 881 

6, 717, 310 
30, 244, 762 

2, 208, 786 
1,531,500 
8, 456, 048 
8, 045, 881 
4,532,119 
12,915,786 
1, 477, 690 


3, 673, 794 
1, 380, 372 
3, 341, 244 

20, 818, 657 
4,002,008 
7,498,084 
1, 489, 575 
2, 907. 793 
6, 137, 683 
6, 058, 22» 
1, 993, 278 

24, 996, 484 

12, 170, 894 
8,923.904 
6, 455, 293 
3,195,962 
5, 601, 651 
3,228,054 
1b; 252; 403 

15, 486, 609 

21, 022, 374 
9, 558, 010 
2, 846, 392 

10, 757, 676 
1, 683. 821 
3, 468, 920 
440,700 
1, 817, 838 

18, 886, 256 

1, 548, 320 
41, 818, 586 

9, 139, 334 

2, 326, 398 
24, 758, 030 

0.652.511 

3, 533, 283 
31. 420. 255 

2, 880, 392 
4. 447, 280 
2, 420, 94 
5, 960, ,.75 
22, 169, 194 
2:523:366 
1, 474, 393 
8, 434, 004 
5,006,687 
3, 878, 256 
9, 512, 931 
1,690,954 


67.0 
56.8 
82.5 
49.9 
74.1 
98.6 
112.6 
87.7 
76.1 
75.1 

7a 6 
80.9 
70.9 
57.8 
52.3 
94.8 
93.6 
96.5 
94.2 
83.8 
75.8 
61.6 
74.9 
59.6 
63.2 
46.5 
89.7 
95.6 
72.2 
97.4 
95.7 
76.7 
81.3 
69.6 
64.6 
94.0 
100.0 
95.6 
78,6 

73:3 
114.3 
96.3 
99.7 
62.2 
85.6 
73.7 
114.4 


15.1 
15.4 
20.9 
12.8 
18.3 
23.3 
27.3 
27.8 
16.4 
1-8.9 
20.8 
21.6 
23.7 
21.2 
11.7 
18.3 
26.0 
24.2 
23. S 
21.7 
18.8 
20.1 
14.3 
16.2 
17.5 
12.3 
16.6 
25.3 
26.6 
20.8 
25.7 
28.4 
30.3 
23.9 
13.1 
19.2 
22.0 
19.8 
28.7 
24.5 
25.4 
15.3 
61.5 
25.9 
30.8 
19.0 
3T1 
21.3 
40.1 


8 


Arizona 


7 


Arkansas 


12 


Cali/ornia 


g 


Colorado 


10 


Onritifintinnt 


13 


Delaware 


13 


D c^^::::::::::::::::::::::::::::: 




Florida 






9 


Idaho 




Illinois 








Iowa 








Kentucky . _ 








Maine . 


10 


Maryland' . ,. 


12 


Massachusetts 


12 


Michigan 


16 


Minnesota 




Mississippi 


7 


Missouri 


11 


Montana 


7 


Nebraska 


10 


Nevada 


5 










New Mexico - 




New York 








North Dakota 


11 


Ohio 


14 


Oklahoma 


14 


Oregon 


7 


Pennsylvania 


15 


Rhode Island 


11 


South Carolina 


10 


South Dakota 


11 


Tennessee 


9 


Texas 




Utah 








Virginia 








We^t Virginia.. .. 




Wisconsin..., 













Source: 

' American Petroleum Institute. 

' Temporary National Economic Committee Questionnaire for Oil Companies. Standard Oil Company 
of California aild Mid-Continent Petroleum Corporation did not answer the Committee's Questionnaire. 



7818 



CONCENTRATION OP ECONOMIC POWER 



1 = d 



25: 



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5oo 



sl 






115 

5«o 



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■SO^ 






O 05 






s s 



g §g g ^ s § ° 

o'cqco ,-ioJ oo-< 



iS §S ?2 



i:?5 



??? S5^ S§ 






^§ g 



S ^ 



S 8 



S S S S S? 8 
-■ -^ 8 



5° . 



5! S -^ d 



■09 



Pig 



isi 



§ is 

6 5-S 



-So 



so"-' 



■sal 



o-g 



ill- 'Claims 





i ^a 




« -i 


^ og 


s -s^ 




S m.2 


a .s 


.2 |S 


1 si 


w o| 


1 ^1 


S 2m 


2 Is 


li 

^ 2°, 


11 


•S^o 


i i 


III 


sis 


S '^o" 




2 ^* 


1 fa 


% ^J 


a H» 




» ^ ti 




?^i 



CONCB]NTRATION OF ECONOMIC POWER 



7819 



Table 39b. — Number of Domestic Bulk Plants, hy Major Oil Companies, 
by years, 1929-1938 



Name of Company 



Total . 

Atlantic Refining Co... 
Cities Service Co 

Consolidated Oil Corp 

Continental Oil Co 

Gulf Oil Corp. of Pa 

Ohio Oil Co._ 

Phillips Petroleum Co 

Pure Oil Co 

Shell Union Oil Corp 

Skclly Oil Co 

Socony- Vacuum Oil Co.. 
Standard Oil Co. (Ind.).. 
Standard Oil Co. (N. J.). 
Standard Oil Co. (Ohio).. 

Sun Oil Co 

Te.xas Corporation 

Tide Water Assoc. Oil Co 
Union Oil Co. of Calif 



367 

886 

2.187 

1,273 

1, 137 

175 

728 

543 

1, 230 

208 

2,079 

4,627 

979 

176 

109 

2.133 

384 

432 



407 

877 

2.201 

1.287 

1,116 

182 

716 

.'■.49 

1,219 

289 

2, 06,5 

4,725 

991 



415 

865 

2, 224 

1.313 

1, 093 

174 

718 

518 

1,196 

273 

2.012 

4, 698 

1,028 

168 

119 

1,994 

365 

436 



427 

852 

2.199 

1. ^-Z 

1.C83 

196 

727 

485 

1,197 

250 

1,096 

4,722 

1,082 

168 

119 

1.904 

332 

436 



2. 100 

1.377 

1, 228 

195 

720 

404 

1, 210 

234 

1, 990 

4. 760 

1,083 

179 

114 

1, 809 

308 

434 



447 

823 

2,086 

1, 331 

1,223 

194 

730 

.357 

1,172 

210 

1.997 

4, 708 



197 

117 

1,823 



445 

840 

2, 075 

1,319 

1,249 

203 

609 

295 

1,179 

205 

2,078 



1,281 
1,178 



2,091 

4,986 

1,395 

241 

97 

1, 751 

274 

419 



13 

342 

191 

907 

184 

1,981 

4,759 

1.372 

299 

77 

1,720 

230 

400 



Source: Temporary National Economic Committee Questionnaire for Oil Companies. The Standard 
Oil Company of California and the Mid-Contioent Petroleum Corporation did not answer the Committee's 
Questionnaire. 



Table 39c. — Number of Domestic Service Stations, 
by years, 1929-1988 



Major Oil Companies, 



Name of Company 


1938 


1937 


1936 


1935 


1934 


1933 


1932 


1931 


1930 


1929 


Total 


69,666 


66, 052 


59, 371 


75, 547 


98, 246 


12.5,327 


123, 209 


118,280 


79. 037 


33,704 






Atlantic Refining Co 

Cities Service Co' 


131 
2,515 
9,611 
1,666 
7,438 
15 
1,572 
36 
6,527 

630 
9,045 
11,241 

417 
2,314 

682 
9,607 
2. 166 
4.053 


57 
2,579 
8, 577 
1.681 
7,147 

15 

1, 553 

45 
6,494 

582 
8,985 
9, 9.54 

.505 

2, 241 
701 

8.857 
2.058 
4,021 


113 

2.198 
7,615 
1,597 
4.873 
14 
1,501 
92 
6, 266 

574 
7,414 
8,387 

895 
2,173 

681 
8,921 
1,948 
4,109 


201 
2,317 
9,172 
1,821 
3,750 
27 
1,497 

579 
6,970 

538 
9, 852 
9,004 
7.981 
1.957 

677 
13, 143 
1,794 
4,201 


572 
2, 528 
11.039 
5,314 
3,115 
91 
1,534 
1,071 
8, 309 
484 
13, 775 
12, 538 
12, 250 
2, 188 
648 
17, 121 
1,514 
4,155 


597 
2,733 
15, 401 
7,101 
5,613 
330 
1. .576 
1. 058 
9.706 
428 
17, 355 
13. 998 
17,717 
2,742 
523 
22, 713 
1,367 
4,300 


580 

2.869 

14. 244 

5, 814 

10, 174 

324 

1.490 

952 

8, 023 

388 

18.406 

13, 556 

17,012 

23,459 

1,233 

915 


586 
2,972 
11,848 
5, 006 

13, 290 
270 

1,307 
765 

7, 540 

347 

19, 216 

14. 302 
10.804 

2,713 

462 

18,066 

1,118 
948 


518 
2,778 


394 


Consolidated Oil Corp.,... 

Continental Oil Co.... 

Gulf Oil Corp. of Pa - 

Ohio Oil Co 




3.138 

8,356 

201 

914 

656 

5,955 

334 

15; 542 

11,635 

11.602 

2. 023 

405 

12,823 

1,127 

1,030 


1,332 

1,793 

134 


Phillips Petroleum. Co 

Pure Oil Co 


380 
464 


Shell Union Oil Corp 

Skelly Oil Co 


3,082 
285 


Socony-Vacuum Oil Co.... 
Standard Oil Co. .(Ind.)..-. 
Standard Oil Co. (N.J.).. 
Standard Oil Co. (Ohio)... 
Kim on Co 


6, 702 
9,187 

1^6 
1,418 

345 




5,571 


Tide Water Assoc. Oil Co. -_ 
Union OU Co. of Calif 


880 
550 



Source: Temporary National Economic Committee Questionnaire for Oil Companies. The Standard 
Oil Company of California and the Mid-Continent Petroleum Corporation did not answer the Committee's 
Questionnaire. 



7820 CONCENTRATION OF ECONOMIC POWER 

Table 39d. — Number of Service Station Operator-Managers and Employees of 
Major Oil Companies, 1 935-1988 



Name of Company 


1935 


1936 


1937 


1938 


June 30 


Dec. 31 


June 30 


Dec. 31 


June 30 


Dec. 31 


June 30 


Dec. 31 


Total 


42, 270 


32, 706 


18,987 


9,768 


8,492 


8,752 


8,956 


9,156 






1,409 
1,206 
1,408 

47 

3,320 

276 

19 
2,029 

'902 
7,578 
9,297 
3, 971. 
1966 
1,267 
391 
163 
1,533 


990 

745 

1,060 

31 

2,227 

169 

14 

1,722 

3,062 

774 

6,471 

7,864 

2,523 

1,550 

1,666 

374 

116 

1,348 


909 

4H 

533 

40 

1,786 

106 

16 

928 

2,013 

641 

4,264 

1,744 

1,263 

1,641 

988 

352 

1,256 


498 
199 
136 

19 
818 

70 

"iis" 

600 
344 

'717 
295 
1,394 
97 
355 
50 
1, 359 


424 

166 

51 

17 

776 

70 

4 

268 

120 

224 

2,082 

633 

263 

1, 528 

353 

49 

1,426 


452 
481 
43 
8 
805 
.64 


535 
452 
30 
11 
825 
74 




Cities Servifce Co 


360 


Consolidated Oil Corp 


28 






Gulf Oil Corp. of Pa 


926 


Ohio Oil Co 


78 


Phillips Petroleum Co _ 




Pure Oil Company 


205 
113 
188 

1,903 
589 
223 

1,618 
30 
363 
341 

1,326 


174 
363 
183 

1,929 
580 
171 

1,654 
40 
56 
361 

1,518 


218 


Shell Union Oil Corp 


356 








2,026 
573 


Standard Oil Co (Ind ) 


Standard Oil Co. (N.J.) 


129 














Union Oil Co. of Calif . . 









Source: Temporary National Economic Committee Questionnaire for Oil Companies. Standard Oil 
Co. of California and Mid-Continent Petroleum Corporation did not answer the Committee's question- 
naire. 



Table 39e. 



■Number of New Service Stations Built by Major Oil Companies, by 
years, 1929-1938 



Name of Company 


1938 


1937 


1936 


1935 


1934 


1933 


1932 


1931 


1930 


1929 


Total . 


602 


901 


672 


739 


752 


661 


503 


1,137 


2,953 










110 
10 
64 
25 
26 
10 

2 
49 
30 
- 9 
123 
25 
45 

2 
15 

9 
17 
31 


63 
24 
70 
35 
105 
28 
11 
83 
58 
4 
186 
.56 
64 
3 
\l 

20 
17 


37 
26 
70 
17 
62 
16 


90 
4 

51 
5 

36 

25 


12 
6 

82 
22 

'! 

80 
22 
17 
145 
89 
30 
3 
93 
41 
29 
26 


31 
1 
134 
36 
20 
34 
4 

36 
41 
26 
57 
80 
28 

""46' 
19 
10 
68 


53 
"W 
18 
13 
33 
3 
44 
59 
1 
65 
59 
53 
9 
8 
8 
4 
59 


82 
29 
0) 
100 
34 
27 
11 
26 
41 
8 
269 
203 
122 
.2 
51 
54 
13 
65 


141 

81 
(') 

76 
169 

14 
107 

59 
505 

33 
349 
193 
807 

12 

67 
284 

73 
493 




Cities Service Co 


51 


Consolidated Oil Corp 


(1) 


Continental Oil Co 


(1) 


Gulf Oil Corp. of Pa 


178^ 


Ohio Oil Co 


3 


Phillips Petroleum Co 


112 


Pure Oil Co 


32 

6 
133 
57 
23 

7 
21 
59 
20 
18 


105 
13 
21 

121 
79 
20 
4 

39 
13 
70 
43 


30 


Shell Union Oil Corp 


228 


Skelly Oil Co 


27 




268 




147 


Standard Oil Co. (N. J.) 

Standard Oil Co. (Ohio) 


187 
7 




34 




163 


Tidewater Assoc. Oil Co . .. 


72 


Union Oil Co. of Calif . 


90 







Source: Temporary National Economic Committee Questionnaire for Oil Companies. Standard Oil 
Company of California and Mid-Continent Petroleum Corporation did hot answer the Questionnaire. 



Not available. 



CONCENTRATION OF ECONOMIC POWER 7821 

Table 39f. — Number of Service Stations Purchased by Major Oil Companies, by 
years, 1929-1938 



Name of Company 


1938 


1937 


1936 


1935 


1934 


1933 


1932 


1931 


1930 


1920 


Total.- 


437 


74? 


447 


354 


605 


450 


491 


536 


2,312 


1,486 








38 
4 
21 
17 
23 
4 
4 
59 
16 
14 
119 
5 
13 
41 
6 
49 
6 


37 
109 
22 

5 
178 
27 
15 
47 
30 
11 
136 

9 

7 
45 

6 
42 
19 


15 
5 
21 
1.2 
54 
49 
35 
34 

18 
88 
8 
7 
9 
11 
40 
17 
1 


25 
11 
20 
9 
57 
36 
11 
45 
17 
21 
44 
11 
4 
3 
3 

20 
17 


41 
8 
53 
15 
26 
32 
6 
93 
39 
10 
91 
16 
8 
3 
30 
84 
50 


16 
2 
54 
38 
18 
38 
24 
54 
47 
25 
72 
2 
21 
4 
4 
22 
7 


12 

3 

30 
54 

2 
52 

7 
73 
18 

9 
158 

9 
16. 

'"\2 
24 
12 

1 


16 
28 

43 
48 
19 
69 
27 

5 
148 
25 
38 

2 
18 
21 

5 

1 


94 
191 

236 
180 
358 
107 
227 
18 
263 
173 
202 

4 

98- 
78 
20 






242 


Consolidated Oil Corp 


(') 


Continental Oil Co 


'\. 


Gulf Oil Corp. of Pa 




20 




149 


Pure Oil Co 


47 


Shell Union Oil Corp 


368 


SkeUy Oil Co 


18 




134 


Standard Oil Co. (Ind.) 


32 


Standard Oil Co. (N. J.) 

Standard Oil Co. (Ohio) 


186 
6 




43 




89 




60 


Union Oil Co. of Calif , 


1 1 2 


17 











Source: Temporary National Economic Committee Questioimaire for Oil Companies. Standard Oil 
Company of California and "Mid-Continent Petroleum Corporation did not answer the Committee's 
Questionnaire. 



Table 39g. 



-Number of Service Stations Leased by Major Oil Companies, by years, 
1929-1938 



Name of Company 


1938 


1937 


1936 


1935 


1934 


1933 


1932 


1931 


1930 


1929 


Total 


9,391 


11,373 


6,922 


5,852 


8.220 


14,400 


15.779 


19, 135 


28.752 


6,196 






Atlantic Refining Co 


121 

85 

1,997 

27 

860 
74 
45 

305 

754 
32 

!:« 

671 
13 
152 
816 
212 
493 


156 

320 

1,460 

41 

51 
194 
967 

li 

1,148 
8 
138 
526 
142 
384 


198 
113 
778 

72 
1,139 

64 

60 
347 
643 

20 
1,149 
534 
831 
9 
136 
403 
114 
312 


103 
76 
912 
33 
732 
59 
32 
333 
278 
21 
614 
651 
1,201 
6 
54 
189 
286 
273 


117 
739 
55 
82 
72 
28 
406 
472 
33 
658 
1,450 
3,425 
6 
120 
208 
153 
160 


39 

114 

4,272 

87 

686 

198 

88 

260 

1.962 

22 

1,011 

993 

4,193 

2 

193 

(•) 

IS 


24 

168 

4,477 

94 

1,364 

26 

204 

203 

1,658 

38 

2,179 

1,697 

3,324 

2 

123 

% 
66 


29 

458 

0) 

35 

5,3JS 

180 

176 

1.657 

7 

4,175 

1,673 

5,226 

13 

116 

'"s, 

24 


22 
239 

63 
6.216 


18 


Cities Service Co ' 


42 


Consolidated Oil Corp 


Sli 


Gulf Oil Corp. of Pa 


374 


Ohio Oil Co 




PhiUips Petroleum Co 

Pure OU Co 


290 

276 

2.154 

5 

8,648 

2.239 

8,201 

1 

195 

?70 
33 


17 
94 


SheU Union Oil Corp 

Skelly Oil Co 


831 
8 


Socony-Vacuum Oil Co 

Standard Oil Co. (Ind.) 

Standard Oil Co. (N. J.) 

Standard OU Co. (Ohio) 


1,266 

1,602 

678 

4 
36 




(') 


Tidewater Assoc. Oil Co 

Union Oil Co. of Calif 


220 
6 



Source: Temporary National Economic Committee Questionnaire for Oil Companies. Standard Oil 
Company of California and Mid-Continent Petroleum Corporation did not answer the Committee's 
Questiomiaire. 



124491— 40— pt. 14-A- 



7822 



CONCENTRATION OF ECONOMIC POWER 



Table 39h. — Number of Service Stations Sold by Major Oil Companies, 
1929-1988 



Name of Company 


1938 


1937 


1936 


1935 


1934 


1933 


1932 


1931 


1930 


1929 


Total 


364 


274 


259 

"'""5' 
15 

1 
23 
11 
16 

7 


232 


194 


174 


159 


165 


43 










1 
2 
4 
10 
14 
18 
2 
85 
49 




1 

10 

21 
3 
25 
30 
1 
23 
26 

17 
1 
1 
49 
14 


4 
1 
1 

12 
2 
3 
6 

39 
5 














"11 

1 
3 

"35" 
5 


3 
'"'3' 

19 


('/ 








(■) 

\ 


(I) 




(0 




Ohio Oil Co 






Phillips Petroleum Co 




5 
"' "3 




Pure Oil Co _.- 

Shell Union Oil Corp 


n 
3 


Skelly Oil Co - 




Socony- Vacuum Oil Co 


28 
■24 
14 
i2 
2 
6 
79 
14 


9 
85 
13 


26 
30 
12 
15 
1 
4 
81 
12 


18 
11 
2 
Ifl 


19 

7 
3 

8 

1 


36 

7 
4 
4 
6 


39 

90 
16 


11 


s 


Standard Oil Co. (Ind ) 


8 


Standard Oil Co (N J ) 




Standard Oil Co (Ohio) 


1 




Sun Oil Co 






""'21" 


. 




58 
13 


74 

7 


50 
12 


11 


Union Oil Co. of Calif., 


3 







1 Figures not available. 

'Includes service stations abandoned. 

Source: Temporary National Economic Committee Questionnaire for Oil Companies. Standard Oil 
Company of Califorfha and Mid-Continent Petroleum Corporation did not answer the Committee's 
Questionnaire. 



Table 39j. — Number of Service Stations Abandoned by Major Oil Companies, by 
years, 1929-1938 



Name of Company 


193S 


1937 


1936 


1935 


1934 


1933 


1932 


1931 


1930 


1929 


Total 


3, 747 


2,415 


.7, 257 


12, 015 


13, 267 


10, 437 


9,846 


3,344 


1,464 


841 


Atlantic Refining Co 


9 
184 
16 
59 
577 
67 
40 
240 
667 
10 
1,240 
460 
60 
19 
39 
24 


10 
119 
16 
61 
51 
34 
34 
147 
631 
17 
774 
380 
62 
13 
■ 26 
16 


5 

248- 

11 

45 

113 • 

34 

43 

157 

1,118 

10 

4,120 

1,207 

54- 

6 

30 

24 


2 

297 

4 

57 

174. 

112 

53 

171 

1,806 

9 

4,741 

4,384 

94 

15 

17 

28 


4 

364 

22 

69 

2,624 

532 

71 

104 

1,920 

7 

4,419 

2,876 

136 

33 

18 

15 


1 

253 

10 

43 

5.279 

256 

54 

73 

1,057 

44 

2,221 

882 

126 

38 

8 

29 


2 

92 

9 

35 

4,489 

8 

24 

65. 

990 

7 

3,125 

770 

78 

39 

13 

19 


17^ 
(') 
45 
456 
10 
13 
96 
371 
8 
874 
981 
116 
39 

1^ 


2 

132 

(') 

32 

58 




Cities Service Co 


8 


Consolidated Oil Corp 


(•) 
(') 


Gulf Oil Corp. of Pa .-.. 


0) 


Ohio Oil Co 




Phillips Petroleum Co 

Pure Oil Co 

Shell Union Oil Corp 

SkellyOilCo 

Socony- Vacuum Oil Co 

Standard Oil Co. (Ind.) 

Standard Oil Co. (N. J.) . 

Standard Oil Co. (Ohio) 

Sun Oil Co 


24 
62 
162 
7 
366 
504 
43 
21 
13 
3 


3 

60 
48 
8 
210 
445 
18 
8 
15 




6 


Tidewater Assoc. Oil Co ' 




Union Oil Co. of Calif 


36 


24 


32 


51 


53 


63 


81 


135 


35 


12 



« Figures not available. 

• Included in service stations sold figures under item 23c of the TNEC questionnaire. 

Source: Temporary National Economic Committee Questionnaire for Oil Companies. Standard Oil 
Company of California and Mid-Continent Petroleum Corporation did not answer the Committee's 
Qaesuomiaire. 



CONCENTRATION OF ECONOMIC POWER 



7823 



Table 39k. — Number of Service Stations Leased by Major Oil Companies to Opera- 
tors Han'Hing the Supplies of the Company Exclusively Including Leased Service 
Stations under 23b {2) of T. N. E. C. Questionnaire, by years, 1929-1938 



Name of Company 


1938 


1937 


1936 


1935 


1934 


• 1933 


1932 


1931 


1930 


1929 


Total 


25,617 


24,656 


24, 079 


23,374 


31,258 


23, 454 


IC 

2,015 

699 

872 

0) 

1,086 

1,427 

1.877 

616 

60 
169 
399 
890 
244 


12,270 


17,047 


8,872 








625 
2,175 
illi 
1,660 

0) 

3,463 

64 

269 

77 

5,208 

56 

137 

7,528 

1,488 

743 


468 
2, 157 
1.643 
1,677 

0) 
3,360 

100 

706 

626 

4,894 

64 

153 
6,821 
1,415 

672 


111 
2,088 
1,302 
1, 589 

(') 
3,180 
1,481 

377 

327 
3,964 

289 

438 
6,948 
1,341 

644 


72 
2,116 
1,285 
1,568 

(') 

2,415 

1,130 

339 

488 

113 

90 

11, 210 

1,271 

594 


24 
1,890 
8,277 
1,531 

0) 
1,637 
576 
535 
824 
31 

""lis' 

14,616 
785 
414 


20 

1,844 

532 

956 

(') 

1,216 

1,466 

693 

535 

18 

97 

167 

li771 

725 

414 


20 
2,071 
(') 
940 

A 

1,060 

3,860 

578 


34 
1,797 
0) 
875 
(■) 
966 
957 
7,332 
485 


31 


Cities Service Co 


« 297 


Consolidated OU Corp 

Continental Oil Co 


(') 
605 


Gulf Oil Corp of Pa 


(') 


Pure Oil Co 


779 


Shell Union Oil Corp 

Socony-Vacuum Oil Co 

Standard Oil Co. (Ind.) 

Standard Oil Co. (N.J.) 

Standard Oil Co. (Ohio) 

Sun Oil Co 


716 
503 
460 


481 
249 
860 
881 
242 


616 
120 
2,309 
851 
705 


687 
79 


Texas Corporation 


3,384 


Tidewater Assoc. Oil Co 

Union Oil Co. of Calif 


807 
524 



' Figures not available. 

The Ohio Oil Co., Phillips Petroleum Co., and Skelly Oil Co. did not report any service stations so 
leased to operators. , , . . , 

The answers to these questions are not comparable by companies due to the various interpretations 
made on term "exclusive." ^ , ^., 

Source: Temporary National Economic Committee Questionnaire for Oil Companies. Standard Oil 
Company of California and Mid-Continent Petroleum Corporation did not answer the Committee's 
Questionnaire. 



Table 391. — Quantities of Gasoline Sold in the United StMes by Major Oil Com- 
panies to Which Tetraethyl Lead, Purchased from the Ethyl Gasoline Corpora- 
tion, Was Added in Any Quantity for Use in Blending, by years, 1929-1938 

[Thousands of 42-gaUon barrels] 



Name of Company 


1938 


1937 


1936 


1935 


1934 


1933 


1932 


1931 


1930 


1929 


Total 


310, 085 


304, 434 


279,124 


249, 681 


225, 101 


92,811 


26,306 


40,480 


35, 324 


22.66C 






Atlantic Refining Co. 






















(The) — 


11, 732 


11,484 


10, 626 


9,830 


9,477 


2,674 


815 


1,015 


1,444 


1, 474 


Cities Service Co -- 


14, 341 


14,425 


13,264 


12,665 


9,398 


2,068 


316 


605 


152 




Consolidated Oil Corp... 
Continental Oil Co 


27,563 
8,942 


27,4-i2 
9,112 


24.760 
8,672 


20 674 


18 100 


772 


1 549 


2,237 








7:824 


■> 560 


592 


942 


1,104 




Gulf Oil Corp. of Pa 

Ohio Oil Co. (The) 


29,598 
3,146 


29,048 
3,161 


25, 453 
2,890 


22,799 
2,630 












2, 285 06 


255 


480 


214 


26 


Phillips Petroleum Co.._. 


11,631 


11,366 


10, 476 


9,404 


8,362 


72 


863 


948 


500 


62 


Pure Oil Co. (The)- 


14,440 


15, 012 


14,488 


12,857 


10,891 


0,271 


603 


1,052 






Shell Union Oil Corp.... 
Skelly Oil Co 


5, 052 
3,683 


3 372 


4 345 


2,073 
3,343 














31636 


3,520 


2,767 


1,374 


223 




137 




Socony-Vacuum Oil Co. . 


41, 168 


40.853 


.38, 543 


34, 004 


30, 522 


18, 463 


3,817 


5,363 


6,532 


3,310 


StandardOilCo. (Ind.)- 


27, 651 


28,434 


26,973 


23,843 


22,273 


10,947 


4,215 


7,662 


10,006 


7,103 


Standard Oil Co. (N.J.) 


40,269 


39,011 


35, 681 


32,211 


28, 175 


18, 749 


4,034 


5,925 


7,214 


5,431 


Standard Oil Co. (Ohio). 


8,086 


7.880 


7,222 


6,307 


6,087 


4,499 


1,381 


2,496 


3 24b 


3,165 


Texas Corporation (The) . 


39,909 


39, 579 


34,912 


30, 329 


27,114 


1,442 


2,259 


3,071 


2,066 




Tidewater Assoc. Oil Co.. 


17, 249 


17,026 


16,025 


14, 297 


15,341 


7,030 


1,085 


1,633 


1,940 


1,581 


Union Oil Co of Cali- 






















fornia 


5,625 


3,594 


1,374 


4,326 


3,102 


153 


178 


421 


478 


508 







Source: The Temporary National Economic Committee Questionnaire for Oil Companies. 
Sun Oil Company states it does not use tetraethyl leajl; Standard Oil Company of California and Mid- 
Continent Petroleum Corporation did not answer the questionnaire. 



7824 



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CONCENTRATION OF ECONOMIC POWER 



7827 



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7832 



CONCENTRATION OF ECONOMIC POWER 





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IIS i!s? i yi 


i.a i.s i i.Sfci 
:§ :§ 1 ■■^Z 
ig is i i§§ 




i 
1 


d 


^^'^S !JS^ i : Id 


i.S i.S i :.hJ 
§ S 1 §9 


>1 


a 

3 

in 


1 

a 


i 
IK 


Orange 

Must Pass.... 

Must Pass 

15 Max 

8 Max 

11 Max 

.10 Max 

3cc/Gal- 

180 Min.- 

0.75%...- 

irMin:::::::: 


i.^ i.^ y y 

;s ;s ;s ij: 
;g ;s :g is 


o 
o 

o 

g 

5 

s 

pq 

W 


i 

B 

3 
OQ 


1 c 


Must Pass..-. 
Must Pass.... 
15 Max 

8 Max 

9 Max _. 

.10 Max 

Sec/Gal 

180 Min 

0.75% 

2% - 

10 Min 


i.a i.a ;.a 'J 
:§ :§ :2 't 
is is :g :g 




.a 


■ftH^g' jg'g'-3'.S '; ; : 


111111 


i 

E 
5 


d 

00 


iiiili 


i^g ig i i i 








II 

Si 


1 
i 
ll 


Cr-TosionTest-. 

Copper Disti Gum— Mgs 

General Motors Gum— Mgs.. — 

Reid Vapor Pressure— Lbs 

Sulphur— % -. 

Lead Content— Max 

Breakdown Time— Minutes 

Solvent Oil Content.... 

Distillation Residue-Max -... 

% Distaiine @ 158° F 


11111111 

a 

= ..... = 1 

"3 

= o o o c , 0-9 



CONCENTRATION OF ECONOMIC POWER 



7833 



Table 43a. — Answer to Question No. S4- A Statement Giving Specifications as of 
April 28, 19S9, of Each of the Brands and Grades of Motor Fuel Distrihvied — 
Continued. 

HUMBLE OIL & REFININa COMPANY 



Aviation Gaso- 
line 
74, 



Ethyl Avia- 
tion Gasoline 
80 



Ethyl Avia- 
tion Gasoline 

87 



Octane No. ASTM (Min.) 

Color - 

Doctor Test- - - 

Copper Dish Corrosion 

Copper Dish Gum— Mgs 

Reid Vapor Pressure — Lbs 

Sulphur— % 

Gravity— °APr^-. 

Distillation Loss — Max 

Freezing Point— Max 

No acid reaction on residue after distillation 
Distillation: 

% Distg. @ 124° F 

% " @UO°F - 

% " @149°F.. 

% " @ 158° E. (Evaporated) 

% " @160°F 

% " ©203°F.. 

% " @257°F 

% " @302°F 

Final Boiling Point— Max 

Lead Content— c.c.'s per Gallon 



74. _- _. 

+25...- 

Must Pass.. 
Must Pass. . 

3 Max 

7 Max _. 

.10 Max 

65±10 

2% -.-. 

Minus 76° F 
Must Pass. . 

5 Max 

10 Max. 

5 Min.- 

10 Min 

10 Min 

50 Min 

90 Min 

96 Min 

329° F _. 



Blue 

Must Pass.. 
Must Pass.. 
3 Max 

7 Max 

.10 Max .... 

65±10 

2% 

Minus 76° F 
Must Pass. 

5 Max. 

10 Max 

5 Min 

10 Min 

10 Min 

50 Min 

90 Min 

96 Min 

329° F. 

0.3 Min 

0.75 Max.. - 



87.5. 
Blue. 

Must Pass. 
Must Pass. 
3 Max. 
7 Max. 
.10 Max. 
65±10. 
2%. 

Minus 76° F. 
Must Pass. 

5 Max. 
10 Max. 
5 Min. 
10 Min. 
10 Min. 
50 Min. 
90 Min. 
96 Min. 
329° F. 
0.3 Min. 
2.5 Max. 



Note.— All grades must be straight run product from crude and shall be free from water and sediment 
Also sum of individual temperatures of 10% and 50% evaporated points shall not be more than 307° F. 



Standard Oil Company (Ohio) 
Table 43b 

SPECIFICATIONS FOR SOHIO SUPREME GASOLINE 





Winter 


Spring & Fall 


Summer 


Distillation (D86-38): 
% Evap @ 140° F 


15/22 


12/18 


10/15. 


257 


66 min 


62 min 


58 min. 










356 




90 min 




365 






90 min. 


Corrosion (D130-30) 


Pass 


Pass 


Pass. 


Max. Mercaptan Sulfur %-.- 

" Gum (D381-36) 


5'ftig"'"' 


0.004... 

5 mg 


0.004. 
5 mg. 


" Cu Dish Gum 


10 mg 


10 me 


10 mg. 


Min Induction Period — Hrs 


5 


5 ^ 


5 


Octane L-3 min 


82 


82 


82. 


Max. Vapor Pressure Hrs. (D323-38T) 


12 


10 

0.2 


8 5. 


0.2 

Ethyl Std 


0.2. 


Color 


Ethyl Std 


Ethyl Std. 











SPECIFICATIONS FOR FLEET-WING ETHYL GASOLINE 



Distillation (r)86-38): 






10/15. 




66 min 


6? "I'n 


58 min. 


















365 






90 min. 




Pass 


Pass 


Pass. 


Max. Mercaptan Sulfur % 


0.004.. 


0.004 


0.004. 












10 mg. 




5 ...:::::::: ":: 










82. 


Max. Vapor Pressure Hrs. (D323-38T) 

Solv«si^H% 




10 

0.2 

Ethyl std 




0.2 

Ethyl std 


0.2. 
Ethyl Std. 









7834 



CONCENTRATION OF ECONOMIC POWER 
Table 43b — Continued 

SPECIFICATIONS FOR ETHYL GASOLINE 





Winter 


Spring & Fall 


Summer 


Distillation (D86-38): 


15/22 


12/18 


10/15. 




66min 




58min. 




90min 










QOmin 




@ 365 






QOmin. 




Pass 


Pass 


Pass. 


Max. Mercaptan Sulfur % - 


0.004 


0.004 


0.004. 
5.0 mg. 






10.0 mg 


10.0 mg. 




5hrs - 




5hrs. 




78.0 . 


78.0 


78.0. 


Max. vapor pressure Lbs. (D32S-38T) 


12.0 --- 

nil 


10.0 

nil 


8.5. 
nil. 


Color 


Std. Ethyl 


Std. Ethyl 


Std. Ethyl. 







SPECIFICATIONS FOR SOHIO X-70 GASOLINE 



Distillation (D86-38): 

P^ F^ran (ffi 140° F 


15/22 


12/18 ---- 


10/15. 




66 min - - - 


62min 


58 min. 


347 


88/92 






356 




88.92- 










88/92. 


Corrosion (D 130-30) _.... - 

Max. Mercaptan Sulfur % 


Pass 


Pass - 


Pass. 


0.004 

5. 


0.004 

5 -,- 

10. --- 


0.004. 
5. 




10 


10. 




5hr. ■ 


5hr 


5hr. 






75 


75. 






10- - 

0.2-.. - 

Std. Amber 


8.5. 


Solvent Oil % -— - - 


0.2- 

Std. Amber 


0.2. 

Std. Amber. 







SPECIFICATIONS FOR RED CROWN GASOLINE 



Distillation (D86-38): 

ojLV.vuTt (& 14(1° F 


15/22 


12/18 


10/15. 


257 


66min 

88/92 


62 min 


58 min. 


347 






356 




88/92 




365 






88/92. 


Corrosion (D130-30) 


Pass 


Pass 


Pass. 




0.004... 


0.004 

5 


0.004. 


" Cifi-m Cn^RI ?fi"> Mff"? 


5 


5. 




10 


10 


10. 




5hr 


5hr 


5hr. 




75 


75 


75. 


Max Vapor Pressure (D325-38T) 


12 


10 


8.5. 


Solvent Oil % 


O.2.- - 

Std. Amber 


0.2 

Std. Amber - 


0.2. 

Std. Amber. 









SPECIFICATIONS FOR GOLDEN MOTOR GASOLINE 



Distillation (D86-38): 




12/18 


10/15. 






62 min 


58 min. 














88/92 










88/92. 




Pass 


Pass 


Pass. 




■osm - 


0.004 


0.004. 




5 - - 


5. 






10- 


10. 




5hr ---. 


5hr 


5hr. 






75 ..- 


75. 






10 

0.2 

Std..A.mber 


8.5. 


Solvent Oil %.-- 

Color 


0.2 ---- 

Std. Amber 


0.2. 

Std. Amber. 







CONCENTRATION OF ECONOMIC POWER 
Table 43b — Continued 

SPECIFICATIONS FOR "Q" GRADE GASOLINE 



7835 





Winter 


Spring & Fall 


Summer 


Distillation (D86-38): 


15/22 






257 ^... 






347. 


QOmin... 






356 - 




90min.. 

410 max 

Pass 

0.004 












pIss 




Max. Mercaptan Sulfur % — 


0.004... 


0.004. 
5.0 mg. 
10 mg. 
5hrs. 










5hrs 






72 - 


72 




Max. Vapor Pressure— Lbs. (D323-387) 


12 

nil 


10 

nil 


8.5. 




As specified. 









SPECIFICATIONS 



FOR: RENOWN GASOLINE; F— W GREEN GASOIJNE; REFINERS 
WHITE GASOLINE: U. S. MOTOR GASOLINE 



Distillation (D86-38): 
% Evap ® 140° F 


8/22 


7/18 

55 min 

92 min 

o.^v;:;::::;::::: 

5 

10 

5hr 


6/15 




55 min 




392 


92 min 


92 min 


Corrosion (D13O-30) 


pass 




Max. Mercaptan sulfur %.. 

" Gum (D381-36) mgs 

" Cu Dish Gum mgs 


0.004... 

5 

10 


0.004. 

5. 

10 


Min Induction Period 


5hr 


5hr 


Octane L-3 min 






Max Vapor Pressure—Lbs (D323-38T) 


12 


10 

nil... 

25 


85 


Solvent Oil % 


nil 


nil 


Color 


25 


25 









SPECIFICATIONS FOR MARINE GASOLINE 



End 416 

Knock Rating 65.8 

Vapor Pressure 8. 5 

Gum (Copper Dish) . 10 



Gravity 61. 4 

I. B. P 100 

12% Off 140 

63% Off 257 

93% Off 365 

SPECIFICATIONS FOR SOHIO AVIATION GASOLINE 

A. P. I. Gravity @ 60° F.. 65- + 10. 

Color Minimum +26. 

Octane No. CFR 60 Min, 

Sulfur Max 0.10%. 

Doctor. Must pass. 

Corrosion & Gum 100 cc of the gasoline shall cause no gray or black 

corrosion and the amount of deposit when evapor- 
ated in a polished copper dish shall not exceed 3 
mgs. 

% @ 124° F 5 Max. 

% @ 140° F 10 " 

% @ 149° F 5 Min. 

% @ 158° F 10 " (Evap.). 

% @ 160° F 10" 

% @ 203° F 50 " 

%@212°F 

% @ 257° F 90 Min. 

% @ 302° F 96 " 

End Point 329 Max. 

Dist. Loss 2% Max. 

General Req This gasoline shall be a straight run product of crude 

petroleum. It shall be free from water and sedi- 
ment. 

Freezing Point There shall be no formation of solid crystals at 

temperatures above —76° F. 

Acidity The residue remaining in- the flask after distillation 

shall not show an acid reaction. 



7836 CONCENTRATION OF ECONOMIC POWER 

Table 43b — Continued 
SPECIFICATIONS FOR soHio AVIATION GASOLINE — Continued 

Vapor Pressure The R. V. P. @ 100° F. shall not exceed 7# per sq. 

inch when determined according to Spec. D-323- 
32-T or the latest A. S. T. M. revision thereof. 

Lead Susceptibility Not more than 2.5 cc of lead shall be required to 

raise the octane number of this gasoline to 87. in 
the eastern hemisphere and Canada. In the 
western hemisphere, except Canada, not more than 
2.5 cc of lead shall be required to raise the octane 
number of this gasoline to 87.5. 

SPECIFICATIONS FOR ESSO AVIATION GASOLINE 74 

A. P. I. Gravity @ 60° F.. 65-+10. 

Color Minimum +25. 

Octane No. CFR 74 Min. 

Sulfur Max ... 0.10%. 

Doctor Must Pass. 

Corrosion & Gum 100 cc of the gasoline shall cause no gray or black 

corrosion and the amount of deposit when evapo- 
rated in a polished copper dish shall not exceed 
3 mgs. 

% @ 124° F 5 Max. 

% @ 140° F 10 " 

% @ 149° F 5 Min. 

% @ 158° F 10 " (Evap.) 

% @ 160° F 10 " 

%@203°F 50 " 

% @ 212° F 

% @ 257° F 90 Min. 

% @302° F 96 " 

End Point 329 Max. 

Dist. Loss 2% Max. 

General Req This gasoline shall be a straight run product of crude 

petroleum. It shall be free from water and 
sediment. 

Freezing Point There shall be no formation o^ solid crystals at^ 

temperatures above — 76° F. 

Acidity The residue remaining in the flask after distillation 

shall not show an acid reaction. 

Vapor Pressure The R. V. P. @ 100° F. shall not exceed 7# per sq. 

inch when determined according to Spec. D-323- 
32-T or the latest A. S. T. M. revision thereof. 

Lead Susceptibility Not more than 2.5 cc of lead shall be required to 

raise the, octane number of this gasoline to 87. in 
the eastern hemisphere and Canada. In the 
western hemisphere, except Canada, not more 
thaa 2.5 cc of lead shall be required to raise the 
octane number of this gasoline to 87.5. 

SPECIFICATIONS FOR ESSO AVIATION GASOLINE 80 

A. P. I. Gravity @ 60°F... 65-+ 10. 

Color Minimum The color shall be blue as 'per the Ethyl Gasoline 

Corporation's Standard unless a legal ordinance 

prescribes a different color. 

Octane CFR (MM) 80 Min. 

Corrosion &'Gum Same requirement as for 74 Oct. Grade. 

Sulfur (Max.) 0.10%. 

Doctor Must Pass. 

% @ 124°F 5 Max. 

% @ 140°F . 10 " 

% @ 149°F 5 Min. 

% @ 158°F 10 " (Evap.). 

% @ 160°F 10 " 

% @ 203°F 50 Min. 

% @257°F 90 " 

% @ 302°F 96 " 

End Point 329 



CONCENTRATION OF ECONOMIC POWER yggy 

Table 43b — Continued 

SPECIFICATIONS FOR ESSO AVIATION GASOLINE 80 Continued 

Dist. Loss 2%. 

Lead Content Not less than 0.3 cc and not more than 2 cc of T. E. L. 

per U. S. Gallon may be used in this gasoline 
except in U. S. where the maximum lead content 
permissible is 0.75 cc per gallon. 

Freezing Point j 

Acidity [Same requirement as for 74 Grade. 

Vapor Pressure J 

General Req This gasoline shall be a mixture of Aviation Ethyl 

fluid and a straight run product of crude petro- 
leum. It shall be free from water and suspended 
matter. 

SPECIFICATIONS FOR ESSO AVIATION GASOLINE 87 

A. P. I. Gravity @ 60° F.. 65+10. 

Color Min Same as for 80 Oct. Grade. 

Octane CFR MM 87.5 Min. 

Corrosion & Gum Same as for 74 Oct. Grade. 

Sulphur Max 0.10%. 

Doctor Must Pass. 

% @ 124° F 5 Max. 

% @ 140° F._'. 10 " 

% @ 149° F 5 Min. 

% @ 158° F 10 " (Evap.) 

% @ 160° F 10 " 

% @ 203° F 50 Min. 

% ©257° F 90 " 

% @ 302° F... 96 Min. 

End Point 329 Max. 

Dist. Loss 2%. 

General Req Same as for 80 Oct. Grade. 

Freezing Pt 1 

Acidity >Same as for 74 Oct. Grade. 

Vapor Pressure J 

Lead Content Not less than 0.3 cc and not more than 2.5 cc per 

U. S. Gallon may be used in this gasoline. 

SPECIFICATIONS FOR ESSO AVIATION GASOLINE 100 

A. P. L Gravity 65+10. 

Color Minimum Same as for 80 Oct. Grade. 

Octane 100 bv the armv method. 

Sulphur Max 0.10%. 

Doctor Must Pass. 

Corrosion & Gum Same as for 74 Oct. Grade. 

% @ 124° F 5 Max. 

% @ 140° F 10 " 

% @ 149° F 5 Min. 

% @ 158° F 10 " (Evap). 

% @ 160° F 10 " 

% @212° F 50 " 

% @257° F ... 90 " 

% @302° F 96 " 

End Point 329 Max. 

Dist. Loss 2%. 

General Req This Gasoline shall be a mixture of aviation Ethyl 

Fluid, a straight run product of crude petroleum, 

and approved knock suppressing hydrocarbons. 

It shall be free from water and suspended matter. 

Freezing Pt ] 

Acidity >Same as for 74 Oct. Grade. 

Vapor Pressure I 

Lead Content Not less than 0.3 cc and not more than 3.00 cc per 

U. S. Gallon may be used in this gasoline. 

124401— 40— pi. 14-A 10 



7838 CONCENTRATION OF ECONOMIC POWER 

Table 43b — Continued 

SPECIFICATIONS FOR TRACTOR & DIESEL FUEL OIL 





#1 


#2 


#3 


Standard 
Tractor 
Fuel on 




42-46 

None 
145 
Zero 
370 
400 
465 
520 
560 
60 


39-43 

30-35 

None 

165 

Zero 

375 

406 

480 

575 

656 

50 


36-40 

35-40 

None 

195 

Zero 

380 

470 

542 

620 

689 

50 


32-33 


Viscosity @ 100 


30-34 


Water & Sediment 


None 


Flash (0. C.) 








Initial Boiling Point — . 






385 


KQo^r 


450 


gnw 


518 


End 


545-56a 











Table 43c. — Tide Water Associated Oil Company — Answer to question No. 34 

GASOLINES MARKETED IN THE EASTERN AND MID-CONTINENT TERRITORIES 





Tydol ethyl 


Tydol 


Tidex 












415 max 

Seasonal....- 

93min_ 


415 max.. 


425 max. 










93min 


90min. 




Seasonal. 






Corrosion, copper strip 3 hours at 122° F__.. 


Must pass 

100% red 






100% green .. 


21 min. (Saybolt). 




Must pass 

80min 






72min 


64 min. 




n.iOmax 


0. 10 max 


0.10 max. 


6dor """" ". 


Must pass 


Must pass... 


Must pass. 


% water 


None . 


None 


None. 











GASOLINES MARKETED IN THE PACIFIC COAST TERRITORY 





Aviation Ethyl 


Flying "A" 


White gold 


Grade 


Premium _... 

140-160° F -. 


Regular 


3rd. Structure. 




•Seasonal Control. 
•Seasonal Control . 


••Seasonal Control 










Max. 210° F 


Max. 284° F. 


90% condensed 


Max. 290° F 




Max. 392° F. 


Max. 350° F 


Max. 400° F 

Min. 96% 


Max. 437° F. 




Min. 95% 












Negative 


Negative 


Negative. 




Red Standard 

Sweet.. 


Amber Standard.. 
Sweet 


Min. +25 Say. 




Sweet. 




Min. 81 


Min. 71 




Sulphur -, 


Max. 0.10% 


Max. 0.25% 


Max. 0.25%. 



*Seasonal flying "A" gasolines 



VolatUity Control 


10% Evaporated 


30% Condensed 




105-115° F 


Max. 
190° F. 




115-125° F 


200° F. 




127-137° F 


210° F. 




140^160° F 


220° F. 




150-160° F 


225° F. 









** Seasonal white gold gasolines 




Volatility control-10% Evaporated 


Winter 


Summer 




120^135° F 


140-150° F. 




140-150° F 


150-160° F. 









CONCENTRATION OF ECONOMIC POWER 7839 

ouestion No. 34 — 
SPECIFICATIONS FOR DIESEL MOTOR FUELS 



Table 43c. — Tide Water Associated Oil Company — Ans 
Continued 



Product 


Diesel fuel summer grade 


Diesel fuel 
winter grade 








Flash P. M. C. C . 


Min. 150° F ... 






Min. 35 .- . 




Color A. S. T. M . ... 


Max. 5 .... 


Max. 5 


Sulphur . . . 


Max. 1.0% 

Max. 15° F. ... 


Max. 1 0% 




Mm! 0° F 


Distillation 


Min. 425° F 




10% 


Min. 425° F. 


90% 


Min. 600° F .. 


Min 600° F. 









eiPECIFICATIONS FOR BUTANE FUEL 

Absolute vapor, pressure @ 70° F.: 

Summer 50-53. 

Winter 7&-78. 

Open cylinder weathering test Min. 95% @ 34° F. 

Water Mechanically free. 

Corrosion (Copper Di«h) No black or gray corrosion. 

Mercaptans Negative. 

HjS- -■ Negative. 

SEASIDE OIL COMPANY— No 34. A statement giving specifications for each 
of the brands and grades of gasoline and/or motor fuel distributed by reporting 
company and its subsidiaries and affiliates in domestic marketing operations at 
J,he present time 

ANSWER 





Seaside ethyl 
gasoline 


Silver gull gasoline 


Grade gasoline 


DistUl|tion: 


100 


96 




cm 


130 


130 . 


120. 


j/fc 


146 


146 

176 


138. 


20v 


170 


172. 


"iOV 


195 


202 


208. 


Anm 


216 


224 




Cjnm 


230 


244 


270. 


ffJS 


250 


262 


300. 


IftV 


266.... 


283 


325. 


80% 


288 


300 


350. 


90% 


322 


335 


385. 


95% 


360 


360 


410. 


E P 


370 


375 


420. 




97.2% 


97.4% 


97.0%. 


Res.% ::: ::::::"'::"'::"'":: 


0.8% 




0.9%. 




2.0% 


1 8% 


2.1%. 




60° 


59.5° 


60° 


Color 


Red . . 




25 Plus. 






0.019% 


0.045%. 






72... . 


63 












None 


None .^- 


None. 


Copper Strip 


Neg 


Neg.. 


Neg. 


Copper Dish Mgs 

Vapor Pressure 


5.6 ... 

9.0 




7.2. 


8.5 .- 


9.6. 



Seaside Diesel 
fuel oil 

A. P. I. Gravity 34-35°. 

Flash P. M 160° Plus. 

Fire 180° Plus. 

Color 1>^-1%. 

Cqnradson 0.024%. 



Seaside Diesel 
fuel oil 

Sulphur 0.056%. 

M. & B. S Dry. 

Pour Less than 15° 

Univ. Vis @ 35° F._ 55. 

Univ. Vis @ 100° F.. 39. 



7840 CONCENTRATION OF ECONOMIC POWER 

Table 44 

Definitions and Significance of Terms Used in Connection With Gasolines 

[Prepared by TJ. 8. Bureau of Standards] 

1. The distillation test of a gasoline is a test conducted under standardized 
conditions to determine the boiling range of the gasoline. When water is heated 
to the boiling point, the boiling temperature will remain constant until all of 
the water is evaporated. The situation is quite different in the case of gasolines, 
for all gasolines contain a large number of different compounds called hydrocar- 
bons which have different boiling points. Accordingly when a gasoline is heated 
to boiling, it will start to boil at a temperature which is known as the initial boiling 
point and the temperature will gradually increase as the gasoline evaporates. 
Thus gasoline is said to have a boiling range and this boiling range should be kept 
within fairly wide but definite limits in order to obtafti suitable performance when 
used in the engine. 

la. The initial boiling point is the temperature at which the gasoline com- 
mences to boil in the standard distillation test. , It has no significance from the 
standpoint of .engine performance and is now used almost entirely by the petroleum 
companies as a control test on the gasoline being produced from day to day in the 
refinery. 

lb. The temperature at which 10% of the gasoline is evaporated is a direct 
measure of the ease with which the engine will start in cold weather. In other 
words the lower the 10% point temperature, the easier wiU it be to start the engine 
at any given temperature and the lower wiU be the temperature at which the en- 
gine can be started at all. At the same time, the 10% point temperature is a 
pretty fair indication of the temperature at which the gasoline will boil in the fuel 
line leading from the gasoline tank to the engine. The lower the 10% point 
temperature, the lower will be the temperature at which the gasoline will boil in 
the fuel lines and hence the greater will be the tendency towards giving trouble 
from vapor lock, which' is a term used to indicate interruption of fuel flow caused 
by boiling of gasoline in the fuel lines. In cold weather, ease of engine starting 
is the main consideration and no difficulty should be expected from vapor lock 
so that a low 10% point temperature is desirable. On the other hand, in hot 
weather engine starting is not a consideration but vapor lock is, so that a higher 
10% point temperature is desirable. At intermediate a': Jiospheric temperatures 
a compromise is necessary so as to give the maximum ease of engine starting com- 
patible with minimum trouble from vapor lock. This compromise is the reason 
why the marketing specification used by the oil companies varies with seasons 
and why the purchase specifications of the Federal Government, for example, 
require different 10% point temperatures at different seasons of the year. With- 
out consideration of the season during which the gasoline is to be used and without 
considerable technical information, it is difficult for the layman to .compare 
qualities of gasoline on a basis of their 10% point temperatures 

Ic. The temperature at the 50% point is the temperature at which the gasoline 
boils in the standard distillation test when 50% of it has been evaporated. This 
temperature has not as much significance as the 10% point but is employed by 
those technically familiar with the subject as a measure of the ease with which 
the engine will warm up after it is once started in cold weather and as a measure 
of the rapidity with which the engine wiU accelerate. 

Id. The temperature at 90% point is the temperature at which the gasoline 
boils in the standard distillation test when 90% of it has evaporated. This tem- 
perature is an indication of the amount of dilution of the crankcase oil which may 
be expected in cold weather. In other words, the lower the 90% point tempera- 
ture the less dilution of the crankcase oil will be expected. Also the 90% point 
temperature is a direct measure of the ease with which the gasoline will evaporate 
completely in the intake manifold of the engine after being mixed with air in the 
carburetor. 

le. The maximum end point is the highest temperature reached in the distilla- 
tion test and represents th>e''temperature required to boil the heaviest constituents 
in the gasoline when tested under the standardized conditions. The end point 
has no significance from the standpoint of engine performance and is used largely 
as a control test by the refiner to ensure that he is obtaining proper separation 
between the gasoline and the kerosene fractions in his refinery equipment. 

If. The percent residue is the percentage of the gasoline which does not evapo- 
rate during the difstillation test. It is a measure of the amount of heavy ends, 
or kerosene-type tTactions, which are in the gasoline and, as such, a low residue is 
desiraoie. 



CONCENTRATION OF ECONOMIC POWER 7841 

ig. The percent distillation loss is the percentage of the gasoline which escapes 
from the test apparatus during the distillation test and is a measure of the very- 
low boiling fractions present in the gasoline. A low distillation loss is ^iesirabfe 
since this is indicative of the amount of evaporation loss which might be expected 
while the gasoline is in storage or in the automobile tank. 

2. The Reid Vapor Pressure is the vapor pressure of the gasoline determined 
by a standardized method and is analogous to the 10% point distillation tempera- 
ture in that it is a measure of the tendency of the gasoline to boil in the fuel lines 
of the automobile'. -However, the Reid Vapor Pressure is a more direct means 
of obtaining this information than by the distillation tests. The higher the Reid 
Vapor Pressure the greater will be the tendency of the gasoline to boil in the fuel 
line. Hence in hot weather a low Reid Vapor Pressure is desirable, whereas in 
cold weather considerably higher vapor pressures can be employed. In this 
case also, it is difficult for the layman to estimate quality from the Reid Vapor 
Pressure values. 

3. The sulfur content of a gasoline is the total amount of sulfur present in any 
form in the gasoline, as determined by a standardized test method. Under some 
conditions, particularly during cold weather, a high sulfur content is undesirable 
because when the gasoline is burned in the combustion chamber, some of the 
sulfur compounds may work past the piston rings and get into the lubricating 
oil where they may cause considerable corrosion. This is a very complicated 
situation and is very carefully controlled by the oil companies. Without exten- 
sive information of a technical nature, it would be impossible to predict whether 
a high sulfur content of the gasoline would cause trouble under any given set of 
climatic conditions. No differences in quality have been detected between gaso- 
lines having less than one-tenth of one percent sulfur so that the above statements 
apply to sulfur contents greater than, this. 

4. The gum content of the gasoline is a measure of the gummy or resinous 
constitueiits in the gasoline as determined by a standardized test method. The 
gum content is indicative of the amount of deposits which might be formed in 
the engine between the carburetor and the combustion chamber and of the 
deposits which might be formed on the intake valve. A low gum content is 
desirable but experience has indicated that if it stays below 7 mg/100 ml of 
gasoline, no trouble in service may be expected. Gum contents in excess of this 
amount may be used under some conditions and still give no trouble. 

5. The copper strip corrosion test is a measure of the corrosiveness of gasoline 
to metallic copper when tested under standardized conditions. ' It is used as an 
indication of quality of refining and practically all gasolines are refined so as to 
be free of any materials corrosive to copper. Such compounds in the gasoline 
will not be corrosive to the other metals found in the engine. 

6a. The ASTM octane number of a gasoline is a number assigned to the gasoline 
on the basis of a single cylinder engine test operated under standardized condi- 
tions. The octane number is a measure of the tendency of the gasoline to cause 
knocking in the engine during acceleration o'r hill-climbing. The higher the octane 
number, the less will be the tendency for the engine to knock so that a high octane 
number indicates high. quality from this standpoint. On the other hand, there 
is no advantage in using a gasoline having an octane number higher than that 
which will just eliminate knock in a given engine. 

6b. The L-3 octane number is the octane number of the gasoline determined 
ander standardized conditions but somewhat different than those employed for 
a determination of the ASTM octane number. 

7. The color of a gasoline is the color determined on a standardized color scale 
by means of a standardized method. It has very little significance and is used 
mainly by the oil companies as a control test on their- refining processes. Most 
commercial gasolines are colored with dyes for identification purposes so that there 
is no means in general of determining the color of the base gasoline. 

8. The doctor test is a sensitive chemical test for the presence of certain types 
of sulfur compounds, viz., hydrogen sulfide and mercaptans. Contrary to a belief 
sometimes held, this test does not afl"ord an indication of the total sulfur content 
nor of the corrosiveness of a sample of gasoline. 

9. The trade. name of a gasoline is a name used for identifj'ing gasolines pro- 
duced by diff'erent oil companies and has no necessary significance in terms of 
quality since practically all oil companies vary the specifications of gasolines 
according to season and in addition may make improvements from time to time 
without change in trade. name. 

10. The API gravity of a gasoline is the weight of gasoline per unit volume 
determined by a standardized method and expressed numerically on the basis of. 
an empirical scale. In other words, it is an indirect measure of the weight of 



7842 



CONCENTRATION OF ECONOMIC POWER 



gasoline in pounds per gallon and has very little significance except that it is 
indicative of the heat content of a gasoline or the amount of power that can be 
obtained from a given volume of gasoline. This is of little practical importance, 
however, as essentially all gasolines have the same heat content within very 
close limits. 

11. The tetraethyl lead content of a gasoline is a measure of the amount of 
tetraethyl lead added to the gasoline to increase its octane number. The U. S. 
Public Health Service requires that not more than 3 cubic centimeters of tetraethyl 
lead be used per gallon of gasoline because of its highly poisonous characteristics. 
Further, for economic reasons it is desirable to use the smallest amount of tetraethyl 
lead that will produce the desired octane number. 

Table 4:5.— Total Assets of 20 Major Oil Companies, 192^-19.88 
[In millions of dollars] 



Name of Company 



Standard Oil Co. (New 
Jersey).- - 

Socony-Vacuum Oil Co., 
Inc.-- -- 

Standard Oil Co. (Indi- 
ana) 

The Texas Corporation.. 

Standard Oil Co. of Cali- 
fornia.-- 

Gulf Oil Corp : 

Shell Union Oil Corp.... 

Consolidated Oil Corp... 

Empire Gas & Fuel Co.. 

Phillips Petroleum Co... 

Tide Water Associated 
Oil Co 

The Atlantic Refining 
Co 

The Pure Oil Co. - 

Union Oil Co. of Cali- 
fornia 

Sun Oil Co 

The Ohio Oil Co.- 

Continental Oil Co 

Standard Oil Co. (Ohio) 

Mid - Continent Petro- 
leum Corp 

SkeUy OilCo 



Total - $5,002.5 $5,407, 



,244.9 
406.2 



352.8 
252.0 
257.0 
346.2 
301.4 
78.7 

211, 4 

131.0 
181.6 

184.2 
61.5 
97.7 
93.9 
42.9 



$1, 369. 2 
533.0 



373.7 
279.0 
267.2 
351.9 
287.9 



134.0 
182.0 

182.0 
65.1 
99.9 
92.8 
45.1 

77.8 



,541.9 

691.2 

446.5 
328.8 

573.8 
322.5 
289.7 
364.8 
298.3 
121.1 

242.7 

140.3 
178.3 

194.8 
68.7 
107.7 
102.6 
45.5 

84.1 
46.1 



$1, 426. ( 
678.] 



5, 179. 1 



590.0 
381.7 
356.9 
402.0 
282.8 
129.3 

249.4 



74.5 
104.2 
104.9 

45.8 

81.5 



$1, 767. 4 

708.4 

697.0 
609.9 

604.7 
430.8 
486.5 
400.6 
327.1 
145.4 

251.4 

166.2 
195.6 

211.2 
85.3 
110.7 



85.9 
62.8 



,771.0 

720.3 

810.2 
681.9 

610.3 
488.7 
471.9 
404.9 
403.3 
214.4 

248.3 



222.7 
94.1 
215.1 
178.0 
64.9 



81.9 



$1,919.0 



762.7 
543.3 

690.7 
452.7 
427.0 
376.4 
403.5 
201.4 



202.2 
95.4 
176.8 
161.8 
64.4 



$7,593.6 $8,006.6 $8,135.7 



Name of Company 



1. Standard Oil Co. (New 

Jersey) 

2. Socony-Vacuum Oil Co., 

Inc 

3. Standard Oil Co. (Indiana). 

4. The Texas Corporation 

9. Standard Oil Co. of Cali- 
fornia 

6. Gulf Oil Corp... 

7. Shell Union OU Corp 

8. Consolidated Oil Corp 

9. Empire Gas & Fuel Co 

10. Phillips Petroleum Co 

11. Tide Water Associated OU 

Co 

12. The Atlantic Refining Co.. 

13. The Pure Oil Co 

14. Union Oil Co. of California 

15. Sun Oil Co. 

16. The Ohio Oil Co 

17. Continental Oil Co 

18. Standard OilX:©. (Ohio) .. 

19. Mid-Continent Petroleum 

Corp 

20. Skelly Oil Co 



1,000.6 

513'. 8 

678.0 
435.9 
393.0 
368.0 
405.2 
178.4 

192.0 
156.6 
144.6 
197.7 
96.7 
177.3 
87.5 
60.4 



$1, 912: 2 

676". 8 
484.5 

567.8 
427.8 
375.0 

400!5 
170.9 

188.1 
160.1 
143.4 
189.6 
101.1 
171.5 
90.3 
68.8 



$1,941.7 

783.8 
660.7 
474.8 

565.4 
422.0 
347.9 
331.3 



179.4 
164.2 
144.6 
150.7 
103.0 
169.2 
85.9 
56.1 



$1,894.9 



473.8 

675.8 
430.2 
357.6 
328.2 

174". 5 

182.8 
163. 
167. 2 
151.7 
107.1 
139.7 
91.7 
56.9 



$1,841.8 

801.7 
710.4 
540.1 

582.4 
442.0 
370.6 
339.2 
410.8 
187.6 

190. 8 
166.0 
162.8 
163.2 
117.4 
138.6 
96.6 
61.0 



$2,060.8 



735.1 
614.8 



377.3 
348.6 
427.6 
212.6 

203.8 
186.2 
178.4 
165.5 
128.4 
138.9 
104.4 



$2,044.6 

919.1 
724.7 
605.4 

601.1 
646.9 
397.5 
367.1 
337.1 
226.7 



166.0 
139.1 
138.7 
125.1 
70.5 



Total %T,. 



$7, 574. 2 



$7,427.2 $8,120.9 



Source: Annual reports to stockholders and Moody's Industrials. 



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APPENDIX II 

LISTS OF SUBSIDIARIES, AFFILIATES, AND ALL COMPANIES IN 
WHICH THE REPORTING COMPANY, ITS SUBSIDIARIES OR 
AFFILIATES, HELD ANY CAPITAL STOCK, PREFERRED STOCK. 
OR BONDED INDEBTEDNESS AS OF DECEMBER 31, 1938 

answers to questions 11 a to 11 i, inclusive, by reporting companies ^ 

1. Atlantic Refining Company 

a. Atlantic Angola, S. A. 

b. Avenida da Liberdade 192, Lisbon, Pot-tugal. 

c. Lisbon, Portugal. January 19, 1932. 

d. January 19, 1932. 

e. Inactive. 

f. Common stock. 

g. 200 common shares. 
h. 200 common shares. 

i. Organized to secure outlet for products. 

a. Atlantic Communications Corporation. 

b. 260 South Broad Street, Philadelphia, Pa. 

c. Pennsylvania. July 24, 1934. 

d. September 5. 1934. 

e. Operating public coastal harbor radiotelephone station Philadelphia-Camden 

area; ship-to-shore radiotelephone communication. 

f. Common stock. 

g. 200 common shares, 
h. 200 common shares. 

i. To provide a ship-to-shore radiotelephone service which, while for use in the 
public coastal harbor service, will also serve certain of the parent com- 
pany's vessels. 

a. Atlantic North Africa Company. 

h. Avenida Pi y Margall 20, Madrid, Spain. 

c. Spain. June 10, 1932. 

d. June 10, 1932. 

e. Inactive. 

f. Common stock. 

g. 125 common shares, 
h. 125 common shares. 

i. Organized to secure outlet for products. 

a. Atlantic Oil Shipping Company. 

b. Market & "D" Streets, Wilmington, Delaware. 

c. Delaware. May 25, 1916. 

d. June 23, 1916. 

6. Transportation by tankers of petroleum and its products in foreign trade. 

f. Common stock. 

g. 987 common shares, 
h. 987 common shares. 

i. To transport petroleum and its products for the parent company. 

a. Atlantic Oil Storage Company, S. A. 

b. 2, Avenue Marie-Therese, Antwerp, Belgium. 

c. Belgium. December 21, 1922. 

d. April 1, 1931. 

e. Marketing petroleum products in Europe. 

f. Common stock. 

' The Committee questionnaire for oil companies is included in Hearings, Part 14, as "Exhibit No. 1137," 
appendix, p. 7426. 

7885 

124491 — 40— pt. 14-A 13 



7886 CONCENTRATION OF ECONOMIC POWER 

g. 250 common shares, 
h. 250 commoQ, shares. 
i. To secure outlet for products. 

a. Atlantic Petroleum Purchasing Corporation. 

b. Executive Office— 260 South Broad Street, Philadelphia, Pa. 
•Business office — Magnolia Building, Dallas, Texas. 

c. Maryland. March 22, '1933. 

d. March 22, 1933. 

e. Purchasing of crude petroleum and products from producers in Texas and 

New Mexico, and selling the oil, in bulk, to respondent and other refining 
companies. No manufacturing activity. 

f. Common stock. 

g. 780 cornmon shares, 
h. 780 common shares. 

i. To fsscilitate purchases of crude petroleum in the states of Texas and New 
Mexico, for use in respondent's refineries. 

a. Atlantic Pipe Ldne Company. 

b. Executive Office— 260 South Broad Street, Philadelphia, Pa; 
Business Office — Magnolia Building, Dallas, Texas. 

c. Maine. December 7, 1927. 

d. December 30, 1927. 

e. Transportation, as a common carrier by pipe line, of crude petroleum and 

mixtures of crude petroleum and products from points in Texas and New 
Mexico to terminals on the Texas Gulf Coast and other points in Texas. 

f. Common stock. 

g. 100,000 common shares, 
h. 100,000 common shares. 

i. To more economically make available The Atlantic Refining Company's crud? 
oil requirements. 

a. Atlantic Refining Company. 

b. 260 South Broad Street, Philadelphia, Pa. 

c. Delaware. October 8, 1930. 

d. December 4, 1930. 

e. Inactive. 

f. Common stock. 

g. 500 common shares, 
h. 500 common shares. 

i. To preempt name in state of Delaware. 

a. Atlantic Refining Company of Africa, ]Ltd. 

b. Empire House, Darling & Plain Streets, Capetown, South Africa. 

c. Province of Cape of Good Hope, South Africa. May 9, 1924. 

d. May 9, 1924. 

e. Marketing petroleum products in South Africa, 
f ■ Common Stock. 

g. 25,000 common shares, 
h. 25,000 common shares, 
i. Organized to secure outlet for products. 

a. Atlantic Refining Company of Brazil 

b. Market & "D" Streets, Wilmington, Delaware. 

c. Delaware. March 7. 1922. 

d. March 7, 1922. 

e. Marketing petroleum products in Brazil. 

f. Common stock-. 

g. 25,000 common shares, 
h. 25,000 common shares. 

i. Organized to secure outlet for products. 

a. Atlantic Refining Company of Cuha. 

b. 260 South Broad Street, Philadelphia, Pa. 

c. Delaware. January 2, 1931. 

d. January 26, 1931. 

e. This company has acquired certain oil rights in Cuba. To date no production 

has been obtained. 

f. Common stock. 

jg. 10 common shares, 
h. 10 common shares. 
1. Subsidiary for Cuban :;operatlons. 



CONCENTRATION OP ECONOMIC POWER 7887 

.1. The Atlantic Refining Company of Germany, G. m. b. H. 

b. Lange Muhreu 9, Hamburg 1, Germany. 

c. Hamburg, Germany. December 11, 1922. 

d. December 11, 1922. 

e. Marketing petroleum products in Germauj'. 

f. Common stock. 

g. 1,000,000 RMS. 
h. 1,000,000 RMS. 

i. Organized to secure outlet for products. 

a. Atlantic Refining Company of Germany, Me. 

b. 57 Exchange Street, Portland, Maine. 

c. Maine. October 15, 1929. 

d. February 8, 1932. 

e. Marketing petroleum products in Great Britain and Scandinavia. 

f. Common stock. 

g. 604 common shares, 
h. 604 common shares. 

i. To secure outlet for products. 

a. Atlantic Refining Company of North Africa 

b. Market & "D" Streets, Wilmington, Delaware. 

c. Delaware. February 18, 1936. 

d. February 18, 1936. 

e. Marketing petroleum products in North Africa. 

f. Common stock. 

g. 1,000 common shares, 
h. 1,000 common shares. 

i. Organized to secure outlet for products. 

a. Atlantic Refining Company of Spain 

b. Market & "D" Streets, Wilmington, Delaware. 

c. Delaware. Mav 9, 1923. 

d. May 9, 1923. 

e. Inactive. 

f. Common stock. 

g. 3,000 common shares, 
h. 3,000 common shares. 

i. Organized to secure outlet for products. 

a. The Atlantic Refining Company of Texas 

b. 260 South Broad Street, Philadelphia, Pa. 

c. Texas. October 12, 1934. 

d. November 7, 1934. 

e. Inactive. 

f. Common stock. 

g. 100 common shares, 
h. 65 common shares. 

i. To preempt name, in state of Texas. 

a. Atlantic West African Company, Ltd. 

b. Market & "D" Streets, Wilmington, Delaware. 

c. Delaware. December 29, 1928. 

d. May 2, 1929. 

e. Marketing petroleum products in West Africa. 

f. Common stock. 

g. 3,000 common shares, 
h. 3,000 common shares. 

i. Organized to secure outlet for products. 

a. Atreco Oel-Handels-Gesellschaft, in. b. H. 

b. Lange Muhren 9, Hamburg 1, Germany. 

c. Germanv. April 9, 1936. 

d. April 9, 1936. 

e. Inactive. 

f. Common stock. 

g. 20,000 RMS. 
h. 20,000 RMS. 

i. Organized to comply with German business practices. 



7888 CONCENTKATIOM OF ECONOMIC POWER 

a. Buffalo Pipe Line Corporation 

b. P. O. Box 3, Big Flats, New York. 

c. New York. December 26, 1936. 
.d. August 20, 1937. 

e. Transportation, as a common carrier by pipe line, of petroleum and petroleum 

products, for delivery to points in the state of New York in connection with 
through route and joint rate arrangements with other common carriers by 
pipe line, originating such shipments at points in Pennsylvania. 

f. Common stock. 

g. 10,000 common shares, 
h. 9,997 common shares. 

i. For the purpose of realizing the economies and conveniences of such trans- 
portation as compared with other methods. 

a. Campania Petrolera Carco. 

b. Edificio Metropolitana, Havana, Cuba. 

c. Cuba. August 13, 1930. 
d.. November 15, 1930. 

e. Inactive. 

f. Common stock. 

g. 10 common shares, 
h. 10 common shares. 

f. Subsidiary for Cuban operations. 

a. Companhia Portugueza dos Petroleos "Atlantic." 

b. Avenida da Liberdade 192, Lisbon, Portugal. 

c. Lisbon, Portugal. January 21, 1929. 

d. June 30, 1929. 

e. Marketing petroleum products iia Portugal. 

f. Common stock. 

g. 2,400 common shares, 
h. 2,400 common shares. 

i. Organized .to secure outlet for products. 

a. Gulf of Maracaibo Corporation. 

b. 260 South Broad Street, Philadelphia, Pa. 

c. Delaware. October 4, 1924. 

d. September 30, 1931. 

e. This company acquired certain oil rights and drilled wells in Venezuela. To 

date no commercial production has been obtained. 

f. Common stock. 

g. 500 common shares, 
h. 500 common shares. 

1. Subsidiary for "Venezuelan operations. 

a. Keystone Pipe Line Company. 

b. 260 South Broad Street, Philadelphia, Pa. 

c. Pennsylvania. May 19, 1931. 

d. June 12, 1931. 

e. Transportation, as a commoi) carrier by pipe line, of petroleum and petroleum 

products, from and to points in the state of Pennsylvania and to points in 
the states of Ohio and New York in connection with through route and joint 
rate arrangements with other common carriers by pipe line. 

f. Common stock. 

g. 17,500 common shares, 
h. 17,400 common shares. 

1. For the purpose of realizing the economies and conveniences of such transporta- 
tion as compared with other methods. 

a. Mara Oil Fields Corporation. 

b. Market & "D" Streets, Wilmington, Delaware. 

c. Delaware. August 24, 1926. 

d. October 13, 1931. 

e. This company acquired certain oil rights in Venezuela. To date no production 

has been obtained. 

f. Common stock. 

g. 1,000 common shares, 
h. 1,000 common shares. 

i. Company formed to comply with legal requirements in Venezuela for holding 
concessions on prospective oil lands. 



CONCENTRATION OF ECONOMIC POWER 7889 

a. Red "C" Oil Company. 

b. Key Highway & Lawrence Street, Baltimore, Maryland. 

c. Maryland. February 12, 1878. 

d. January 1, 1930. 

e. Inactive. 

f. Common stock. 

g. 500 common shares, 
h. 500 common shares. 

i. Securing outlet for petroleum products. 

a. The Richmond Oil Company, Inc. 

b. Old Osborne Turnpike, Pulton, Richmond, Virginia. 

c. Virginia. October 1, 1904. 

d. January 1, 1930. 

e. Inactive. 

f. Common stock. 

g. 350 common shares, 
h. 350 common shares. 

i. Securing outlet for petroleum products. 

a. Venezuelan Atlantic Refining Company. 

b. 260 South Broad Street, Philadelphia, Pa. 

c. Delaware. May 9, 1925. 

d. June 23, 1925. 

e. This company acquired certain oil rights and drilled wells in Venezuela. To 

date no commercial production has been obtained. 

f. Common stock. 

g. 1,000 common shares, 
h. 1,000 common shares. 

i. Subsidiary for Venezuelan operations. 

2. Cities Service Group 

Arkansas Fuel Oil Company, The Reporting Company. 
a. (1) Arkansas Pipeline Corporation. 

(2) Arkana Transit Corporation. 

(3) Consolidated Oil Company of Houston, Texas, 
h. (1) Shreveport, Louisiana. 

(2) Shreveport, Louisiana. 

(3) Houston, Texas. 

c. (1) Delaware — March 18, 1931. 

(2) Delaware— March 18, 1924. 

(3) Texas— February 11, 1926. 

d. (1) November 30, 1936. 

(2) November 24, 1936 by acquisition of Louisiana Oil Refining Corpora- 

tion's properties. 

(3) March 27, 1937. 

e. (1) This company is an oil pipe line gathering and transportation company 

operating under the rules and regulations' of .the Interstate Com- 
merce Commission. The company operates gathering lines in the 
East Texas and Rodessa oil fields and trunk lines from Longview, 
Texas to Shreveport, Louisiana and from Rodessa, Louisiana to Oil 
City, Louisiana. Practically all of this company's revenue is de^ 
rived from gathering and transporting of crude oil for the Arkansas 
Fuel Oil Company's account, which crude is delivered to that com- 
pany's refinery near Bossier City, Louisiana. 

(2) This company is an oil pipe line transportation company operating 

under the rules and regulations of the Interstate Commerce Com- 
mission. The company operates trunk lines from Stephens, Arkan- 
sas to Haynesville, Louisiana. 

(3) This company markets refined pertroleum products in Houston, Texas 

^nd environs and purchases practically all of its requirements from 
Arkansas Fuel Oil Company. 

f. (1) Common Stock (Voting) 100,000 shares. 

(2) Common Stock — Class "C" (Voting) 40 shares. 

(3) Common Stock (Voting) 800 shares. 

g. (1) 100,000 shares— Common Stock. 

(2) 40 shares — Common Stock — Class "B." 
40 shares — Common Stock — Class "C." 

(3) 800 shares — Common Stock. 



7890 CONCENTRATION OF FX'ONOMIC POWER 

h. (1) 100 per "cent— 100,000 shares of Common Stock. 

(2) 50 per cent — 40 shares of Common Stock Class "C." 

(3) 100 per cent — 800 shares of Common Stock. 

i. (1) Acquired in the reorganization of Louisiana Oil Refining Corporation 
under date of November 24, 1936 combining the properties of that 
Corporation with that of the reporting Company. 

(2) Acquired in the reorganization of Louisiana Oil Refining Corporation. 

(3) Acquired in the settlement of debt for refined products. 

The Cities Service Oil Co. (Pa.) . 

a. Warner-Quinlan Company of Texas. 

b. Fort Worth National Bank Building, Fort Worth, Texas, and Littlefield 

Building, Austin, Texas. 

c. Dallas', Dallas County, Texas, on April 25, 1928. 

d. June 30, 1938. 

e. The nature of the business of this corporation is to establish and maintain 

an oil business with authority to contract for the lease and purchase 
of the right to prospect for, develop and use coal and other minerals, 
petroleum and gas; also the right to erect, build and own all necessary 
oil tanks, cars and pipes necessary for the operation of the business 
of the same. The business of this corporation is transacted in Crane 
and such other Counties and parts of the State of Texas, or elsewhere, 
at which this corporation in compliance with the laws may desire to so 
transact business from time to time. The principal office of this cor- 
poration is located at Fort Worth National Bank Building, Fort Worth, 
Texas. 
The business of the corporation at present is entirely oil and natural gaso- 
line production. 

f. $10,000.00 of capital stock divided into 100 shares having a par value of 

$100.00 each. 

g. 100. 
h. 100. 

i. The interest in this corporation was acquired on June 30, 1938 through the 
merger with Cities Service Asphalt Products Cofhpany which company 
had previously acquired this interest as at October 1, 1937 pursuant to 
the amended plan of reorganization of Warner Quinlan Company, a 
Maine corporation, dated March 10, 1937 and confirmed by the United 
States District Court for the Southern District of New York on August 
27, 1937. 

a. Mexican Atlas Petroleum Company, S. A. 

b. Apartado #1033, Tampico, Mexico. (All records in the possession of Mexi- 

can Government since March 18, 1938 as a result of the Presidential 
Decree of Expropriation.) 

c. Tampico, Mexico, on April 24, 1920. 

d. June 30, 1938. 

6. As of December 31, 1938, the producing wells, files and properties of this 
company were in the possession of the Mexican Government. It should 
be noted that this company was not listed in the Decree of Expropriation 
and that therefore it is not expropriated "de jure" but "de facto." 

f. Cities Service Oil Company (Pa.) has now in its possession 46 Bearer shares, 

with a par value of 200 pesos, out of 50 authorized, the other four shares 
being directors' shares. 

g. Fifty. 

h. 46, plus 4 directors' shares of the 50 authorized. 

i. The interest in this corporation was acquired on June 30, 1938 through the 
merger with Cities Service Asphalt Products Company which company 
had previously acquired this interest as at October 1, 1937 pursuant to 
the amended plan of reorganization of Warner Quinlan Company, a 
Maine corporation, dated March 10, 1937 and confirmed by the United 
States District Court for the Southern District of New York on August 
27, 1937. 

a. Oia. Petrolera del Agwi, S. A. 

h. Apartado #1033, Tampico, Mexico. (All records in the possession of 
Mexican Government since March 18, 1938, as a result of the Presi- 
dential Decree of Expropriation.) 

c. Tampico, Mexico, on April 29, 1919. 

d. June 30. 1938. 



CONCENTRATION OF ECONOMIC POWER ygQl 

e. As of December 31, 1938, the producing wells, files and properties of this 

company were in the possession of the Mexican Government. 

f. Cities Ser"y;ice Oil Company (Pa.) has now in its possession the 6,232 

Bearer shares with a par value of 100 pesos out of an authorized total 
of 6,2S0. The balance of 18 shares are Directors' shares. 

g. 6,250. 

h. 6,232 plus 18 Directors' shares of the 6,250 shares authorized. 

i. The interest in this corporation was acquired on June 30, 1938 through 
the mergej with Cities Service Asphalt Products Company which 
company. had previously acquired this interest as at October 1, 1937 
pursuant to the amended plan of reorganization of Warner Quinlan 
Company, a Maine corporation, dated Slarch 10, 1937 and confirmed 
by the United States District Court for the Southern District of New 
York on August 27, 1937. 

Empire Gas & Fuel Company. 

a. Cities Service Oil Company (Delaware). 

b. Bartlesville, Oklahoma. 

c. State of Delaware, March 5, 1917. 

As: Empire Gasoline Company. 

Name changed to Empire Oil & Ilefining Company July 6, 1927. 

Name changed to Cities Service Oil Company July 31, 1937. 

d. May 31, 1919. 

e. Petroleum production. 
Refining — refined oil products. 

Wholesale and retail marketing of refined oil products, tires and auto- 
mobile accessories. 
Natural gasoline production. 

Treatment of natural gas for extraction of natural gasoline and other 
. products including formaldehyde, methanol and solvent. 

f. 500,000 shares Capital Stock — Common (voting), owned. After giving 

effect to reduction in Capital Stock as of December 31, 1938. 

g. 500,000 shares, 
h. 500,000 shares. 

i. The reporting company and the Cities Service Group of Companies did not 
acquire an interest in this company. They in fact organized it and 
have during ,the past nineteen or twenty years built up said company 
by acquisitions of other companies and properties including pro- 
duction, refining and marketing. 

a. Empire Pipeline Company. 

b. Bartlesville, Oklahoma. 

c. State of Delaware, August 19, 1916. 

d. May 31, 1919. 

e. The company operates gathering and trunk lines for the transportation of 

crude petroleum in the States of Kansas, Oklahoma and Texas. 

f. 45,000 shares. Capital Stock — Common (voting) owned. 

g. 45,000 shares, 
h. 45,000 shares. 

i. For purpose of transporting crude oil to our Mid-Continent Refineries. 

a. Indian Territory Illuminating Oil Company. 

b. Bartlesville, Oklahoma. 

c' State of New Jersey, December 11, 1901. 

d. Various dates from 1919 to July 1, 1929. 

e. Production and marketing of crude petroleum, natural gas, and natural 

gasoline and all other operations necessary and incident thereto. 
Produces crude petroleum in the states of Oklahoma, Kansas, Texas, 
Montana and New Mexico. Produces natural gas in Oklahoma, 
Texas, and New Mexico. Produces natural gasoline in Oklahoma. 
Also owns undeveloped leases and royalties in Arkansas, Colorado, 
Missouri, Illinois and Wyoming. Produces and sells crude petroleum, 
natural gas and natural gasoUne. 

f. 4,863,702-1%! shares Class "B" Capital Stock (voting) owned. 

g. Class "A" Stock 1,304,600 shares. 

Class "B" Stock 7,090,03&-^^ shares, 
h. 4,883,702-'%! shares. . 

i. The reporting company acquired an interest in the above company' 

primarily because this tjoippany, many years prior thereto, had secured' 



7892 CONCENTRATION OF ECONOMIC POWER 

valuable gas rights from the Federal Government covering thousands 
of acres of Osage Indian Lands in the State of Oklahoma. At that 
time the Cities Service Companies were seeking adequate gas reserves 
to be able to serve markets already established. 

a. Cities Service Gas Company. ■ 

b. BartlesviUe, Oklahoma. 

c. State of Delaware, January 18, 1922 as Empire Natural Gas Company, 

Name changed to Cities Service Gas Company July 5, 1927. 

d. January 18, 1922. 

e. The company is engaged in the production, transportation and sale of 

natural gas, operating in one or more of these branches of the industry, 
in the States of Missouri, Kansas, Nebraska, Oklahoma and Texas. 

f. 300,000 shares Capital Stock — Common (voting) owned. 

g. 300,000 shares, 
h. 300,000 shares. 

i. To acquire additional natural gas reserves, market outlets and distribution 
facilities. 

a. The Texas-Em-pire Pipe Line Company. 

b. 707 Philtower Building, Tulsa, Oklahoma. 

c. State of Delaware. November 1, 1928. 

d. November 1, 1928. 

e. The company is engaged in the transportation of crude petroleum by pipe 

line, in the States of Oklahoma, Kansas, Missouri, Illinois and Indiana. 

No gathering services are performed. 
*f. 260,000 shares Capital Stock (voting) owned, 
g. 520,000 shares, 
h. 260,000 shares. 
i. Principally to transport our oil to our East Chicago Refinery from the 

Mid-Continent Fields. 

a. The Texas-Empire Pipe Line Company of Texas. 

b. 707 Philtower Building, Tulsa, Oklahoma. 

c. State of Delaware. September 22, 1931. 

d. September 22, 1931. 

e. The Company is engaged in the transportation of crude petroleum in the 

State of Texas. No gathering services are performed. 

f. 51,750 shares Class "A" Capital Stock (voting) wned. 
56,552 shares Class "B" Capital Stock (non voting) owned. 

g. 138,000 shares, 
h. 51,750 shares. 

i. To provide an outlet on the Gulf for our production and oil purchased in 
the East Texas field, thereby making possible the sale of this oil to 
affiliated companies and others for use and export. 

a. Texas-New Mexico Pipe Line Company. 

b. Texas Company Building, Houston, Texas. 

c. State of Delaware. March 22, 1937. 

d. March 22, 1937. 

e. The Company operates trunk and gathering systems in the states of Texas 

and New Mexico for the transportation of crude petroleum. 

f. 12,000 shares Class "A" Capital Stock (voting) owned. 
12,000 shares Class "B" Capital Stock (non voting) owned. 

g. 120,000 shares, 
h. 12,000 shares. 

i. To provide an outlet on the Gulf for our production and oil« purchased in 
the West Texas field, thereby making possible the sale of this oil to 
aflaiiated companies and others for use and export. 

a. Kaw Pipe Line Company. 

b. 707 Philto#er Building, Tulsa, Oklahoma. 

c. State of Delaware. September 13, 1935, 

d. September 13, 1935. 

e. The Cogapany operates a gathering line system for the transportation of 

crude petroleum, all within the State of Kansas. 

f. 3,965 shares Class "A" Capital Stock (voting) owned. 
3,965 shares Class "B" Capital Stock (non voting) owned. 

g. 11,895 shares, 
h. 3,965 shares. 



CONCENTRATION OF ECONOMIC POWER 7393 

i. To obtain a pipe line outlet for oil produced or purchased by us in the 
State of Kansas. 

a. Great Lakes Pipe Line Company. 

b. Bryant Bldg., Kansas City, Missouri. 

c. State of Delaware. July 1930. 

d. August 16, 1938. 

e. The Company operates pipe lines for the transportation of gasoline and 

.other petroleum products. These lines originate at Oklahoma and 
Kansas refineries and have terminals at: 

Kansas City, Missouri. 

Omaha, Nebraska. 

Des Moines, Iowa. 

Coralville, Iowa. 

Chicago, Illinois. 

Minneapolis, Minnesota. 

f. 7,073 shares Capital Stock (voting) owned. 

g. 137.223 shares. 
h. 7,073 shares. 

i. To reduce cost of transportation of our products to consumers markets. 



7894 



CONCENTRATION OF ECONOMIC POWER 









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CONCENTRATION OF ECONOMIC POWER 



7895 



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7896 



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CONCENTRATION OF ECONOMIC POWER 



7897 



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7898 



CONCENTRATION OF ECONOMIC POWER 






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CONCENTRATION OF ECONOMIC POWER 



7899 



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7900 



CONCENTRATION OF ECONOMIC POWER 





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CONCENTRATION OF ECONOMIC POWER 



7901 



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124491 — 10— pt. 14-A- 



7902 



CONCENTRATION OF ECONOMIC POWER 



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Marketi 
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CONCENTRATION OF ECONOMIC POWER 



7903 



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7904 

11-11 

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CONCENTRATION OF ECONOMIC POWER 



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CONCENTRATION OF ECONOMIC POWER 



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feg«- .^PHtfWfiC o 82 



Independ 
ence, Ean 
sas 

New York 
N.Y. 


New York 
N.Y. 

Tampico 
Mexico 


NarcomisOil and Gas 
Company 

Penn Mex Fuel Com- 
pany 


Penn Fuel Lighter- 
ing & Transpor- 
tation Co., S. A. 
Compania Mexicana 
de Petroleo "El 
Charro", S. A. 



7906 



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CONCENTRATION OF ECONOMIC POWER 






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CONCENTRATION OF ECONOMIC POWER 7997 

Following is a list of all subsidiary and affiliated cot/panies at December 31, 
1938. The degree of relationship of each such company to the reporting com- 
pany is indicated by indentation from the left margin. Opposite the name of 
each subsidiary is shown the percentage of voting power (disregarding Directors' 
qualifying shares, if any) represented by securities owned by the immediately 
controlling person or persons. It is to be understood that the immediately 
controlling person is the company from which any given company's name is 
indesnted. 

Per Cent, of 
Voting Power 
Held by Im- 
mediately 
Controlling 
Person or 
Consolidated Oil Corporation: Persons 

Sinclair Prairie Oil Company _. 100 

Sinclair Prairie Oil Marketing Company 100 

Sinclair Prairie Oil Company of Louisiana, Inc 100 

Sinclair Wyoming Oil Company 100 

Repollo Oil Company 100 

Exchange Oil Company . 100 

Sinclair Refining Company 100 

Sinclair Refining Company of California 100 

Union Petroleum Company 100 

Union Petroleum Company of Pennsylvania 100 

Richfield Oil Corporation of New York 100 

Sherwood Brothers Incorporated 50 

Sherwood Brothers Incorporated 50 

Coknewango Refining Company 100 

Sinclair Refining Company of Canada, Ltd 100 

Sinclair Petroleum Company, Ltd 100 

Commonwealth Petroleum Holding Company 100 

Hughes Oil Company 100 

HyVis Oils, Inc _.--_--_. 100 

Sinclair Navigation Company _■ 100 

Consolidated Pipe Line Company _. 100 

Pierce Pipe Line Company . ^ 100 

Southwestern Development Company 51 

Amarillo Oil'Company •_ 100 

Amarillo Gas Company 100 

Panhandle Pipe Line Company : 100 

Red River Gas Company . 100 

West Texas Gas Company .100 

Dalhart Gas Company. _i 100 

Clayton Gas Company _._ 100 

Canadian River Gas Company__ 100 

Parco Oil Company, Ltd . 100 

Parcomis Oil &-Gas Company '- — ■- 51 

The Utilities Company 100 

OklaVioma Oil Management Corporation ■ 100 

Consolidated Casualty Insura,nce Company 100 

Mexican Sinclair Petroleum Corporation 100 

Compania Terminal de Lobos, S. A _._ 100 

Stanford y Com pania Sucesores -.-_ 95 

S nclair- Pierce Oil Company, S. A 100 

Stanford Y Compania Sucesores 1 5 

Penn Mex Fuel Company 87. 8 

Penn Fuel Lightering & Transportation Company, S. A 100 

Compania Mexicana de Petroleo "El Charro", S.' A 61. 9 

Sinclair Cuba Oil Company, S. A 100 

Sinclair Cuba Navigation Company 100 

Compania de Minerales Cubanos... 51 

Venezuelan Petroleum Company 52. 13 

. Compania Consolidada de Petroleo 100 

Sinclair Central American Oil Corporation ^ 97. 5 

Sinclair Panama Oil Corporation _ 100 

Venza Oil Company 100 

Companhia de Petroleo de Angola 57. 43 

Sociedade Maritima Portugueza 100 



7908 CONCENTRATION OF ECONOMIC POWEIt 

4. Continental Oil Company 

a. The Boslon-Wyoming Oil Company 

b. Ponca City, Oklahoma 

c. Arizona, August 4, 1914 

d. July 1, 1929 

e. Production and sale of crude oil within the State of Wyoming 

f. Common stock 

g. 4,761,564 shares 
h. 4,709,715 shares 

i i. To acquire additional reserves of crude oil 

a. Chappell Oil Company 

b. Ponca City, Oklahoma 

c. Wyoming, April 13, 1918 

d. July 1, 1929 

e. Production and sale of crude oil within the State of Wyoming 

f. Common stock 

g. 2,323,542 shares 
h. 2,190,907 shares 

i. To acquire additional reserves of crude oil 

a. Conoco Oil Company (Minnesota) 
h. Ponca City, Oklahoma 

c. Minnesota, March 5, 1921 

d. September 15, 1930 

e. Jobber sales of gasoline in the states of Illinois and Iowa 

f. Common stock 

g. 2,000 shares 
h. 2,000 shares 

i. To acquire additional marketing outlets. 

a. Continental Oil Company {Nevada) 

b. Ponca City, Oklahoma 

c. Nevada, December 21, 1936 

d. December 21, 1936 

e. This company is inactive 

f. Common stock 

g. 5 shares 
h. 5 shares 

i. To acquire stock of predecessor company of same name qualified to do business 
in states in which reporting company was not qualified. 

a. Continental Oil Company (Texas) 

b. Houston, Texas 

c. Texas, August 23, 1922 

d. December 24, 1937 

e. Production and sale of crude oil, principally as a result of royalty holdings, 

within the State of Texas 

f. Common stock 

g. 960 shares 
h. 960 shares 

i. To acquire mineral royalty interests and to eliminate conflict in corporate 
names. 

a. Continental Pipe Line Company 

b. Ponca City, Oklahoma 

c. Delaware, April 20, 1923 

d. April 20, 1923 

e. Gathering of crude oil by pipe line in the states of Kansas, Oklahoma, Texas, 

and Wyoming 

f. Common stock 

g. 5,000 shares 

h^ 5,000 shares (The reporting company has three endorsed shares, owned by 

ofEcPTS, in its possession), 
i. Comnion carrier pipe line, stock of which at time of organization was acquired 
fiy reporting company. 

a. Continental Steamship Company 

b. P. O. Box 1637, Baltimore, Maryland 
<J. Delaware, November 6, 1926 



CONCENTRATION OF ECONOMIC POWER yQQQ 

d. May 17. 1929 

e. Transportation of crude oil from Gulf ports to Atlantic seaboard 

f. Common stock 

g. 100 shares 
h. 100 shares 

i. Included in assets of parent company, all the assets of which were purchased 
by reporting company in 1929. 

a. Merritt Oil Corporation 

b. Ponca City, Oklahoma 

c. Maine, November 27, 1916 

d. July 1, 1929 

e. Production and sale of crude oil within the State of Wyoming 

f. Common stock 
g. 780,015 shares 

h. 778,904 5/9 shares 
i. To acquire additional reserves of crude oil 

a. Paramount- Pingree Oil Company 

b. Salt Lake City, Utah 

c. Utah, October 17, 1923 

d. July 1, 1929 

e. Marketing of petroleum products within the State of Utah 
f. Common stock 

g. 1,400 shares 
h. 1,400 shares 
i. To acquire additional marketing outlets 

a. Richardson Lubricating Company 
h. Quincy, Illinois 

c. Illinois, March 19, 1889 

d. July 31, 1932 

e. Marketing of petroleum products in the States of Iowa, Illinois, and Missouri 

f. Common stock 
g. 40,500 shares 

h. 37,182 1/3 shares 
i. To acquire additional marketing outlets 

a. Sommers Home Oil Company 

b. Denver, Colorado 

c. Colorado, July 27, 1920 

d. July 1, 1929 

e. Marketing of petroleum products in the states of Colorado and New Mexico 

f. Common stock 

g. 1,000 shares 
h. 1,000 shares 

i. To acquire additional marneting outlets 

a. Westcott Oil Company 

b. Boise, Idaho 

c. Idaho, November 22, 1920 

d. July 1, 1929 

e. Marketing of petroleum products in the states of Idaho and Oregon 

f. Common stock 

g. 3,189 shares 
h. 2,582 shares 

i. To acquire additional marketing outlets 

a. The Buck Creek Oil Company 
h. Ponca City, Oklahoma 

c. Wyoming, June 14, 1917 

d. July 1, 1929 

e. Production and sale of crude oil within the State of Wyoming 

f. Common stock 
g. 3,000,000 shares 
h. 2,179,618 shares 

i. To acquire additional reserves of crude oil 
■ Fort Collins Producing Corporation 

b. Ponca City, Oklahoma 

c. Colorado, July 2, 1924 

d. July 1, 1929 



7910 CONCENTRATION OF ECONOMIC POWER 

e. Production and sale of crude oil within the State of Colorado 

f . Common stock 

g. 400,000 shares 
h. 360,614 shares 

i. To acquire additional reserves of crude oil 

a.. Merrico Royalties Company 

b. Ponca City, Oklahoma 

c. Wyoming, June 1, 1917 

d. October 31, 1934 

e. Production and sale of crude oil, principally as a result of royalty holdings, 

within the State of Wyoming 

f. Common stock 

g. 3,000,000 shares 
h. 2,179,618 shares 

i. To acquire additional reserves of crude oil 

a. New Mexico Pipe Line Company 

h. Ponca City, Oklahoma 

c. New Mexico, August 18, 1925 

d. July 1, 1929 

e. Gathering of crude oil by pipe lines in the State of New Mexico 

f. Common stock 

g. 15,000 shares 
h. 7,500 shares 

i. To acquire additional oil pipe line transportation facilities 

a. Reagan County Purchasing Company, Inc. 

h. Fort Worth, Texas 

c. Delaware, November 21, 1924 

d. December 8, 1924. 

e. Gathering system for purchasing crude oil from producers in Big Lake field 

in State of Texas . 

f. Common stock 

g. 10,000 shares 
h. 7,550 shares 

i. To establish a market for the crude oil in the Big Lake field which was pre- 
viously without a market 

a. Rocky Mountain Pipe Line Com,pany 

b. Denver, Colorado 

c. Delaware, July 11, 1938 

d. August, 1938. 

e. Transportation of crude oil by pipe line from Lance Creek field in Wyoming 
• to Cheyenne, Wyoming, and Denver, Colorado 

f. Common stock 

g. 3,000 shares 
h. 1,650 shares 

i. To provide a means of transporting, by pipe line, crude oil produced in Wyo- 
ming belonging to reporting company and others. 

a. The Standard Shale Products Company 

b. Ponca City, Oklahoma 

c. Colorado, May 26, 1919 

d. July 1, 1929 

e. Owner of oil shale lands in State of Colorado 

f. Common stock 

g. 700,480 shares 
h. 374,154 shares 

i. To acquire additional reserves of crude oil. 

a. Texon Oil & Land Company 

b. Fort Worth, Texas 

c. Delaware, April 24, 1919 

d. During the year 1929 

e. A holding company of crude oil producing companies 

f. Common stock 

g. 936,024,044 shares 
h. 539,655 shares 

i. To acquire, indirectly, additional reserves of crude oil. 



CONCENTRATION OF ECONOMIC POWER 7911 

a. Texon Oil and Land Company of Texas 

b. Fort Worth, Texas 

c. Texas, January 1, 1925 

d. During the year 1929 

e. Production and sale of crude oil in the States of Kansas and Texas, and opera- 

tion of an oil pipe line gathering system in State of Texas. 

f. The reporting company has an indirect interest, through an affiliate, Texon 

Oil & Land Company, whicli controls Texon Oil and Land Company of 
Texas through common stock holdings 

g. 1,000 shares 
h. 1,000 shares 

i. To acquire additional reserves of crude oil. 

a. Group No. 1 Oil Corporation 

b. Forth Worth, Texas 

c. Delaware?, October 10, 1923 

d. During the year 1929 

e. Production and sale of crude oil 'within the states of Kansas and Texas 

f. The reporting company has an indirect interest through an affiHate, Texon 

Oil & Land Company, which controls Group No. .1 Oil Corporation through 
common stock holdings 

g. 2,048 shares 
h. 1,477 shares 

i. To acquire additional reserves of crude oil. 

a. Group No. 2 Oil Corporation 

b. Forth Worth, Texas 

c. Delaware, October 22, 1921 

d. During the year 1929 

e. Production and sale of crude oil within the states of Kansas and Texas 

f. The reporting company has an indirect interest through an affiliate, Texon 

Oil & Land Company, which controls Group No. 2 Oil Corporation through 
common stock holdings 

g. 485,000 shares 
h. 383, 703 shares 

i. To acquire additional reserves of crude oil. 

a. Continental Carbon Company 

b. 295 Madison Avenue, New York, New York 

c. Delaware, November 5, 1936 

d. November 5, 1936 

e. Manufacture of carbon black from natural gas in state of Texas 

f. Common stock 

g. 2,000 shares 
h. 400 shares 

i. To acquire an outlet for natural gas 

a. The Lubri-Zol Development Corporation 

b. Cleveland, Ohio 

c. Delaware, December 4, 1935 

d. February 8, 1936 

e. Ownership and development of patents covering manufacturing processes in 

the petroleum industry 

f . Common stock 

g. 100 shares 
h. 50 shares 

i. To acquire an interest in patent rights. 

a. Great Lakes Pipe Line Company 

b. Kansas City, Missouri 

c. Delaware, July 17, 1930 

d. January 29, 1931 

e. Transportation of gasoline by pipe lines from various points in Oklahoma to 

terminal points in Kansas, Missouri, Iowa, Nebraska, Illinois, and Minne- 
sota for reshipment by rail. 

f. Common stock 

g. 137,223 shares 
h. 40,035 shares 

i. To acquire gasoline pipe line transportation facilities in order that Oklahoma 
refineries might compete with northern refineries supplied with crude oil by 
pipe lines. 



7912 CONCENTRATION OF ECONOMIC POWER 

a. Consolidated Oil Companies of Mexico, S. A. 

b. (The properties of this company and of its subsidiaries were expropriated by 

the Government of Mexico during 1938) 

a. Continental Oil Company of Mexico, S. A. 

(The properties of the Mexican Companies were expropriated by the Gov- 
ernment of Mexico during 1938). 

a. Hudson's Bay Oil and Gas Company 

b. Winnipeg, Manitoba, Canada 

c. Canada, November 6, 1926 

d. February 14, 1927 

e. Development of mineral lands within the Dominion of Canada 

f. Common stock 

g. 250,000 shares 
h. 125,000 shares 

i. To acquire additional prospective oil and gas acreage 

Subsidiaries and affiliates of Continental Oil Company and other companies in which 
stock was held as at December SI, 19S8 



Per Cent of 
Voting Stock 
Held Directly 
by Contin- 
ental Oil 
Company 



Per Cent 
of Voting 
Stock Held 
by Sub- 
sidiary 



The Boston-Wyoming Oil Company 

The Buck Creek Oil Company — 

Chappell Oil Company 

Conoco Oil Company (Minnesota) 

Continental Carbon Copany 

Continental Oil Company of Mexico, S. A... 

Consolidated Oil Companies of Mexico, S. A.i 

Compania Petrolera Aldamasy Bravo, S. A.« 

Compania Petrolera Franco-Espanola, S. A.» 

Consolidated Oil Companies of Mexico, S. A.> 

Continental Oil Company (Nevada) 

Continental Oil Company (Texas) 

Continental Pipe Line Company 

Continental Steamship Company.. 

Fort Collins Producing Corporation 

Great Lakes Pipe Line Company 

Hudson's Bay Oil and Gas Company, Ltd 

The Lubrl-Zol Development Corporation 

Merrico Royalties Company 

Merritt Oil Corporation 

New Mexico Pipe Line Company..... 

Paramount-Pingree Oil Company 

Reagan County Purchasing Company, Inc.'. 

Richardson Lubricating Company 

Rocky Mountain Pipe Line Company 

Sommers Home Oil Company 

The Standard Shale Products Cor_pany 

Texon Oil & Land Company 

Big Lake Oil Company i 

Reagan County Purchasing Company, Inc.' 

Reagan County Purchasing Company, Inc.'... 

Group No. 1 Oil Corporation '.. 

Big Lake Oil Company ' 

Reagan County Purchasing Company, Inc.' 
Reagan County Purchasing Company, Inc.' — 

Group No. 2 Oil Corporation ' 

Reagan County Purchasing Company, Inc.'..,. 

Texon Oil and Land Company of Texas ' 

Westcott Oil Company 



98.91 
72.66 
94.29 
100 
20 
94.96 




72. < 
100 
97. ( 



4.69 
24.50 

9.87 
72.12 
20.31 
24.50 

9.19 
79.11 

5.44 
100 



Continental Oil Company's equity In these companies is as follows: 





Direct 


Indirect 


Total 






11.16 
77.64 
76.22 
69.26 
41.58 
45.61 
14.72 
57.65 


11. 1' 


Compania Petrolera Aldamas y Bravo, S. A 

Compania Petrolera Franco-Espanola, S. A 

Consolidated Oil Companies of Mexico, S. A 


8.'29" 


77. .'•• 
76.2 
77.64 
41.68 






46.61 


Reagan County Purchasing Company, Inc 


61 


66.72 




67.65 









CONCENTRATION OF ECONOMIC POWER 



7913 






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7914 



CONCENTRATION OF ECONOMIC POWER 



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CONCENTRATION OF ECONOMIC POWER 



7915 



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7916 



CONCENTRATION OF ECONOMIC POWER 



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CONCENTRATION OF ECONOMIC POWER 
7. The Ohio Oil Company 



791 



a. 

Name 


b. 

Address 


c. 

Place and Date of 
Incorporation 


d. 

Date of Acquisition 
of Interest 


The niinois Pipe Line Co 


Findlay, Ohio 


Ohio 11/28/14 

Mont. 9/30/12 

Wyo. 11/12/21 _.*... 

Wyo. 9/4/12 

Del. 3/15/24 

Maine 3/-/27 

Del. 10/30/26- 

Mexico 7/7/26 

Del. 4/22/19 

Del. 3/21/21 

Mont. 10/7/25 

Colo. 9/11/35 .- 


March 15, 1930 ' 


Billings Qas Co 


Billings, Mont 


December 7, 1921 


The Rocky Mountain Gas Co 


Casper, Wyo 


November 12, 192: 


Enalpac Oil & Qas Co 


Casper, Wyo 


August 3, 1927 


Arkana Transit Corporation 

The Big Horn Gas Co 

The Mexico-Ohio Oil Co 






Hasin, Wyo. 

Findlay, Ohio 


September 12, 1927 
November 24, 1926 


The Ohio-Mexico Oil Corp. S. A.2- 


Saltillo, Coahuila, Mex.... 
Findlav, Ohio 


November 26, 1926 


Transark Oil & Qas Co 

The Treasure State Pipe Line Co. 
The General Geophysical Co 


Shreveport, La 

Sunburst, Mont 


August 14, 1930 
June 10. 1927 







' Majority interest acquired as of March 15, 1930. Additional shares subsequently acquired. 
' Subsidiary of The Mexico-Ohio Oil Company. 

!. The Illinois Pipe Line Company. — Gathering and transportation of crude oil 
by pipe lines in the states of Ohio, Indiana, Kentucky, Illinois, Wyoming, 
Montana, and Texas. 

Billings Gas Company. — Purchase, transportation and distribution of natural 
gas. Gas purchased from the Elk Basin Field, Park County, Wyoming, at 
the Montana- Wyoming state line and distributed to consumers in the City 
of Billings, Montana and smaller neighboring towns and communities. 

The Rocky Mountain Gas Company. — The production, purchase, transportation 
and distcibution of natur^-l gas. Gas obtained from various fields in Wyo- 
ming and transported to and distributed in the towns of Powell, Rawlins, 
Cody, Lovell, Meteetse, Laramie and Medicine Bow, Wyoming. Company 
also distributes natural gas in Craig, Colorado, the supply being obtained 
from the Craig and Thornburg fields. 

Enalpac Oil and Gas Company.- — Production of oil and gas in the Oregon Basin 
Field, Park County, Wyoming. 

Arkana Transit Corporation. — Transportation of crude oil by pipe line. Line 
runs from Stephens Pool in Stephens County, Arkansas to Haynesville, 
Louisiana. 

The Big Horn Gas Company. — The purchase, transportation and distribution of 
natural gas. Gas is obtained fropi the Little Buffalo Field in Park County, 
Wyoming, transported to and distributed in "the towns of GreybuU, Basin 
and a few other small communities in Wyoming. 

The Mexico-Ohio Oil Company. — Holding Company. Holds all of the capital 
stock except 800 qualifying shares of The Ohio-Mexico Oil Corporation, 
S. A., a Mexican corporation. 

77ie Ohio-Mexico Oil Corporation, S. A. — Holds oil and gas concessions fin the 
State of Tamaulipas, Mexico, from which natural gas is produced and sold 
to the Cia Mexicana de Gas, S. A. for transportation to and distribution in 
the City of Monterey, Mexico. 

Rock River Petroleum Company. — Conducts no operations, but holds mineral 
and royalty interests in properties located in the Rock River Field, Wyoming. 

Transark Oil and Gas Company. — Production of naturapgas from property 
located in Little Polecat Field, Park County, Wyoming. 

The Treasure State Pipe Line Company.- — The purchase and transportation of 
natural gas. Gas obtained from the Sunburst and Buckley areas in Toole 
County, Montana, and transported to various small communities in that 
area. 

The General Geophysical Company. — The conduct of geological surveys and 
geophysical work for the purpose of locating oil and gas structures. 



124A91 -to — pt - 14 -t4 15 



7918 



CONCENTRATION OP ECONOMIC POWER 



Nature of 
Interest Owned 



Voting Stock 
Outstanding 



Voting Shaiei 
Owned or 
Controlffed 



The Illinois Pipe Line Co 

Billings Gas Co 

The Rocky Mountain Gas Co 

Enalpac Oil & Gas Co 

Arkana Transit Corporation 

The Big Horn Gas Co 

The Mexico-Ohio Oil Co 

The Ohio-Mexico Oil Corp., S. A. 

Rock River Petroleum Co 

Transark Oil & Gas Co: 

The Treasure State Pipe Line Co. 
The General Geopjhysical Co 



Capital Stock. 



200,000 

12,000 

12, 0.50 

50,000 

100 

900 

500,000 

500,000 

10,000 

1,000 

150,000 



199,604 
11,995 
12.045 
48, 742 



365,827 
'■ 499, 200 



• Owned by The Mexico-Ohio Oil Co. 
i. The Illinois Pipe Line Company.-^To acquire control of transportation facilities 

in order to insure an outlet for the sale of our own crude oil production, and 

for transportation to our own refineries, and for the profit to be derived from 

the pipe line transportation business. 
Billings Gas Company. — To provide a market for natural gas developed at Elk 

Basin, Wyoming. 
The Rocky Mountain Gas Company. — To provide a market for a developed 

supply of gas. 
Enalpac Oil and Gas Company. — To provide oil and gas reserves. 
Arkana Transit Corporation. — Acquired in property trade. 
The Big Horn Gas Company. — To provide a market for a developed supply of 

gas. 
The Mexico-Ohio Oil Company. — To enable operations to be conducted for the 

development of oil and gas production in Mexico. 
The Ohio-Mexico Oil Corporation, S. A. — To prospect for oil and gas in Mexico. 
Rock River Petroleum Company. — Acquired in trade of properties. 
Transark Oil and Gas Company. — This interest was formerly owned by Trans- 
continental Oil Company. Same was acquired by The Ohio Oil Company 

in Augast, 1930 through the acquisition of all of the assets and properties of 

Transcontinental Oil Company. 
The Treasure State Pipe Line Company. — Through associates in Montana was 

induced to take an interest in this company as offering favorable possibilities 

for profit. 
The General Geophysical Company. — To aid the Company in locating possible 

oil bearing structures. 

8. Phillips Petroleum Company 

a. Phillips Petroleum Company (Reporting Company) 

b. Bartlesville, Okla. 

c. Delaware — June 13, 1917 
d. 



f. 



4,449,052 



a. Alco Royalty Corporation 

b. BartlesvUle, Okla. 

c. Delaware— November 22, 1926 

d. May 81, 1935 

e. Operatioif'CT an oil and gas lease. in Gregg pounty, Texas. 

f. Capital stock 

g. 500 
h. 500 

i. For the purpose of efficiently organizing and conducting its operations in the 
various branches of the petroleum industry. 

a. Illana Company 

b. Bartles^ille, Okla. 

c. Delaware — NoveTnb,er 7, 1938 



CONCENTRATION OF ECONOMIC POWER 7919 

d. Nov. 14, 1938 

e. Not yet in operation 

f. Capital stock 

g. 1,000 
h. 1,000 

i. For the purpose of efficiently organizing and conducting its operations in the 
various branches of the petroleum industry 

a. Independent Natural Gas Company 

b. BartlesvUle, Okla. 

c. Delaware — February 13, 1934 

d. February 19, 1934 

e. Buying, selling, transporting and distributing natural gas in the Mid-Continent 

area, and tank car sales of refined products 

f . Capital stock 

g. 1,000 
h. IjOOO 

i. For the purpose of efficiently organizing and conducting its operations in the 
various branches of the petroleum industry. 

a. Independent Oil and Gas Company 

b. Bartlesville, Okla. 

c. Delaware — December 29, 1936 

d. January 2, 1937 

e. Inactive 

f. Capital stock 
g. 1,000 
h. 1,000 

i. For the purpose of efficiently organizing and conducting its operations in the 
various branches of the petroleum industry. 

a. Perco, Incorporated 

b. Bartlesville, Okla. 

c. Delaware — October 1, 1935 

d. 0.ctober 15, 1935 

e. Licensing agent for patents 

f . Capital stock 

g. 10 

h. 10 . 

i. For' the purpose of efficiently organizing and conducting its operations in the 
various branches of the petroleum industry. 

a. Philgas Company 

b. Bartlesville, Oklahoma 

c. Delaware — January 26, 1937 

d. February 1, 1937 

e. Inactive 

f. Capital stock 
g. 100 
h. 100 

i. For the purpose of efficiently organizing and conducting its operations in the 
various branches of the petroleum industry. 

a. Phillips Pipe Line Company 

b. Bartlesville, Oklahoma 

c. Delaware— May 6, 1930 

d. July 20, 1932 

e. Transportation of gasoline by pipe line from Borger, Texas to East St. Louis, 

Illinois and intermediate points 
f. Capital stock 
g. 1,000,000 
h. 1,000,000 

i. For the purpose of efficiently organizing and conducting its operations in the 
various branches of the petroleum industry. 

a. Standish Pipe Line Company 

b. Bartlesville, Oklahoma 

c. Delaware— May 17, 1933 

d. May 31, 1933 

e. Gathering and transporting of crude oil bv m'ne line in the Mid-Continent area 

f. Capital stock 

g. 250.000 



7920 CONCENTRATIOX OF ECONOMIC POWER 

h. 250,000 

i. For the purpose of efficiently organizing and conducting its operations in the 
various branches of the petroleum industry. 

a. Manhattan Oil Company of South Dakota 

b. Bartlesville, Okla. 

c. South Dakota^December 8, 1919 

d. October 1, 1980 

e. Inactive 

f . Capital stock 
g. 2,654 
h. 1,889 

i. For the purpose of efficiently organizing and conducting its operations in the 
various branches of the petroleum industry. 

a. Clark Bottom Hole Intermitter Company 

b. Bartlesville, Oklahoma 

c. Oklahoma— March 18, 1935 

d. January 23, 1937 

e. Inactive. 

f. Capital stoek 
g. 320 

h. 163 

1. For the purpose of efficiently organizing and conducting its operations in the 
various branches of the petroleum industry 

a. Western Radio Telegraph Company 

b. Bartlesville, Okla. 

c. Delaware — January 5, 1929 

d. January 5, 1929 and January 1, 1933 

e. Radio communication 

f. Capital stock 

g. 5,000 
h. 5,000 

i. For the purpose of efficiently organizing and conducting its operations in the 
various branches of the petroleum industry. 

(COMPANIES NOT SUBSIDIARIES NOR AFFILIATES) 

a. Columbian- Phillips Company 

b. 41 East 42nd Street, New York, N. Y. 

c. Delaware — FebrUarv 11, 1937 

d. March 8, 1937 to July 21, 1937 

e. 'Engaged in the manufacture of carbon black, the principal raw material 

being natural residue gas after extraction of natural gasoline. Plants are. 
located in the Panhandle area of Texas, except one, located at Eliasville, 
Texas. 

f. Capital stock 

g. 3,400 
h. 1,70(/ 

1. To assure a stabilized dutlet for residue gas remaining after extraction of 
natural gasoline content, 

a. Moore County Carbon Company 

b. Bartlesville, Okla. 

c. Delaware — January 20, 1937 

d. January 20, 1937 

e. Engaged in the manufacture of carbon black, the principal raw material being 

natural residue gas after extraction of natural gasoline. Plants are located 
in the Panhandle area of Texas, except one, located at Eliasville, Texas. 

f. Capital stock 

g. 2,000 
h. 1,000 

1. To assure a stabilized outlet for residue gas remaining after extraction of 
natural gasoline content. 



CONCENTRATION OF ECONOMIC t'OWER 792 1 

a. Panhandle Carbon Company 

b. 295 Madison Avenue, New York, N. Y. 

c. Louisiana — October 5, 1928 

d. October 1, 1936 

e. Engaged in the manufacture of carbon black, the principal raw material being 

natural residue gas after extraction of natural gasoline. Plants are located 
in the Panhandle area of Texas, except one, located at Eliasville, Texas. 

f. Capital stock 
g. 2,500 

h. 1,250 

1. To assure a stabilized outlet for. residue gas remaining after extraction of 
natural gasoline content. 

a. Texas-Elf Carbon Company 

b. 77 Franklin Street, Boston, Mass. 

c. Delaware, January 14, 1926 

d. January 15, 1926 

e. Engaged in the manufacture of carbon black, the principal raw material being 

natural residue gas after extraction of natural gasoline. Plants are located 
in the Panhandle area of Texas; except one, located at Eliasville, Texas. 

f. Capital stock 

g. 5,000 
h. 2,500 

i. To assure a stabilized outlet for residue gas remaining after extraction of natural 
gasoline content. 

a. Southern Phillips Corporation 

b. 411 No. Broadway, Corpus Christi, Texas. 

c. Delaware Januar}- 26, 1938 

d. January 26, 1938 

e. Purchasing, marketing and tran-sporting of crude oil in southern Texas. 

f. Capital stock 
g. 1,000 

h. 500 
i. Investment. 

a. Kaw Pipe Line Company 

h. Tulsa, Oklahoma 

c. Delaware — Septem'ber 13, 1935 

d. September 13, 1935 

e. Transportation of crude oil by pipe line within the State of Kansas 

f. Capital stock 
g. 11,895 

h. 3,965 
i. Investment 

a. Okmulgee Northern Railway Company 
h. Okmulgee, Oklahoma 

c. Oklahoma — December 15, 1915 

d. February 26, 1935 

e. Operation of railroad between Okmulgee and Okmulgee northern junction — 

distance of 9.9 miles 

f. Capital stock 

g. 36,300 
h. 15,000 

i. Investment 

a. Reda Pump Company 

b. Bartlesville, Oklahoma 

c. Delaware— March 17, 1930 

d. August 26, 1935 

e. Manufacturing, selling and leasing oil well pumping equipment in the Mid- 

Continent area 



7922 CONCENTRATION OF ECONOMIC POWER 

f.- Capital stock 
g. 539,591 
h. 172,950 

i. To assure the development and manufacture of oil field equipment used 
extensively by the reporting company 

a. Riss & Company, Inc. 
h. Kansas City, Missouri 

c. Colorado— October 7, 1927 

d. April 12, 1937 

e. Operates as a common carrier of freight by truck with terminals at Chicago, 

St. Louis, Kansas City, Denver, Denison, Tulsa and Oklahoma City 

f. Capital stock 
g. 100,000 

h. 39,551 
i. Investment 

a. Great Lakes Pipe Line Company 
h. Kansas City, Missouri 

c. Delaware— Jul v 17, 1930 

d. January 29, 1931 to Dec. 8, 1938 

e. Transporting gasoline by pipe line from points in Oklahoma and Kansas to 

terminals in Iowa, Nebraska, Minnesota and Illinois 

f . Capital sto^ck 

g. 137,223 
h. 6,847 

i. Investment 

a. Polymerization Process Corporation 

b. Jersey City, N. J. 

c. Delaware — September 3, 1935 

d. September 3, 1935 

e. This company licenses patents on gas ploymerization 

f . Capital stock 

g. 500 
h. 100 

i. To promote the objective of licensing the polymerization process to the 
industry 

a. Halliburton Oil Well Cementing Company 

b. Duncan, Oklahoma 

c. Delaware — July 1, 1924 

d. August 23, 1926 

e. Cementing and acidizing oil wells and manufacturing oil field specialties. 

f. Capital stock 

g. 3,280 
h. 200 

i. Investment 

a. Petroleum Industry Exhibition, Inc. 

b. New York, N. Y. 

c. Delaware— Jul V 30, 1937 

d. August 24, 1938 

e. Advertising service in connection with New York World's Fair 

f. Capital stock 
g- 150 

h. 10 
i. To secure adequate advertising representation 

a. Suburbay, Gas Company 
h. Livingston, N. J. 

c. New Jersey — 1929 

d. February 1, 1932 

e. Distributors of liquified gas and appliances 

f. Preferred Stock — 75 shares 

g. Not available 
h. None 

i. Investment 



CONCENTRATION OF ECONOMIC POWER 7923 

a. United Cities Utilities Company 

b. Chicago, Illinois 

c. Not available 

d. April 19, 1932 

e. Not available 

f. Bonds— par value $600 

g. This company declined to furnish infromation requested 
h. This company declined to furnish information requested 
i. Received in settlement of accounts receivable, not otherwise collectible, 

a. American National Bank 

b. Indianapolis, Indiana 

c. Indiana— August 23, 1933 
d; August 23, 1933 

e. General banking 

f. Common stock 

g. 100,000 
h. 28 

i. Received -as part settlement of claim against a closed bank. 

a. Glohe and Rutgers Fire Insurance Company 

b. Ill William Street, New York N. Y. 
0. New York— February 9, 1899 

d. February 4, 1935 

e. General fire and allied lines insurance 

f. Preferred Stock — 8 shares 

g. Com. 80,000 
h. None 

i. Received as part compensation for fire loss, not collectible otherwise. 

a. Quincy Memorial Bridge Company 

h. Quincy, Illinois 

c. lUinois— June 26, 1928 

d. March 12, 1934 

. e. Operation of toll bridge across Mississippi River at Quincy, Illinois 

f. Preferred stock 

g. Pref. 3,620; Com. 10,000 
h. 5 Pref. 

i. To assist in financing a bridge, investment made by Armould Oil Company 
whose assets were later acquired by reporting company 

a. Reisterstown Savings Bank 

b. Reisterstown, Md. 

c. Maryland — 1901 

d. September 18, 1933 

e. Banking 

f. Capital stock 

g. 5,000 
h. 11 

i. Received as part settlement of claim against a closed bank. 

a. Union National Bank 

b. Kansas Citv, Mo. 

c. Missouri— July 22, 1933 

d. July 22, 1933 

e. Banking 

f. Common stock 

g. 100,000 
h. 741 

i. Investment 



7924 CONCENTRATION OF ECONOMIC POWER 

The following chart is submitted: 

Reporting Company — Phillips Petroleum Company (parent company) 





Per Cent of Stock 
owned by 




Reporting 
Company 


Subsidiary 


Subsidiaries (and "sub-subsidiaries"): 
Alco Royalty Corporation 


100 
100 
100 
100 
100 




Illana Company 




Independent Natural Qas Company 




Independent Oil and Gas Company (inactive) 




Perco Incorporated 




Clark Bottom Hole Intermitter Company (inactive) ' 


50.94 


Philgas Company (inactive) 


100 
100 
100 
100 
71.18 

60 
60 
50 
50 
33^ 
20 
4.99 




Phillips Pipe Line Company 




Standish Pipe Line Company 




Western Radio Telegraph Company 




Manhattan Oil Company of South Dakota (inactive) 




Other Companies (engaged in some phase of the petroleum industry, and in 
which the reporting company owns a material interest): 
Columbian Phillips Company 




Moore Countv Carbon Company 




Texas-Elf Carbon Company 




Southern Phillips Corporation 




Kaw Pipe Line Company 




Polymerization Process Corporation 













i Subsidiary of Perco Incorporated. 



CONCENTRATIOJSI OF ECONOMIC POWER 



7925 



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7926 



CONCENTRATION-OF ECONOMIC POWER 



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CONCENTRATION OF ECONOMIC POWER 



7927 













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7928 



CONCENTRATION OF ECONOMIC POWER 









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CONCENTRATION OF ECONOMIC POWER 



7929 



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7930 



CONCENTRATION OF ECONOMIC POWER 









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■a t I 



CONCENTRATION OF ECONOMIC POWFR 7931 

(e) Detailed statement as to the nature of the business conducted, where con- 
ducted, and desCTiption of the commodities manufactured or handled or services 
rendered. 

Ans. 

1. For- subsidiaries: 

The following is a list of subsidiaries of the reporting company, as of 
December 31, 1938, engaged principally in the marketing of refined petro- 
leum products (gasoline, kerosene, fuel oil, motor oils, greases, etc.) showing 
where such marketing is conducted : 

Name of Subsidiary Where Business is Conducted 

Allen Petroleum Corporation Delaware and Marjdand 

American Oil Company Mississippi 

Bartron Petroleum Corporation New Jersey 

Colonial Oil Company, Incorporated North Carolina aiid Virginia 

Johnson Oil Company Michigan 

Main Oil Company Michigan 

Mid-South Oil Company Arkansas, Mississippi and' Tennessee 

Peconic Oil Corporation New York 

Pontiac Oil and Gas Company Michigan 

Pure Oil Co. of the Carolinas, Inc. North Carolina and South Carolina 

Pure Oil Company of Tennessee Tennessee & Virginia 

Cherokee Oil Company, Incorporated Tennessee 

Pure Oil Distributing Company Texas and Louisiana 

Pure Oil Products Company lUinois 

Puritan Petroleum Corporation Pennsylvania 

Seaboard Oil Company Florida 

Shaw Brothers Oil Company Florida 

Sherrill Oil Company Alabama and Florida 

Summerfield Oil Company Michigan 

West-Harden Oil Company Virginia 

Woco Pep Company of Tuscaloosa Alabama 

WoflFord Oil Company of Georgia Georgia, North Carolina and South 

Carolina 

Central Oil Company, Inc. Georgia 

Cape Fear Terminal Company North Carolina 

Finance Company of the Carolinas, North Carolina 
Incorporated 

Subsidiaries of the reporting company, as of December 31, 1938, other 
than those engaged in marketing operations, are listed below showing the 
nature of the business conducted, where conducted, and a description of the 
commodities handled or services rendered, by subsidiaries: 

Detroit Southern Pipe Line Company and 
Toledo Northern Pipe Line Companj': 

These companies own and operate a gasoline pipe line connecting 
the refineries of the reporting company, the Sun Oil Company, and the 
Gulf Refining Company at Toledo, Ohio to their respective terminals 
at Hamtramck (Detroit), Michigan. 

Mountain State Gas Company: 

This company owns and operates a crude oil pipe line from the pro- 
ducing fields of the reporting company in West Virginia to the refinery 
at Cabin Creek, West Virginia. 

Muskingum Oil and Gas Company: 

This company owns natural gas rights in the State of Ohio and sells 
the gas to wholesale customers in that state. 

Orinoco Oil Company: 

The Orinoco Oil Company holds under commission from the Vene- 
zuelan government approximately 61,400 acres in the Lake Maracaibo 
district of Venezuela, which acreage is mainly undeveloped. 



7032 CONCENTRATION OF ECONOMIC POWER 

Pure Oil Pipe Line Company (Pennsylvania): 

This company owns a crude oil pipe line extending from Millway, 
Pennsylvania to Marcus Hook, Pennsylvania. Since June 1938 no 
oil has been transported. 

Pure Transportation Company: 

This company owns and operates crude oil pipe lines in the state of 
Louisiana, Michigan, Oklahoma and Texas. Operations consist of 
gathering and transporting crude oil from the producing fields of the 
reporting company and others either directly to refineries of the report- 
ing company, to lines of other pipe line companies, or to water trans- 
portation facilities. 

Puritan Agency, Incorporated: 

This company conducts an insurance agency and brokerage business. 
Puritan Agency; Incorporated of Illinois: 

This company conducts an insurance agency and brokerage business. 
Sabine Transportation Company, Inc.: 
■ Owns and operates ocean tankers, barges and tugs. It transports 
crude and refined oils for the reporting company and others between 
gulf coast ports and from gulf coast to North Atlantic ports; it also 
transports crude and refined oil on inland waterways in Texas and 
liouisiana. 

United States Pipe Line Company: 

This company owns and operates a gasoline pipe line connecting 
terminals of the reporting company located in Pennsylvania. 

Van Salt Water Disposal Company: 

This company gathers and disposes of the salt water produced in the 
production of crude oil by the reporting company in the Van and Carroll 
fields located in Van Zandt County, Texas. 

Wabash Pipe Line Company: 

This company owns and operates a crude oil pipe line extending from 
the reporting company's producing field in southeastern Illinois to 
Martinsville, Illinois. It connects with pipe line facilities of other 
companies. 

2. For associated companies: 

Ajax Pipe Line Corporation: 

This company owns and operates a crude oil pipe line carrying crude 
oil from Mid-Continent fields to the vicinity of Wood River, Illinois, 
when.it connects with the pipe lines of other companies. 
American Mineral Spirits Company: 

This company conducts a wholesale business in naphthas, solvents, 
domestic and industrial fuel oils, etc., in the eastern, east central, sputh 
Atlantic and gulf cdkst states. 
Bell General Transit Corporation: 

This company owns and operates a crude oil pipe line extending 
from Overton, Texas, to Bullard Station, Texas, where it connects 
with the main pipe line of Pure Transportation Company, a wholly- 
owned subsidiary of the reporting company. . 
Delaware Consolidated Oil Company: 

This company owns and operates producing oil leases in the Delaware 
Extension, Nowata County, Oklahoma. 
Fuel Oil Corporation: 

This company conducts a retail and wholesale business in domestic 
and industrial fuel oils in Detroit, Michigan and vicinity: 
Gasoline Antioxidant Company: 

This company owns antioxidant, patent rights used in the processing 
of gasoline. 
Gray Processes Corporation:' 

This company owns patent rights covering clay treating process used 
in the manufacture of gasoline. 



s 



CONCENTRATION OF ECONOMIC POWER 7933 

Great Lakes Transport Corporation: 

This company owns and operates tankers and barges used in trans- 
orting crude oil and refined petroleum products on the Great Lake$. 

yro Process Company: 

This company holds patent rights covering the "Gyro Process" used 
in the refining of crude ofl and manufacture of gasoline. 
Hickok Oil Corporation: 

This company is engaged in the marketing of refined petroleum 
products "(gasoline, motor oils, greases, etc.) in Ohio and Michigan. 
Oelwerke Julius Schlindler, G. m. b. H.: 

This company processes and refines top crude oil producing medical 
and technical white oils, transformer oils and heavier lubricants, which it 
sells in a world-wide market. 
Sherrill Terminal Company: 

This company owns and operates a terminal for the storage of gasoline 
and fuel oils at Pensacola, Florida. 

3. For miscellaneous security investments of The Pure Oil Company: 

City National Bank and Trust Company of Chicago: 

This is a national bank located un the City of Chicago, Illinois. 
Cosden OU Company: 

This company produces, refines and markets petroleum and petroleum 
products, chiefly in the state of Texas. 
Great Lakes Pipe Line Company: 

This company owns and operates a gasoline pipe line extending 
from Muskogee, Oklahoma, to Minneapolis, Minnesota, with inter- 
mediate terminal facilities at Kansas City and Des Moines and branch 
lines to Omaha and Chicago. 
Halliburton Oil Well Cementing Company: 

This company is engaged in the buisness of cementing oil wells and 
the manufacture and sale of oil well supplies principally in Oklahoma 
and Texas. 
Hydro Patents Company: 

This company owns patents covering hydrogenation processes for the 
manufacture of gasoline. 

Note. — Reference is hereby made to Nate 2 to subdivision 3 of the 
answer to Item 1 1 (a) to (h) except (e) . 

4. For miscellaneous security investments owned by subsidiaries o The Pure 
Oil Company: 

^ Securities of Cherokee Holding Co. are owned by the Cherokee Oil 

Company, Incorporated, which is a subsidiary of Pure Oil Company of 
Terttiessee which in turn is a subsidiary of the reporting company. 
Ciierokee Holding.Company is the predecessor compuny of the Cherokee 
Oil Company, Incorporated, and it owns the entire outstanding pre- 
ferred stock, amounting to par value of $96,000, and 40% of the out- 
standing common stock of the latter. 

Bousch Walke Realty Co., securites of which are owned by Colonial 
Oil Company, Incorporate^, owns real estate located in Norfolk, 
Virginia. 

Downtown Auto Parking Company, securities of which are owned by 
Pure Oil Products Company, conducts an automobile parking business 
in the city of Chicago, Illinois. Such companv also retails refined 
petroleum products. 

John G. Simmonds & Co., securities of which are owned by Puritan 
Agency, Incorporated, operates as an oil insurance underwriter with 
offices located in New York, New York, Los Angeles, California, and 
Tulsa, Oklahoma. 

WoflFord Oil Company of Georgia, a subsidiary of the reporting com- 
pany owns securities in the Colonial Oil Co. and the Mid-Georgia Oil 
Co. These companies are retail marketers of refined petroleum products 
and operate in the state of Georgia. 

Note. — Reference is hereby made to Note 2 to subdivision 4 of the 
answer to item 11 (a) to (h) except (e). 



124491— 40- pt. I4r-A -16 



7934 CONCENTRATION OF ECONOMIC POWER 

(i) Reason for acquiring interest in such company. 
Ans. 

1. For subsidiaries: 

The marketing subsidiaries of the reporting company, as detailed in 
subdivision 1 of the answer to Item 11 (e), were acquired to provide the 
assurance of an outlet for refined products, thereby making possible the 
economies resulting from a more stabilized and balanced operation. 

The following subsidiaries of the reporting company are transportation 
companies: Detroit Southern Pipe Line Company, Mountain State Gas 
Company, Pure Oil Pipe Line Company (Pennsylvania), Pure Transporta- 
tion Company, Sabine Transportation Company, Inc., Toledo Northern 
Pipe Line Company, United States Pipe JLine Company, and Wabash 
Pipe Line Company. Such interests were acquired in order to provide 
the most economical means of transportation, thereby placing the 
reporting company in a position to meet competition, make possible lower 
prices to the ultimate consumer and to provide assurance of availability 
of such transportation at all times. 

Muskingum Oil and Gas Company, ' Puritan Agency, Incorporated, 
Puritan Agency, Incorporated, of Illinois, and Van Salt Water Disposal 
Company all carry on operations incident to those of the reporting com- 
pany, and such interests were acquired in order to carry on more effec- 
tively the operations of the reporting company. 

Interest in Orinoco Oil Company was acquired in conjunction with 
Venezuela interests for the purpose of prospecting and drilling on land 
in the Maracaibo basin of Venezuela, which property has not yet been 
developed. 

2. For associated companies: 

American Mineral Spirits Company, Fuel Oil Corporation, Hickok Oil 
Corporation and Sherrill Terminal Company are marketing companies. 
Interests in such companies were acquired to provide the assurance of an 
outlet for refined products, thereby making possible the economies resulting 
from a more stabilized and balanced operation. 

The following companies operate transportation facilities: Ajax Pipe 
Line Corporation, Bell General Transit Corporation, and Great Lakes 
Transport Corporation. Interests in such companies were acquired in 
order to provide the most economical means of transportation, thereby 
placing the reporting company in a position to meet competition, make 
possible lower prices to the ultimate consumer and to provide assurance 
of availability of such transportation at all times. 

Delaware Consolidated Oil Company, Gasoline Antioxidant Company, 
Gray Processes Corporation, and Gyro Process Company all carry on 
operations incident to those of the reporting company, and such interests 
were acquired in order to carry on more effectively the operations of the 
reporting company. 

The interest in Oelwerke Julius Schindler, G. m. b.-H., was acquired 
jnany years ago at a time when the reporting company needed outlets 
f9r its production of crude oil. 

3. For miscellaneous security investments' of The Pure Oil Company: 

The interest in the City National Bank^and Trust Company was acquired 
to protect the bank deposits of the reporting company. 

The interest in Cosden Oil Company was acquired in settlement of an 
account owed to the reporting company. 

An interest was acquired in the Great Lakes Pipe Line Company to 
provide the most economical means of transportation, thereby placing the 
reporting company in a position to meet competition, make possible lower 
prices to the ultimate consumer and to provide assurance of availability 
of such transportation at all times. 

Halliburton Oil Well Cementing Company and H-ydro Patents Company 
carry on operations incident to* those of the reporting company, and such 
interests were acquired in order to carry on more effectively the operations 
of the reporting com'pany. 

Note. — Reference is hereby made to Note 2 to subdivision 3 of the 
answer to Item- 1 1 (a) to (h) except (e)j. 

4. For miscellaneous security investments owned by subsidiaries of The Pure 

Oil Company: 

Cherokee Oil Company, Incorporated, received the securities of the 
Cherokee Holding Co. in settlement of accounts receivable guaranteed by 
the stockholders of the Cherokee Holding Co. to the new company. 
fSee subdivision 4 of the answer to Item 11 (e).) 



CONCENTRATION OF ECONOMIC POWER 7935 

Securities of Bousch Walke Realty Co. were acquired as an investment 
by the Colonial Oil Company, Incorporated. 

The interest in Downtown Auto Parking Company was acquired by the 
Pure Oil Products Company to secure additional retail outlets. 

Securities of John G. Simmonds & Co., were acquired by Puritan 
Agency, Incorporated, as an investment. 

The investments of Wofford Oil Company of Georgia were acquired to 
secure additional retail outlets. 

Note. — Reference is hereby made to Note 2 to subdivision 4 of the 
answer to Item 1 1 (a) to (h) except (e) . 

10. Shell Union Oil Corporation 

a. Shell Oil Company (merged with Shell Petroleum Corporation, April 1, 1939) 

b. 100 Bush Street, San Francisco, California 

c. California— July 30, 1915. 

d. February 8, 1922 (date of inception of Shell Union Oil Corporation) 

e. Prior to the time of its merger with Shell Petroleum Corporation, Shell Oil 

Company was engaged in substantially all branches of the oil business except 
the marine transportation of petroleum products. Its oil production ac- 
tivities were carried on in California and its other activities were conducted 
in the Pacific Coast and Western states and the Territory of Hawaii. 

f. None (capital stock — common — As at December 21, 1938) 

g. None (788,086.0125 shares as at December 31, 1938) 
h. None (788,086.0125 shares as at December 31, 1938) 

i. Shell Oil Company (then called Shell Company of California) was one of the 
original companies acquired by Shell Union Oil Corporation at the time of 
its incorporation in 1922. 

a. Shell Oil Company, Incorporated (Arizona) 

b. 100 Bush Street, San Francisco, California 

c. Arizona — August 25, 1925 

d. August 25, 1925 

e. Shell Oil Company, Incorporated, was engaged in marketing petroleum prod- 

ucts in New Mexico at December 31, 1938 but is now in process of dissolution. 

f. Capital stock — common 

g. 200 shares 

h. 200 shares (held by Shell Oil Company) 

i. Shell Oil Company, Incorporated, was organized by Shell Oil Company to 
market Shell products in Arizona. 

a. Washington Refining Company ■ 

b. 100 Bush Street, San Francisco, California 

c. Washington— March 28, 1912 

d. March 28, 1912 

e. Washington Refining Company holds certain marketing facilities in the State 

of Washington 

f. Capital stock — common 

g. 5,000 shares 

h. 5,000 shares (held by Shell Oil Company) 
i. To hold certain marketing facilities in the State of Washington 

a. Shell Oil Company of British Columbia, Limited. 

b. 100 Bush Street, San Francisco, California 

c. British Columbia— July 15, 1929 

d. July 16, 1929 

e. Shell Oil Company of British Columbia, Limited, is engaged in the manufacture 

and marketing of petroleum products in the Provinces of British Columbia 
and Alberta, Canada. 

f. Capital stock — common 

g. 5,000 shares 

h. 5,000 shares (held by Shell Oil Company) 

i. Shell Oil Company of British Columbia, Limited, was organized by Shell Oil 
Company to manufacture and market Shell products in the provinces of 
British Columbia and Alberta, Canada. 



7936 CON(^NTRATION OF ECONOMIC POWER 

a. Shell Petroleum Corporation (renamed Shell Oil Company, Incorporated, April 

b. Shell Building, St. Louis, Missouri 

c. Virginia — March 8,1917 

d. February 8, 1922 (date of inception of Shell Union Oil Corporation) 

e. Shell Oil Company, Incorporated, is engaged in substantially all branches of 

the oil business except -the marine transportation of petroleum products. 
Its production activities are carried on in California and the Mid-Continent 
and Gulf Coast areas; its crude oil and gasoline pipeline transportation is 
carried on in California and the Middle Western area; its refineries are located 
in California, Illinois, Indiana, Louisiana and Texas; its marketing activities 
extend to every state of the U. S. A. (except Colorado and North Dakota) 
and to the Territory of Hawaii. 

f. Capital stock — common 

g. 436,903 shares as at December 31, 1938— increased to 500,000 shares April 1, 

1939 
h. 436,903 shares as at December 31, 1938— increased to 500,000 shares April 1, 

1939 
i. Shell Petroleum Corporation (then called Roxana Petroleum Corporation) was 
one of the original companies acquired by Shell Union Oil Corporation at 
the time of its incorporation in 1922. 

a. Shell American Petroleum Company 

b. 214 E. State Street, Kokomo, Indiana 

c. Delaware, February 12, 1921 

d. October 14, 1926 

e. Shell American Petroleum Company is engaged in marketing petroleum prod- 

ucts in the northern part of the State of Indiana. 

f. Capital stock — preferred and common 

g. 14,805 shares of preferred stock and 152,483 shares oi common stock 

h 7402.5 shares preferred stock and 76,022.25 shares common stock (held by 

Shell Petroleum Corporation) 
i. The interest in Shell American Petroleum Company was acquired by Shell 
Petroleum Corporation to provide for the marketing of petroleum products 
in northern Indiana. 

a. Shell Pipe Line Corporation 

b. Sh«ll Building, St. Louis, Missouri 

c. Maryland— October 7, 1919 

d. February 8, 1922 (date of inception of Shell Union OH Corporation) 

Shell Pipe Line Corporation gathers and transports crude oil by pipe lines as 
a common carrier in certain Southwestern and^Middle Western states. 

f. Capital .stock — common 

g. 300,000 shares 
h. 300,000 shares 

i. Shell Pipe Line Corporation (then called Ozark Pipe Line Corporation) was one 
of the original companies acquired by Shell Union Oil Corporation at the 
time of its incorporation in 1922. 

a. Shell Chemical Company 

b. 100 Bush Street, San Francisco, California 

c. Delaware — February 11, 1929 

d. June 1, 1931' 

e. Shell Chemical Company is engaged in the manufacture in California of chemi- 

cals and sdlvents 

f. Capital stock- — common 

g. 40,000 shares 
h. 20,000 shares 

i. The ittterest in Shell Chemical Company was acquired to provide for the manu- 
facture a^d marketing of chemicals and solvents and for the utilization of 
petroleum 'by-products in connection with such manufacture. 

a. Shell Development Compdny 

b. 100 Bush S^et, San Francisco, CaHfornia 

c. Delaware-^^ptember 27, 1926 

d. .January 1, 1929 

e. Shell Development Company is engaged in petroleum research in California 

f. Capital stock: — common 

g. 800 shares 
h. 400 shares 



CONCENTRATION OF ECONOMIC POWER 7937 

i. The interest in Shell Development Company was acquired in order to central- 
ize petroleum research work for the benefit of the Shell operating companies 
in the United States. 

a. Eastern Terminal Corporation 

b. 50 West 50th Street, New York, N. Y; 

c. Massachusetts— May 7, 1926 

d. November 5, 1929 

e. Eastern Terminal Corporation holds title to certain marketing facilities in the 

State of Rhode Island. 

f. Capital stock — ^^common 

g. 2,000 shares 
h. 2,000 shares 

i. The interest in Eastern Terminal Corporation Was acquired in, order to secure 
its assets, consisting of a river terminal for the storage of petroleum products 
in East Providence, Rhode Island. Except for holding title to such assets, 
Eastern Terminal has remained inactive since its acquisition by Shell and is 
currently being dissolved. 

a. Shell Oil' Company of Canada, Limited. 

b. 25 Adelaide Street East, Toronto, Ontario, Canada. 

c. Canada (Dorftinion Charter) — August 7, 1925 

d. 1925 , 

e. Shell Oil Company of Canada, Limited, is engaged in the manufacture and dis- 

tribution of petroleum products in the central and eastern part of Canada. 

f. Capital stock 

g. 80,000 shares 
h. 40,000 shares 

f i. The interest in Shell Oil Company of Canada, Limited, was acquired to provide 
for the manufacture and distribution of petroleum products in the central 
and eastern part of Canada. 

a. Universal Oil Products Company 

h. 310 South Michigan Avenue, Chicago, Illinois 

c. Delaware, January 27, 1932 

d. December, 1934 

e. Research in and the commercial development of processes for the manufacture 

of motor fuels from petroleum products' including the licensing of such 
processes. 

f . Shell Union Oil Corporation is the owner of part of the capital stock of Univer- 

sal Oil Products Company and is the holder of some of its notes. 

g. 200 shares 
h. 78.56 shares 

i. In 1931 in connection with settlement of obligation to pay current royalty 
under license agreements from Universal Oil Products Company by making 
full payment of a lump sum royalty. Shell L^nion Oil Corporation also pur- 
chased certain notes and stock of United Gasoline Corp., which at the same 
time acquired 100% of stock of Universal Oil Products Company. In 1934, 
the stock and notes in Universal Oil Products Company were acquired in 
the amount of the former holding in the United Gasoline Corporation upon 
the dissolution of the latter company. 

11. Skelly Oil Company 

a. Skelgas Company — a subsidiary. 

b. Kansas City, Missouri — 47th and Pennsylvania Avenue 

c. State of Delaware — December 11, 1930 

d. .At date of Incorporation 

e. Marketing at wholesale and retail in the United States of Butane and Propane, 

and applicances to be used therewith; and operating a butane-air distrib- 
uting system in one city under franchise. 

f. Capital st^k interest 

g. 25,000 shares 
h. 25,000 shares 

i. This business was built as a division of the reporting company and so con- 
ducted for two 3'-ears. When consumer acceptance seemed assured the 
business was incorporated and has been a wholly owned subsidiary since. 

a. Spartan Aircraft Company — a subsidiary 

b. Tulsa, Oklahoma. 

c. State of Delaware — January 18, 1928 



7938 CONCENTRATION OF ECONOMIC POWER 

d. At date of incorporation and at various subsequent dates to and including 

April 9, 1934 

e. Manufacturing and marketing airplanes in a factory located at Tulsa, Okla- 

homa 

f. Capital stock interest. 

g. 86,738 shares 
h. 83,806 shares 

i. To promote research in and sale of reporting company's aviation gasoiine and 
oils 

a. Spartan School of Aeionautics, Inc. — a subsidiary of Spartan Aircraft Company 

b. Tulsa, Oklahoma 

c. State of Delaware — February 4, 1929. 

d. At date of incorporation 

e. Conducts an aeronautical school of instruction, a hangar and an airplane 

repaJT station at Tulsa Municipal Airport, Tulsa, Oklahoma. 

f. Reporting Company owns 96.62% of stock of Spartan Aircraft Company 

which owns all the capital of subject company. 

g. 3,000 shares 
h. 3,000 shares 

i. To lend support to and round-out the services of the business of Spartan Air- 
craft Company. 

a. Skelco Products Company — a subsidiary 

b. Kansas City, Missouri 

c. State of Missouri— July 19, 1935. 

d. At date of incorporation 

e. To conduct and carry on in Missouri and elsewhere in the United States the 

business of buying and selling at wholesale automobile accessories, parts 
and fittings and servicing equipment and other articles of merchandise 
not including petroleum products and to own and lease property useful 
thereto. 

f. Capital stock 

g. 50 shares 
h. 50 shares 

i. To facilitate the reporting company's marketing operations in the purchase of 
auto accessories. 

a. Shelly Refining Company, Inc. — an investment 

b. Bay Citv, Texas 

c. State of Texas— August 18, 1936 

d. September 24, 1937 

e. Owns and operates a 1,000 bbl. capacity crude oil refinery near Bay City, 

Texas, and markets the products therefrom 

f. 25% stock interest and $75,000.00 trust deed on plant 

g. 150 shares 

h. 37-1/2 shares 

i. To promote a market for the sale of a part of the reporting company's crude 
oil in Bay City field. . 

a. East Texoi Refining Company— an investment 

b. Dallas, Texas 

c. State of Texas— April 10, 1934 

d. As of April 18, 1938 

e. Producer, transporter, refiner and marketer of crude petroleum, natural gas 

and their products in Eastern Texas, Northern Louisiana and Southern 
Arkansas. 

f. Ownership of shares of capital stock 

g. 25,000 shares 
h. 12,499 shares 

i. Stock was held as collateral to a note due reporting company and on default 
in payment of note the stock was acquired at the sale of the collateral. 

a. Sunray Oil Corporation — an investment 

b. New York, N. Y. 

c. State of Delaware — February 15, 1929 

d. October 1, 1934 

e. Holding company for Sunray Oil Company an Oklahoma corporation with 

general offices in Tulsa, Oklahoma, which conducts a general oil and gas 
producing, refining and marketing business 



CONCENTRATION OP ECONOMIC POWER 



7939 



f. Owns shares of common stock 
g. 2,006,223 shares 
h. 478 shares 

i. This stock was received in partial settlemeot of a claim for merchandise sold 
by reporting company to subject company under subject company's reor- 
ganization plan under 77B. 

a. United Cities Utilities Company — an investment 

b. Chicago, Illinois 

c. State of Delaware— April 1, 1932 

d. Stock interest at date of organization — bonds on August 1, 1937 

e. A holding company holding all the common stock and the major portion of 

other securities of eight (8) subsidiary companies which companies own and 
operate Butane- Air Gas Plants in seventeen (17) towns located in Minne- 
sota, Wisconsin, Illinois, Tennessee, South Carolina, North Carolina and 
Georgia. The subject company purchases Butane which it sells to its 
subsidiaries without profit. 

f. Shares of voting stock and first lien collateral S. F. bonds 

g. 30,000 shares 
h. 2,000 shares 

i. Received stock because of interest in predecessor company and received bonds 
in settlement of a debt at time of reorganization of subject company under 
77B. The bond debt held by reporting company covers cash loan and sale 
price of and freight on Butane sold to subject company and its predecessor, 
and interest thereon. 

a. Great Lakes Pipe Line Company — an investment. 

b. Kansas City, Missouri. 

c. State of Delaware — July 17, 1930 

d. September 22 to December 1, 1930, and at various subsequent dates, to and 

including December 6, 1938 

e. Transportation of gasoline by pipe line from Muskogee, Okmulgee, West 

Tulsa, Sand Springs, Lep, Lyman and Ponca City, Oklahoma, Coffeyville, 
El Dorado and Kansas City, Kansas, to terminals at Kansas City, Kansas, 
Omaha, Nebraska, Des Moines and Coralville, Iowa, Minneapolis, Minne- 
sota and Chicago, Illinois. Also connects with Phillips Pipe Line Com- 
pany at Paola, Kansas, for transportation to East St. Louis, Illinois. 

f. Capital stock interest 

g. 137,223 shares 
h. 19,508 shares 

^. To aid in the provision of pipe line transportation of gasoline from the re- 
porting company's refinery at El Dorado, Kansas, to the several terminals 
in its marketing territory. 

a. Bredouw Aeromotive Corporation — an investment 

b. Kansas City, Missouri 

c. State of Missouri — Januarv 14, 1929 

d. July 26, 1930 

e. Sales, both domestic and foreign, of aviation parts and supplies and the re- 

pair and rebuilding of aircraft and aircraft engines. Through a wholly 
owned subsidiary, Missouri Aviation Institute, it conducts a school for the 
training of aviation mechanics. 

f. Shares of capital stock 

g. 867 shares 
h. 110 shares 

i. Subject company sells petroleum products on the Kansas City, Missouri air- 
port. It was in the need of additional capital. Reporting company sup- 
plies $10,000.00 capital through the purchase of 100 shares of stock and 
was given a merchandising contract to supply petroleum products to subject 
company. Additional 10 shares represents a stock dividend. 

a. Hydro Patents Company — an investment 

b. Wilmington, Delaware. 

c: State of Delaware— Februarv 11, 1930 

d. July 17, 1930—500 shares; September 13, 1932—1 share; October 28, 1935— 

499 shares. 

e. The sole business of the company is the licensing of patents covering hydro- 

genation of liquid and solid hydrocarbons and carbonaceous materials. 
Licenses are granted only for operations wftiiiri the United States. No 
commodities are manufactured or handled and no services are rendered by 
the company. 



7940 CONCENTRATION OF ECONOMIC POWER 

f. Shares of capital stock 

g. 25,0a4 shares 
h. 1,000 shares 

i. To enable the reporting company to procure information concerning the 
progress of the art of hydrogenation and to procure a license to install such 
a process at its refinery if and when it deemed it economical to do so. 

a. Cosden Petroleum Corporation — an investment 

b. Fort Worth, Texas 

c. State of Delaware— April 2, 1937 

d. July 19, 1937 

e. The company is engaged in the development, production, refining, and mar- 

keting of petroleum and its products principally in the State of Texas. 

f. Shares of common and preferred stock and bonds 

g. 39,807 shares of preferred stock and 444,579 shares of common stock 
h. 28-5/10 shares of preferred stock- and 21-15/40 shares of common stock 

1. Accepted stock in settlement of creditor position under 77B reorganization. 

12. Socony-Vacuum Oil Company, Inc. 

a. Bowling Green Safe Deposit Company 

b. 26 Broadway, New York, N. Y. 

c. New York— December 26, 1928 

d. December 28, 1928 

e. Operation of safe deposit vault in New York City 

f. Capital stock 

g. 2,000 shares 
h. 1,984 Shares 

i. To provide safe deposit facilities in office building owned by Company 

a. Egyptian Exploration Company, Limited 

b. 26 Broadway, New York, N. Y. 

c. Delaware— October 1, 1938 

d. October 14, 1938 

e. To acquire concessions in Egypt to explore and drill for oil 

f. Capital stock 

g. 1,000 shares 
h. 1,000 shares 

i. Crude oil supply 

a. Egypto-American Exploration Company, Limited 

b. 26 Broadway, New York, N. Y. 

c. Delaware— October 1, 1938 

d. October 14, 1938 

e. To acquire concessions in Egypt to explore and drill for oil 

f. Capital stock 
jr. 1,000 shares 
h. 1,000 shares 

1. Crude oil supply 

a. Frank Harris Floyd, Incorporated 

b. 917 West Grand Boulevard, Detroit, Michigan 

c. Michigan — November 19, 1932 

d. November 19, 1932 

e. -Marketing of special oils and greases in Michigan and near-by states 

f. Capital stock 

g. 20 shares 
h, 20 shares 

i. See (e) above 

a. Franklin Railway Oil Corporation 

b. 26 Broadway, New York, N. Y. 

c. Delaware — February 8, 1930 
4. February 24, 1930 

e. Compounding greases at Franklin, Pa. 

f . Capital stock 

g. 1,135 shares 
h. 1,135 shares 

i. Manufacturing and marketing facilities 



CONCENTRATION OF ECONOMIC POWER 7941 

a. General Petroleum Company, Inc. 

b. 26 Broadway, New York, N. Y. 

c. New York— July 3, 1919 

d. February 24, 1930 

e. Holding Company for two small subsidiaries and miscellaneous general 

business 

f. Capital stock 
.g. 1,000 shares 

h. 1,000 shares 
i. General business purposes 

a. General Petroleum Corporation of California 

b. 108 West Secoifd Street, Los Angeles, California 

c. Delaware — April 24, 1926 

d. May 18, 1926 

e. Producing, refining and marketing of petroleum and petroleum products in 

California and western states and for export 

f. Capital Stock 
g. 362,800. shares 
h. 362,800 shares 

i. Production, refining and distribution 

a. Continental Mexican Petroleum Company (a subsidiary of General Petroleum 

Corporation of California) 

b. 108 West Second Street, Los Angeles, California 

c. Delaware — February 16, 1911 

d. May 18, 1926 

e. Production of oil — principally abroad 

f. Capital Stock 

g. 5,000 shares 
h. 5,000 shares 

i. Crude oil supplj^ 

a.' General Terminal Company (a subsidiary of General Petroleum Corporation 
of Calif.) 

b. 108 West Second Street, Los Angeles, California 

c. California— December 26, 1922 

d. May 18, 1926 

e. Operation of oil storage and shipping facilities on west coast 

f. Capital Stock 

g. 51,000 Shares 
h. 51,000 Shares 

i. Oil storage and shipping facilities 

a. Southwestern W,harf Company (A subsidiary of General Terminal Company) 

b. 108 West Second Street, Lbs Angeles, California 

c. California— March 18, 1918 

d. May 18, 1926 

e. Operation of wharyes, warehouses and shipping fa.cilities on west coast 

f. Capital Stock 

g. 1,000 Shares 
h. 1,000 shares 

i. Wharyes and other shipping facilities 

a. Gilmore Oil Company 

b. 2423 East 28th Street, Los Angeles, California 

c. California— March 26, 1923 

d. 1932 

e. Producing, refining and distribution of petroleum and petroleum products in 

western states and for export 
i. Capital stock 
g. 283,935 
h. 214,556 
i. Production, refining and distribution facilities 

a. Gilmore Development Company (a subsidiary of Gilmore Oil Company) 

b. 2423 E. 28th Street, Los Angeles, California 

c. California— May 7, 1928 

d. January 19, 1938 

e. Leasing of oil lands in western states 

f . Capital stock 



7942 CONCENTRATION OF ECONOMIC POWEK 

g. 3,006 shares 
h. 3,006 shares 
i. Development of oil lands 

a. Gilmore-Snyder Company a (subsidiary of Gilmore Oil Company) 

b. 2423 East 28th Street, Los Angeles, California 
Cv California — January 22, 1934 

d. January 22, 1934 

e. Producing crude oil in California 

f . Capital stock 
g. 2,500 shares 
h. 1,275 shares 

i. Crude oil supply 

a. Independent Oil Company, Inc. of Pennsylvania 
h. Industrial Avenue and 31st Street, Altoona, Pa. 

c. Delaware— March 15, 1930 

d. March 31, 1930 

6. Marketing and distribution of petroleum products in Pennsylvania 
f. Capital stock 
g. 35,000 Shares 
h. 26,250 Shares 
1/ Marketing and distribution facilities 

&. K & Q Service Stations, Inc. 

h. 75 New Street, New York, N. Y. 

c. New York— August 16, 1938 

d. August 31, 1938 

e. Service Station Leasing Company handling four leaseholds in New York 

f. Capital Stock 

g. 1,000 Shares 
h. 1,000 shares 

i. Marketing and distribution facilities 

a. Magnolia Egyptian Petroleum Company, Limited 

b. 26 Broadwav, New York, N. Y. 
0. Delaware— April 16, 1938 

d. April 19, 1938 

e. To acquire concessions in Egypt to explore and drill for oil 

f. Capital Stock 

g. 1,000 Shares 
h. 1,000 Shares 

i. Crude Oil Supply 

a. . Magnolia Petroleum Company 

b. Magnolia Building, Dallas, Texas 

c. Texas— November 21, 1925 

d. December 15, 1925 ' 

e. Producing, refining and distribution of Petroleum and Petroleum products in 

Texas, Arkansas, Oklahoma, Louisiana, New Mexico, etc. 

f. Capital Stock 

g. 1,250,000 Sh^es 
h. 1,249,990 Shares 

i. Production, refining and distribution facilities 

a. Magnolia Pipe Line Company (a subsidiary of Magnolia Petroleum Company) 

b. Magnolia Building, Dallas, Texas. 

c. Texas— November 24, 1925 

d. November 24, 1925 

e. Pipe-line transportation of crude oil in Texas, Arkansas, Oklahoma, Louisiana, 

New Mexico, etc. 

f. Capital stock 

g. 165,000 Shares 
h. 164,990 vShares 

i. Pipe line transportation 

a. Magnolia Pipe Line Company of Illinois (a subsidiary of Magnolia Petroleum 

Co.) 

b. Magnolia Building, Dallas, Texas 

c. Illinois— November 10, 1938 

d. November 10, 1938 



CONCENTRATION OF ECONOMIC POWER 7943 

e. Construction and operation of pipe-line system in Illinois 

f. Capital stock 

g. 1,500 shares 
h. 1,497 shares 

i. Pipe line transportation > 

a. Magnolia Radio Corporation (A subsidiary of Magnolia Petroleum Company) 

b. .Magnolia Building, Dallas, Texas 

c. Texas — September 6, 1930 

d. September 6, 1930 

e. Communication from Texas with Marine Transportation equipment 

f. Capital stoci£* 

g. 50 shares 
h. 50 shares 

i. Communication from Texas with Marine Transportation equipment. 

a. New England Fuel Oil Company (a subsidiary of Magnolia Petroleum Company) 

b. Magnolia Building, Dallas, Texas 

c. Maine — June 2, 1911 

d. June 20, 1916 

e. Production of crude oil abroad 

f. Capital Stock 

g. 25,000 Shares 
h. 24,991 Shares 

i. Crude Oil Supply 

a. Safety Casualty Company (a subsidiary of Magnolia Petroleum Company) 

b. MagnoUa Building, Dallas, Texas 

c. Texas— May 25, 1931 

d. May 25, 1931 

e. Insurance (Workmen's Compensation) in Texas 

f. Capital Stock 

g. 10,000 Shares 
h. 9, 993 Shares . 

i. To provide separate unit for insurance purposes 

a. Sobol Bros. Service Stations, Inc. 

h. 1313 Fifth Avenue, New York, N. Y. 

c. New York— March 24, 1936 

d. June 27, 1938 

e. Retail marketing and distribution of petroleum and petroleum products in 

New York 

f. Capital stock 

g. 250 shares 
h. 250 shares 

i. For retail marketing and distribution 

a. Socony Paint Products Company 

b. 26 Broadwav, New York, N. Y. 

c. Delaware— October 26, 1923 

d. November 7, 1923 

e. Manufacture and distribution of paint and paint products in the United States 

and abroad 

f. Capital stock 

g. 2,000 shares 
h. 2,000 shares 

i. See (e) above. This company was originally formed to assemble and distribute 
oil burners. It later handled specialties such as auto top dressing, touch- 
up enamel, mobilgloss and mobilwax, etc. 

a. Socony-Vacuum Oil Corporation 

b. 26 Broadway, New York, N. Y. 

c. Delaware — January 15, 1935 

d. January 17, 1935 

e. General business purposes in the United States 

f. Capital Stock 

g. 100 shares 
h. 100 shares 

i. To provide smaller business unit than parent company for marketing and 
other purposes. Inactive. 



7944 CONCENTRATION OF ECONOMIC POWER 

a. Standard Oil Company of New York 

b. 26 Broadway, New York, N. Y. 

c. Delaware — January 14, 1932 
'd. February 27, 1932 

e. General business purposes in the United States and abroad 

f. Capital stock 
g.- 20 shares 

h. 20 shares 

i. To provide smaller business unit than parent company for marketing and 
other purposes. Inactive. 

a. Supreme-Pacific Oil Company, Inc. 
h. 26 Broadway, New York, N. Y. 

c. Delaware — November 20, 1929 

d. November 30, 1929 

e. To acquire concessions in Egypt to explore and drill for oil 

f . Capital stock 

g. 1,000 shares 
h. 1,000 shares 

i. For retail marketing and distribution in Pennsylvania 

a. Vacuum Oil Company 

b. 26 Broadway, New York, N. Y. 

c. Delaware — June 6, 1934 

d. June 12, 1934 

e. Marketing and distribution of petroleum and petroleum products in Portugal 

and West Africa primarily. 

f. Capital stock 

g. 15,000 shares 
h. 15,000 shares 

i. See (e) above 

a. Wadhams Oil Company 

b. 907 South First Street, Milwaukee, Wisconsin 

c. Wisconsin — November 5, 1930 

d. October 31, 1930 

e. Purchase and sale of gasoline and other petroleum products in Wisconsin and 

Oklahoma ' 

f. Capital stock 
g. 8,000 shares 
h. 8,000 shares 

i. Purchase and sale of gasoline and other petroleum products in Wisconsin and 
Oklahoma 

a. Waggoner Sefvice Stations, Inc. 

h. 3615 Addison Street, Chicago, Illinois 

c. Illinois— June 26, 1931 

d. October 19, 1934 

e. -Retail marketing and distribution of petroleum and petroleum products in 

Illinois 

f. Capital stock 

g. 2,372%o shares 
h. 2,373%o shares 

1. Retail marketing and distribution 

a. White Eagle Pipe Line Company, Inc. 

b. Federal Reserve Bank Building, Kansas City, Missouri 

c. Kiansas— August 26, 1938 

d. October 1, 1938 

e. Transportation of crude petroleum in Kansas 

f. Capital Stock 

g. 5,000 shares 
h. 5,000 shares 

i. Pipe Line transportation facilities 

a. White Star Northern Oil Company 

b. 619 Newberry Avenue, Newberry, Michigan 

c. Michigan— July 8, 1932 

d. July 17, 1932 

e. Retail marketing and distribution of petroleum and petroleum products in 

Michigan 



CONCENTRATION OF P:CONOMIC POWER 7945 

f Capital stock 
g. 4,579 shares 
h. 2,335 shares 

i. Retail marketing and distribution of petroleum and petroleum products in 
Michigan. 

14. Standard Oil Company (Indiana) 

a. Pan American Petroleum & Transport Company 

b. 122 East 42nd Street, New York, N. Y. 

c. Delaware — February 4, 1916 

d. Years 1927 to 1938, inclusive 

e. Holding and operating company (Marine Operations) 

f . Common Stock 

g. 4,702,483 
h. 3,697,610 

i. Acquired to expand our facilities in production, refining and marketing in 
territory in which the reporting company did not operate. 

a. The American Oil Company {Maryland) 

b. 122 East 42nd Street, New York, N. Y. 

c. Maryland — January 3, 1922 

d. Years 1924 and 1933 

e. Marketing petroleum products in States of Maine, Vermont, New Hampshire, 

•Massachusetts, Rhode Island, Connecticut, New York, New Jersey, Penn- 
sylvania, Ohio, Delaware, Maryland, Virginia, West Virginia, North 
Carolina, South Carolina, Georgia and Florid" 

f. Common Stock 

g. 66,800 
h. 66,800 

i. Subsidiary of Pan American Petroleum and Transport Company. 

a. Lord Baltimore Filling Stations, Inc. 

h. 122 East 42nd Street, New York, N. Y. 

c. Maryland— October 26, 1921 

d. Years 1924 and 1933 

e. Marketing gasoline, lubricating oil and greases through Service Stations, 

principally in the Cities of Baltimore, Maryland and Washington, D. C. 

f. Common Stock 

g. 500 
h. 500 

i. Subsidiary of The American Oil Company. 

a. Mexican Petroleurn Corporation 

b. 122 East 42nd Street, New York, N. Y. 

c. Maine — May 17, 1915 

d. Jiily 6, 1916 

e. Marketing heavy fuel oil and asphalt products along the entire Atlantic 

Seaboard States, (except Georgia) and the Gulf Coast. 

f. Common Stock 

g. 74,015 

h. 74,008 (excluding Directors' shares) 
i. Since July 6, 1916 this company has been either a direct or indirect subsidiary 

of Pan American Petroleum and Transport Company and is now a direct 

subsidiary of Arnerican Oil Company 

a. American Oil Company of Massachusetts 

h. 122 East 42nd Street, Ne^ York, N. ~Y. 

c. Massachusetts — January 23, 1934 

d. August 30, 1934 
8. Inactive 

f. Common Stock 

g. 10 
h. 10 

i. Subsidiary of The American Oil Company 

a. Pan American Pipe Line Company 

b. 122 East 42nd Street, New York, N. Y. 

c. Delaware— July 21, 1933 

d. July, 1933 

e. Operation of gathering and trunk lines in the State of Texas, transporting 

crude oil to a refinery at Texas City, Texas. 



7946 CONCENTRATION OF ECONOMIC POWER 

f. Common stock 

g. 6,000 
h. 6,000 

i. Subsidiary of Pan American Petroleum and Transport Company. 

a. Pan American Production Company 

b. 122 East 42nd Street, New York, N. Y. 

c. Delaware— April 27, 1935 

d. May 2, 1935 

e. Production of crude oil and gas in the States of Texas and Louisiana 

f. Common stock 

g. 43,100 
h. 43,100 

i. Subsidiary of Pan American Petroleum and Transport Company 

a. Pan American Refining Corporation 

h. 122 East 42nd Street, New York, N. Y. 

c. Delaware— March 15, 1933 

d. March 22, 1933 

e. Refineries at Texas City, Texas and Baltimore, Maryland. At Texas City 

gasoline, kerosene, domestic fuel oil, and heavy fuel oil are manufactured. 
Baltimore asphalts and domestic fuel oil are manufactured. 

f. Common stock. 

g. 250,000 
h. 250,000 

i. Subsidiary of Pan American Petroleum and Transport Company. 

a. Mexican Petroleum Corporation of Georgia 

b. 122 East 42nd Street, New York, N. Y. 

c. Georgia — September 9, 1929 

d. October 8, 1929 

e. Operates asphalt plant at Savannah, Georgia, producing asphalt products and 

domestic fuel oil. 

f. Common stock 

g. 700,000 
h. 700,000 

i. Subsidiary of Pan American Refining Corporation 

a. Pan American Southern Corporation 

b. 122 East 42nd Street, New York, N. Y. 

c. Delaware — March 15, 1933 

d. Years 1933 to 1938, inclusive 

e. Holding Company 

f. Common stock 

g. 3,415,607 
h. 3,385;435 

i. Organized to facilitate a portion of the operations of Pan American Petroleum 
.and Transport Company. 

a. Pan American- Petroleum Corporation 
h. 122 East 42nd Street, New York, N. Y. 

c. Delaware — November 5, 1923 

d. November 8, 1923 

e. Owns and operates a refinery at Destrehan, JLouisiana, which principally pro- 

duces asphalt products, but does some topping and produces some gasoline, 
[ kerosene, and heating oils. Markets petroleum products in Alabama, 
• Louisiana, Mississippi, and Tennessee. Principal products being gasoline, 

kerosene, lubricating oils and greases. 

f. Common stock 
g. 3,000 

h. 3,000 
i. Subsidiary of Pan American Southern Corporation 

a. Mexican Petroleum Corporation of Louisiana, Inc. 

h. 122 East 42nd Street, New York, N. Y. 

c. Louisiana — February 5, 1918 

d. April 1918 

e. Inactive 

f. Common stock 

g. 15,946 
h. 15,946 

i. Subsidiary of Pan American Southern Corporation " 



CONCENTRATION OF ECONOMIC POWER 7947 

a. Stanolind Oil and Gas Company 

b. Philcade Building, Tulsa, Oklahoma 

c. Delaware — December 12, 1930 

d. Years 1931 and 1932 

e. Producing, refining and marketing of petroleum products 

f. Common stock 

g. 1,937,437 
h. 1,937,437 

i. Source of crude supply. 

a. Crowley Oil and Mineral Company 

b. Philcade Building, Tulsa, Oklahoma 

c. Louisiana — -April 15, 1901 

d. August 1, 1935 

e. Production and sale of crude oil. Present operations consist only of royalty 

interest held in producing acreage in Louisiana. 

f. Common stock 

g. 20,000 
h. 16,404 

i. Subsidiary of Stanolind Oil and Gas Company. Interest by Stanolind Oil and 
Gas Company incidental to purchase of producing properties. 

a. The Midwest Commissary Company 

b. Philcade Building, Tulsa, Oklahoma. 

c. Wyoming — 'February 28, 1917 

d. May, 1918 

e. Retail sales of groceries, clothing, drugs, etc. at Midwest, Wyoming 

f. Common stock 

g. 1,000 
h. 1,000 

i. Acquired with Midwest Refining Company, since liquidated. Now owned 
by Stanolind Oil and Gas Company. 

a. The Shannon Gas and Electric Company 

b. Philcade Building, Tulsa, Oklahoma 

c. Colorado — December 23, 1925 

d. February, 1926 

e. Retail sales of electric energy and fuel gas. Operations arp carried on only in 

Salt Creek Field, Natrona County, Wyoming. 

f. Common Stock 

g. 25,000 
h. 25,000 

i. Acquired with Midwest Refining Company, since liquidated. Now owned by 
Stanolind Oil and Gas Company. 

a. Western Geophysical Company of Califqrnia' 

h. Edison'Buildirtg, Los Angeles, California 

c. Delaware — July 13, 1937 

d. July 29, 1937 

e. Geophysical work 

f. Common stock 

g. 100 
h. 51 

i. Subsidiary of Stanolind Oil and Gas Company. This Company was acquired 
in order that we might do certain geophysical work. 

a. Yonnt-Lee Pipe Line Company 

b. Philcade Building, Tulsa, Oklahoma 

c. Texas— June 24, 1931 

d. August 1, 1935 • 

e. Transportation of crude oiL Operations are confinpd to East Texas and Texas 

Gulf Coast. 

f. Common stock 

g. 10,000 
h. 10,000 

i. Subsidiary of Stanolind Oil and Gas Company. Interest by Stanolind Oil and 
Gas Company incidental to purchase of producing properties. 

a. Utah Oil Building Corporation 

b. Salt Lake City, Utah ' 

c. Utah— May 29, 1935 

d. May 29, 19,35 



7948 CONCENTRATION OF ECONOMIC POWER 

e. OfBce rentals 

f. Common stock 

g. 2,500 
h. 2,500 

i. Purchased office building and incorporated new company to handle same. 
Utah Oil Refining Company is a user of considerable office space. 

a. Utah Oil Refining Company 

h. Salt Lake City, Utah 

c. Utah— June 3, 1909 

d. Years 1918, 1919, 1920, 1922 and 1930 

e. Refining and marketing petroleum products in tl?e States of Utah and Idaho 

f. Common stock 

g. 1,044,253 
h. 785,000 

i. Acquired from Midwest Refining Company, which company has since been 
liquidated. Midwest Refining Company was acquired to provide for addi- 
tional production, refining and marketing facilities in territory in which 
reporting co. did not operate. 

a. The Murphy-Miles Oil Company 

h. 1801 Fullerton Ave., Chicago, Illinois. 

c. Illinois— April 4, 1921 

d. Years 1933, 1934, 1938 

e. Marketing fuel oil in Chicago Metropolitan Area 

f. Common stock 

g. 3,855 
h. 3,855 

i. To expand company's outlets for fuel oil. 

a. North-West Oil Company 

b. 1801 Fullerton Avenue, Chicago, Illinois 

c. Illinois — December 9, 1924 

d. Years 1933, 1934, 1938 

e. Marketing fuel oil in Park Ridge, Illinois 

f . Common stock 

g. 350 
h. 350 

i. Subsidiary of The Murphy-Miles Oil Company 

a. Stanolind Crude Oil Purchasing Company 

h. Philcade Building, Tulsa, Oklahoma 

c. Delaware — February 5, 1921 

d. Years 1921-1922-1923-1930 

e. Purchasing, selling and storing crude petroleum in Oklahoma; Kansas and 

Wyoming 

f . Common stock 

g. 600,000 
h. 600,000 

i. For the purpose qf purchasing crude oil. Company now in process of liquida- 
tion. 

a. Stanolind Oil Purchasing Company 

b. Philcade Building, Tulsa, Oklahoma 

c. Delaware^-May 24, 1938 

d. .Tune, 1938 

e. Purchasing, selling and storing crude petroleum in State of Texas 

f . Common stick 

g. 50,000 
h. 50,000 

i. For the purpose of purchasing crude oil. 

a. Stanolind Pipe Line Company 

b. Philcade Building, Tulsa, Oklahoma 

c. Maine — April 25, 1916 

d. Years lr921 and 1930 

e. Pipe line 

f . Common stock 

g. 280,844 
h. 280,844 . 

i. Transportation facilities for transporting ci:ude oil. 



CONCENTRATION OF ECONOMIC POWER 7949 

a. Superla Laboratories, Incorporated 

b. 910 South Michigan Avenue, Chicago, Illinois 

c. Illinois— July 19, 1927 

d. July, 1927 . 

e. Marketing petroleum specialty products 

f. Co'mmon stock 

g. 100 
h. 100 

i. To market petroleum specialty products. 

a. Laramie Oil Company 

b. Laramie, Wyoming 

c. Wyoming— February 23, 1926 

d. Year 1927 

e. Marketing petroleum products in City of Laramie, Wyoming and adjacent 

thereto. 

f. Common stock 

g. 3,542 
h. 1,938 

i. Acquired from Midwest Refining Company, a subsidiary company, which 
company has since been liquidated. 

a. Sweetwater Oil Company 

h. Rock Springs, Wyoming 

c. Wyoming — February 15, 1926 

d. Year 1927 

e. Marketing petroleum products in the City of Rock Springs, Wyoming and 

adjacent thereto 

f. Common stock 

g. 3,313 
h. 2,647 

i. Acquired from Midwest Refining Company, a subsidiary company, which 
company has since been liquidated. 

a. American Maracaiho Company, Inc. 

b. 100 Broadway, New York, N. Y. 

c. Delaware— Year 1924 

d. Acquired in October 1930 from dissolyed subsidiary 

e. Producing Company, primarily in Venezuela 

f. Common stock 

g. 1,777,350 
h. 137,745 

i. Acquired from Ran American Eastern Petroleum Corporation, now dissolved. 

a. Atlas Supply Company 

b. 744 Broad Street, Newark, New Jersey 

c. Delaware — February, 1929 

d. Years 1931, 1936, 1938 

c. Marketing automobile tires, tubes, accessories and necessities 

f. Common and Preferred Stock 

g. 50 
h. 10 

i. Acquired as source of supply for marketing tires, tubes, batteries, etc. incidental 
to marketing petroleum products. 

k. Commercial Building Corporation 

b. Salt Lake City, Utah 

c. Idaho— July 25, 1928 

d. July, 1928 

e. Own and lease out garage building at Weiser, Idaho 

f. Common Stock 

g. 66 
h. 33 

i. Subsidiary of Utah Oil Refining Company 

A. Emulsoids, Inc. 

h. c/o Balfour, Guthrie i& Co. Ltd. — 351 California Street, San Francisco, Cal. 

c. Delaware — March 4, 19SI 

d. March, 1934. Interests disposed of in May 1939 



1244f)1 — -10— pt. 14-A 



7950 CONCENTRATION OF ECONOMIC POWER 

e. Patent Licensing Company 

f. Common Stock 

g. 300 
h. 150 

i. To protect our position in the marketing of insecticides for citrus trees, i. 'fe., 
to avoid infringement of issued patents. 

a. Gasoline Antioxidant Company 

b. 65 East 9th Street, Chicago, Illinois 

c. Delaware— March 22, 1933 

d. March, 1933 

e. Patent Licensing Company 

f. Common stock 

g. 10,000 
h. 5,000 

i. To settle a patent controversy with the Pure Oil Company and the Du Pont 
Company and to explpit patents in the use of chemical dopes in gasoline. 

a. Gasoline Products Company, Inc. 

b. 26 Journal. Square, Jersey City, N. J. 

c. Delaware — September 19, 1928 

d. Year 1931 

e. Patent Licensing Companj' 

f. Common stock 

g. 300 
h. 100 

i. Further investment in a business situation in which we were already interested, 
i. e., the licensing of patents for cracking petroleum oils. 

a. Gray Processes Corporation 

h. 26 Journal Square, Jersey City, N. J. 

c. Delaware— October 2, 1924 

a. July, 1933 

e. Patent Licensing Company 

f. Common stock 

g. 100,000 
h. 25,000 

i. To settle a threatened suit for patent infringement.. 

a. Hardrock Oil Company 

b. Ford Building, Great Falls, Montana 

c. Montana— May 15, 1922 

d. Acquired from subsidiary in November 1932 

e. Produciog Company 

f. Common stock 

g. 14,629 
h. 3,000 

i. Acquired from Midwest Refining Company, which company has since been 
liquidated. 

a. Hudson Oil Company 

b. Philcade Building, Tulsa, Oklahoma 

c. Wyoming — March, 1914 

d. February, 1930 

e. Production and sale of crude oil in Wyoming 

f. Common stock >■ 

g. 50,000 
h. 25,000 

i. Acquired with Midwest Refining Company, since liquidated. Now owned -by 
Stanolind Oil and Gas Company. 

a. Hydro Patents Company 

b. 26 Broadway, New York, N. Y. 

c. Delaware 

d. July, 1930 

e. Patent Licensing Company 

f . Common stock 

g. 25,004 
h. 1,000 ^ 

i. To acquire manufacturing technique and patent. licenses on a favorable basis. 



CONCENTRATION OF E<;ONOMIC POWER 795] 

a. La Jarza Oil Coinpany 

b. Houston, Texas 

c. Texas— February 16, 1904 

d. August 1, 1935 

e. Production of crude oil 

f. Common stock 
K. 1,000 

h. 335.88 

i. Affiliate of Stanolind Oil and Gas Company. Interest by Stanolind Oil and 
Gas Company incidental to purchase of producing properties. 

a. The Lubrication Corporation 

b. 910 South Michigan Avenue, Chicago, Illinois 

c. Delaware— February 26, 1931 

d. March, 1931 

e. Manufacturers and marketers of Lubrication devices 

f. Common stock 

g. 2,000 
h. 1,000 

i. Marketing their products 

a. The Midwest Oil Company 

h. First National Bank Building, Denver, Colorado 

c. Arizona^ — February 2, 1911 

d. November 1, 1932 from a subsidiary now liquidated 

e. Producing crude oil 

f. Common stock 

g. 997,100.5 
h. 396,760 

i. Resulted from acquiring stock of Midwest Refining Company, which com- 
pany has since been liquidated. 

a. Midwest- Wyoming Gas Company 

b. Basin, Wyoming 

c. Maine— April 6, 1920 

d. November, 1920 

e.. Transportation of natural gas in the State of W^yoming 

f. Common stock 

g. 4,000 
h. 2.000 

i. Acquired with Midwest Refining Company, since liquidated. Now owned by 
Stanolind Oil and Gas Company 

a. Mountain Producers Corporation 

h. First National Bank Building, Denver, Colorado 

c. Delaware— May 15, 1920 

d. November 1,»1932 from a subsidiary now liquidated 

e. Producing crude oil 

f. Common stock 

g. 1,593,584 
h. 650,560 

i. Resulted from acquiring stock of Midwest Refining Company, which com- 
pany has since been liquidated 

a. Petroleum Distillation Corpo-> uion 

b. 26 Broadway, New York, in. Y. 

c. Delaware— June 3, 1932 

d. July, 1932 

e. Patent Licensing Company 

f. Class "A" Common Stock 

g. 1,200 
h. 300 

i. To acquire licenses under distillation patents held by competitors. 

a. Petroleum Heat and Power Company 

h. 511 5th Avenue, New York, N. Y. 

c. Delaware — December 19, 1919 

d. Year 1920 

e. Manufactures and markets oil burner equipment for industrial installation and 

for homes. Markets heavy fuel oil and heating oils, in New York, Massa- 
chusetts, Rhode Island, Connecticut, Washington, D. C, Maryland, New 
Jersey, Pennsylvania, Michigan and Illinois. 



7952 CONCENTRATION OF ECONOMIC POWER 

f. Voting Trust Certificates 

K. 912,464 

h. Voting Trust Certificates in respect to 450,232 shares of common stock 

i. To secure payment of indeljtedness and preserve an existing business relation. 

a. The Polymerization Process Corporation 

h. 15 Exchange Place, Jersey City, N. J. 

c. Delaware — September 3, 1935 

d. vSeptember, 1935 

e. Patent Licensing Company 

f. Common stock 

g. 500 
h. 100 

i. To provide a medium for licensing our patents covering polymerization pro- 
cesses and to acquire licenses under patents held by our competitors. 

a. Process Management Company, Inc. 

b. 120 East 41st Street, NeW York, N. Y. 

c. Delaware — July 21, 1933 

d. July, 1933 

e. Technical and clerical assistance in development and protection of patents 

and patent rights 

f. Common Stock 

g. 500 
h. 250 

i. We assisted in organizing this company to simplify the management of various 
enterprises in which we were interested. 

fi. Standard Oil Company (New Jersey) 

b. Rockefeller Plaza, New York, N. Y.j 

c. New Jersey 
,d. Year 1932 

e. Integrated OH Company 

f. Cornmon stock 

g. Information not available 
h. 1,805,660 

i. Acquired from sale of Pan American Foreign Corporation stock. 

a. State Bank of Whiting 

b. Whiting, Indiana 

c. Indiana^ — December 12, 1931 

d. Years 1931 and 1938 

e. Banking 

f. Common stock 

g. 500 
h. 475 

i. Organized to protect employees' bank deposits at Whiting, Indiana during 
bank crisis in 1931. 

a. Tidewater Associated Oil Company 

b. 17 Battery Place, New York, N. Y. 

c. Delaware — March 5, 1926 

d. March 11, 1926 

('. This company with its subsidiaries and affiliates comprises a complete unit in 
the oil industry and its operations embrace crude production, refining, 
transportation and marketing. Its domestic operations are wide spread 
and it has some foreign operations. Complete detailed information n^t 
available to us. 

f. Preferred and Common stock 

g. 6,376,253 
h. 67,110 

i. Acquired with Pan American Petroleum and Transport Company. 

a. Universal Oil Products Cbmpany 

b. 50 West 50th Street, New York, N. Y. 

c. Delaware 

d. Year 1931 

e. Patent Licensing Company 

f. Income Notes 

g. 

h. None 

i Patent Settlement 



CONCENTRATION OF ECONOMIC POWER 



7953 



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Pittsburgh. 

Penu. 
Boston, Mass 

/New York, 
i N.Y. 
Tulsa, Okla... 


Boston, Mass. 

New York, 

N.Y. 
Fairmont, 

W. Va. 
Cleveland, 

Ohio. 
New . York, 

N.Y. 
New York, 

N.Y. 
Springfield, 

Mass. 

Pittsburg, 
Penn. 

Pittsburg, 

Penn. 
Monroe, La.. 

Houston, 
Texas. 


ft 

1 

•5 

i 


Arthur H. Ballard, 
Inc.* 

Brave Water Com- 
pany.* 

Busfield Oil Com- 
pany, Inc.* 

Butterworth Sys- 
tem, Inc. 

Carter Oil Com- 
pany* 

rolonial Beacon Oil 
Company. 

Daggett and Rams- 

Domestio Coke Cor- 
poration. 

East Ohio Gas Com- 
pany. 

Esso Incorporated *. 

Gas Companies, 
Inc.* 

Gilbert & Barker 
Manufacturing 
Company.* 

Hope Construction 
& Refining Com- 
pany. 

Hope Natural Gas 
Company. 

Hope Producing 
Company. 

Humble Oil & Re- 
fining Company. 



7954 



CONCENTRATION OF ECONOMIC POWER 



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CONCENTRATION OF ECONOMIC POWER 



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7956 CONCENTRATION OF ECONOMIC POWER 

Question 11-J 

AHTHTTR H. BALLARD INCORPORATED 

Arthur H. Ballard Incorporated had been engaged for many j^ears in selling 
heating oil to users in and about Boston. For many years they had drawn their 
supplies from Colonial Beacon Oil Company's Everett storage. Colonial Beacon 
Oil Company was informed that the business was to be sold and it purchased the 
business in order to continue its outlet to the customers which had been served 
thereby with Colonial Beacon Oil Company products. 

BRAVE WATER OIL COMPANY 

This company was incorporated for the purpose of supplying water to the 
Brave station and employees of Peoples Natural Gas Company living there. 

BtTSFIELD OIL COMPANY, INC. 

Busfield Oil Company was owned by the National Service Corporation and 
it, together with other subsidiaries of the National Service Corporation, were 
engaged in the purchase and distribution of heating oil throughout New England. 
The Busfield Oil Company purchased from Colonial Beacon Oil Company large 
quantities of heating oil and in the course of. such purchases became heavily 
indebted to the Colonial Beacon Oil Company. The National Service Corpora- 
tion and its subsidiaries, including the Busfield Oil Company, were unable to 
liquidate such indebtedness and as a step towards the liquidation of such indebted- 
ness the Colonial Beacon Oil Company acquired the Busfield Oil Company. 

BTJ'i'TERWORTH SYSTEM, INCORPORATED 

This corporation was organized to acquire from A. B. Butterworth certain 
patents covering a method and machines for cleaning tanks, and to provide a 
more economical method of cleaning tankers. 

CARTER OIL COMPANY 

The first interest in the Carter Oil Company was acquired in 1893 or 1894 by 
the South Penn Oil Company then affiliated with Standard Oil Company (New 
Jersey). The interest thus acquired by the South Penn Oil Company was trans- 
ferred first to the National Transit Company, then also affiliated with Standard 
Oil Company (New Jersey), and finally to Standard Oil Company (New Jersey). 
The purpose of the acquisition of the interest by the South Penn Oil Company is 
believed to have been the de&ire to obtain an interest in oil producing properties 
in the Sistersville district of West Virginia then owned by the Carter Oil Company. 

COLONIAL BEACON OIL COMPANY 

The interest in this corporation was acquired to obtain new markets in the 
New England states and in New York for petroleum product? then available in 
increasing quantities from increasing crude oil production by subsidiaries of 
Standard Oil Company (New Jersey). At the time the interest was acquired it 
was recognized future sales to Standard Oil Company of New York were likely to 
decline in volume. 

DAGGETT k RAMSDELL 

This company was engaged in manufacturing and marketing products which 
were marketed through approximately the same channels as were other products 
marketed by other subsidiaries of Standard Oil Company (New Jersey). It was 
believed salesmen could profitably handle both lines. Daggett & Ramsdell was 
also an important customer for white oils. 

DOMESTIC COKE CORPORATION 

This corporation was organized to construct and operate coke plants as a part 
of a program for supplying the United States Government with materials needed 
for the prosecution of the World War. 

EAST OHIO GAR COMPANY 

This corporation was created in 1898 for the purpose of constructing natural 
gas transmission lines from the Ohio River north to various points of distribution 
in the State of Ohio, and marketing in Ohio natural gae produced by affiliated 
companies in West Virginia. 



CONCKNTRATION OF EC^ONOMIO POWER 7957 



ESSO INCORPORATED 



This corporation was created as a means of protecting the right to the word 
"ESSO" used in some parts of the United States a^ a trade-mark. 

GAS COMPANIES, INCORI ORATED 

This corporation was organized to serve as employer of the personnel at New 
York engaged in supervising the management of natural gas companies subsidiary 
to or affiliated with Standard Oil Company (New Jersey). This organization 
was deemed necessary to meet the requirements of the Social Security Act. 

GILBERT & BARKER MANUFACTURING COMPANY 

This company was acquired about 1884. At that time it \yas an important 
manufacturer of gas machines and a large purchaser of gasoline for use therein. 

HOPE CONSTRUCTION & REFINING COMPANY 

This corporation was organized for the purpose of constructing and operating 
plants for the extraction of gasoline from natural gas in Wyoming. Oklahoma, 
Ohio and Pennsylvania. 

HOPE NATURAL GAS COMPANY 

This corporation was organized about 1898 for the purpose of producing and 
purchasing natural gas in West Virginia and transporting it through pipe lines to 
the West Virginia-Ohio state line where such gas was delivered to the East Ohio 
Gas Company. 

HOPE PRODUCING COMPANY 

This corporation was organized for the purpose of acquirine and operating 
certain natural gas leases in and about the Monroe-Louisiana fiej'i and the Rich- 
land-Louisiana field which prior to that time had been owned but not operated by 
Standard Oil Company of Louisiana. 

HUMBLE OIL A REFINING COMPANY 

An interest in this Company was acquired as an investment and in order to 
secure dependable source of crude supplies from Texas. Shortly prior to the 
acquisition of the interest the bringing in of important oil fields indicated clearly 
that Texas would be a large oil producer. Standard Oil Company (New Jersey) 
and subsidiaries were not producing any oil in Texas. It was deemed essential to 
secure an assured source of continuous supply of crude oil from reserves in that 
state. Humble Company had substantial Texas reserves. 

HUMBLE PIPE LINE COMPANY 

This corporation was acquired by Humble Oil & Refining Company to assist 
in solving its crude oil transportation problems. 

HYDRO ENGINEERING & CHEMICAL COMPANY 

This corporation was created for the purpose of furnishing engineering services 
and catalysis materials for the hydrogenation process. 

INTERSTATE COOPERAGE COMPANY 

This corporation was organized to engage in the manufacture and purchase of 
staves and heading to supply the requirements of the barrel factories in the various 
refineries then owned by Standard Oil Company (New Jersey) and subsidiary 
and affiliated companies. 

INTERSTATE NATURAL GAS COMPANY 

This company was organized to acquire and operate natural gas producing 
properties in the Monroe-Louisiana field and to construct a pipe line for the trans- 
portation of natural gas from that field to Baton Rouge, Louisiana, to supply cer- 
tain requirements of the refinery of the Standard Oil Company of Louisiana and 
to supply other customers. 



7958 CONCENTKATION OF ECONOMIC POWER 

KESBEC INCORPORATED 

The interest in this corporation was purchased as a nucleus for building up the 
distribution of Esso products through service stations to consumers in and near 
New York City. At the time of the purchase, because of the relatively few service 
stations in New York City and vicinity where Esso prdoucts were sold, there was 
very little consumer demand for those products. 

KEUKA CONSTRUCTION CORPORATION 

See Lycoming United Gas Corporation. 

I.YCOMING UNITED GAS CORPORATION 

This company was organized and its subsidiaries, Keuka Construction Corpo- 
ration and New York State Natural Gas Corporation, were organized or acquired 
to put into operation a project to produce natural gas in southern-central New 
York and northern-central Pennsylvania, and 

NEW YORK STATE NATURAL GAS CORPORATION 

See Lycoming United Gas^Corporation. 

NORMITOL INCORPORATED 

This corporation was organized to consolidate the operations of two small com- 
panies which had been purchased in order to avoid conflicts with the trade-mark 
FLIT. 

OHIO PRODUCING & REFINING COMPANY 

This corporation was organized for the purpose of dealing in oil and gas prop- 
erties and to engage in producing, purchasing, refiijing and selling natural gas, 
oil and other products. 

OKLAHOMA PIPE LINE COMPANY 

This corporation was organized in 1909 to construct and operate a pipe line 
connecting with other pipe lines in Central Oklahoma and extending thence to 
the Oklahoma-Arkansas border where it connected with still other pipe lines, all 
of which were owned by companies then affiliated. The pipe line also served as 
an outlet for important newly discovered fields in central Oklahoma. 

PENINSULA OIL & REFINING COMPANY 

This corporation was organized by the Humble Oil & Refining Company to 
engage in the general oil business in the state of Florida through it as a subsidiary. 

PENOLA INC. 

The interest in this company was acquired in 1895, almost immediately after 
the incorporation of the company. The company had been incorporated to take 
over the business previously carried on by its incorporators. The business con- 
sisted of making lubricating products for use by railroads and also the making of 
certain mill greases. 

PEOPLES NATURAL GAS COMPANY 

The interest in this company was acquired in 1903 by the National Transit 
Company then affiliated with Standard Oil Company (New Jersey) and subse- 
quently such interest was transferred to Standard Oil Company (New Jersey). 
It is not clear at this time why the interest was acquired br what were the proper- 
ties of the company at the time the interest was acquired. It is believed the ac- 
quisition was to further the operation of natural gas producing properties then 
being developed in West Virginia and adjacent states. 



REFINERS SALES CORPORATION 

This corporation is in the process of liquidation. 



CONCENTRATION OF ECONOMIC POWER 7959 

RESERVE GAS COMPANY 

This corporation was created for the purpose of acquiring and consolidating the 
ownership of West Virginia natural gas producing properties. 

RIVER GAS COMPANY 

This corporation was organized for the purpose of producing, purchasing and 
acquiring natural gas and distributing natural gas in certain West Virginia and 
Ohio towns and viBages. 

SALT FLAT WATER COMPANY 

This corporation was organized by Humble Oil & Refining Company and others 
to assist in providing ways and means with which to handle waste water disposal 
problem on account of salt water produced from oil wells. 

SOUTHERN RADIO CORPORATION 

At the time it was organized efficient communication was whoUy lacking to oil 
producing fields in Bolivia and the Argentine. This corporation was organized to 
construct and operate the necessary facilities for short wave radio communication 
between New York and such producing fields. 

SPANISH PEAK OIL COMPANY 

This corporation was acquired by Humble Oil & Refining Company because of 
the potential possibilities of its mineral leases at the date of the organization of 
the Humble Oil & Refining Company. 

STANCO DISTRIBUTORS INCORPORATED 

This corporation was organized to engage in the sale of Nujol and a few other 
products in states where Standard Oil Company (New Jersey) was not authorized 
to engage in business. 

STANCO INCORPORATED 

At the time Standard Oil Company (New Jersey) ceased to be an operating 
company and became solely a holding company, Stanco Incorporated was or- 
ganized to take over the manufacture, packaging, advertising and selling of 
specialty products. 

STANDARD ALCOHOL COMPANY 

This corporation was created for the purpose of manufacturing and marketing 
alcohol and other chemical derivatives made primarily from petroleum gases. 

STANDARD I. G. COMPANY 

This company was created for the purpose of licensing patent rights for hydro- 
genation. 

STANDARD OIL COMPANY OF LOUISIANA 

This corporation was organized for the purpose of constructing an oil refinery 
at Baton Rouge, Louisiana. 

STANDARD OIL COMPANY OF NEW JERSEY 

This company was organized to provide a vehicle for acquiring and carrying on 
of the refining and marketing business and properties of Standard Oil Company 
(New Jersey) as one step toward placing the latter company in the status of a 
holding company, and to further a plan to decentralize management responsi- 
bility then being developed by Standard Oil Company (New Jersey). 

STANDARD OIL COMPANY OF PENNSYLVANIA 

This company was organized for the purpose of placing on sale in Pennsylvania 
petroleum products manufactured by Standard Oil Company of New Jersey and 
affiliated companies. 

STANDARD OIL DEVELOPMENT COMPANY 

The company was organized for the purpose of supervising and conducting 
technical research and to hold and license patents. 



7960 CONCENTRATION OF ECONOMIC POWEP 

STANDARD OIL EXPORT CORPORATION 

This corporation was organized to engage solely in export trade as the term 
"export trade" is defined in the act of Congress entitled "An Act to Promote 
Export Trade and for Other Purposes" approved April 10, 1918, commonly 
known as the "Webb Act". 

SYLVESTRE OIL COMPANY 

See Sylvestre Utilities Company. 

SYLVESTRE OIL TERMINAL COMPANY, INC. 

See Sylvestre Utilities Company. 

SYLVESTRE UTILITIES COMPANY 

The interest in this company was acquired by the Colonial Beacon Oil Company 
prior to the time the Standard Oil Company (New .Jersey) acquired any interest 
in Colonial Beacon Oil Company. It is believei the reason for the acquisition 
was that Sylvestre Utilities Company owned stock in Sylvestre Oil Terminal 
Company and .Sylvestre Oil Company which were engaged respectively in the 
storage and marketing of heating oil in New York City and vicinity, and Colonial 
Beacon Oil Company then being engaged in the distribution in New York City of 
gasoline desired to round out its activities by obtaining an interest in the distribu- 
tion of heating oil which would provide an outlet for those products rhanufactured 
at its Everett, Massachusetts, Refinery. 

TRANSIT & STORAGE COMPANY 

Transit & Storage Company was formed for the purpose of acquiring two oil 
tankers then being constructed on the Pacific coast. 

TREBOR REALTY CORPORATION 

This corporation was created to acquire from Standard Oil Company of New 
Jersey and to manage and sell certain real estate in New .lersey no longer needed 
by Standard Oil Company of New Jersey for the conduct of its regular business. 

TUSCARORA OIL COMPANY, LIMITED 

The Tuscarora Oil Company was organized to construct and operate an oil 
pipe line extending from the Ohio-Pennsylvania state line to Bayonne, New 
Jersey. 

WILBARGER WATER COMPANY 

This corporation was organized by the Humble Oil & Refining Company and 
others to assist in providing ways and means with which to handle waste water 
disposal problem on account of salt water produced from oil wells. 

16. Standard Oil Company (OhioI 

ACTIVE subsidiaries AND AFFILIATES, AS OF DECEMBER 31, 1938 

a. Lalonia Refining Corporation 

b. Cleveland, Ohio. 

c. Ohio— 12/22/28 

d. 1928-1930 

e. .Engaged solely in the business of refining petroleum. Its entire output of 

refined petroleum products is sold to the parent com.pany, the reporting 
company (with a few minor exceptions). The company owns one refinery 
situated at Latonia, Kentucky, where all of its business is conducted. The 
products of the refinery consist of gasoline, kerosene, fuel oil and asphalt. 

f. Common stock 

g. 876 
h. 876 

i. The company was organized by the reporting company in order to take title to 
and to operate an existing refinery purchased by the reporting company, 
situated in Latonia, Kentucky. Reporting company could not qualify to 
do business in the State of Kentucky under its own name because of the 
preemption of this name by Standard Oil Company of Kentucky in the State 



CONCENTRATION OF ECONOMIC POWER 7961 

of Kentucky, where it had been doing business for many years. Therefore, 
a separate company was organized by the reporting company under the name 
"Latonia Refining Corporation", to take title to and to operate the refinery 
purchased by the reporting company. 

a. Fleet- Wing Corporation 

h. Cleveland, Ohio 

c. Ohio— 11/30/28 

d. 1928-1931 

e. Wholesaler of gasoline and other petroleum products and accessories and 

equipment commonly sold at gasoline service stations. It purchases the 
major portion of the products sold by it from its parent, the reporting 
company, and re-sells solely to jobbers of petroleum products, mainly in the 
states of -Ohio, Indiana, Michigan, Pennsylvania and Maryland. The 
principal office of the company is located in Cleveland, Ohio, where its 
business is conducted.. It manufactures no products itself. The products 
handled by it consist of gasoline, lubricating oil, lubricants and automobile 
accessories commonly sold at gasoline service stations. 

f. Common stock 

g. 1,000 
h. 1,000 

i. The company was organized by its parent, the reporting company, to take over 
the existing wholesale business, trade-marks and good will of Spears and 
Riddle Company of Wheeling, West Virginia, which had engaged extensively 
in selling gasoline and other petroleum products to jobbers under the trade 
name "Fleet- Wing". The company was organized as a separate company, 
primarily for the reason that it was part of the terms of the purchase of the 
Spears and Riddle Company business that one of the former owners was to 
continue in charge of the business and was to have a minority interest therein. 

a. Commercial Oil Company 

h. Cleveland, Ohio 

c. Ohio— 2/16/31 

d. 1931-1936 

e. This company is a jobber and is also a retailer of gasoline and other petroleum- 

products through service stations and by tank truck to consumers. Its 
business is confined to Cleveland and Akron, Ohio, and adjoining suburbs, 
where it retails gasoline and other petroleum products under the trade name 
"Fleet- Wing". It purchases the major portion of the products which it 
sells from Fleet- Wing Corporation. 

f. Common stock 

g. 1640 
h. 1575^ 

i. The stock of this company, which was originally acquired by Fleet-Wing 
Corporation and is now owned by reporting company, was acquired in order 
to insure to. Fleet- Wing Corporation a permanent outlet for its products in 
the City of Cleveland and heighboring suburbs. 

a. Eagleroc Oil Co. 

b. Youngstown, Ohio 

c. Ohio— 8/28/28 

d. 1929-1936 

e. Jobber of petroleum products located in Youngstown, Ohio, where it markets 

its products at wholesale and retail under the trade name "Fleet-Wing", 
purchasing the major portion of its products from Fleet- Wing. Corporation. 

f. Common stock 

g. 100 
h. 100 

i. The stock interest in this company, which was originally acquired by Fleet- 
Wing Corporation and subsequently by the reporting company, was ac- 
quired in order to assure a permanent outlet for Fleet- Wing products in the 
City of Youngstown and neighboring suburbs^ 

a. Ohio Independent Oil Co. 

b. Springfield, Ohio 

c. Ohio— 7/9/25 

d. 1931 

e. Jobber of petroleum products located in Springfield, Ohio, where it markets 

its products at wholesale and retail under the trade name "Fleet-Wing", 
purchasing the major portion of its products from Fleet- Wing Corporation. 



7962 CONCENTRATION OF ECONOMIC POWER 

f. Preferred stock, common stock 

g. 100 
h. 75 

i. The stock interest in this company, which was originally acquired by Fleet- 
Wing Corporation Sifid subsequently by the reporting company, was acquired 
in order to assure a permanent outlet for Fleet- Wing products in the City of 
Springfield and neighboring suburbs. 

a. Ridge Oil Corporation 

b. Madison, Ohio 

c. Ohio— 2/26/31 

d. 1931-36 

e. Jobber of petroleum products located in Madison, Ohio, where it markets its 

products at wholesale and retail under the trade name "Fleet- Wing", pur- 
chasing the major portion of its products from Fleet- Wing Corporation. 

f. Preferred stock, common stock 

g. 1000 
h. 1000 

i. The stock interest in this company, which was originally acquired by Fleet- 
Wing Corporation and subsequently by the reporting company, was ac- 
quired in order to assure a permanent outlet for Fleet- Wing products in 
Madison, Ohio, and vicinity. 

a. Fordsville Gathering Line, Inc. 

b. Owensboro, Ky. 

c. Indiana— 9/6/34 

d. 1934 

e. Owns and operates a gathering system in the so-called Western Kentucky Oil 

Field, where it purchases crude oil direct from the producers at the wells 
and re-sells same primarily to the reporting company. Its principial office 
. is in the City of Owensboro, Kentucky, and its activities are confined to 
the Western Kentucky Oil Field. 

f. vCommon stock 

g. 200 
h. 120 

i. The purpose of acquiring the stock interest in this company was to enable 
reporting company to make favorable purchases of Western Kentucky crude 
oil direct from the producers and to reduce the delivered cost of Western 
Kentucky crude oil to reporting company. 

a. Simrall Corporation 

b. Mt. Pleasant, Michigan 

c. Delaware— 5/14/29 

d. 1935-1937 

e. Owns and operates a gathering system in the Central Michigan Oil Fields, 

where it purchases crude oil direct from the producers at the wells and 
re-sells the same to the reporting Company and others. It acts as a feeder 
for the main trunk pipe line known as Michigan-Toledo Pipe Line^ which 
is also controUied by reporting company. The principal office of the com- 
pany is in Mt. JPleasant, Michigan, and its operations are confined to the 
Central Michigan Oil Fields. 

f. Common stock 

g. 1500 • 
h. 752 

i. The reason for acquiring a stock interest in this company was to enable the 
reporting company to make favorable purchases of crude oil in the Michigan 
Oil Fields and to reduce the delivered cost of Michigan crude oil to reporting 
company. 

■ a. Michigan-Toledo Pipe Line Co.. 

b. Mt. Pleasant, Mich. 

c. Delaware— 10/11/35 

d. 1935-1937 

e. Owns and operates a main trunk pipe line having a capacity of approximately 

20,000 barrels per day, running from Purtell Station, Michigan, (near 
Mt. Pleasant, Michigan) to Toledo, Ohio. Its principal office is in Mt. 
Pleasant, Michigan, and its sole business is that of » common carrier trans- 
porting crude Oil by pipe line from the Central Michigan Oil Fields to 
Toledo, Ohio, to reporting company and other customers in Toledo. 



CONCENTRATION OF ECONOMIC POWER 7963 

f. Common stocl 

g. 1000 
h. 502 

i. The purpose of the acquisition of stock in this company was to reduce the 
delivered cost of Michigan crude oil to reporting company at its Toledo 
Refinery. 

a. Sohio Producing Company 

b. Cleveland, Ohio 

c. Ohio— 2/27/37 

d. 1937 

e. Producing company operating principally in the Western Kentucky Oil Field, 

producing approximately 1000 barrels perday on the average, in 1938. The 
company also has a few leases in Illinois. 

I. Debentures, Common stock 

g. 250 

h. 250 

i. This company, which is 100% owned by the reporting company, was organized 
as a separate company in order to segregate the producing operations from 
other operations of reporting company and also because reporting company 
could not qualify to do business in the State of Kentucky because of conflict 
of its corporate name with that of the Standard Oil Company of Kentucky. 

a. Sohio Corporation 

b. Cleveland, Ohio 

c. Delaware— 8/11/37 

d. 1937 

e. Owns and operated a gathering system in the recently discovered Illinois Oil 

Field, where it purchases crude oil direct from the producers at the wells 
and re-sells the same to reporting company and others. Its principal office 
is in the City of Cleveland, Ohio. 

f. Common stock 

g. 300 
h. 300 

i. The company was organized by reporting company as a separate company to*' 
segregate its purchasing and gathering activities from that of the reporting 
company and also because reporting company was unable to qualify to do 
business in the State of Illinois because of confiict of its name with that of 
Standard Oil Company of Indiana. 

a. Berea Engineering Company 

b. CIe\^eland, Ohio 

c. Ohio— 8/19/37 

d. 1937 

e. Construction company. Its activities to date have been confined to fonstruct- 

ing crude oil and gasoline pipe lines in the states of Michigan and Ohio. 
Its principal office is in Cleveland, Ohio. 

f. Common stock 

g. 25 
h. 25 

i. This stocK interest waS acquired by reporting company primarily in order to 
reduce the cost and to haVe direct control of its own pipe line construction 
in which it has recently been engaged in considerable volume. 

a. Clay City Pipe Line Company 
h. Cleveland, Ohio 

c. Delaware— 10/18/37 

d. 1937 

e. Common carrier owning and operating three short main trunk pipe lines in the 

State of Illinois for the transportation of crude oil. The three trunk lines 
in question serve as connections between separate gathering systems of Sohio 
Corporation and main trunk pipe lines belonging to other common carriers. 

• f, Common stock 

g. 250 

Ij. 250 

i. The purpose of organizing this company was to reduce the delivered cost of 
Illinois crude oil to reporting company and tb segregate the activities of this- 
common carrier pipte lineifrom the operations of the reporting company. 

a. Tri-Lakes Corporation 

b. Mt. Pleasant, Michigan 



7964 CONCENTRATJON OF ECONOMIC POWER 

c. Delaware— 5/17/38 

d. 1938 

e. Owns and operates a marine terminal in Bay City, Michigan, for the storage, 

handling and loading of crude oil into tankers. It also owns and operates 
small gathering lines in Western Michigan, where it purchases oil direct 
from the wells and delivers same to railroad loading points located at various 
points in or near the fields where the oil is purchased. 

f. Common stock 

g. 250 
h. 250 

i. This company was organized as a separate company by the reporting company 
to segregate its operations from that of the parent company and also for 
the reason that the parent company could not qualify to do business in the 
State of Michigan because of conflict of name with that of Standard Oil 
Company of Indiana. 

INACTIVE SUBSIDIARIES AND AFFILIATES AS OF DECEMBER 31, 1938 

a. Refiners, Inc. 

b. Cleveland, O. 

c. Ohio— 1/24/31 

d. 1931 

e. Inactive 

f. Common stock 

g. 100 
h. 100 

i. 

a. Solar Refining Company 

h. Cleveland, Ohio 

c. Ohio— 10/2/31 

d. 1931 

e. Inactive 

f. Common stock 

g. 100 
h. 100 

i. 

a. Caldwell & Taylor Corporation 

b. Cleveland,' -Ohio 

c. Ohio— 7/3/29 

d. 1929 

e. Inactive 

f. Common stock 

g. 3 
h. 3 

i. 

INVESTMENTS' IN NON-SUBSIDIARY AND NON-AFFILIATED COMPANIES AS OF DECEMBER 

31, 1938 

a. Ajax Pipe Line Corporation 

b. Cleveland, Ohio 

c. Delaware— 3/7/31 

d. 1931-1938 

f. Preferred stock, 2nd Pfd. stock, common stock, management stock 

g. 300 
h. 90 

a. Atlas Supply Company 
h. Newark, N. J. 

c. Delaware— 2/27/29 

d. 1931-1938 

f. Preferred stock, conamon stock 

g. 50 
h. 10 

a. Fuel Oil Corporation 

b. Detroit, Michigan 

c. Ohio— 8/18/30 

d. 1930 



CONCENTRATION OF ECONOMIC POWER 7965 

f. common stock 

g. 1,170 
h. 390 

a. Peninsular Oil Company 

b. Detroit, Mich'igan 

c. Michigan— 2/1/30 

d. 1930-1933 

f. Class A Stock, Class B Stock 

g. 1,000 
h. 500 

a. Great Lakes Transport Corporation 

b. Detroit, Michigan 

c. Delaware— 8/18/30 

d. 1931 

f. Common stock 

g. 1000 
h. 333 

a. Hydro Patents Company 

b. Linden, N. J. 

c. Delaware— 1930 

d. 1930-1935 

f. Common stock 

g. 25,004 
h. 1,000 

a. Red Indian Oil Company 

b. Detroit, Michigan. 

c. Michigan- 7/1/23 

d. 1937-1938 

f. Common stock 

g. 231,755 
h. 100,000 

a. Adaihs Oil & Gas Company 

b. Chicago, Illinois 

c. Delaware— 1/2/26 

d. 1938 

f. Common stock 

g. 232,000 
h. 11,750 

Note.— In addition to the foregoing the reporting company owns certam 
securities of Chicago Rapid Transit Co., oariied on its books at a total vahie of 
$547.25, which were taken over with other as.se+s of Solar Refining Company 
when assets of that company were purchased by reporting company in 1931. 

17. Sun Oil Company 
schedule of subsidiary companies 

a. British Sun Oil Co., Ltd. 

b. Bush House, Aldwych, London, W. C. 2, England 

c. England, 7/26/09 

d. Various 

e. Petroleum Marketing United Kingdom 

f. 100% common stock 

g. 60,000 
h. 60,000 

1. Foreign distribution 

a. Compania Sunoco de Cuba 

b. Avenida Menocal #455, Habana, Cuba 

c. Cuba, 10/23/28 

d. Various 

e. Petroleum marketing in Cuba 

f. 100% common stock 

g. 610 
h. 610 

i. Foreign distribution 

124491 — 40 — pt. 14-A 18 



7966 CONCENTRATION OF ECONOMIC POWER 

a. Horse Heaven Mines, Inc. 

b. 909 Studio Building, Portland, Oregon 

c. Oregoir, 6/30/34 

d. 9/1/36 

e. Mercury Mining in Oregon . 

f. 100% common stock 

g. 75,000 
h. 75,000 

i. To insure mercury supply. 

a. Netherlands Sun Oil Co., Belgian Sun Oil Co., S. A., N. V. Deutz Olie Handel, 

Deutz Olie Handel, S. A., Deluxol Oil Co., S. A. 

b. Coolsingel 31c, Rotterdam, Holland 

c. HoUand, 8/19/19 

d. Various 

e. Petroieum marketing in Holland and Belgium 

f. 100% common stock 

g. 300 
h. 300 

i. Foreign distribution 

a. Solgas, Inc. 

b. 1608 Walnut Street, Philadelphia, Pa. 

c. Delaware, 8/15/34 

d. 10/24/36 

e. Marketing of liquified gases 

f. 100% common stock 

g. 300 
h. 300 

i. Market liquified gases. 

a. Sperry-Sun Well Surveying Co. 

l3. 1608 Walnut Street, Philadelphia, Pa 

c. Delaware, 10/9/29 

d. Various 

e. Oil well surveying 

f. 100% common stock 

g. 2,000 
h. 2,000 

i. For oil well surveying 

a. Sun Oil Company, Ltd. 

b. Ft. of Bouchette Street, Toronto, Ont., Canada 

c. Canada, 3/31/23 

d. Various 

e. Petroleum marketing in Canada 

f. 100% common stock 

g. 1,000 
h. 1,000 

i. Foreigii distribiution 

a. Sun Shipbuilding & Dry Dock Co. 

North Chester Realty Company 

b. Chester, Pa. 

c. Penna. 5/24/16 

d. Various 

e. Shipbuilding 

f. 100% Common stock 

g. 35,000 
h. 35,000 

i. Construction of tankers 

a Delauiarr: Rt-up^ h Umon Railroad Company 

b. 1608 Walnut Street, Philadelphia, Pa. 

c. Penna. 7/22/02 

d. Various 

e. Railroad 

f. 99.70% common stock 

g. 2 000 
h. 1,994 

i. Plant facility 



CONCENTRATION OF ECONOMIC POWER 7967 



a. Sun Pipe Line Company 

b. Beaumont, Texas 

c. Texas, 7/1/04 

d. Various 

e. Crude oil pip^-line 

f. 99.875% common stocJi 

g. 20,000 
h. 19,975 

i. Crude oil transportation 

SCHEDULE OF AFFILIATED COMPANIFS 

a. Beacon Sun Oil Company 

b. 1608 Walnut Street, Philadelphia, Pa. 

c. Delaware— 5/5/22 

d. Various 

e. Production of crude oil 

f. 50% common stock, 66.40% Preferred stock 

g. 36,485 91,485 
h. 18,242.5 60,742.5 

i. To secure crude oil supply 

a. Motor Tankship Corporation 

b. 1608 Walnut Street, Philadelphia, Pa. 

c. Delaware— 8/29/29 

d. Various 

e. Marine transportation 

f. 48.74% common stock 
g. 26,530 

h. 12,930 
i. Marine transportation 

a. Susquehanna Pipe Line Co. 

h. 1608 Walnut Street, Philadelphia, Pa. 

c. Penna. 3/28/30 

d. 12/24/38 

e. Transportation of gasoline and crude oil in Penna. 

f. 100% Class B Stock 

g. Class A, 6,776; Class B, 5,544 
h. 5,544 

i. Gasoline & crude oil transportation 

a. Martin & Schwartz, Inc. 

b. 2933 Main Street, Buffalo, New York 

c. New York, 11/21/33 

d. Dec. 1937 

e. Manufacture and marketing of dispensing equipment 

f. 35% common stock 

g. 100,000 
h. 35,000 

i. To insure supply of dispensing equipment. 

a. Sun Oil Line Company 

b. 1608 Walnut Street, Philadelphia, Pa. 

c. Ohio, 1/7/89 

d. 12/24/38 

e. Transportation of gasoline in Ohio 

f. 100% Class B Stock 

g. Class A,l,034; Class B, 846 
h. 846 

i. Gasoline transportation 

a. Sun Pipe Line, Inc. 

b. 1608 Walnut Street, Philadelphia, Pa. 

c. New York, 3/3/30 

d. 12/24/38 

e. Transportation of gasoline in N. Y. 

f. 100% Class B Stock 

g. Class A, 990; Class B, 810 
h. 810 



7968 CONCENTRATION OF ECONOMIC POWER 

a. Middlesex Pipe. Line Company 

b. 1608 Walnut Street, Philadelphia, Pa. 

c. New Jersey, 5/18/34 

d. 12/24/38 

e. Transportation of gasoline in N. J. 

f. 100% Class B Stock 

g. Class A, 1,650; Class B, 1,350 
h. 1,350 

i. Gasoline transportation 

Other investments 



Name 


Description of Security 


Number 
of Shares 
Owned 


Book 
Value 


Houdry Process Corp 


Common Stock 


30, 657 
62, 775 
3,384 
4,650 


$288 697 


Class' A Voting Trust Certificates 


647 699 




Class A Voting Trust Certificates on Option 

Class A Stock 


133,952 
465,000 






409, 458 











The Texas Corporation 



T. N. E. C. QUESTIONNAIRE FOR OIL COMPANIES 

Question 11: Lists of subsidiaries, affiliates, and all companies in which the re- 
porting company, its subsidiaries or affiliates, held any capital stock, preferred 
stock, or bonded indebtedness as of December 31, 1938; this includes foreign sub- 
sidiaries and affiliates as well as domestic; in respect to each of the companies 
listed, it is desired that the folowing be shown: 

± Name of company: California Petroleum Corporation 

b. Address of company: 929 South Broadway, Los Angeles, California 

c. Place and date of incorporation: California — April 28, 1938 

d. Date of acquisition of interest: April 28, 1938 

c. Detailed statement as to the nature of the business conducted, where con- 
ducted, and description of the commodities manufactured or handled or 
services rendered: None 

f. Nature of the interest owned by reporting company: Stock to be Issued 

g. Number of shares of voting stock of company so reported now outstanding: 

None 
h. Number of voting shares owned or controlled by the reporting company: None 
i. Reason for acquiring interest in such company: To reserve name of "Cali- 
fornia Petroleum Corporation" (a Virginia corporation), now dissolved. 

a. Name of company: California Petroleum Corporation. 

b. Address of company: Calpet, Wyoming. 

c. Place and date of incorporation: Utah — September 2, 1926. 

d. Date cff acquisition of interest: March 2, 1928. 

6. Detailed statement as to the nature of the business conducted, where con- 
ducted, and description of the commodities manufactured or handled or 
services rendered: Produces and refines crude oil in the State of Wyoming. 

f. Nature of the interest owned by reporting company: Capital stock. 

g. Number of shares of voting stock of company so reported now outstanding: 

28,200 shares. 
h. Number of voting shares owned or controlled by the reporting company: 

28,200 shares. 
i. Reason for acquiring interest in such company: Expansion of operations. 

a. Name of company: Central States Pipe Line Company. 
b.. Address of company: P. O. Box 2420, Tulsa, Oklahoma. 

c. Place and date of incorporation: Illinois — September 7, 1938. 

d. Date of acquisition of interest: September 7, 1938. 

e. Detailed statement as to the nature of the business conducted, where con- 

ducted, and description of the commodities manufactured or handled or 
services rendered: Operates a crude oil gathering system in Marion and 
Wayne Counties, Illinois, and a trunk pipe line from Salem to Lawrence- 
ville, Illinois, location of refinery of the Indian Refining Company, also a 
subsidiary of The Texas Corporation. 

f. Nature of the interest owned by reporting company: Capital stock. 



CONCENTRATION OF ECONOMIC POWER 7969 

g. Number of shat-es of voting stock of company so reported now outstanding: 

7,500 shares, 
h. Number of voting shares owned or controlled by the reporting company: 

7,500 shares, 
i. Reason for acquiring interest in such company: To transport crude oil from 

certain Illinois producing fields to Lawrenceville refinery. 

a. Name of company: Goodyear- Wende Oil Corporation. 

b. Address of company: Rand Building, 14 Lafayette Square, Buffalo, New York. 

c. Place and date of incorporation: New York — Jul}' 8, 1919. 

d. Date of acquisition of interest: January 16, 1933. 

e. Detailed statement as to the nature of the business conducted, where con- 

ducted, and description of the commodities manufactured or "handled or 
services rendered: Markets petroleum products at retail in northwestern 
New York State. 

f. Nature of the interest owned by reporting company: Capital stock. 

g. Number of shares of voting stock of company so reported now outstanding: 

6,100 shares, 
h. Number of voting shares owned or controlled by the reporting company: 

6,100 shares, 
i. Reason for acquiring interest in such company: The company was a distrib- 
utor of products of The Texas Company (Delaware). The acquisition was 
made to maintain the distribution. 

a. Name of company: Indian Refining Company 

b. Address of company: 1 Havoline Street, I.awrenceviDe, Illinois 

c. Place and. date of incorporation: Maine — November 14, 1904 

d. Date of acquisition of interest: January 14, 1931 

0. Detailed statement as to the nature of the business conducted, where con- 
ducted, and description of the commodities manufactured or handled or 
services rendered: Refines crude oil in Illinois and markets petroleum 
products principally in Illinois, Indiana, Kentucky, and Ohio. 

f. Nature of the interest owned by reporting company: Common and preferred 

stock 

g. Number of shares of voting stock of company so reported now outstanding: 

Common stock, 1,270,207 shares; Preferred stock, 126 shares 
h. Number of voting shares owned or controlled by the reporting company: 

Common stock, 1,156,147 shares; Preferred stock, 28 shares 
i. Reason for acquiring interest in such company: Expansion of operations. 

a. Name of company: International Pipe Line Company 

b. Address of company: P. O. Box 166, Sunburst, Montana 

c. Place and date of incorporation: Montana — February 26^' 1934 

d. Date of acquisition of interest: February 26, 1934 

e. Detailed statement as to the nature of the business conducted, where con- 

ducted, and description of the commodities manufactured or handled or 
services rendered: Operates a pipe line system in the State of Montana 
from Cut Bank field to the refinery of International Refining Company at 
Sunburst, Montana. 

f. Nature of tlie interest owned by reporting company: Capital stock 

g. Number of shares of voting stock of company so reported now outstanding: 

6,000 shares _ 

h. Number of voting shares owned or controlled by the reporting companv: 

6,000 shares 
i. Reason for acquiring interest in such company: To transport crude oil to 

Sunburst, Montana 

a. Name of compan.y: International Refining Company 

h. Address of company: P. O. Box 166, Sunburst, Montana 

f. Place and date of incorporation: Montana — July 12, 1924 

d. Date of acquisition of interest: March 2, 1928 

e. Detailed statement as to the nature of the business conducted, where con- 

ducted, and description of the commodities manufactured or handled or 
services rendered: Refines crude oil at refinery at Sunburst, Montana. 

f. Nature of the interest owned by reporting company: Capital stock 

g. Number of shares of voting stock of company so reported now outstanding: 

600,000 shares 
h. Number of voting shares owned or controlled by the reporting company: 

500,000 shares 
i. Reason for acquiring interest in such companj': Expansion of operations. 



7970 CONCENTRATION OF ECONOMIC POWER 

a. Name of company: Texaco Development Corporation 

b. Address of company: 135 East 42nd Streel, New York, N. Y. 

c. Place and date of incorporation: Delaware — March 25, 1932 

d. Date o acquisition of interest: March 25, 1932 

e. Detailed statement as to the nature of the business conducted, where con- 

ducted, and description of the commodities manufactured or handled or 
services rendered: Engaged in holding and licensing patents pertaining to 
inventions useful in the petroleum industry. Also engaged in seismo- 
graphic exploration for the discovery of oil. The corporation has a place 
of business at Jersey City, N. J. and at Port Arthur, Texas, and is author- 
ized to do business in each of the following States: 

California Mississippi 

Colorado Nebraska 

Delaware New Jersey 

Illinois New Mexico 

Indiana Oklahoma 

Kansas Texas 

Kentucky Wyoming 
Louisiana 

f. Nature of the interest owned by reporting company: Capital stock. 

g. Number of shares of voting stock of company so reported now outstanding: 

445 shares 
h. Number of voting shares owned or controlled by the reporting company : 

445 shares 
i. Reason for acquiring interest in such company: To hold and license patents 
and carry on development and engineering work incident to patent licensing. 

a. Name of company: Texaco Salt Products Company 

b. Address of company: c/o The Texas Company, 135 East 42nd St., New 

York, N. Y. 

c. Place and date of incorporation: Delaware — June 28, 1930 

d. Date of acquisition of interest: June 28, 1930 

e. Detailed statement as to the nature of the business conducted, where con- 

ducted, and description of the commodities manufactured or handled or 
services rendered: Manufactured and marketed salt and other mineral 
products such as calcium chloride, bromine, etc. The company has ceased 
operations and is now inactive. 

f. Nature cf the interest owned by reporting company: Preferred and common 

stock 

g. Number of shares of voting stock of company so reported now outstanding: 

45,000 shares — Common 
h. Number of voting shares owned or controlled by the reporting company: 

38,000 shares — Common 
i. Reason for acquiring interest in such company: To manufacture and market 

salt and other mineral products such as calcium chloride, bromine, etc. 

a. Name of company: Texas-New Mexico Pipe Line Company 

b. Address of company: Eunice, New Mexico 

c. Place and date of incorporation: Delaware — March 22, 1937 

d. Date of acquisition of interest: March 22, 1937 

e. Detailed statement as to the nature of the business conducted, where con- 

ducted, and description of the commodities manufactured or handled or 
services rendered: Operates gathering system in West Texas and south- 
eastern New Mexico and a trunk pipe line from southeastern New Mexico 
to Houston, Texas. 

f. Nature of the interest owned by reporting company: Class A and Class B 

stock 

g. Number of shares of voting stock of company so reported now outstanding: 

120,000 Class A voting stock 
h. Number of voting shares owned or controlled by the reporting company: 

66,000 Class A voting stock 
i. Reason for acquiring interest in such company: To transport crude oil from 

certain New Mexico and Texas crude oil pools to Houston, Texas. 

a. Name of company: Texas Production Company of Nebraska 

b. Address of company: 135 East 42nd Street, New York, N. Y. 

c. Place and date of incorporation: Nebraska — October 30, 1931 

d. Date of acquisition of interest: October 30, 1931 



CONCENTRATION OF ECONOMIC POWER 7971 

e. Detailed statement as to the nature of the business conducted, where con- 

ducted, and description of the commodities manufactured or handled or 
services rendered: Holds prospective producing acreage in the State of 
Nebraska. 

f. Nature of the interest owned by reporting company: Capital stock 

g. Number of shares of voting stock of company so reported now outstanding: 

1,000 shares 
h. Number of voting shares owned or controlled by the reporting company: 

1,000 shares. 
1. Reason for acquiring interest in such company: To acquire prospective 

producing acreage. 

a. Name of company : The Texaco Can Company 

b. Address of company: P. O. Box 581, Port Arthur, Texas 

c. Place and date of incorporation: Delaware — September 27, 1932 

d. Date of acquisition of interest: September 27, 1932 

e. Detailed statement as to the nature of the business' conducted, where con- 

ducted, and description of the commodities manufactured or handled or 
services rendered: Manufactures and sells cans and packages. 

f. Nature of the interest owned by reporting company: Capital stock 

g. Number of shares of voting stock of company so reported now outstanding: 

20,000 shares 
h. Number of voting shares owned or controlled by the reporting company; 

20,000 shares 
i. Reason for acquiring interest in such company: For manufacturing and selling 

cans and packages 

a. Name of company : The Texas Company 

b. Address of company: 929 South Broadwa}', Los Angeles, California 

c. Place and date of incorporation: Incorporated in California -as Petroleum 

Midway Company Ltd. — February 15, 1915. 

d. Date of acquisition of interest: March 2, 1"928 

e. Detailed statement as to the nature of the business conducted, where con- 

ducted, and description of the commodities manufacturered or handled or 
services rendered: Engaged primarily in the production and refining of 
crude oil and marketing petroleum products in the Pacific Coast territory. 

f. Nature of the interest owned by reporting company: Capital stock 

g. Number of shares of voting stock of companv so reported now outstanding: 

5,000,000 shares 
h. Number of voting shares owned or controlled by the reporting company: 

5,000,000 shares 
i; Reason for acquiring interest in such company: Expansion of operations 

a. Name of company: Ventura Refining Company 

b. Address of company: 929 South Broadway, Los Angeles, California 

c. Place and, date of incorporation: California — April 4, 1913 

d. Date of acquisition of interest: March 2, 1928 

e. Detailed statement as to the nature of the business conducted, where con- 

ducted, and description of the commodities manufactured or handled or 
services rendered: The company is inactive. 

f. Nature of the interest owned by reporting company: The Texas Company 

(California), a 100% controlled subsidiary of The Texas Corporation, 
controls the entire issued capital stock of this company. 

g. Number of shares of voting stock of company so reported now outstanding: 

7 shares 
h. Number of voting shares owned or controlled by the reporting company: 

7 shares 
i. Reason for acquiring interest in such company: Expansion of operations 

a. Name of company: The Texas Company 

b. Address of company: 135- East 42nd Street, New York, N. Y. 

c. Place and date of incorporation: Delaware — January 24, 1927 

d. Date of acquisition of interest: January 24, 1927 

6. Detailed statement as to the nature of the business conducted, where con- 
ducted, and description of the commodities manufactured or handled or 
services rendered: Its principal operations are ■ producing and refining of 
crude oil and the marketing of petroleum products in all States of the United 
States excepting the Pacific Coast territory. It also owns and operates mar- 
ine equipment and transports therein prude oil and petroleum products. 

f. Nature of the interest owned by reporting company: Capital stock 

g. Number of shares of voting stock of company so reported now outstanding: 

6,000,000 shares 



7972 CONCENTRATION OF ECONOMIC POWER 

h. Number of voting shares owned or controlled by the reporting company-: 

6,000,000 shares 
i. Reason for acquiring interest in such company: To engage in all phases of the 
petroleum industry, excluding pipe line operations. 

a. Name of company: The Texas Pipe Line Company 

b. Address of company: 720 San Jacinto Street, Houston, Texas 

c. Place and date of incorporation: Texas — June 2fB, 1917 

d. Date of acquisition of interest: September 13, 1927 ' 

e. Detailed statement as to the nature of the business conducted, where con- 

ducted, and descriptign of the commodities manufactured or handled or 
services rendered: Owns and operates trunk and gathering pipe lines in 
Texas, Louisiana, and Arkansas. 

f. Nature of the interest owned by reporting company: Capital stock 

g. Number of shares of voting stock of companv so reported now outstanding: 

400,000 shares 
h. Number of voting shares owned or controlled by the reporting company: 

400,000 shares 
i. Reason for acquiring interest in such company: To provide a crude oil gather- 
ing and transportation system. . 

a. Name of company: The Texas Pipe Line Company of Oklahoma 

b. Address of company: Philtower Building, 5th & Boston Sts., Tulsa, Oklahoma 

c. Place and date of incorporation: Oklahoma — June 27, 1917 

d. Date of acquisition of interest: September 13, 1927 2 

e. Detailed statement as to the nature of the business conducted, wnere con- 

ducted, and description of the commodities manufactured or handled or 
services rendered: Operates trunk and gathering pipe lines in the State of 
Oklahoma. 

f. Nature of the interest owned by reporting company: Capital stock 

g. Number of shares of voting stock of companv so reported now outstanding: 

30,000 shares 

h. Number of voting shares owned or controlled bv the reporting company: 
30,000 shares 

i. Reason for acquiring interest in such company: To provide a crude oil gather- 
ing and transportation system. 

a. Name of company: N. V. Petroleum Maatschappij The Texas Company 

b. Address of company: 2 de Adelheidstraat 300, The Hague, Holland 

c. Place and date of incorporation: Holland — March 5, 1929 

d. Date of acquisition of interest: March 5, 1929 

e. Detailed statement as to the nature of the business conducted, where con- 

ducted, and description of the commodities manufactured or handled or 
services rendered: Markets petroleum products in Holland 

f. Nature of the interest owned by reporting company: Capital stock 

g. Number of shares of voting stock of company so reported now outstanding: 

4,000 shares 
h. Number of voting shares owned or controlled V)y the reporting companv: 

4,000 shares 
i. Reason for acquiring interest in such company: To market petroleum products 
in Holland 

a. Name of conjpany: Naauilooze Vennootschap Algemeeue Maatschappij tot 

Wederverkoop van Petroleum en Bijprodticten "Do Lichtbron" 

b. Address of company: 2 de Adelheidstraat 300, The Hague. Holland 

c. Place and date of incorporation: Holland — August 27, 1912 

d. Date of acquisition of interest: September 13, 1927 ^ 

e. Detailed statement as to the nature of the business? conducted, where con- 

ducted, and description of the commodities manufactured or handled or 
services rendered: The company is now inactive. It formerly carried on 
marketing operations in Holland. 

f. Nature of the interest owned by reporting company: N. V. Petroleum, ^Maat- 

schappij The Texas Company, a subsidiary of The Texas Corporation, owns 
100% control of this company. 

g. Number of shares of voting stock of company so reported now outstanding: 

50 shares, 
h. Number of voting shares owned or controlled by the reporting company: 50 
shares. 



Acquisition of interest by the preiiecessor company of The Texas Corporation on June 26, 11)17. 
Acquisition of interest by the predecessor company of The Texas Corporation on June 27, 1917. 
Acquisition of interest by the predecessor company of The Texas Corporation of August 27, 191? 



CONCENTRATION OF F:C0N0MIC POWER 7973 

I. Reason for acquiring interest in such company: To market petroleum products 
in Holland. 

a. Name of company: Sociedade Anonyma de Oleo Galena-Signal 

b. Address of company: Rua Libero Badaro, No. 39—2° Andar, Sao Paulo, Brazil 

c. Place and date of incorporation: Brazil — December 14, 1921 

d. Date of acquisition of interest: July 1, 1928 

c. Detailed statement as to the nature of the business conducted, where con- 
ducted, and description of the commodities manufactured or handled or 
services rendered: Markets petroleum products in Brazil. Its business 
covers principally railroad lubrication contracts. 

f. Nature of the interest owned by reporting company: Capital stock 

g. Nuniber of shares of voting stock of company so reported now outstanding: 

3,000 shares 
h. Number of voting shares owned or controlled by the reporting company: 3,000 

share's 
i. Reason for accfuiring interest in such company: Expansion of operations. 

a. Name of company: Texas Eastern Company Limited 

1). .\ddress of company: No. 6, Lothburv, London E. C. 2 or 135 East 42nd 
Street, New York, N. Y. 

c. Place and date of incorpora,tion: England — October 8, 1937 

d. Date of acquisition of interest: On organization, October 8, 1937 

o. Detailed statement as to the nature of the business conducted, where conducted, 
and description of the commodities manufactured or handled or services 
rendered: 

Holding shares of other corporations. 

Registered office, London, England. 

Also has office in New York City. 

f. Nature of the interest owned by reporting company: Capital stock. 

g. Number of shares of voting stock of company so reported now outstanding: 

3,802 shares, 
li. Number of voting shares owned or controlled by the reporting company: 

3,802 shares, 
i. Reason for acquiring interest in such company: To further foreign producing 

operations. 

a. Name of company: Texas Exploration Company Limited 

b. Address of companv: No. 6, Lothburv, London E. C. 2, or 135 East 42nd St., 

New York, N. Y'. 

c. Place and date of incorporation: England — September 25, 1937 

d. Date of acquisition of interest: On organization, September 25, 1937 

e. Detailed statement as to the nature of the business conducted, where conducted, 

and description of the commodities manufactured or handled or services 
rendered: 

Holding shares of other corporations. 

Registered office, London, England. 

Also has office in New York City. 

f. Nature of the interest owned by reporting company: Capital stock. 

g. Number of shares of voting stock of company so reported now outstanding: 

20,000 shares, 
h. Number of voting shares owned or controlled by the reporting company: 

20,000 shares, 
i. Reason for acquiring interest in such company: To further foreign producing 

operations. 

T. N. E. C. QUESTIONNAIRE FOR OIL COMPANIES 

a. Name of company: Levant Petroleum Company Limited. 

b. Address of company: No. 6, Lothbury, London E. C. 2, or 135 East 42nd 

Street, New York, N. Y. 

c. Place and date of incorporation: England — July 20, 1938. 

d. Date of acquisition of interest: On organization by the Texas Exploration 

Company Limited, a subsidiary of the Corporation, July 20, 1938. 

e. Detailed statement as to the nature of the business conducted, where con- 

ducted, and description of the commodities manufactured or handled or 
services rendered: 

Engaged in exploratory work in Egypt, preparatory to producing opera- 
tions if and when oil is. discovered in paying quantities. 

Registered office, London, England. 

Also has office in Cairo, Egypt, and in New York City. 



7974 CONCENTRATION OF ECONOMIC POWER 

f. Nature of the interest owned by reporting company: Texas Exploration 

Company Limited, a subsidiary of the Corporation, controls 100% of the 
issued capital stock. 

g. Number of shares of voting stock of company so reported now outstanding: 

20, 000 shares, 
h. Number of voting shares owned or controlled by the reporting company: 

20,000 shares, 
i. Reason for acquiring interest in such company: To conduct foreign producing 

operations. 

a. Name of company : Societe Texas Egyptienne des Petroles 

b. Address of company: 1 Rue Centrale, Alexandria, Egypt 

c. Place and date of incorporation: Egypt — November 1, 1937 

d. Date of acquisition of interest: On organization by the Texas Exploration 

Company Limited, a subsidiary of the Corporation, November 1, 1937. 

e. Detailed statement as to the nature of the business conducted, where con- 

ducted, and description of the commodities manufactured or handled or 
services rendered: 

Engaged in exploratory work in Egypt, preparatory to producing opera- 
tions if and when oil is discovered in paying quantities. • 

Registered office in Alexandria, Egypt. 

Also has office in Cairo, Egypt. 

f. Nature of the interest owned by reporting company: The Texas Exploration 

Company Limited, a 100% controlled subsidiary otthe Corporation, controls 
100% of the capital stock of this company. 

g. Number nf shares of voting stock of company so reported now outstanding: 

5,000 shares 
h. Number of voting shares owned or controlled by the reporting company: 

5,000 shares 
i. Reason for acquiring interest in such company : To conduct foreign producing 

operations. 

a. Name of company: Texas Mediterranean Petroleum Company Limited. 

b. Address of company: No. 6, Lothbury, London, E. C. 2 or 135 East 42nd 

Street, New York, N. Y. 

c. Place and date of incorporation: England — July 20, 1938. 

d. Date of acquisition of interest: On organization by the Texas Exploration 

Company Limited, a subsidiary of the Corporation, July 20, 1938. 

e. Detailed statement as to the nature of the business conducted, where con- 

ducted, and description of the commodities manufactured or handled or 
services rendered: 

Engaged in expiatory work in Egypt, preparatory to producing operations 
if and when oil is discovered in paying quantities. 

Registered office, London, England. 

Also has offices in Cairo, Egypt, and in New York City. 

f. Nature of the interest owned by reporting company: The Texas Exploration 

Company Limited (a 100% controlled subsidiary of the Corporation) 
controls 100% of the issued capital stock of this company. 

g. Number of shares of voting stock of company so reported now outstanding: 

20,000 shares, 
h. Number of voting shares owned or controlled by the reporting company: 

20,000 shares. , 
i. Reason for acquiring interest in such company: To conduct foreign producing 

operations. 

a. Name of company: Texas Petroleum Company. 

b. Address of company: Edificio de Banco Hipotecario de Colombia, Bogota, 

Colombia. 

c. Place and date of incorporation: New Jersey — January 6, 1925. 

d. Date of acquisition of interest: September 13, 1927 '. 

e. Detailed statement as to the nature of the business conducted, where con- 

ducted, and description of the commodities manufactured or handled or 
services rendered. 

Engaged in exploratory work in Colombia, South America, preparatory to 
producing operations if and when oil is discovered in paying quantities, 
also owns prospecting producing concessions in Venezuela. 
Registered office, Jersey City, New Jersey. 

Also has offices in New York City, New York; Bogota, Columbia; and 
Maracaibo, Venezuela. 



' Acquisition of Interest by thejpredecessor company of The Texas Corporation on January 6, inSB. 



CONCENTRATION OF ECONOMIC POWER 7975 

f. Nature of the interest owned by reporting company: Capital stock. 

g. Number of shares of voting stock of company so reported now outstanding: 

5,000 shares. 
h. Number of voting shares owned or controlled by the reporting company: 

5,000 shares. 
i. Reason for acquiring interest in such company: To conduct foreign producing 

operations. 

a. Name of company: The Texas Company Aktiebolag. 

b. Address of company: Kungsgatan 8-10, Stockholm, Sweden. 

c. Place and date of incorporation: Sweden — December 22, 1919. 

d. Date of acquisition of interest: September 13, 1927 '. 

e. Detailed statement as to the nature of the business conducted, where con- 

ducted, and description of the commodities manufactured or handled or 
serviaes rendered: Markets petroleum products in Sweden. 

f. Natureof the interest owned by reporting company: Capital stock. 

g. Number of shares of voting stock of company so reported now outstanding: 

6,000 sharies. 

h. Number of voting shares owned or controlled by the reporting company: 
6,000 shares. 

i. Reason for acquiring interest in such company: To conduct marketing opera- 
tions in Sweden. 

a. Name of company: Rederiaktiebolaget Texaco. 

b. Address of company: Kungsgatan S-10. Stockholm, Sweden. 

c. Place and date of incorporation: Sweden — February 13, 1925. 

d. Date of acquisition of interest: September 13, 1927 2. 

e. Detailed statement as to the Qature of the business conducted, where con- 

ducted, and description . of the commodities manufactured or handled or 
services rendered: Owns and operates marine equipment in Sweden. 

f. Nature of the interest owned by reporting company: The company is a 

100% controlled subsidiary of The Texas Company Aktiebolag, in turn 100% 
controlled by The Texas Corporation. 

g. Number of shares of voting stock of company so reported now outstanding: 

55 shares, 
h. Number of voting shares owned or controlled by the reporting company: 

55 shares. 
i. Reason for acquiring interest in such company: To operate marine- equipment 
in Sweden. 

a. Name of company: The Texas Company Aktieselskab 

b. Address of company: Amaliegade 35, Copenhagen, K. Denmark 

c. Place and date of incorporation: Denmark— August 21, 1920 

d. Date of acquisition of interest: September 13, 1927 ^ 

e. Detailed statement as t6 the nature of the business conducted, where con- 

ducted, and description of the commodities manufactured or handled or 
services rendered: Markets petroleum products in Denmark. 

f. Nature of the interest owned by reporting company: Capital stock. 

g. Number of shares of voting stock of company so reported now outstanding: 

2,500 shares 
h. Number of voting shares o\yned or controlled by the reporting company: 

2,500 shares 
i. Reason for acquiring interest in such company: To conduct marketing opera- 
tions in Denmark. 

a. Name of company : The Texas Company of Canada, Limited 

b. Address of company: Langman Building, 8th Ave., & 3rd St., W., Calgary, 

Alberta, Canada. 

c. Place and date of incorporation: Canada — April 18, 1928 

d. Date of acquisition of interest: April 18, 1928 

e. Detailed statement as to the nature of the business conducted, where con- 

ducted, and description of the commodities manufactured or handled or 
services rendered: Markets petroleum products in Canada. 

f. Nature of the interest owned by reporting company: Capital stock 

g. Number of shares of voting stock of company so reported now outstanding: 

400 shares 

' Acquisition of Interest by the predecessor company of The Texas Corporation on December 22, 1919. 
' Acquisition of interest by the predecessor company of The Texas Corporation on February 13, 1926. 
' Acquisition of interest by the predecessor company of The Texas Corporation on August 21, 1920. 



7976 CONCENTRATION OF ECONOMIC POWER 

h. Number of voting shares owned "or controlled by the reporting company: 
400 shares 

i. Reason for acquiring interest in such company: To market petroleum prod- 
ucts in Canada 

a. Name of company: The Texas Company (Caribbean) Ltd. 

b. Address of company: 135 East 42nd Street, New York, N. Y. 

c. Place and date of incorporation: Delaware — May 13, 1929 

d. Date of acquisition of interest: May 13, 1929 

e. Detailed statement as to the nature of the business conducted, where con- 

ducted, and description of the commodities manufactured or handled or 
services rendered: Markets petroleum products, principally in Haiti, Ja- 
maica; and the Dominican Republic. 

f. Nature of the interest owned by reporting company: Capital stock 

g. Number of shares of voting stock of company so reported now outstanding: 

6.000 shares 

h. Number of voting shares owned or controlled by the reporting company: 6,000 

shares 
i. Reason for acquiring interest in such company: To market petroleum products 
in certain foreign areas. 

a. Name of company: The Texas Company Sociedad Anonima Espanola 

b. Address of company: No. 59 Calle de Leon y Castillo, Las Palmas, Canary 

Islands 

c. Place and date of incorporation: Spain-Canary Islahds — December 11, 1933 

d. Date of acquisition of interest: December II, 1933 

e. Detailed statement as to the nature of the business conducted, where con- 

ducted, and description of the commodities manufactured or handled or 
services rendered: Markets petroleum pi'oducts in the Canary Island's. 

f. Nature of the interest owned by reporting company: The company is 100% 

controlled by The Texas Company (Caribbean) Ltd., a subsidiary of The 
Texas Corporation. 

g. Number of shares of voting stock of company so reported now outstanding: 

4.001 shares 

h. Number of voting shares owned or controlled by the reporting company: 

4,001 shares 
i. Reason for acquiring interest in such company: To market petroleum products 

in Spain and the Canary Islands. 

a. Name of company: The Texas Company (of Ireland) Limited 

b. Address of company: 44 Lower O'Connell Street, Dublin, Ireland 

c. Place and date of incorporation: Ireland — January 14, 1924 

d. Date of acquisition of interest: July 1, 1928 

e. Detailed statement as to the nature of the business conducted, where con- 

ducted, and description of the commodities manufactured or handled or 
services rendered: Markets petroleum products in Ireland 

f. Nature of the interest owned by reporting company: Capital stock 

g. Number of shares of voting stock of company so reported now outstanding: 

49 900 shares 
h. Num'ber of voting shares owned or controlled by the reporting company: 

49,900 shares 
i. Reason for acquiring interest in such company: Expansion of operations 

a. Name of company: The Texas Company (Overseas) Ltd. 

b. Address of company: 135 East 42nd Street, New York, N. Y. 

c. Place and date of incorporation: Delaware — December 24, 1929 

d. Date of acquisition of interest: December 24, 1929 

e. Detailed statement as to the nature of the business conducted, where con- 

ducted, and description of the commodities manufactured or handled or 
services rendered: Markets petroleum products in various territories in 
West Africa, Central America, and Canal Zone. 

f. Nature of the interest owned by reporting company: Capital stock 

g. Number of shares of voting stock of company so reported now outstanding: 

4,000 shares 
h. Number of voting shares owned or controlled by the reportmg company: 

4,000 shares 
i. Reason for acquiring interest in such company: To conduct foreign marketmg 

operations. 

a. Name of company: The Texas Company (Panama) Inc. 

b. Address of company: Calle 15, #8006, Colon, Republic of Panama. 

c. Place and date of incorijoration : Republic of Panama— November 11, 1938 



CONCENTRATION OF ECONOMIC POWER 7977 

d. Date of acquisition of interest: November 11, 1938 

e. Detailed statement as to the nature of the business conducted, where con- 

ducted, and description of the commodities manufactured or handled or 
services rendered: Markets petroleum products in the Republic of Panama. 

f. Nature of the interest owned by reporting company: Capital stock 

g. Number of shares of voting stock of company so reported now outstanding: 

400 shares 
h. Number of voting shares owned or controlled by the reporting company: 400 

shares 
i. Reason for acquiring interest in such company: To market petroleum products 

in Republic of Panama. 

a. Name of company: The Texas Company (Puerto Rico) Inc. 

b. Address of company: Stop 2%, Puerta de Tierra, San Juan, Puerto Rico 

c. Place and date of incorporation: Puerto Rico — December 3, 1919 

d. Date of acquisition of interest: September 13, 1927' 

e. Detailed statement as to the nature of the business conducted, where con- 

ducted, and description of the commodities manufactured or handled or 
services rendered: Markets petroleum products in Puerto Rico, West Indies, 
and adjacent islands. 

f. Nature of the interest owned by reporting company: Capital stock 

g. Number of shares bf voting stock of company so reported now outstanding: 

1,000 shares 
h. Number of voting shares owned or controlled by the reporting company: 1,000 

shares 
i. Reason for acquiring interest in such company: To (Conduct foreign marketing 
operations in the West Indies. 

a. Name of company: The Texas Company Societa Anonima Italiana 

b. Address of company: Piazzo Crispi #3, Milan, Italy 

c. Place and date of incorporation: Italy — March 3, 1920 

d. Date of acquisition of interest: September 13, 1927 ^ 

e. Detailed statement as to the nature of the business conducted, where con- 

ducted, and description of the commodities manufactured or handled or 
services rendered: Markets certain petroleum products in Italy. 

f. Nature of the interest owned by reporting company: Capital stock 

g. Number of shares of voting stock of company so reported now outstanding: 

6,000 shares 
h. Number of voting shares owned or controlled by the reporting company: 

6,000 shares 
i. Reason for acquiring interest in such company: To market petroleum products 
in Italy. 

a. Name of company: The Texas Company Societe Anonyme Beige 

b. Address of company: 47 Avenue des Arts, Brussels, Belgium 

c. Place and date of incorporation: Belgium — September 29, 1905 

d. Date of acquisition of interest: September 13, 1927 ^ 

e. Detailed statement as to the nature of the business conducted, where conducted, 

and description of the commodities manufactured or handled or services 
rendered: Markets petroleum products in Belgium and Luxmebourg. 

f. Nature of the interest owned by reporting company: Capital stock 

g. Number of shares of voting stock of company so reported now outstanding: 

56,500 shares 
h. Number of voting shares owned or controlled by the reporting company: 

56,500 shares 
i. Reason for acquiring interest in such company: To market petroleum piroducts 

in Belgium and Luxembourg. 

a. Name of company: Texaco S. A, (Texaco A. G.) 

b. Address of company ;^Elisabethenstrasse 60, Basle, Switzerland 

c. Place and date of incorporation: Switzerland — December 9, 1936 

d. Date of acquisition of interest: December 9, 1936 

e. Detailed statement as to the nature of the business conducted, where conducted, 

and description of the commodities manufactured or handled or services 
rendered: Markets petroleum products in Switzerland. 

f. Nature of the interest owned by reporting company: The Texas Company 

Societe Anonyme Beige, a 100% owned subsidiary of The Texas Corporation, 
owns 100% of the issued capital stock of this company. 

' Acquisition of interest by the predecessor company of The Texas Corporation on December 3, 1B19. 
> Acquisition of interest by the predecessor company of The T«xas Corporation on March 3, 1920. 
' Acquisition of interest by the predecessor comiMiny of The Texas Corporation on September 29, 1905 



7978 CONCENTRATION OF ECONOMIC POWER 

g. Number of shares of voting stock of company so reported now outstanding; 
250 shares 

h. Number of voting shares owned or controlled by the reporting company: 250 

shares 
i. Reason for acquiring interest in such company: To conduct marketing opera- 
tions in Switzerland. 

a. Name of company: The Texas Company (South America) Ltd. 

b. Address of company: 135 East 42nd Street, New York, N. Y. 

c. Place and date of incorporation: West Virginia — June 12, 1915 

d. Date of acquisition of interest: September 13, 1927' 

e. Detailed statement as to the nature of the business conducted, where con- 

ducted, and description of the commodities manufactured or handled or 
services rendered: Markets petroleum products in Brazil. 

f. Nature x)f the interest owned by reporting company: Capital stock 

g. Number of shares of voting stock of company so reported now outstanding: 

20,000 shares 
h. Number of voting shares owned or controlled by the reporting company: 

20,000 shares 
i. Reason for acquiring interest in such company: To market petroleum products 
in Brazil. 

a. Name of company: The Texas Company (Uruguay) Sociedad Anonima 

b. Address of company: Solis 1480, Casilla de Correo 723, Montevideo, Uruguay. 

c. Place and date of incorporation: Uruguay — September 5, 1931 

d. Date of acquisition of interest: September 5, 1931 

6. Detailed statement as to the nature of the business conducted, where con- 
ducted, and description of the commodities manufactured or handled or 
services rendered: Markets petroleum products in Uruguay 

f . Nature of the interest owned by reporting company : Capital stock 

g. Number of shares of voting stock of company so reported now outstanding: 

6,000 shares 
h. Number of voting shares owned or controlled by the reporting company: 

6,000 shares 
i. Reason for acquiring interest in such company: To market petroleum products 

in Uruguay. 

a. Name of company: The Texas Company (Venezuela) Limited 

b. Address of company: Avenida Norte 59, Apartado No. 267, Caracas, Vene- 

zuela 

c. Place and date of incorporation: Bahama Islands— October 26, 1938 

d. Date of acquisition of interest: On organization by the Corporation, October 

26, 1938. 

e. Detailed statement as to the nature of the business conducted, where con- 

ducted, and description of the commodities manufactured or handled or 
services rendered. 

Engaged in producing operations in Venezuela, South America. 

Registered office, Nassau, New Providence, Bahama Islands. 

Also has offices in New York City, New York, and Caracas, Venezuela. 

f . Nature of the interest owned by reporting company : Capital stock 

g. Number of shares of voting stock of company so reported now outstanding: 

10,000 shares 
h. Number of voting shares owned or controlled by the reporting company: 

10,000 shares 
i. Reason for acquiring interest in such company : To conduct foreign producing 

operations. 

a. Name of company: The Texas Company (West Indies) Limited 
•b. Address of company: Apartado 1210, Manzana de Gomez 424-425 y 426, 
Havana, Cuba 

c. Place and date of incorporation: Cuba — November 13, 1919 

d. Date of acquisition of interest: September 13, 1927 ^ 

e. Detailed statement as to the nature of the business conducted, where con- 

ducted, and description of the commodities manufactured or handled or 
services rendered: Markets petroleum products in Cuba. 

f. Nature of the interest owned by reporting company: Capital stock 

g. Number of shares of voting stock of company so reported now outstanding: 

16,540 shares 



Acquisition of interest by the predecessor company of The Texas Corporation on June 12, 1915. 
'■ Acquisition of interest by the predecessor company of The Texas Corporation on November 13 , 



CONCENTRATION OF ECONOMIC POWER 7979 

h. Number of voting shares owned or controlled by the reporting company: 
16,540 shares 

i. Reason for acquiring interest in such company: To market petroleum prod- 
ucts in Cuba. 

a. Name of company: The Texas Oil Company Limited 

b. Address of company: Thames House, Entrance No. 4, Millbank, London, 

S. W. 1, England. 

c. Place and date of incorporation: England — October 31, 1916. 

d. Date of acquisition of interest: September 13, 1927' 

e. Detailed statement as to the nature of the business conducted, where con- 

ducted, and description of the commodities manufactured or handled or 
services rendered: Markets petroleum products in United Kingdom. 

f. Nature of the interest owned by reporting company: Capital stock 

g. Number of shares of voting stock of company so reported now outstanding: 

150,000 shares 

h. Number of voting shares owned or controlled by the reporting company: 
150,000 shares 

i. Reason for acquiring interest in such company: To market petroleum prod- 
ucts in the United Kingdom. 

a. Name of company: Coltexo Corporation 

b. Address of company : Monroe, Louisiana, 

c. Place and date of incorporation: Maryland — July 16, 1923 

d. Date of acquisition of interest: September 13, 1927 ^ 

e. Detailed statement as to the nature of the business conducted, where con- 

ducted, and description of the commodities manufactured or handled or 
services rendered: Manufactures and sells carbon black and natural gasoline 
in Texas 

f. Nature of the interest owned by reporting company: Capital stock 

g. Number of shares of voting stock of compa>ny so reported now outstanding: 

25,000 shares 
h. Number of voting shares owned or controlled by the reporting company: 

12,250 shares 
i. Reason for acquiring interest in such company: Formed for the manufacture ' 

of carbon black and natural gasoline from natural gas which The Texas 

Company (Texas), predecessor company to The Texas Corporation, in 1923 

was producing in Northern Louisiana. 

a. Name of company: Gasoline Products Company, Inc. 

b. Address of company: 120 East 41st Street, New York, N. Y. 

c. Place and date of incorporation: Delaware— September 28, 1928 

d. Date of acquisition of interest: May 25, 1931 

e. Detailed statement as to the nature of the business conducted, where con- 

ducted, and description of the commodities manufactured or handled or 
services rendered: Holds certain cracking process patents and patent rights. 

f. Nature of the interest owned by reporting company: Capital stock 

g. Number of shares of voting stock of company so reported now outstanding: 

Class A Common Stock^SOO shares 

h. Number of voting shares owned or controlled by the reporting company: 
Class A Common Stock — 100 shares 

i. Reason for acquiring interest in such company: To provide for licensing The 
Texas Company (Del.) cracking patent rights and to increase its participa- 
tion in the earnings of Gasoline Products Company. 

a. Name of company: Great Lakes Pipe Line Company 

b. Address of company: Drawer 3116, Kansas City, Mo. 

c. Place and date of incorporation: Delaware — July 17, 1930 

d. Date of acquisition of interest: May 10, 1933 

e. Detailed statement as to the nature of the business conducted, where con- 

ducted, and description of the commodities manufactured or handled or 
service's rendered: Operates gasoline pipe line from Oklahoma to Minne- 
apolis and Chicago 

f. Nature of the interest owned by reporting company: Capital stock 

g. Number of shares of voting stock of company so reported now outstanding: 

137,223 shares 



Acquisition of interest by the predecessor company of The Texas Corporation on October 31. 1916. 
I Acquisition of interest by the predecessor company of The Texas Corporation on July 19, 1923. 



7980 CONCENTRATION OP ECONOMIC POWER 

h. Number of voting shares owned or controlled by the reporting company: 

16,665 shares 
i. Reason for acquiring interest in such company: To participate in an economical 

system for transporting gasoline from the West Tulsa, Okla., refinery of 

The Texas Co. (Del.) to certain distributing centers. 

a. Name of company: Halliburton Oil Well Cementing Company 

b. Address of company: Duncan, Oklahoma 

c. Place and date of incorporation: Delaware — July i; 1924 

d. Date of acquisition of interest: September 13, 1927' 

e. Detailed statement as to the nature of the business conducted, where con- 

ducted, and description of the commodities manufactured or handled or 
services rendered': Owns and operates well cementing and testing processes, 
and other specialized oil field services, throughout the Mid-Continent area. 

f. Nature of the interest owned by reporting company: Capital stock 

g. Number of shares of voting stock of company so reported now outstanding: 

3,280 shares 
h. Number of voting shares owned or controlled by the reporting company: 200 

shares 
i. Reason for acquiring interest in such company: To own an interest in this 

company which had certain well cementing agreements with The Texas 

Co. (Texas), predecessor company to The Texas Corporation, and to share 

in earnings of company 

a. Name of company: Hydro Patents Company 

b. Address of company: Linden, N. J., and 26 Broadway, New York, N. Y. 

c. Place and date of incorporation: Delaware — February 11, 1930 

d. Date of acquisition of interest: July 21, 1930 

e. Detailed statement as to the nature of the business conducted, where con- 

ducted, and description of t)he commodities manufactured or handled or 
services rendered. Controls hydrogenation process in U. S. for converting 
of carbonaceous materials (including petroleum products) into gasoline and- 
other refined petroleum products. 

f. Nature of the interest owned by reporting company: Capital stock. 

g. Number of shares of voting stock of company so reported now outstanding: 

31,971 shares 
h. Number of voting shares owned or controlled by the reporting company: 

1,000 shares 
i. Reason for acquiring interest in such company: To secure license to operate 
under the patents of this company 

a. Name of company: Kaw Pipe Line Company 

b. Address of company: Philtower Bldg., 5th & Boston Sts., Tulsa, Oklahoma. 

c. Place and date of incorporation: Delaware — September 13, 1935. 

d. Date of acquisition of interest: September 13, 1935 

e. Detailed statement as to the nature of the business conducted, where con- 

ducted, and description of the commodities manufactured or handled or 
services rendered: Operates a local gathering system and pipe line in 
western Kansas. 

f. Nature of the interest owned by reporting company: Capital stock 

g. Number of shares of voting stock of company so reported now outstanding: 

11,895 shares — Class A common stock 

h. Number of voting shares owned or controlled by the reporting company: 
3,965 shares— Class A common stock 

i. Reason for acquiring interest in such company: To provide an interest in 
the pipe line system providing transportation facilities for handling crude 
oil production in western Kansas for ultimate delivery to pipe line and 
refining Tfacilities controlled by The Texas Corporation. 

a. Name of company: Natyral Gas Pipeline Company of America 

b. Address of company: 20 N. Wacker Drive, Chicago, Illinois. 

c. Place and date of incorporation: Delaware — April 25, 1930 

d. Date of acquisition of interest: April 25, 1930 

e. Detailed statement as to the nature of the business conducted, where con- 

ducted, and description of the commodities manufactured or handled or 
services rendered: Operates natural gas pipe line from Oklahoma border 
• (where it connects with Texoma Natural Gas Co. pipe line) to Chicago, 
Illinois, area. 
• \cquisition of interest by the predecessor company of The Texas Corporation on July 11, 1924. 



CONCENTRATION OF ECONOMIC POWER 7981 

f. Nature of the interest owned by reporting company: Capital stock and 

bonds. 

g. Number of shares of voting stock of company so reported now outstanding: 

1,500,000 shares 
h. Number of v^oting shares owned or controlled by the reporting company: 

263,747.235 shares 
i. Reason for acquiring interest in such company; Organized by The Texas 

Corporation and others to construct and operate a pipe line system to 

transport natural gas to Chicago, 111., area, and intervening points. See 

(i.) under Texoma Natural Gas Company. 

a. Name of company: Petroleum Distillation Corporation 

b. Address of company: Linden, N. J. 

c. Place and date of incorporation: Delaware — June 3, 1932 

d. Date of acquisition of interest: October 17, 1935 

e. Detailed statement as to the nature of the business conducted, where con- 

ducted, and description of the commodities manufactured or handled or 
serviced rendered. Holds patents and patent rights pertaining to processes 
for distillation of oil and licenses same to petroleum industry. 

f . Nature of the interest owned by reporting company: Capital stock 

g. Number of shares of voting stock of company so reported now outstanding: 

900 shares Class A stork f^°*^ classes are voting stock, although the 

loo Sare Cla B Jock ^l^f^.ttlfjr'^'' '^' "^''^ "" ''°'' '" 
[ certain earnmgs. 

h. Number of voting shares owned or controlled by the reporting company; 

300 shares Class B stock. 
i. Reason for acquiring interest in such company: To acquire patent license for 

the protection of certain of our own distillation operations. 

a. Neme of company: Process Management Company, Inc. 

b. Address of company: 120 East 41st Street, New York, N. Y. 

c. Place and date of incorporation: Delaware-July 21, 1933 

d. Date of acquisition of interest: July 21, 1933 

e. Detailed statement as to the nature of the business conducted, where con- 

ducted, and description of the commodities manufactured or handled or 
services rendered. Manages and renders special and technical service in 
connection with the licensing of patented petroleum refining processes. 

f. Nature of the interest owned by reporting company: Capital stock 

g. Number of shares of voting stock of company so r,eported now outstanding: 

500 shares 

h. Number of voting shares owned or controlled by the reporting company 
250 shares 

i. Reason for acquiring interest in such company: To provide an. organization 
for managing and operating of other companies in which The Texas Corpora- 
tion has an interest. 

a. Name of company: Quadrangle Gas Company 

b. Address of company: 20 N. Wacker Drive, Chicago, Illinois 

c. Place and date of incorporation;. Delaware-^ June 6, 1935 

d. Date of acquisition of interest: June 6, 1935 

e. Detailed statement as to the nature of the business conducted, where con- 

ducted, and description of the commodities manufactured or handled or 
serviced rendered. Organized to purchase natural gas jn the Texas Pan- 
handle, for resale to Texoma Natural Gas Company. 

f. Nature of the interest o\\Tied by reporting company: Capital stock 

g. Number of shzres of voting stock of company so reported now outstanding: 

1,000 shares 

h. Number of voting shares owned or controlled by the reporting company: 
175.83149 share^s 

i. Reason for acquiring interest in such company: Organized by stockholders of 
Texoma Natural Gas Company and Natural Gas Pipeline Company of 
America, in each of which The Texas Corporation has 17.58% interest, to 
purchase gas in Texas Panhandle for resale to Texoma Natural Gas Compaay 

a. Name of company: Seaboard Oil Company of Delaware 

b. Address of company: 39 Broadway, New York, N. Y. 

c. Place and date of incorporation: Delaware — September 12, 1919 

d. Date of acquisition of interest: Stdck acquired by The Texas Corporation 

during period from August 4, 1932 to April 21. 1933, inclusive. 

124491— 40— pt. 14-A 19 



^982 CONCENTRATION OF ECONOMIC POWER 

e. Detailed statement as to the nature of the business conducted, where con- 

ducted, and description of the commodities manufactured or handled or 
services rendered: Engages primarily in the production of crude oil, princi- 
pally in California and Texas. 

f . Nature of the interest owned by reporting company : Capital stock 

g. Num.ber of shares of voting stock of companv so reported now outstanding: 

1,244,383 shares 
h. Number of voting shares owned or controlled by the reporting company: 

402,100 shares 
i. Reason for acquiring interest in such company:. To have an interest in the 

production and reserves of the Kettleman Hills North Dome Association 

and pther producing properties of the company. 

a. Name of company: Texoma Natural Gas Company 

b. Address of company: 20 N. Wacker Drive, Chicago, Illinois. 

c. Place and date of incorporation: Delaware — May 26, 1930 

d. Date of acquisition of interest: May 26, 1930 . 

e. Detailed statement as to the nature of the business conducted, where con- 

ducted, and description of the commodities manufactured or handled or 
services rendered. Operates gas producing properties in Texas Panhandle 
and has gathering system and gas pipe line from that area to Oklahoma 
border, at which point the gas is sold to Natural Gas Pipeline Company 
of America. 

f. Nature of the interest owned by reporting company: Capital stock 

g. Number of shares of voting stock of company so reported now outstanding: 

10,000 shares 

h. Number of voting shares owned or controlled by the reporting company: 
1,758.3149 shares 

1. Reason for acquiring interest in such company: Organized by stockholders of 
Natural Gas Pipeline Company of America, in which The Texas Corporation 
has a 17.58% interest, to own and operate natural gas wells and gas pipe 
lines in the Texas Panhandle. The Texas Corporation controlled large gas 
acreage in the Texas Panhandle which it sold to this project, receiving capital 
stock of this company and capital stock and bonds of Natural Gas Pipeline 
Company of America. 

a. Name of company; The Gray Processes Corporation. 

b. Address of company: 26 Journal Square, Jersey City, N. J. 

c. Place and date of incorporation: Delaware — October 2, 1924 

d. Date of acquisition of interest: July 27, 1933 

e. Detailed statement as to the nature of the business conducted, where con- 

ducted, and description of the commodities manufactured or handled or 
services rendered: Holds patents and patent rights covering the treatment 
of oils by use of certain catalytic materials. 

f. Nature of the interest owned by reporting company: Capital stock 

g. Number of shares of voting stock of company so reported now outstanding: 

100,000 shares 
h. Number of voting shares owned or controlled by the reporting company: 

25,000 shares 
i. Reason for acquiring interest in such company: To secure license covering 
The Texas Company's (Del.) operations at a preferential rate and to pro- 
mote the licensing of the Gray Process. . 

ft. Name -of company: The Louisiana Land and Exploration Company. 

b. Address of company: Houma, La. 

c. Place and date of incorporation: Maryland — January 19, 1926 

d. Date of acquisition of interest: By agreement November 12, 1928, The Texas 

Company (Del.) has exclusive right to prospect, drill, and produce oil, gas, 
and sulphur on certain of LL & E's properties in Louisiana; among other 
considerations. Original stock purchase August 28, 1928. 

e. Detailed statement as to the nature of the business conducted, where con- 

ducted, and descriptiop of the commodities manufactured or handled or 
services rendered: Has, oil properties and engages in fur trapping, in 
Louisiana. 
^ Nature of the interest owned by reporting company: Has contractual rela- 
tionship and owns small stock interest as indicated in Item h. 
'' g. Number of shares of voting stock of company so reported now outstanding: 
3,000,000 shares 
h. Number of voting shares owned or controlled by the reporting company: 
22.590 ahares- 



CONCENTRATION OF ECONOMIC POWER 7983 

i. Reason for acquiring interest in such company: To receive dividend income 
from the earnings of the comany 

a. Name of company: The Polymerization Process Corporation 

b. Address of company: 15 Exchange Place, Jersey City, N. J. 

c. Place and date* of incorporation: Delaware — September 3, 1935 

d. Date of acquisition of interest: September 3, 1935 

e. Detailed statement as to the nature of the business conducted, where con- 

ducted, and' description of the commodities manufactured or handled or 
services rendered: Holds patents and patent rights to a polymerization 
process for converting gas into gasoline and other products, and licenses 
same to petroleum industry. 

f. Nature of the interest owned by reporting company: Capital stock 

g. Number of shares of voting stock of company so reported now outstanding: 

500 shares 
h. Number of voting shares owned or controlled by the reporting company: 

100 shares 
i. Reason for acquiring interest in such company. To secure license under 
polymerization patents of others and to promote licensing of the polymeri- 
zation process. 

a. Name of company: The Texas-Empire Pipe Line Company 

b. Address of company: P. O. Box 2420, Tulsa, Oklahoma 

c. Place and date of incorporation: Delaware — November 1, 1928 

d. Date of acquisition of interest: November 1, 1928 

e. Detailed statement as to the nature of the business conducted, where con- 

ducted, and description of the commodities manufactured or handled or 
services rendered: Operates a trunk pipe line from initial stations in Okla- 
homa and Kansas to termini at Lawrenceville and Lockport, Illinois, and 
East Chicago, Indiana. 

f. Nature of the interest owned by reporting company: Capital stock 

g. Nmnber of shares of voting stock of company so reported now outstanding: 

520,000 shares 
h. Number of voting shares owned or controlled by the reporting company: 

260,000 shares 
i. Reason for acquiring interest in such company: To provide a trunk pipe line 

and satisfactory transportation for crude oil produced from properties of 

The Texas Co. (Del.) in Oklahoma to refineries controlled by The Texas 

Corporation at Lockport and Lawrenceville, 111. 

a. Name of company: The Texas-Empire Pipe Line Company of Texas. 

b. Address of company: P. O. Box 2420, Tulsa, Oklahoma. 

c. Place and date of incorporation: Delaware — September 23, 1931. 

d. Date of acquisition of interest: September 23, 1931. 

e. Detailed statement as to the nature of the business conducted, where con- 

ducted, and description of the commodities manufactured or handled or 
services rendered: Operates a crude oil trunk pipe line from the East Texas 
field to the Port Arthur, Texas, refinery of The Texas Co. (Del.). 

f. Nature of the interest owned by reporting company: Capital stock. 

g. Number of shares of voting stock of company so reported now outstanding: 

138,000 Class A shares. 
h. Number of voting, shares owned or controlled by the reporting company: 

51,750 Class A shares, 
i. Reason for acquiring interest in such company: To provide a trunk pipe line 

and satisfactory transportation for crude oil produced from properties of 

The Texas Co. (Del.) in the East Texas field to the Port Arthur, Texas, 

refinery of The Texas Co. (Del.). 

a. Name of company: Universal Oil Products Company. 

b. Address of company: 50 West 50th Street, New York, N. Y. 

c. Place find date of incorporation: Delaware — July 1, 1934. 

d. Date of acquisition of interest: January 6, 1931 (original interest).' 

e. Detailed statement as to the nature of the business conducted, where con- 

ducted, and description of the commodities manufactured or handled or 
services rendered: Patent holding and Hcensing company. 

f. Nature of the interest owned .by reporting company; Promissory notes. 

g. Number of shares of voting stock of company so reported now outstanding: 

Not known. 



' The original interest was acquired in the predecessor company of Universal Oil Products Company 
(Delaware). 



7984 CONCENTRATION OF ECONOMIC POWER 

h. Number of voting shares owned or controlled by the reporting company: 

None., 
i. Reason for acquiring interest in such company: By virtue of exchange of 

patent rights and/or immunities. 

a. Name of company: Valley Pipe Line Company. 

b. Address of ccimpany: 417 South Hill St., Los Angeles, Cal. 

c. Place and date of incorporation: Cahfornia — April 29, 1936. 

d. Date of acquisition of interest: April 29, 1936. 

e. Detailed statement as to the nature of the business- conducted, where con- 

ducted, and description of the commodities manufactured or handled, or 
services rendered: Operates a crude oil pipe line in California from Kettle- 
man Hills field to the Pacific Coast. 

f. Nature of the interest owned by reporting company: Capital stock. 

g. Number of shares of voting stock of company so reported now outstanding: 

6,000 shares. 

h. Number of voting shares owned or controlled by the reporting company^ 
3,000 shares. 

i. Reason for acquiring interest in such company: To possess an interest in pipe 
line facihties for handling crude oil out of Kettlemah Hills for water trans- 
portation to the Los Angeles refinery of The Texas Co. (Calif.). 

a. Name of company : California Arabian Standard Oil. Company. 

b. Address of company: c/o Standard Oil Co. of California, Standard Oil Building, 

San Francisco, Cahfornia. 

c. Place and date of incorporation: Delaware — November 8, 1933. 

d. Date of acquisition of interest: December 21, 1936. 

e. Detailed statement as to the nature of the business conducted, where con- 

ducted, and description of the commodities manufactured or handled or 

services rendered. Engaged in producing operations in Saudi, Arabia. 

Office in San Francisco, California, 
6. Nature of the interest ov.Tied by reporting company: Capital stock which is 

held in escrow by Central Hanover Bank and Trust Company until payment 

therefor by the Corporation hag been completed, 
g. N-umber of shares of voting stock of cdmpany so reported now outstanding:. 

7,000 shares, 
h. Number of voting shares owned or controlled by the reporting company: 

3,500 shares, 
i. Reason for acquiring interest in such company. To conduct foreign producing 

operations. 

a. Name of company: California Texas Investments Limited 

b. Address of company: 104 Featherstone Street, Wellington, New Zealand and 

c/o Thfe Texas Corporation, 135 East 42nd Street, New York, N. Y. or 
c/p Standard Oil Co. 'of Calif., Standard Oil Building, San Francisco, Cali- 
fornia. 

c. Place and date of incorporation: New Zealand, May 9, 1938 

d. Date of acquisition of interest: 50% interest" in this company was acquired by 

the Corporation on organization, May 9, 1938. 

e. Detailed statement as to the nature of the business conducted, where conducted, 

and description of the commodities manufactured or handled or services 
rendered: 

Hol^ shares in New Zealand oil companies. 

Registered office, Wellington, New Zealand. 

f. Nature of the interest owned by reporting company: Capital stock 

g. Number of shares of voting stock of company so reported now, outstanding: 

100 shares 
h. Number of voting shares owned or controlled by the reporting company: 50 



1. Reason for acquiring intej-est in such'company: To further foreign producing 
operations. 

a. Name of company: New -Zealand Petroleum Company Limited 

b. Address of company: Commercial Bank Chambers, 328 Lambton Quay, 

Wellington, New Zealand. 
e. Place and date of incorporation: New Zealand — May 17, 1938 
d. Date of acquisition of interest: May. 17, 1938, by California Texas Investments 

Limited, 50% controlled by the Corporation. 



CONCENTRATION OF ECONOMIC POWER 7986 

e. Detailed statement as to the nature of the business conducted, where conducted, 

and description of the commodities manufactured or handled or services 
rendered: 

Engaged in exploratory work in New JZealand, preparatory to producing 
operations if and when oil is discovered in paying quantities. 

Registered office, Wellington, New Zealand. 

f. Nature of the interest owned by reporting company: Capital stock 

g. Number of shares of voting stock of company so reported now outstanding: 

600 shares' Class A common stock (voting), 
h. Number of voting shares owned or controlled by the reporting company: 
The Corporation controls 50% of 200 shares Class A voting stock, which is 
owned by California Texas Investments Limited, 
i. Reason for acquiring interest in such company: To further foreign producing 
operations. 

a. Name of company: Colombian Petroleum Company 

b. Address of company: 135 East 42nd Street, New York, N. Y., and Gutierrez 

Building, Calle 13 entre Carreras 9 and 10, Bogota, Colombia- 

c. Place and date of incorporation: Delaware — August 23, 1917 

d. Date of acquisition of interest: As of April 23, 1936, through acquisition of 

stock in South American Gulf Oil Company. At that date South American 
Gulf. Oil Company owned 78.82% of the capital stock of this company. 
Ve. Detailed statement as to the nature of the business conducted, where conducted, 
and description of the commodities manufactured or handled or servicer 
rendered: 

Conducts producing operations in the Republic of Colombia, South 

America. 
Registered office, Wilmington, Delaware. 

Also -has offices in New York City, New York, Bogota and Cucuta, 
Colombia. 

f. Nature of the interest owned by reporting company: Capital stock. 

g. Number of shares of voting stock of company so reported now outstanding: 

100,000 shares, 
h. Number of voting shares owned or' controlled by the reporting company:- 

49,881 shares. 
i. Reason for acquiring interest in such company: To conduct foreign producing 
operations. 

a. Name of Company: McColl-Frontenac Oil Company, Limited 

b. Address of company: Yardley House, Toronto, Ontario; Canada 

c. Place and date of incorporation: Canada — December 21, 1927 

d. Date of acquisition of interest: The present holdings in this company were pur- 

chased by The Texas Corporation between October 11, 1935 and July 12, 
1938. 

e. Detailed statement as to the nature of the business conducted, where conducted, 

and description of the commodities manuf?.ctured or handled or services 
rendered: Engages primarily in the refining of crude oil and the marketing of 
petroleum products in Canada. 

f. Nature of the interest owned by reporting company: Capital stock 

g. Number of shares of voting stock of company so reported now outstanding: 

766,783 shares common stock 
h. Number of voting shares owned or contfolled by the reporting company: 

■ 267,944 shares common stock 

i. Reason for acquiring interest in such company: A subsidiary of The Texas 

Corporation had conducted marketing operations in certain sections of 

Canada for a number of years and since McColl-Frontenac were refiners and 

marketers, it was thought advantageous to acquire an interest in the company. 

a. Name of company: N. V. Nederlandsehe Pacific Petroleum Maatschappij 

b. Address of company: Korte Vijverberg 5, The Hague, The Netherlands 

c. Place and date of incorporation: Netherlands — June 7, 1930 

d. Date of acquisition of interest: As of December 21, 1936 

e. Detailed statement as to the -nature of the business conducted, where con- 

ducted, and description of the commodities manufactured-or handled or 
services rendered: Conducts producing operations in the Dutch East Indies. 
Office in The Hague, Holland. 

f. Nature of the interest owned by r ".porting company: Capital stock v.^.ich Id 

held in escrow by the Central Hanover Bank and Trust Comra •• :7\+,il p ^y- 
ment therefor by the Corporation has been completed. 

g. Number of shares of voting stock of companv so repori-d r outstanding; 

8,000 shares. 



7986 CONCENTRATION OF ECONOMIC POWER 

h. Number of voting shares owned or controlled by the reporting company . 

4,000 shares, 
i. Reason for acquiring interest in such company. To further and conduct 
foreign producing operations. 

a. Name of company: N. V. Nederlandsche Nieuw Guinee Petroleum Maat- 

schappij 

b. Address of company: Carel Van Bylandtlaan 30, The Hague, Holland 

c. Place and date of incorporation: Netherlands — May 9, 1935 

d. Date of acquisition of interest: As of December 21, 1936 

e. Detailed statement as to the nature of the business conducted, where con- 

ducted, and description of the commodities manufactured or handled or 
services rendered: Holds a long-term exploratior^ and exploitation concession 
originally covering 24,710,000 acres in Dutch New. Guinea, which by pro- 
gressive selection must be reduced to 2,471,000 acres by July 1, 1945. 
Exploration work is being carried on under. this concession. 

f. Nature of the interest owned by reporting company: N. V. Nederlandsche 

Pacific Petroleum Maatschappij, in which the reporting company controls 
a 50% interest, hold 200 shares of the capital stock of this company. 

g. Number of shares of voting stock of company so reported now outstanding: 

1,000 shares 
h. Number of voting shares owned or controlled by the reporting company: None. 

The interest is Indirect. 
i. Reason for acquiring interest in such company: Interest acquired by reporting 

company by reason of its acquisition as of December 21, 1936, of a 50% 

interest in N. V. Nederlandsche Pacific Petroleum Maatschappij. 

a. Name of company: N. V. Petroleum Maatschappij Sadjira 

b. Address of company: Kebon Sirih No. 52, Batavia-Centrum, Java, N. E. I. 

c. Place and date of incorporation: Batavia — December 2, 1936 

d. Date of acquisition of interest: As of December 21, 1936 

e. Detailed statement as to the mature of tha business conducted, where con- 

ducted, and description of the commodities manufactured or handled or 
services rendered: Holds a lohg-teo-m exploration and exploitation concession 
covering two areas aggregating approximately 475,000 acres in Java. Ex- 
ploration work is being carried on under this concession. 

f. Nature of the interest owned by reporting company: N. V. Nederlandsche 

Pacific Petroleum Maatschappij, in which the reporting company controls a 
50% interest, controls the entire issued capital stock of this company. 

g. Number of shares of voting stock of company so reported now outstanding: 

i, 000 shares, 
h. Number of voting shares owned or controlled by the reporting company : None. 

The interest is indirect, 
i. Reason for acquiring interest in such company: Interest acquired by reporting 
company by reason of its acquisition as of December 21, 1936, of a 50%. 
interest in N. V. Nederlandsche Pacific Petroleum Maatschappij. 

a. Name of compjany: South American Gulf' Oil .Company 

b. Address of company: 135 East 42nd Street. New York, N. Y., and Gutierrez 

Building, Calle 13 entre Carreras 9 and 10, Bogota^ Colombia 

c. Place and date of incorporation: Delaware — October 4, 1916 

d. Date of acquisition of interest: April 23, 1936. 

e. Detailed statement as to the nature of the business conducted, where con- 

ducted, and description of the commodities manufactured or handled or 
services rendered: 

Is constructing and will operate crude oil pipe line and terminal facilities 

in Colombia, South America; holds prospective oil leases. 
Registered office, Wilmington, Delaware. 

Also has offices in New York City, New York; Bogota, Covenas, and 
Barranquilla, Colombia. 

f. Nature of the interest owned by reporting company: Capital stock 

g. Number of shares of voting stock of company so reported now outstanding: 

1,000 shares 
h. Number of voting shares owned or controlled by the reporting company: 

500 shares 
1. Reason for acquiring interest in such company: To conduct foreign producing, 

pipe line, and refining operations. 

a. Name of company: The Bahrein Petroleum Company Limited 

b. Address of company: 130 East 43rd Street, New York, N. Y. 

c. Place and date of incorporation; Canada— January 11, 1929 



CONCENTRATION OF ECONOMIC POWER 7987 

d. Date of acquisition of interest: July 1, 1936 

e. Detailed statement as to the nature of the business conducted, where con- 

ducted, and description of the. commodities manufactured or handled or 
services rendered: 

Carries on various producmg, refining and marketing activities in con- 
nection with the petroleum business in the Orient. Its producing prop- 
erties and refinery are located on the Island of Bahrein. This company- 
also holds shares in another oil company. 
Registered office, Ottawa, Canada. 

Also has offices in New York City, New York, and Awali, Bahrein Island, 
Persian Gulf. 

f. Nature of the interest owned by reporting company: Capital stock 

g. Number of shares of voting stock of company so reported now outstanding: 

1,000 shares 

h. Number of voting- shares owned or controlled by the reporting company: 
500 shares 

i. Reason for acquiring interest in such company: In order to combine their 
refining and marketing activities in the Far East the reporting company 
and Standard Oil Company of California, or certain of their subsidiaries,, 
entered into certain transactions as of July 1, 1936, whereby the reporting 
company acquired one-half interest in The Bahrein Petroleum Company 
Limited (theretofore a wholly-owned subsidiary of Standard Oil Company 
of California) and a wholly-owned subsidiary of The Bahrein Petroleum 
Company Limited acquired control of all of the stock of five companies 
operating marketing facilities in eastern and southern Africa, eastern and 
southern Asia, Philippine Islands, the East Indies, Australia, and New 
Zealand, which companies were theretofore wholly-owned subsidiaries of 
the reporting company. 

a. Name of company: California Texas Oil Company, Limited 

b. Address of Company: Higgs Building', Bay Street, Nassau, New Providence, 

. Bahama Islands; or 130 East 43rd Street, New York, N. Y. 

c. Place and date of incorporation: Bahama Islands, June 25, 1936 

d. Date of acquisition of interest: July 1, 1936 

e. Detailed statement as to the nature of the business conducted, where con- 

ducted, and description of the commodities manufactured or handled or 
services rendered: Promotion of sales of petroleum products in eastern and 
southern Africa, eastern and southern Asia, Philippine Islands, the East 
Indies, Australia, and New Zealand. Also holds shares in corportions engaged 
in marketing, storing and transporting petroleum products in the territories 
mentioned. 

f. Nature of the interest owned by reporting company: The Bahrein Petroleum 

Company Limited, in which the reporting company controls a 50% interest, 
controls the entire issued capital stock of this company. 

g. Number of shares of voting stock of company so reported now outstanding: 

10,000 shares 
h. Number of vdting shares owned or controlled by the reporting company: 

None. The interest is indirect, 
i. Reason for acquiring interest in such company: Interest acquired by reporting 

company by reason of its acquisition as of July 1, 1936, of a 50% interest 

in The Bahrein Petroleum Company Limited. 

a. Name of company : Balboa Transport Corporation 

b. Address of company: Calle 15, No. 8006, Colon, Republic of Panama; or 130 

East 43rd Street, New York, N. Y. 

c. Place and date of incorporation: Republic of Panama — February 24, 1937 

d. Date. of acquisition of interest: February 24, 1937 

e. Detailed statement as to the nature of the business conducted, where conducted, 

and description of the commodities manufactured or handled or services 
rendered: Owns marine equipment operating in foreign waters. 

f. Nature of the interest owned by reporting company: The Bahrein Petroleum 

Company Limited, in which the reporting company controls a 50% interest, 
controls all of the capital stock of California Texas Oil Company, Limited 
which owns all of the capital stock of this company. 

g. Number of shares of voting stock of company so reported now outstanding-: 

4,000 shares 
h. Number of voting shares owned or controlled by the reporting compai!)'. 
None. The interest is indirect. 



7988 CONCENTRATION OB^ ECONOMIC POWER 

i. Reason for acquiring interest in such company: Interest acquired by reporting 
company by reason of its controlling a 50% interest in The Bahrein Petro- 
leum Company Limited. 

a. Name of company: California Asphalt Products Proprietary Limited 

b. Address of company: Capel Court, 375 Collins Street, Melbourne, Victoria, 

Australia. 

c. Place and date of incorporation: Victoria, Australia — May 17, 1935. 

d. Date of acquisition of interest: April 19, 1937 

e. Detailed statement as to the nature of the business conducted, where conducted, 

and description of the commodities manufactured or handled or services 
rendered: Marketing of asphalt and allied products in Victoria, New South 
Wales and Queensland, Australia. 

f. Nature of the interest owned by reporting company: The Bahrein Petroleum 

Company Limited, in which the reporting company controls a 50% interest, 
controls all of the capital stock of California Texas Oil Company; Limited, 
which controls all of the capital stock of this company. 

g. Number of shares of voting stock of company so reported now outstanding: 

40,000 shades 
h. Number of Voting shares owned or controlled by the reporting company: None. 

The interest is indhect. 
i. Reason for acquiring interest in such company: Interest acquired by reporting 
company by reason of its controlling a 50% interest in The Bahrein Petro- 
leum Company Limited. 

a. Name of company : California Texas Oil Company (Oyerseas) Limited 

b. Address of company: Higgs Building, Bay Street, Nassau, New Providence, 

Bahama Islands; or 130 East 43rd Street, New York, N. Y. 

c. Place and date of incorporation: Bahama Islands — July 22, 1936 

d. Date of acquisition of interest: July 22, 1936 

e. Detailed statement as to the nature of the business conducted, where con- 

ducted, and description of the commodities manufactured or handled or 
services rendered. Marketing of petroleum products through agents in 
Arabia, British and French Somaliland, Egypt, Italian Somaliland- Java, 
Madagascar, and vicinity. Also sale of bunker fuels delivered at Bahrein 
Island, Colombo, Durban, Suez and Singapore. 

f. Nature of the interest owned by reporting company: The Bahrein Petroleum 

Company Limited, in which the reporting company controls a 50% interest, 
controls all of the capital stock of California Texas Oil Company, Limited, 
which controls all of the capital stock of this company. 

g. Number of shares of voting stdck of company so reported now outstanding: 

1,000 shares 
h. Number of voting shares owned or controlled by the reporting company: 

None. The interest is indirect. 
i. Reason for acquiring interest in su"ch company: Interest acquired by reporting 
company by reason of its controlling a 50% interest in The Bahrein Petro- 
leum Company Limited. 

a. Name of company: Caltex Ceylon Limited 

b. Address of company: Imperial Bank Building, 31 Baillie Street, Colombo, 

Ceylon. 

c. Place and date of incorporation: Ceylon — January 5, 1938 

d. Date of acquisition of interest: January 5, 1938 

e. Detailed statement as to the nature of the business conducted, where con- 

ducted, and description of the commodities manufactured or handled or 
services rendered: Marketing of petroleum products in Island of Ceylon. 

f. Nature of the interest owned by reporting company: The Bahrein Petroleum 

Company Limited, in which the reporting company controls a 50% interest, 
controls all of the capital stock of California Texas Oil Company, Limited, 
which controls all of the capital stock of this company. 

g. Number of shares of voting stock of company so reported now outstanding: 

1,000- shares 
h. Number of voting shares owned or controlled by the reporting conopany : None. 

The interest is indirect, 
i. Reason for acquiring interest in such company: Interest acquired by reporting 

company by reason of its controlling a 50% interest in The Bahrein Petroleum 

Company Limited. 

a.. Name of company : Caltex (India) Limited 



CONCENTRATION OF ECONOMIC POWER 7939 

b. Address of companv: Commerce House, Currimbhoy Road, Ballard Estate, 

Bombay, India; or 130 East 43rd Street, New York, N. Y. 

c. Place and date of incorporation: Bahama Islands — June 1, 1937 

d. Date of acquisition of interest: June 1, 1937 

e. Detailed statement as to the nature of the business conducted, where con- 

ducted, and description of the commodities manufactured or handled or 
services rendered: Marketing of petroleum products in India, Nepal, Afghan- 
istan and Baluchistan. 

f. Nature of the interest owned by reporting company: The Bahrein Petroleum 

Company Limited, in which the reporting company controls a 50% interest, 
controls all of the capital stock of California Texas Oil Company, Limited 
which controls all of the capital stock of this company. 

g. Number of shares of voting stock of company so reported now outstanding: 

10,000 shares 
h. Number of voting shares owned or controlled by the reporting company: None. 

The interest is indirect, 
i. Reason for acquiring interest in such company: Interest acquired by reporting 

company by reason of its controlling a 50% interest in The Bahrein Petroleum 

Comparry Limited. 

a. Name of company: Ceylon Petroleum Company Limited. 

b. Address of company: 6, Lothbury, London E. C. 2; or Imperial Bank Building, 

31 Baillie Street, Colombo, Ceylon 

c. Place and date of incorporation: England — April 20, 1936 

d. Date of acquisition of interest: January 5, 1938 

e.. Detailed statement as to the nature of the business conducted, where con- 
ducted, and description of the commodities manufactured or handled or 
services rendered: Storage comp-ny for petroleum products on the Island 
of Ceylon. 

f. Nature of the interest owned by reporting company: The Bahrein Petroleum 

Company Limited, in which the reporting company controls a 50% interest, 
controls all of the capital stock of California Texas Oil Company, Limited, 
which controls all of the capital stock of this company. 

g. Number of shares of voting stock of company so reported now outstanding: 

1,000 shares 
h. Number of voting shares owned or controlled by the reporting company: None. 

The interest is indirect, 
i. Reason for acquiring interest in such company: Interest acquired by reporting 

company by reason of its controlling a 50% interest in The Bahrein Petroleum 

Company Limited. 

a. Name of company: N. V. Nederlandsche Pacific Tankvaart Maatschappij. 

b. Address of company: Korte Vijverberg, 5, The Hague, The Netherlands. 

c. Place and date of incorporation: The Netherlands — May 5, 1937 

d. Date of acquisition of interest: June 29, 1937 

e. Detailed statement as to the nature of the business conducted, where con- 

ducted, and description of the commodities manufacured or handled or 
services rendered: Owns marine equipment operating in foreign waters. 

f. Nature of the intere,st owned by reporting company: The Bahrein Petroleum 

Company Limited, in which the reporting company controls a 50% interest, 
controls all of the capital stock of California Texas Oil Company, Limited, 
which controls all of the capital stock of this company. 

g. Number of shares of voting stock of company so reported npw outstanding: 

250 shares 

h. Number of voting shares owned or controlled .by reporting company. None. 
The interest is indirect. 

i. Reason for acquiring interest in such company: Interest acquired by reporting 
company by reason of its controlling a 50% interest in The Bahrein Petro- 
leum Company Limited. 

a. Name of company: Societe California Texas des Petroles, S. A. E. 

b. Address of company: 16 rue Sesostris, Alexandria, Egypt. 

c. Place and date of incoirporation : Kingdom of Egypt— January 11, 1937 

d. Date of acquisition of interest: January 11, 1937 

e. Detailed statement as to the nature of the business conducted, Where con- 

ducted, and description of the -copamodities manufactured or handled or 
services rendered: Storage company for petroleum products in Egypt. 

f. .Nature of the interest Ovvned by reporting company: The Bahrein Petroleum 

Company Limited, in which the reporting company controls a 50% interest, 
controls all of the capital stock of California Texas Oil Company, Limited 
which controls all of the capital stock of this companv. 



7990 CONCENTRATION OF ECONOMIC POWER 

g. Number of shares of voting stock of company so reported now outstanding: 
5,000 shares 

h. Number of voting shares o.wned or controlled by the reporting company; 
None. The interest is indirect. 

i. Reason for acquiring interest in such company: Interest acquired by reporting 
company by reason of its controlling a 50% interest in The Bahrein Petro- 
leum Company Limited. 

a. Name of company: Texaco Queensland Proprietary Limited 

b. Address of company: 62 Margaret Street, Sydney, N. S. W., Australia 

c. Place and date of incorporation: New South Wales— December 30, 1937 

d. Date of acquisition of interest: December 30, 1937 

e: Detailed statement as to the nature of the business conducted, where con- 
ducted, and description of the commodities manufactured or handled or 
services rendered: Marketing of petroleum products in State of Queensland, 
Australia. 

f. Nature of the interest owned by reporting company: The Bahrein Petroleum 

Company Limited, in which the reporting company controls a 50% interest, 
controls all of the capital stock of California Texas Oil Company^ Limited, 
which controls all of the capital stock of this company. 

g. Number of shares of voting stock of company so reported now outstanding: 

2,753 shares. 

h. Number of voting shares owned or controlled by, the reporting company: 
None. The interest is indirect. 

i. Reason for acquiring interest in such company: Interest acquired by reporting 
company by reason of its controlling a 50% interest in The Bahrein Petro- 
leum Company Limited. 

a. Name of company: The Texas Company (Australasia) Limited 

b. Address of company: Commercial Bank Building, George and Margaret 

Streets, Sydney, N. S. W., Australia; or 130 East 43rd Street, New York, 
N. Y. 

c. Place and date of incorporation: New South Wales — August 6, 1918. 

d. Date of acquisition of interest: 

Original interest acquired September 13, 1927' 

Original interest acquired August 6, 1918. Present interest acquired as 
of July 1, 1936, as of which date the entire interest of the reporting com- 
pany in this company was acquired by a wholly-owned subsidiary of 
The Bahrein Petroleum Company Limited. 

e. Detailed statement as to the nature of the business conducted, where con- 

ducted, and description of the commodities manufactured or handled or 
services rendered: Marketing petroleum products in Australia and New 
Zealand. 

f. Nature of the interest owned by reporting company: Prior to July 1, 1936, 

the repoTtiag company or its predecessor company controlled entire capital 
stock of this company. Since' July 1, 1936, California Texas Oil Company, 
Limited, a wholly-owned subsidiary of The Bahrein Petroleum Company 
Limited in which the reporting company controls a 50% interest, has con- 
trolled the entire capital stock of this company. 

g. Number of shares of voting stock of company so reported now outstanding: 

4,000 shares 

h. Number of votijig shares owned or controlled by the reporting company: 
None. The interest is indirect. 

i. Reason for acquiring interest in such company: Original interest acquired for 
the purpose of marketing petroleum products in Australasia. Present in- 
terest acquired by reason of combining such marketing operations with the 
producing and refining operations of The Bahrein Petroleum Company 
Limited. 

a. Name of company: The Texas Company (China) Ltd. 

b. Address of company: Room No. 210, Hong Kong and Shanghai Bank Build- 

ing, 12, The Bund, Shanghai, China; or 130 East 43rd Street, New York, 
N. Y. 

c. Place and date of incorporation: Delaware — May 13, 1929 

d. Date of acquisition of interest: Oirginal interest acquired May 13, 1929. 

Present interest acquired as of July 1, 1936, as of which date the entire 
interest of the reporting company in this company was acquired by a 
wholly-owned subsidiary of The Bahrein Petroleum Company Limited. 

' Acquisition of interest by the predecessor company of Tlie Texas Corporation on August 6, IMS. 



CONCENTRATION OF ECONOMIC POWER 7991 

e. Detailed statement as to the nature of the business conducted, where con- 

ducted, and description of the commodities manufactured or handled or 
services rendered: Marketing petroleum products in China, French Indo- 
China, Hong Kong, Straits Settlements, Siam, Malaya, Korea, Kwantung 
Leased Territory, Kwongchowan, Macao, and Manchoukuo. Also holds 
shares in a marine transportation company. 

f. Nature of the interest owned by reporting company: Prior to July 1, 1936, 

the reporting company controlled the entire capital stock of this company. 
Since July 1, 1936, California Texas Oil Company, Limited, a wholly-owned 
subsidiary of The Bahrein Petroleum. Company Limited, in which the 
reporting company controls a 50 % interest, has controlled the entire capital 
stock of this company. 

g. Number of shares of voting stock of company so reported now outstanding: 

200,000 shares. 

h. Number of voting shares owned or controlled by the reporting company: 
None. The interest is indirect. 

i. Reason for acquiring interest in such company: Original interest acquired for 
the purpose of marketing petroleum products in China and vicinity. Present 
interest acquired by reason of combining such marketing operations with 
the producing and refining operations of The Bahrein Petroleum Company 
Limited. 

a. Name of company: The Texas Shipping Company (China) Limited. 

b. Address of company: Asia Life Building, 14 Queens Road Central, Hong 

Kong. 

c. Place and date of incorporation: Hong Kong, March 16, 1933. 

d. Date of acquisition of interest: Original interest acquired March 16, 1933, by 

The Texas Company (China) Ltd., which prior to July 1, 1936, was a 
wholly-owned subsidiary of the reporting company but as of that date was 
acquired by California Texas Oil Company, Limited, a wholly-owned 
subsidiary of The Bahrein Petroleum Company Limited: 

e. Detailed statement as to the nature of the business conducted, where con- 

ducted, and description of the commodities manufactured or handled or 
services rendered: Owns marine equipment operating in foreign waters. 

f. Nature of the interest owned by reporting company: Piror to July 1, 1936, 

the reporting company controlled entire capital stock of The Texas Company 
(China) Ltd., which has controlled the entire capital stock of this company 
since March 16, 1933. Since July 1, 1936, California Texas Oil Company, 
Limited, a wholly-owned subsidiary of The Bahrein Petroleum Company 
Limited, in which the reporting company controls a 50% interest, has 
controlled the entire capital stock of The Texas Company (China) Ltd. 

g. Number of shares of voting stock of company so reported now outstanding: 

655 shares. 

h. Number of voting shares owned or controlled by the rep>orting company: 
None. The interest is indirect. 

i. Reason for acquiring interest in such company: Original interest acquired by 
reason of controlling the entire capital stock of The Texas Company (China) 
Ltd. Present interest acquired by reason of combining the marketing 
operations of The Texas Company (China) Ltd. with the producing and 
refining operations of The Bahrein Petroleum Company Limited. 

a. Name of company: The Texas Company (Philippines) Inc. 

b. Address of company: 91 Plaza Moraga, Manila, Philippines; or 130 East 43rd 

Street, New York, N. Y. 
C. Place and date of incorporation: Philippine Islands, March 18, 1921. 

d. Date of acquisition of interest: 

Original interest acquired September 13, 1927.' 

Original interest acquired March 18, 1921. Present interest acquired as 
of July 1, 1936, as of which date the entire interest of the reporting 
company in this company was acquired by California Texas Oil Com- 
pany, Limited, a whoUy-owned subsidiary of The Bahrein Petroleum 
Company Limited. 

e. Detailed statement as to the nature of the business conducted, where conducted, 

and description of the commodities manufactured or handled or services 
rendered: Marketing petroleum products in Philippine Islands, 
f. Nature of the interest owned by reporting company: Prior to July 1, 1936, the 
reporting company or its predecessor controlled entire capital stock of this 
conapany. Since July 1, 1936, California Texas Oil Company, Limited, a 

Acquisition of interest by the predecessor company of The Texas Corporation on March 18^ 1921. 



7992 CONCENTRATION OF ECONOMIC POWER 

wholly-owned subsidiary of The Bahrein Petroleum Company Limited, in 
which the reporting company controls a 50% interest, has controlled the 
entire capital stock of this. company. 

g. Number of shares of voting stock of company so reported now outstanding: 
14,000 shares. 

h. Number of voting shares owned or controlled by the reporting company: 
None. The interest is indirect. 

i. Reason for acquiring interest in such company: Original interest acquired for 
the purpose of marketing petroleum products in the Philippine Islands. 
Present interest acquired by reason of combining such marketing operations 
with the producing and refining operations of The Bahrein Petroleum Com- 
pany Limited. 

a. Name of company: The Texas Company (South Africa) Limited. 

b. Address of company: 85 St. Georges Street, Cape Town, South Africa; or 130 

East 43rd Street, New York, N. Y. 

c. Place and date of incorporation: Union of South Africa — May 26, 1911. 

d. Date of acquisition of interest: 

Original interest acquired September 13, 1927.^ 

Original interest acquired May 26, 1911. Present interest acquired July 

1, 1936, as of which date the entire interest of the reporting company in 

this company was acquired by California Texas Oil Company, Limited, 

a wholly-owned subsidiary of The Bahrein Petroleum Company Limited. 

e. Detailed statement as to the nature of the business conducted, where con- 

ducted, and description of the commodities manufactured or handled or 
services rendered: Marketing petroleum products in South Africa, Rhodesia, 
Southwest Africa, Portuguese East Africa, Kenya, Tanganyika, Uganda, 
Mauritius, Reunion, Zanzibar, Nyasaland and Bechuanaland.- 
f. Nature of the interest owned by reporting company: Prior to July 1, 1936, 
the reporting company or its predecessor company controlled entire capital 
stock of this company. Since July 1, 1936, California Texas Oil Company, 
Limited, a wholly-owned subsidiary of The Bahrein Petroleum Company 
Limited, in which the reporting company controls a 50% interest, has con- 
trolled the entire capital stock of this company, 

g. Number of shares of voting stock of companv so reported now outstanding: 
20,000 shares. 

h. Number of voting shares owned or controlled by the reporting company: 

None. The interest is indirect, 
i. Reason for acquiring interest in such company: Original interest acquired for 
the purpose of marketing petroleum products in South Africa and vicinity. 
Present interest acquired by reason of combining such marketing operations 
with the producing and refining operations of The Bahrein Petroleum Com- 
pany Limited. 

a. Name of company: Ultramar Petroleum Company. 

b. Address of company: 75 New Street, New York, N. Y. 

c. Place and date of incorporation: Delaware, January 7, 1933. 

d. Date of acquisition of interest: January 7, 1933. 

e. Detailed statement as to the nature of the business conducted, where con- 

ducted, and description of the commodities manufactured or handled or 
services rendered: Owns all of the shares in: Ultramar S. A. P. A., which 
company conducts producing, refining and marketing operations in Argen- 
tina; "La Riopla tense" Compania de Navagacion y Transporte S. A., which 
company operates marine equipment in Argentina; and Galena-Signal Oil 
Company, Sociedad Anonima, which company markets petroleum products 
in Argentina. 

f. Nature of the interest owned by reporting company: Capital stbck. 

g. Number of shares of voting stock of companv so reported now outstanding: 

10,000 shares, 
h. Number of voting shares owned or controlled by the reporting companj^: 

5,000 shares, 
i. Reason for acquiring interest in such company: In order to consolidate the 

activities of the reporting company in Argentina with those of Socony- 
• vacuum Oil Company Incorporated, which company controls the remaining 

50% interest in this company. 

a. Name of company: Galena-Signal Oil Company, Sociedad Anonima 

b. Address of company: A venida Leandro N. Alem No. 619, Buenos Aires, 

Argentina 

'Acquisition of interest by the predecessor company of Tlie Texas Corporation on May 28, 191J 



CONCENTRATION OF ECONOMIC ROWER 7993 

c. Place and date of incorporation: Argentina — October 30, 1922 

d. Date of acquisition of interest: 

Original interest acquired by reporting company July 1, 1928. Such inteirest 
was sold as of January 1, 1933, to Ultramar Petroleum Company in which 
the reporting company controls a 50% interest. 

e. Detailed statement as to the nature of the business conducted, where con- 

ducted, and description of the commodities manufactured or handled or 
services rendered: Marketing petroleum products in Argentina, principally 
railway lubricants. 

f. Nature of the interest owned by reporting company: Reporting company 

controlled entire capital stock of this company from July 1, 1928, to January 
1, 1933, on which date such stock was sold to Ultramar Petroleum Company, 
50% of the capital stock of which is controlled by the reporting company. 

g. Number of shares of voting stock of company so reported now outstanding: 

2,000 shares 
h. Number of voting shares owned or controlled by the reporting company: 

None. The interest is indirect, 
i. Reason for acquiring interest in such company: To produce, manufacture and 
a market petroleum and its. products in Argentina. 

a. Name of company: "La Rioplatense" Cia de Navigacion y Transportes, S. A. 

b. Address of company: Avenida Leandro N. Alem No. 619, Buenos Aires, 

Argentina. 

c. Place and date of incorporation: Argentina — September 10, 1934 

d. Date of acquisition of interest: September 10, 1934 

e. Detailed statement as to the nature of the business conducted, where con- 

ducted, and description of the commodities manufactured or handled or 
services rendered: Marine transportation in Argentina. 

f. Nature of the interest owned by reporting company: Ultramar Petroleum 

Company, 50% of the capital stock of which is controlled by the reporting 
company, controls the, entire capital stock of this company. 

g. Number of shares of voting stock of company so reported now outstanding: 
. . 5,000 shares 

h. Number of voting shares owned or controlled by the reporting company: 
None. The interest is indirect. 

i. Reason for acquiring interest in such company: For transportation of petro- 
leum product^ marketed in Argentina by other subsidiaries of Ultramar 
Petroleum Company. 

a. Name of company: Ultramar, Sociedad Anonima Petrolera Argentina 

b. Address of company: Avenida Leandro N. Alem' No. 619, Buenos Aires, 

Argentina. 

c. Place and date of incorporation: Argentina — July 8, 1930 

d. Date of acquisition of interest: Originally acquired-by reporting company 

July 8, 1930. Sold as of January 1, 1933, ^o Ultramar Petroleum Company, 
50% of the capital stock of which is controlled by the reporting company, 
e; Detailed statement. as to the. nature of the business conducted, where con- 
ducted, and description of the commodit|ies manufactured or handled or 
services rendered: , Producing, refining and marketing of petroleum and its 
products in Argentina. 

f. Nature of the interest owned by reporting' company: - Reporting . company 

held entire capital stook-of this company from July 8, 1930, to January.!, 
1933, on which date such stock was sold to Ultramar Petroleum Company, 
in which the reporting company controls a 50% interest. 

g. Number of shares of voting stock of company so reported how outstanding: 

160,000 shares 
h. Number of voting shares owned or controlled by the reporting company: 

None. The interest is indirect. 
i. Reason for acquiring interest in such company: -To produce, manufacture, 

transport,/ and market petroleum and its products in Argentina. 

19. .Tide Water Associated Oil Company 

a. Associated Oil Company 

b. 79 New Montgomery St., San Francisco!, California 

c. California — November 30, 1936 

d. November 30, 1936 

e. Non-operating 

f. Stock ownership 

g. 500 shares 



7994 CONCENTRATION OF ECONOMIC POWER 

h. 500 shares 

i. Protection of the name "Associated" and other corporated interests of Tide 
Water Associated Oil Company. 

a. Associated Oil Company of Wyoming 

b. 79 New Montgomery St., San Francisco, California 

c. Wyoming — August 26, 1919 

d. August 26, 1919 

e. Non-operating 

f. Stock ownership 

g. 5,000 shares 
h. 5,000 shares' 

i. Land and lease acquisition and prospecting. 

a. Associated Water Company 

b. 79 New Montgomery St., San Francisco, .California 

c. California— March 8, 1913 

d. March 8, 1913 

e. Distribution and sale of water in and adjacent to the town of McKittrick, 

Calif. 

f. Stock ownership 

g. 250 shares 
h. 250 shares 

i. Assurance of an adequate water supply for operating purposes- 

a. Certified Auto Service, Inc. 

b. 79 ^few Montgomery St., San Francisco, California 

c. Nevada— November 9, 1927 

d. April 25, 1930 — final. (Original one-third interest acquired March 5, 1928) 

e. Washing, polishing, and servicing of Automobiles, including the sale of gaso- 

line, motor oil, and tires. Business conducted from units located in San 
Francisco and Oakland, California 

f. Stock ownership 

g. Preferred Stock, 2,825 shares; Common stock, 5,011 shares 
h, 2,825 5,011 

i. Promote the sale of Tide Water Associated Oil Company products. 

a. The Clarendon Petroleum Company, Ltd. 
h. London, England 

c. London, England, April 4, 1929 

d. April 4, 1929 

e. Company wholesales lubricating oils and greases in Great Britain 

f. Capital stock ownership 

g. 20,000 shares 
h, 20,000 shares 

i. To secure aid in m^.^keting petroleum products in England. 

a. East Jersey. Railroad and Terminal Company 
h. 17 Battery Place, New York, N. Y. 

c. New Jersey — March 12, 1901 

d. March 12, 1901 

e. Company operates short line railroad in the State of New Jersey, subject 

to regulations by the Interstate Commerce Commission. 

f. Stock ownership 

g. 5,000 shares 

h. 5,000 shares xt -.r , 

i. To secure aid in transportation of goods by rail and by lighter m New York 
harbor. 

a. Granberg Meter Corporation 

b. 79 New Montgomery Street, San Francisco, California 

c. California— June 28, 1927 

d. June 28, 1927 . ,. .^ 

e. Distribution and sale of computing pumps and meters for measurmg liquid 

petroleum oils 

f. Stock ownership 

g. 3,005 shares 
h. 3,005 shares 

i. Promote the distribution and sale of petroleum meters. 

a. Tidal Pipe Line Company 

b. Philcade Building, Tulsa, Oklahoma 



CONCENTRATION OF ECONOMIC POWER 7995 

c. Oklahoma— December 28, 1926 

d. December 28, 1926 

e. Pipe line engaged in the transportation of crude oil by trunk line in Texas 

and separate gathering pipe line systems in Texas and other states. Com- 
pany is, as to the Texas trunk line, subject to regulations by the Interstate 
Commerce Commission. 

f. Stock ownership 

g. 3,750 shares 
h; 3,750 shares 

i. To secure aid in gathering and transporting crude petroleum. 

a. Tide Water Associated Oil Company of California 

b. 79 New Montgomery Street, San Francisco, California 

c. September 30, 1926— California 
d: September 30, 1926 

e. Non-operating 

f. Stock ownership 

g. 10 shares 
h. 10 shares 

i. Protection of the name "Tide Water Associated" and other Corporate in- 
terests of Tide Water Associated Oil Company. 

a. Tide Water Oil Company of Canada, Ltd. 

b. 201 Weston Road South, Toronto, Ontario, Canada 

c. Toronto, Canada — April 10, 1931 

d. April 10, 1931 

e. Company wholesales lubricating oils and greases throughout the Dominion of 

Canada. 

f. Stock ownership 

g. 50 shares 
h. 50 shares 

i. To secure aid in marketing petroleum products in Canada. 

a. Tide Water Oil Company, Incorporated 
h. Bacova, Bath County, Virginia 

c. Virginia — January 5, 1908. [Note. — Incorporated as Currier Lumber Co. 

Name changed to Tide Water Hardwood Corp. on Jan. 21, 1921, and to 
present name on Dec. 30, 1933.1 

d. January 5, 1908 

e. . Lumber. Company now liquidating 

f. Stock ownership 

g. 2,250 shares 
h. 2,250 shares 

i. To secure aid in supplying hardwood for the manufacture of barrels. 

a. Tide Water Oil Company 

b. 17 Battery Place, New York, N. Y. 

c. Delaware — November 30, 1936 

d. November 30, 1936. 

e. Non-operating. Inactive 

f. Stock ownership 

g. 25 shares 
h. 25 shares 

i. To protect the name "Tide Water Oil Company" 

a. The Tidemex Company, S. A. 

h. 17 Battery Place, New York, N. Y. 

c. Tampico, Mexico — March 31, 1920 

d. March 31, 1920 

e. Non-operating. Inactive. 

f. Capital stock ownership 

g. 100,000 pesos 
h. 100,000 pesos 

i. To secure aid in developing oil production in Mexico. 

a. Pennsylvania Oil Marketers, Inc. 

b. 14 West Street, New York, N. Y. 

c. Delaware — January 28, 1927. [NoTE.^Incorporated as Tydol Chain, Inc. 

Name changed to Ontario Service Stations, Inc. on March 31, 1932, and to 
its present name on Nov. 22, 1938.] 

d. January 28, 1927 



799G CONCENTRATION OF ECONOMIC POWER 

e. Non-operating 

f. Stock ownership 

g. 4,000 shares 
h. 4,000 shares 

i. To secure aid in marketing petroleum products in the United States. 

a. The Associated Service Stations 

b. 79 New Montgomery St., San Francisco, California 

c. Arizona — December 6, 1930 

d. December 6, 1930 
6. Non-operating 

f. Wholly-owned subsidiary 

g. Authorized 200 shares — none outstanding, 
h. None 

i. To protect the name "Associated" and other Corporate interests of Tide Water 
Associated Oil Company. 

a. Associated Oil Company of Arizona 

b. 79 New Montgomery Street, San Francisco, Cklif. 

c. Arfzona— May 26, 1932 

d. May 26, 1932 

e. Non-operating 

f. Wholly-owned subsidiary 

g. Authorized — 2,000 shares — -None outstanding 
h. None 

i. To protect the name "Associated" and other Corporate interests of Tide 
Water Associated Oil Company 

a. The Tide-Water Pipe Company, Ltd. 

b. 64 Boylston St., Bradford, Pennsylvania 

c. Pennsylvania — November 22, 1878 

d. November 22, 1878 

e. Company operates a trunk pipe line for the transportation of crude oil between 

Stoy, Illinois, Bradford, Pennsylvania and Bayonne, New Jersey. Com- 
pany is subject to regulations by the Interstate Commerce Commission. 

f. Stock own'^r^hip 
g. 62,500 shares 

h. 62,^95 shares 
i. To secure aid in transporting crude petroleum. 

a. Seaside Oil Company 

b. Santa Barbara, California 

c. California— Februa^-y 24, 1898 

d. August 22, 1928, and various subsequent dates 

e. Refiner and Marketer of petroleum products in the States of Caiifornia and 

Arizona 

f. Stock- ownership 

g. 1,000,000 shares, 
h. 990,303 shares • 

i. As an additional outlet for sale of "our products. 

a. Hamburg-Americkanische Mi'neralol Gesellschaft m. b. h. 

b. Hamburg, Germany . 

c. Hamburg, Germany— April 9,' 1925 

d. Preferred Stock— July, 1929 R. M. 1, 500, 000 



Common Stock — January, 


1926 


R. M. 


125, 000 


April, 


1926 




275, 000 


August, 


1927 




100, 500 


January, 


1929 




312, 000 


October, 


1937 




25,000 



R. M. 837, 500 

e. Company wholesales lubricating oils and greases in Germany. 

f. Stock ownership 

g. Preferred Stock— R. M. 1,500,000 
Common Stock— R. M. 1,000,000 

(Par Value of shares not recognized under German law) 
h. Preferred Stock— R. M. 1,500,000 
Common Stock— R.M. 837,500 

(Par Value of shares not recognized under Gernian law) 
i. To secure aid ih marketing petroleum products in Germany. 



CONCP^NTRATION OF ECONOMIC POWER 7997 

a. Sterling Oil and Development Company 

b. 79 New Montgomery Street, San Francisco, California 

c. California— October 30, 1899 

d. February 1907, and various subsequent dates 

e. Production anfi sale of crude oil from lands in Kern County , California 

f. Stock ownership 

g. 250,000 shares 
h. 198,759^2 shares 

i. Augment source of crude oil supply. 

a. West Coast Oil Company 

h. 79 New Montgomery Street, San Francisco.'KDalifornia 

c. California— June 23, 1908 

d. December 1910, and various subsequent dates 

e. Production and sale of crude oil from lands in Kern, Orange, and Los Angeles 

Counties, California 

f. Stock ownership 

g. Preferred stock — 10,408 shares. Common stock — None 
h. Preferred stock — 7,985 shares. 

i. Augment source of crude oil supply. 

a. Pioneer Midway Oil Company, Consolidated 

h. 79 New Montgomery Street, San Francisco, California 

c. California- June 13, 1910 

d. June 13, 1910 

e. Production and sale of crude oil from lands in Kern County, California 

f. Stock ownership 

g. 20,000 shares 
h. 15,000 shares 

i. Augment source of crude oiljsupply. 

a. Pantheon Oil Company 

b. 79 New Montgomery Street, San Francisco, California 

c. California— February 28, 1910 

d. November 1916, and various subsequent dates 

e. Production and sale of crude oil from lands in Fresno County, California 

f. Stock ownership. 

g. 608, 749 H shares 
h. 377,131 shares 

i. Augment source of crude oil supply. 

a. Western Minerals Company 

h: 79 New Montgomery Street, San Francisco, California 

c. California — December 14, 1899 

d. August 18, 1919 

e. Non-operatng 

f. Stock ownership 

g. 1,000 shares 
h. 612^2 shares 

i. Acquisition of an interest in prospective oil lands in Kern County, California. 

a. Reward Oil Company 

h. 79 New Montgomery Street, San Francisco, California 

c. California— March 9, 1901 

d. May 1, 1919 

e. Production and sale of crude oil from lands in Fresno and Kern Counties. 

California 

f. Stock ownership 

g. 100,000 shares 
h. 55,555.56 shares 

i. Augment source of crude|oil supply. 

a. Bradfora Transit Company 

b*. 54 Boylston Street, Bradford, Penna. 

e. Pennsylvania — September 4, 1929 

d. September 4, 1929 

e. Company owns and operates approximately 700 miles of gathering lines in the 

Bradford-Allegheny Districts in the States of Pennsylvania and New York 
and which is subject to regulation by the Interstate Commerce Commissioa 
and the Pennsylvania Public Service Commission. 

f. Stock ownership 

124491— 40— pt. 14-A 20 



7998 CONCENTRATION OP ECONOMIC POWER 

g. 8,400 shares 
h. 4,200 shares 
i. To secure aid in gathering crude petroleum. 

a. California Coast Oil Company 

b. Union Oil Building, Los Angeles, California 

c. California— September 10, 1903 

d. August 1906 

e. Production and sale of crude oil from lands in Santa Barbara County, Cali- 

fornia. 

f. Stock ownership 

g. 2,000 shares 
h. 1,000 shares 

i. One of several assets acquired by purchase from another company. 

a. Mitsubishi Oil Company, Ltd. 

b. Tokyo, Japan 

c. Japan — February 11, 1931 

d. February 11, 1931 

e. Manufacture and sale of petroleum products in Japan atid adjacent countries. 

f. Stock ownership 

g. 200,000 shares 
h. 100,000 shares 

i. To promote the manufacture and sale of petroleum products in Japan and 
adjacent countries. 

a. Knowles Fuel Products Corp. 

b. 100 West 10th St., Wihnington, Delaware 

c. April 17, 1929 — Delaware, as C. P. T. DeV^elopmentlCorp.; name changed to 

Brassert-Tide Water Development Corporation on January 26, 1931, and 

to present name on November 27, 1934 
d.^ April 17, 1929 
e;' Company was incorporated to develop coke ovens fori the manufacture of coke 

from heavy fuel oil. Tests were made at Bayonne^ N. J., Chicago, lU., and 

St. Louis, Mo. Company is at present inactive, i 

f. Common capital stock ownership 

g. 750 shares 
h. 285 shares 

i. To aid in developing petroleum coking. 

a. Great Southern Oil Company 

h. Kansas City, Kansas 

c. July 1, 1914 — Kansas 

d. 6 Shares— May 20, 1918; 934}^ shares— March 1, 1924; 934}4 shares— March 

7, 1928 

e. Crude Oil Production in State of Kansas 

f. Capital stock (Common) owni.rship 

g. 5,000 shareB Common Capital Stock 
h. 1,875 sfaatres 

i: To aid in develdping oil productitm 
a. Tide ^flaierOil Company^ (IndiayLtd. 
^. Calcutta, India 

C. India-t- OctobeL.26, 1921, as Eastern Oil Products Co., Ltd. Name changed— 

to Tide Water Oil Company (India) Ltd. on November 25, 1927. 

d. Various periods from inception of Company thru November 25, 1927 

e. Company wholesales and retails lubricating oils and greases in India 

f. Capital stock ownership 

g. 60,000 shares 
h. 16,057 shares 

i. To aid in marketing petroleum products in India. 

a. Texas-Empire Pipe Line Co. (Texas) 

D. 100 West 10th St., Wilmington, Delaware 
0. September 23, 1931 — State of Delaware 
d. September 23, 1931 



CONCENTRATION OF ECONOMIC POWER 7999 

e. Operates a crude oil pipe line from the East Texas Oil Field to a Marine 

Terminal at Port Arthur, Texas. 

f. Capital stock ownership 

g. 138,000 shares 
h. 34,500 shares 

i. To foster transportation of crude petroleum. 

20. Union Oil Co. of California 
wholly-owned compa'nies 

a. Far West Company 

b. 617 West Seventh Street, Los Angeles, California 

c. June 1, 1891 — California 

d. June 9, 1891 

e. Distribution of gas — California 

f. Common Stock 

g. 500 
h. 500 

i. Corporation formed to acquire oil properties in California. 

a. General Oil Company, Ltd.^ 

b. 617 West Seventh Street, Los Angeles, California 

c. February 20, 1925— Canada 

d. October 1, 1931 

e. Retail marketing — Canada 

f. Common stock 

g. 200 
h. 200 

i. Corp. purchased to acquire service station facilities in Canada. 

a. Santa Maria Steamship Company, Ltd. 

b. 617 West Seventh Street, Los Angeles, California 

c. January 24, 1922— England 

d. January 24, 1922 

e. Shipping — Canada 

f. Common stock 

g. 10,000 
h. 10,000 

i. Corp. formed to operate tankship built in foreign country 

a. Union Oil Company of Arizona 

b. 617 West Seventh Street, L06 Angeles, California 

c. December 12, 1913 — Arizona 

d. December 12, 1913 

e. Oil general — Arizona 

f. Common stock 

g. 1,000 
h. 1,000 

i. Corporation formed to market petroleum products in Arizona 

a. Union Oil Company of Canada, Ltd. 

b. 617 West Seventh Street, Los Angeles, California 

c. December 6, 1921 — Canada 

d. December 6, 1921 

e. Oil general — Canada 

f. Common stock 

g. 5,000 

h. 5,000 . 
i. Corporation formed to conduct general oil business in Canada 

a. Union Oil Company of Nevada 

b. 0'17 West Seventh Street, Los Angeles, California 

c. April 27, 1917— Nevada 

d. October 24, 1917 

V Wholly-owned subsidiary of the Union Oil Company of Canada, Ltd. 



8000 CONCENTRATION OF ECONOMIC POWER 

e. Oil general — New Mexico and Colombia, S. A. 

f. Common stock 

g. 500 
h. 500 

i. Corporation formed to market petroleum products in Nevada 

a. Union Steamship Company 

b. 617 West Seventh Street, Los Angeles, California 

S December 5, 1905 — New Jersey 
December 27, 1905 

e. Marketing (See note •) — East Coast, U. S. 

f. Common stock. 

g. 14 
h. 14 

i. Corporation formed to transport petroleum products by water. 

a. Union National Petroleum Company 

b. 617 West Seventh Street, Los Angeles, California 

c. October 22, 1926T-Delaware 

d. January 17, 1927 

e. Oil production — Venezuela, S. A. 

f. Common stock 

g. 35,000 
h. 35,000 

i. Corporation formed to prospect for and develop petroleum deposits in U. S. A. 
and foreign countries 

CONTROLLED COMPANIES 

a. California Coast Oil Company 

b. 617 West Seventh Street, Los Angeles, California. 

c. September 10, 1903— California 
d". August 2, 1905 

e. Oil production — California 

f. Common stock 

g. 2,000 
h. 1,000 

1. Stock- purchased to secure interest in desirable producing oil property in 
California. 

a. Claremont Oil Company 

b. 617 West Seventh Street, Los Angeles, California 

c. January 25, 1901 — California 

d. April 28, 1902 

e. Oil production — California 

f. Common stock. 

g. 96,685.6 
h. 50,024.8 

i. Stock purchased to secure interest in leases of oil properties in California 

a. Lake View Oil Company 

h. 617 West Seventh Street, Los Angeles, California 

c. December 9, 1 908— California 

"d. July 1, 1909 

e. Oil production — California 

f. Common stock 

g. 2,500 000 
h. 1,347,600 

i. Stock purchased to secure interest in leases of oil properties in California 

' Company was originally incorporated to conduct a shipping business and from the date of incorporation 
until 1914 the company owned and operated steamships; from 1914 to the end of 1916, such steamships were 
chartered to tjie Union Oil Company of California; and from 1917 to August 1935 the comTpany wa* ina(*tive, 
having transfpiTed the steamships to tJiB Union Oil Company of California. Since September 1. 1935, this 
companv has been a selling agency of the Union Oil Company of California, east of the Mississippi. 



CONCENTRATION OF ECONOMIC POWER 8001 

a. Los Angeles Oil Company 

b. 617 West Seventh Street, Los Angeles, California 

c. October 23, 1876 — California 

d. July 16, 1891 

e. Oil production- California 

f. Common stock 

g. 10,000 
h. 7,212.34 

i. St.ock purchasfeci to secure interest in oil mining claims in California. 

a. Southwestern Ore Company 

h. 617 West Seventh Street, Los Angeles, California 

c. April 28, 1917— California 

d. May 17, 1917 

e. Mining-^California, New Mexico and Lower California, Mex. 

f. Common stock 

g. 4,431.8 
h. 2,797 

i. Stock purchased in connection with effort to create demand for petroleum 
products in the smelting of iron ore. 



APPENDIX III 

LISTS OF LARGEST 100 STOCKHOLDERS OF 17 OF THE 20 MAJOR 
OIL COMPANIES 

replies to question 3 op the t. n. e. c. qubstioknaire 

The Atlantic Refining Company 

One hundred largest common stockholders and shares owned as of December SI, 19S8 

SKaret 
owned 

Abbott, Proctor & Paine, 120 Broadway, New York, N. Y 2, 757 

Louis W. Achenbach, P. O. Box 650, Ventura, Calif 3, 000 

William Downs Anderson & Mary McBride Anderson, as joint tenants 
with right of survivorship and not as tenants in common, 4948 Hazel 

Avenue, Philadelphia, Pa . 2,435 

Mrs. Emma B. Auchincloss, The National City Bank of N. Y., 901 

Madison Ave., New York, N. Y_.. . •_ 6, 814 

Arthur B. Ayres, 1214 Broad Street, New Castle, Ind 2, 350 

J. S. Baehe & Co., 42 Broadway, N. Y ' 6,338 

Bankmont & Co., Bank of Montreal, Montreal, Quebec, Canada 10, 150 

Fred G. Bannerot, % United Oil Co., Preble Ave. & Franklin St., Pitts- 
burgh, Pa 5, 000 

Barnes & Co., % City Bank Farmers Tr. Co., 22 William St., New York, 

N..Y - - 13,847 

Harry J. Bauer, 1201 Edison Bldg., Los Angeles, Calif. . . . 2, 600 

William E. Benjamin, 598 Madison Avenue, New York, N, Y 2, 400 

Boehm & Company, % Bankers Tr. Co., P. O. Box 704, City Hall Station, 

New York, N. Y . 7,500 

Charles H. Breerwood, 9 Ehnwood Avenue, Narberth, Pa 4, 000 

Brown Brothers & Co., 59 Wall St., New York, N. Y. 5,000 

Brown Brothers, Harriman & Co., 59 Wall St., New York, N. Y 2, 943 

Bradley GampbeU, % Fulton Trust Co., 149 Broadway, New York, N. Y. . 4, 271 
Catton & Co., % Second Natl. Bank of Boston, Tr. Dept., Ill Frandlin 

St., Boston, Mass . 8,087 

Central Union Trus. Co. of N. Y., 70 Broadway, New York, N. Y.. 3, 414 

S. B. Chapin & Co., Ill Broadway, New York, N. Y.-_. 8, 893 

Benjamin Clayton, % Guaranty Trust Co. of N. Y., Custody Collection 

Div., 140 Broadway, New York, N. Y :. 13,000 

William Clayton, Clayton Manufacturing Co., 501 S. Marengo Avenue, 

Aihambra, Calif . j 2,700 

The Cleveland Trust Company, Cleveland, Ohio 5, 581 

Arthur M. Clifford, 639 S. Spring Street, Los Angeles, Calif. 6, 434 

Cross & Co., % The Penna Co., Packard Building, Philadelphia, PaJ 4, 595 

Cudd & Co., % Chase National Bank, Personal Tr. Dept., 11 Broad St., 

New York, N. Y i...-_.- .-.- 9,496 

Mary Louise Curtis Bok, Gary W. Bok, W. Curtis Bok, W. D. Fuller, 
Charles A. Tyler, John C. Martin, Helene Bok, trustees under will 
Gyrus H. K. Curtis, % Curtis Publishing Co., 6th & Walnut Sts., 

Philadelphia, Pa : . . 4,400 

Dominick & Dominick, 115 Broadway, New York, N. Y 6,764 

Mrs. Lela H- Edwards, Commonwealth Building, 316 4th Avenue, Pitts- 
burgh, Pa - -- 10,000 

Elkins, Morris & Co., Land Title Building, Philadelphia, Pa 2, 285 

John L. Evans, 100 S. Broad St., Philadelphia, Pa 2, 900 

Samuel S. Fels, S. E. Cor. 39th & Walnut Sts., Philadelphia, Pa 3, 667 

Fenner & Beane, 67 Broad St., New York, N. Y 5,413 

Howard Gambrill, % Guaranty Trust Co. of N. Y., 624 Fifth Avenue, 

New York, N. Y:.. J. .. 2.000 

8008 



8004 CONCENTRATION OF ECONOMIC POWER 

One hundred largest common stockholders and shares owned as of December 31, IQSS-"— 
Continued 

Shares 
owned 

Goodbody & Co., 115 Broadway, New York, N. Y 3,930 

Miss Rosa Anne Grosvenor, Wyndham, Newport, R. I 5, 334 

Hare & Co., % Bank of N. Y. & Trust Co., 48 Wall St., New York, N. Y... 4, 770 

Harriman & Co., 11 Broadway, New York, N. Y 3, 310 

Harris, Upham& Co., 11 Wall St., New York, N. Y . 7, 111 

President & Fellows of Harvard College, 24 Milk St., Boston, Mass 5, 50a 

Hayden, Stone & Co., 25 Broad Street, New York, N. Y 3, 208 

H. Hentz & Co., 60 Beaver St., New York, N. Y 2, 622 

Hornblower & Weeks, 40 Wall Street, New York, N. Y..4, 3, 778 

Mrs. Martha R. Humphreys, 2515 Bridge Avenue, Cleveland, Ohio 3, 000 

The John Huntington Corporation, % Cleveland Trust Co., Estates De- 
partment, Cleveland, Ohio 4, 414 

E. F. Hutton & Co., 61 Broadway, New York, N. Y 8, 696 

Mrs. Louise H. Ingalls, % Central United National Bank of Cleveland, 

Estates Trust Dept., 308 Euclid Avenue, Cleveland, Ohio 6, 000 

William M. Irish, III, Harold D. MuUer & Norman S. McCausland, t'tees 
under deed of trust of William M. Irish, dated 6-29-35, % Norman S. 

McCausland, 260 S. Broad Street, Philadelphia, Pa 2, 900 

John Day Jackson, 367 Orange St., New Haven, Conn 5, 600 

Jesup & Lamont, 26 Broadway, New York, N. Y 11, 720 

Eldridge R. Johnson, 608 West Jersey Trust Bldg., Camden, N. J 3, 000 

Josephthal & Co., 120 Broadway, New York, N. Y - 2, 437 

Walter G. Ladd, % Josiah Macy Willets & Paul Smart, Executors % W. R. 

Reed, Room 2302, 19 Rector St., New York, N. Y 5,134 

Laird, Bissell & Meeds, 120 Broadway, New York, N. Y 3, 201 

Lehman BreiB., 1 William Street, New York, N. Y 6, 300 

Lloyd & Co., Ill Broadway, New York, N. Y 4, 900 

John Marshall Lockhart, Suite 1507, 1512 Uniota Bank Bldg., Pittsburgh, 

Pa 12,000 

Miss Annie M. McClinton, 321 S. Fourth Street, Ste^ub^nville, Ohio 3, 333 

Mrs. Janet Walker McCune, 1902 Union Bank Bldg., Pittsburgh, Pa 12, 000 

Fidelity Trust Company, Succeeding Trustee under deed of trust of 

George W. Malone dated 6-18-28, P. O. Box 113, Pittsbtirgh, Pa 3, 000 

Mrs. Martha Frew Mason, % J. M. Lockhart, 1507 Union Bank Bldg., 

Pittsburgh, Pa 8, 000 

John F. Miller, Westinghouse Air Brake Co., Wilmerding, Pa 2, 500 

Joshua R. Morgan, 1304 Commonwealth Bldg., 1201 Chestnut St., 

Philadelphia, Pa 2,300 

Mrs. Clara M. Murphy, Hazelhurst Ave. & Mallwyd Rd., Merion, Pa 3, 700 

The New York Public Library, Astor, Lenox & Tilden Foundations, 

45 Wall St., New York, N. Y 2,400 

O'Neill & Co., P. O. Box 28, Wall St. Station, New York, N. Y 7, 188 

Paine, Webber & Co., 25 Broad Street, New York, N. Y 5, 523 

United States Trust Company of New York as surviving trustee under 
deed of trust of Oliver H. Payne dated 9-7-15 for Harry Payne Bing- 
ham & remaindermen, 45 Wall St., New York, N. Y 8, 140 

United States Trust Company of New York as surviving trustee under 
deed of trust of Oliver H. Payne dated 9-7-15 for William Bingham, 

2nd Ai remaindermen, 45 Wall St., New York, N. Y 8, 140 

XInite4 States. Trust Company of New York as surviving trustee under 
deed of trust of Oliver H. Payne dat^d 9-7-15 for Elizabeth B. Blossom 

& remainderman, 45 Wall St., New York, N. Y. 8, 140 

United States Trust Company of New York as surviving trustee under 
deed of trust of Oliver H. Payne dated 9-7-15 for Frances Bolton & 

remaindermen, 45 Wall St. , New York, N. Y 8, 1 40 

Perkins &^ Company, 15 Exchange Place, Jersey Citv, N. J 3, 000 

E. A. Pierce & Co. , 40 Wall St. , New York, N. Y . . 8, 788 

Post AFlagg, 49 Broad St., New York, N.Y 2,943 

Mrs. Alta Rockefeller Prentice, % The Chase National Bank, Personal 

Trust Department, 1 1 Broad St., New York, N. Y . 40, 000 

Prescott&Co., P.O. Box 2017, Boeton. Mass 4,000 

Mtb. Margaret M. Richardson, Tlie Barclay, Rittenhouse Square, East, 

Philadelphia, Pa 5,797 

Mrs. Mabel Rothwell, 15th Floor, San Jacinto Bldg., Beaumont. Texas. . . 2, 500 

Talbot F. Rothvell, 15th Floor, San Jacinto Bldg., Beaumont, Texas 2, 500 



CONCENTRATION OF ECONOMIC POWER 8005 

One hundred largest common stockholders and shares owned as of December 31, 1938 — 
Continued 

Shares 
owned 

St. Louis Union Trust Co. — St. Louis, Mo.^-Broa4way & Locust St., 

St. Louis, Mo - 7,330 

Salkeld & Co., % Bankers Trust Co., P. O. Box 704, Cliurch St. Annex, 

NewYork, N. Y 3,381 

Smith, Barney & Co., 14 Wall St., NewYork, N. Y 2, 560 

Arthur E. Spence, 20 Exchange Place, New York, N. Y 13, 900 

Melvin G. Sperry, Clarksburg, W. Va 3, 200 

Steere & Co., % Girard Trust Co., Broad & Chestnut Sts., Philadelphia, Pa. 11, 663 
Teege and Company, c/o Guaranty Tr. Co. of N. Y., 140 Broadway, New 

York, N. Y 6,515 

Mrs. Adabelle R. Terrv, c/o Guaranty Trust Co. of N. Y., 524 Fifth Ave- 
nue, New York, N. Y 1 3, 520 

Thomson & McKinnon, 11 Wall Street, New York, N. Y 7, 506 

John T. Underwood, c/o Grace Brainard Underwood, Co-Executrix, 30 

Vesev St., New York, N. Y 2, 168 

J. W. Van Dvke, 260 S. Broad St., Philadelphia, Pa , 24, 500 

John W. Van Dvke, 260 S. Broad St., Philadelphia, Pa 29, 700 

Voss & Co., c/o Phila. National Ins. Co., 401 Walnut St., Philadelphia, Pa. 4, 000 
Girard Trust Companv and James M. Beck, trustees under will of John 

B. Warden, deceased. Broad & Chestnut Sts., Philadelphia, Pa 2, 708 

Wertheim & Companv, 57 William St., New York, N. Y 9, 177 

White, Weld & Co., 40 Wall St., New York, N. Y 9, 050 

Lewis Cass Ledyard, Lewis Cass Ledyard, Jr. & U. S. Trust Co. of N. Y. 
as t'tees of trust created by last will & test. Payne Whitney, deceased, 
for benefit John Hay Whitney & remaindermen, 45 Wall St., New York, 

N. Y 5,900 

Lewis Cass Ledyard, Lewis Cass Ledyard, Jr. & U. S. Trust Co. of N. Y. 
as t'tees of trust created by last will & test. Payne Whitney, deceased, 
for benefit Helen Hay Whitney & remaindermen, 45 Wall St., New 

York, N. Y . 11,700 

Lewis Cass Ledyard, Lewis Cass Ledyard, Jr. & U. S. Trust Co. of N. Y. 
as t'tees of trust created by last will & test. Payne Whitney, deceased, 
for benefit Joan Whitney Payson & remaindermen, 45 Wall St., New 

York, N. Y j .._ 5,900 

Wilev & Co., c/o Manufacturers Tr. Co., Pers. Tr. Dept., 55 Broad St., 

NewYork, N. Y 5,251 

Adolph D. Williams, 1113 E. Main St., Richmond, Va 2, 800 

Winthrop Mitchell & Co., 26 Broadway, New York, N. Y 5, Oil 

'Robert A. Kennedy, 97 Nome St., Forest Hills, L. L, N. Y 3, 000 

Cities Service Company (Delaware) 

(5) A list containing the names and addresses of the 100 largest common stockholders, 

corporate and individual, as of December 31, 1938, and the number of shares held 
by each 

Common tharet 
Broekmans Administratiekantoor, N. V., Heergengracht #444, Amster- 
dam, Holland . 251,899 

G. Gordon Brownell, 75 Montgomery St., Jersey City, N. J 151, 789. 2 

R. Raphael & Sons, Austin Friars House, London E. C. 2, England.. 24, 611. 5 

Henry L. Doherty, 75 Montgomery St., Jersey City, N. J 22, 655. 8 

Gas Sc Electric Securities Co., 75 Montgomery St., Jersey Ciiy, N. J.. 18, 000 

Nela Alpha Anticipation Co., 75 Montgomery St., Jersey City, N. J_. 15, 546. 4 

-Fenner & Beane, 67 Broad St., New York Citv 10, 254. 3 

.E. A. Pierce and Co., 40 Wall St., New York City 10, 1 15. 4 

Harris Upham & Co., 11 Wall Street, New York City 10, 001. 5 

Paine Webber & Co., 25 Broad St., New York City 9, 918. 2 

J. S. Bache & Co., 42 Broadway, New York Citv 9, 897. 5 

Herbert Knight & Co., 70 Pine Street, New York City 9, 741. 4 

Halsey Foster & Co., 182 Hill Park Avenue, Great Neck, N. Y 9, 192.6 

Victor Hill and Co., Box 185, Westport, Conn 7, 834 

Thomson & McKinnon, 11 Wall Street, New York City 6, 951. 6 

Cities Service Securities Co., 19-21 Dover Green, Dover, Dela 5,889 

Hornblower and Weeks, 40 Wall Street, New York City.. . 5, 621. 3 

Sir Edward Paulet Stracey, Bart, 20 Copthall Avenue, London, E. C. 

2, England .^_. _ _ 5, 314 



8006 CONCENTRATION OF ECONOMIC POWER 

(S) A list containing the names and addresses of the 100 largest common stockholders, 
corporate and individual, as of December 31, 1938, and the number of shares held 
by each — Continued 

Common thares 

Josephthal & Co., 120 Broadway, New York City 5, 151 

Cassel and Co., 3 London Wall Bldgs., London, E. C. 2, England 5, 131. 7 

F. E. Foster, 13 Arch St., Norwalk, Conn 5,042. 7 

Smith, Barney and Co., 14 Wall St., New York City 4, 833. 1 

Charles A. FrueauflF, 60 Wall Street, New York City 4, 781 

P. N; Kemp-Gee & Co., 20 Copthall Avenue, London, E. C. 2, Eng- 
land . 4,692 

Lindenberg & Co., c/o Natl. Provincial Bk., Overseas Br., 1 Princes 

St., London E. C. 2, England 4,424 

Chase Nominees Limited, 11 Broad St., New York City 4, 273 

E. F. Button & Co., 61 Broadway, New York City 4, 142. 6 

Medwin & Lowy, 13 Copthall Court, London, E. C. 2, England 4, 138. 3 

Dominick & Dominick, 115 Broadway, New York City 4, 082. 2 

Post & Flagg, 49 Broad Street, New York City 3, 984. 6 

S. M. Foster, Westport, Conn . 3, 890 

Crouch & Co., 288 St. James Street, Montreal, Que., Canada 3, 879. 8 

W. E. Burriet & Co., 11 Wall Street, New York City 3, 565 

The English Assoc, of American Bond & Share Holders, Limited, 5 

Great Winchte^ter Street, London, E. C. 2, England --.. 3, 464. 5 

H. Winston, 60 Wall Street, New York City . 3, 163. 2 

Goodbody and Co., 115 Broadway, New York City 3, 147. 7 

Shearson Hammill & Co., 14 Wall Street, New York, N. Y 3, 130. 6 

Fahnestock & Co., 1 Wall Street, New York City 3, 100. 4 

Stanhope Foster, 70 Pine Street, Km. 3700, I^. Y. C 3, 038 

Moore & Schley, 100 Broadway, New York City. 3,008 

W. E. Hutton & Co., 14 Wall Street, New York Ci,ty--.: 3, 007. 1 

Cohen-Desmitt, Bierer & Co., 20 Copthall Avenue, "London, E, C. 2, 

England 2,934.5 

R. A. Cornell, 60 Wall Street, New York City 2, 849 

Winthrop Mitchell & Co., 26 Broadway, New York City 2, 721. 2 

Johan Helmich Janson, Drammensveien 106, Oslo, Norway 2, 686 

Abbott, Proctor & Paine, 120 Broadway, New York City 2, 682. 4 

Electrical Securities Corp., 570 Lexington Avenue, New York City.. 2, 500 

Nathan & Roselli, 7 Adams Ct., London, E. C. 2, England 2, 481 

George E. W. Luehrmann, Planters Bldg., Km. 1006, St. Louis, Mo._ 2, 405 

S. B. Chapin & Co., Ill Broadway, New York City 2, 373. 3 

F. E. Powell, c/o Stevenson & Vercoe, Columbus, Ohio 2, 359. 3 

Cyrus J. Lawrence & Sons, 115 Broadway, New. York City_ 2, 315 

Henry Clews & Company, 9 Broadway, New York City 2, 309. 6 

Lamson Bros. &'Co., 141 West Jackson Blvd., Chicago, 111 2, 171. 7 

Herzfeld & Stern, 30 Broad St., New York City . 2, 105 

First Doherty Organization Ant. Co., 75 Montgomery St., Jersey City. 2, 101. 4 
Arthur A. Welsh, c/o The Cleveland Trust Co. Estates Dept., Cleve- 

land, Ohio 2,055 

Henry B. Strickland, c/o Sacred Heart Rectory, Cornwall, Pa 2, 000 

Egger & Co., c/o The Chase Natl. Bank, 18 Pine Street, New York 

City . 1,882 

First Doherty Organization Inv. Co., 75 Montgomery Street, Jersey 

City, N.J - 1,848.4 

Herbert R. Straight, Cities Service Oil Company, Bartlesville, Okla. . 1, 834 

Abraham and Co., 120 Broadway, New York City 1, 804. 1 

George A. EUiott, Equitable Bldg., Wilmington, Dela. 1, 772. 7 

Wertheim & Co., 120 Broadway, New York City . 1, 756. 1 

E. & M. Foster, 13 Arch Street, Norwalk, Conn 1, 670 

Messrs. C. S. Williamson and Company, 1 Copthall Chambers, - 

London, E. C. 2., England 1, 669. 5 

Huggins & Clarke, c/o Joseph Walker & Sons, 120 Broadway, New 

York City . ..._.._, 1,662 

Boehm & Company, c/o Bankers Trust Co., P. O. 704 Chtirch St., 

Annex, N. Y.C . 1.620 

Bankers Trust Co. Depository U/A Dated 3/1/19, 4/28/25, 5/1/29, 16 

WaU Street, New York City . . 1,566 

Leon Aerts, Banque Beige Pour L'Etranger, 67 Wall Street, New York 

City „ 1,566 



CONCENTRATION OF ECONOMIC POWER gQQy 

(S) A list containing the names and addresses of the 100 largest common stockholders, 
corporate and individual, as of December SI, 1938, and the number of shares held 
by each — Continued 

Common shares 

Joseph Z. Miller, Jr., 1019 Commerce Bldg., Kansas City, Mo.. 1, 507. 2 

Auerback Pollak & Richardson, 30 Pine Street, New York City 1, 503 

Taylor & Warwick Smith, 125 Old Broad St., London, E. C, England. 1, 502. 8 

Mrs. Mary Doty, 427 Portland Avenue, St. Paul, Minn 1, 470 

Hemphill, Noyes & Co., 15 Broad Street, New York City 1, 460. 4 

Carl M. Loeb, Rhoades & Co., 61 Broadway, New York City 1, 421 

Shaw Loebl & Co., 148 Leadenh^U St., London, E. C. 2, England 1, 410 

Dickson L. Moore, 217 E. State Street, Columbus, Ohio 1, 407. 6 

Ralph D. Mershon, Pickwick Arms Hotel, Greenwich, Conn 1, 377. 5 

White Weld & Co., 40 Wall Street, N. Y. C 1, 341 

H. Hantz and Co., 60 Beaver St., New York City. .-'. 1, 297. 7 

Dean Witter & Co., 14 Wall Street, New York City 1, 276. 3 

Messrs. Greener Dreyfus & Co., Salisbury House, London Wall, 

London, E. C. 2, England 1, 263 

Orvis Bros. & Co., 60 Broadway, New York City 1, 260. 4 

F. S. Moseley and Co., 50 Congress Street, Boston, Mass 1, 257 

Dyer, Hudson & Co., 61 Broadway, New York City 1, 251. 1 

Atlas Corporation, 1 Exchange Place, Jersey City 1, 250 

J. W. Nicholson & Sons, Telephone Bldg., West Street, Sheffield, 

England - 1,238 

G. M. P. Murphy and Co., Ill Broadway, New York City 1, 235. 9 

Brown Bros. Harriman & Co., 59 Wall Street, New York City 1, 217 

Hulburd, Warren & Chandler, 208 S. LaSalle St., Chicago, lU 1, 214. 4 

J. W. Sparks & Co., 50 Broadway, New York City 1,206.3 

Whitehouse and Copany, 1 Wall Street, New York City 1, 203. 2 

Jackson & Curtis, 10 Post Office Square, Boston, Mass. 1, 180. 8 

Frances M. Korn, 640 Summit Avenue, Hackensack, N. J 1, 177 

Godfrey Murfin, 711 N. St. Clair St., Pittsburgh, Pa . 1, 171. 2 

Frank E. Powell, 869 E. Broad St., Columbus, Ohio 1, 151. 8 

Richard M. French, 1309 Avenue Sorolla, Coral Gables, Fla 1, 139 

Reinhart & Co., Land Title Bk. & Tr. Co., Broad & Chestnut Street, 

Philadelphia, Pa . 1, 115 

Pink Williams, 106 1/2 East Main Street, Ada, Okia 1, 100 

Consolidated Oil Corporation 

3. Following is a list containing the names and addresses of the 100 largest 
common stockholders (as disclosed by the stock records), corporate and individ- 
ual, as of December 31, 1938, and the number of shares held by each: Shares 

Abbott, Proctor & Paine, 120 Broadway, New York, N. Y 27, 508 

Leon Aerts, c/o Banque Beige p'our L'Etranger, 67 Wall St., New 

York, N. Y 19, 168 

Atwell & Co., 45 WaU St., New York, N. Y 25, 172 

Auerbach, PoUak & Richardson, 30 Pine St., New York, N. Y 14, 687 

J. S. Bache & Co., 42 Broadway, New York, N. Y 63, 689 

Bank of New York, Lawrence Morris & Josiah Macy Willetg, Trustees 
for Kate M. Ladd u/a dated Nov. 29, 1938, 48 WaU St., New York, 

N. Y . 25,000 

James E. Bennett & Co., 50 Broadway, New York, N. Y - 16, 435 

Harry Payne Bingham, % First Nat. Bank, 2 Wall St., New York, 

N. Y - 50,000 

Louis C. Blendermann, 52 William St., New York, N. Y.. 13, 820 

Mrs. Mabel Tremain Brewster, 52 Vanderbilt Ave., New York, N. Y.. 15, 810 

Brown Bros. Harriman & Co., 59 WaU St., New York, N. Y 24, 043 

Mrs. Mary Flagler Gary, 1009 Park Ave., New York, N. Y 21,400 

Central Hanover Bank & Trust Co., 70 Broadway, New York, N. Y.. 10, 049 

S. B. Chapin & Co., Ill Broadway, New York, N. Y 29, 822 

The Chase National Bank of the City of New York, Trustee for benefit 
of David RockefeUer, Personal Trust Dept., 11 Broad St., New 

York, N. Y . . 75,200 

The Chase National Bank of the City of New York, Trustee for benefit 
of Laurance S. Rockefeller, Personal Trust Dept., 11 Broad St., New 

York, N. Y _. :. ... 74, 000 



8008 CONCENTRATION OF F-CONOMIC POWER 

Shares 

The Chase National Bank of the City of New York, Trustee for benefit 
of Winthrop Rockefeller, Personal Trust Dept., 11 Broad St., New 

York, N. Y ■- 75, 100 

The Cleveland Trust Co., Euclid Ave. & E. 9th St., Cleveland, Ohio.. 28, 243 

Mrs. Helen P. Dane, 6 Beacon St., Boston, Mass 30, 740 

•Carbon P. Dubbs, Chelston, East Paget, Bermuda 11,400 

Harry Harkness Flagler, 32 Park Ave., New York, N. Y 57, 000 

Harry Harkness Flagler, Trustee For Jean Louise Flagler U-A Dated 

July 2, 1931, 32 Park Ave., New York, N. Y 15, 500 

Charles Frederick & Co., % Irving Tr. Co., Foreign Office, 1 Wall St., 

New York, N. Y . 15,861 

Cobb & Co., % Customers Securities Dept., The New York Trust Co., 

100 Broadway, New York, N. Y 10,852 

Consolidated Oil Corporation (Treasury Stock), 630 Fifth Ave., New 

York, N. Y 76,843 

Cudd & Co., % The Chase Nat'l Bk., Personal Trust Dept., 11 Broad 

St., New York, N. Y . l... 12, 699 

Dean Witter & Co., 14 ,Wall St., New York, N. Y 12, 322 

Dominick & Dominick, 115 Broadway, New York, N. Y 17,741 

Mrs. Lela H. Edwards, 316 Fourth Ave., Commonwealth Bldg., Pitts- 
burgh, Pa 37,200 

Fenner & Beane, 67 Broad St., New York, N. Y 68, 793 

Fuller, Rodney & Redmond, 44 Wall St., New York, N'. Y 12, 563 

Garner & Co., 140 Broadway, New York, N. Y 14, 750 

Goodbody & Co., 115 Broadway, New York, N. Y 14, 598 

Mrs. Edith Hale Harkness, % New York Trust Co., Income Collec- 
tion Dept., 100 Broadway, Ne^ York, N. Y 92, 437 

Harris Upham & Co., 11 Wall St., New York, N. Y . 127, 191 

Hayden, Stone & Co., 25 Broad St., New York, N. Y._-- 27, 555 

H. Hentz & Co., 60 Beaver St., New York, N. Y-_'-' 30,935 

Hirsch, Lilienthal & Co., 165 Broadwav, New York, N. Y 11, 925 

John Huntington Hord, 1564 Union Trust Bldg., Cleveland, Ohio-i.. \2, 943 

Hornblower & Weeks, 40 Wall St., 12th Fl.,. New York, N. Y 52, 581 

John W. Hubbard, 605 Granite Bldg., Pittsburgh, Pa 12, 000 

The John Huntington Corp., % The Cleveland Trust Co., Estates 

Department, Cleveland, Ohio . 12,936 

Hurlev & Co., A Partnership, 55 Wall St., New York, N. Y 11, 268 

E. F. "Button & Co., 61 Broadway, New York, N. Y 50, 377 

Jesup & Lamont, 26 Broadway, New York, N. Y 100, 740 

Jo.sephthal & Co., 120 Broadway, New York, N. Y 18,469 

Kidder Peabodv & Co., 17 Wall St., New York, N. Y . 17, 628 

King & Co., % City Bank Farmers Trust Co., 22 William Street, New 

York, N. Y-_ 10, 102 

John Koetting (Consolidated Oil Corp.— Treasury Stock), % Consoli- 
dated Oil Corp., 630 Fifth Avenue, New York, N. Y . 390, 146 

Kuhn Loeb & Co., 52 William St., New York, N. Y 11,637 

Walker G. Ladd, % W. R. Reed, 19 Rector St., Rm. 2302, New York, 

N. Y 11,435 

Laidlaw & Company, 26 Broadway, New York, N. Y 18, 648 

Lamson Bros. & Co., 2200 Board of Trade Bldg., Chicago, 111.. 12, 415 

Lewis Cass Ledyard, Lewis Cass Ledgard, Jr. & U. S. Tr. Co. of 
N. Y., Trsts of Tr. U-Will Payne Whitney, Dec'd for Bon. of 
Helen Hay Whitney & Remaindermen, 45 Wall St., New York, 

N. Y . - 44,200 

Lewis Cass Ledyard, Lewis Cass Ledyard, Jr. & U. S. Tr. Co. of 
N. Y., Trsts of Tr. U-Will Payne Whitney, Dec'd for Ben. Joan 

Whitney Payson & Remaindermen, 45 Wall St., New York, N. Y. 15, 700 
Lewis Cass Ledyard, Lewis Cass Ledyard, Jr. & U. S. Tr. Co. of 
N. Y., Trsts of Tr. U-Will Pavne Whitney, Dec'd for Ben. of John 

Hay Whitney & Remaindermen, 45 Wall St., New York, N. Y--- 21, 500 

Lehman Bros., 1 William St., New York, N. Y 13,827 

Carl M. Loeb, Rhoades & Co., 61 Broadwav, New York, N. Y 16, 688 



^ 



CONCiSNTRATION OF ECONOIVIIC POWER 8009 

Shares 

George W. Loft, 10 E. 40th St., New York, N. Y 15, 246 

The Lynnewood Corp., c/o Wilmington Trust Co., Wilmington, Del. 30, 000 
Mac & Co., c/o Union Tr. Co. of Pittsburgh, Box 926, Pittsburgh, 

Pa-_- ,-- 13,056 

Marrs McLean, Frost Natl. Bank Bldg., San Antonio, Texas 20,400 

Merrick & Co., 100 Broadway, New York, N. Y., Cus. Sec. Dept--_ 11, 159 

Mitchell Hutchins & Co., 231 South La Salle St., Chicago, 111 12, 191 

John Mooney, c/o Petroleum Corp. of America, 15 Exchange Place, 

Jersey City, N. J 84,200 

O'Neill & Co., P. O. Box 28, WaU St. Station, New York, N. Y 19, 760 

Orvis Bros. & Co., 60 Broadway, New York, N. Y 10, 964 

Paine, Webber & Co., 25 Broad St., New York, N. Y 30, 378 

Mrs. Joan W. Payson, 45 Wall St., New York, N. Y-_ . 23, 359 

Perkins & Co., c/o Commercial Trust Co. of N. J., 15 Exchange PL, 

Jersey City, N. J . . 12, 000 

Petroleum Corporation of America, 15 Exchange Place, Jersey City, 

N. J 1, 115, 646 

Carl H. Pforzheimer & Co., 25 Broad St., New York, N. Y: " 26, 200 

E. A. Pierce & Co., 40 Wall St., New York, N. Y 89, 009 

Pierce Oil Corp., 120 Wall St., New York, N. Y 220,683 

Pierce Petroleum Corp., 120 Wall St., New York, N. Y ._ 120, 800 

Post & Flagg, 49 Broad St., New York, N. Y. 48, 066 

Pouch & Co.", 52 Wall St., New York, N. Y .._ 11, 740 

Harold I. Pratt, c/o Charles Pratt & Company, 26 Broadway, New 

York, N. Y,_- . . ^ 15,950 

Mrs. Ruth Baker Pratt, c/o Charles Pratt & Co., 26 Broadway, New 

York, N. Y . . 22.950 

Mrs. Alta Rockefeller Prentice; The Chase National Bank, Personal 

Trust Dept., 11 Broad St., New York, N. Y._-- .. 105.620 

President and. Fellows of Harvard College, 24 Milk St., Boston, 

Mass - 50.000 

The Real Estate Tr. Co. of Phila., Sallie S. Houston, S. F. Houston 

& Edgar Dudley Faries Surviving Trustees of Estate of Henry H. 

Houston, Defc'd, Philadelphia, Pa , .__ 93, 732 

Rockefeller Center, Inc., 30 Rockefeller Plaza, New York, N. Y 500, 000 

Salkeld & Co., c/o 'Bankers Trust Co., P. O. Box 704, Church St. 

. Annex, New York, N. Y.. . .. 20, 249 

J. & W. Seligman & Co., 54 Wall St., New York, N. Y.._- 24,473 

Henry L. Shattuck, 50 Federal Street, Boston, Mass! ^ 12. 000 

Sigler & Co., c/o Central Hanover Bank & Tr. Co., 70 Broadway, 

New York, N. Y... . ...._ .31,055 

Smith, Barney & Co., 14 Wall St., New York, N. Y .-.i.-. 25, 193 

Supervised Shares, Inc., c/o State Street Trust Co., Boston, Mass 15. 000 

Tegge & Co., c/o Guaranty Trust Co. of N. Y., 140 Broadway, New 

York, N. Y . . --____..._. 1 10, 152- 

Mrs. Adabelle R. Terry, c/o Guarantv Trust Co. of N. Y., Att. Gustodv 

Div., 524 Fifth Ave., New York, N. Y__ . ". 10, 511 

Thomson & McKinnon, 11 Wall St., New York, N. Y 71, 155 

Trustees of the Massachusetts Investors Trust Under A Declaration 

of Trust Dated March 21, 1924, c/o State Street Trust C6., Boston, 

Mass ._- . ... 30,000 

The Union Trust Co. of Pittsburgh, P. O. Box 755, Pittsburgh, Pa.. 22, 001 

Alvin Untermyer, 30 Pine St., New York, N. Y.. 12, 720 

Samuel tJntermyer, 30 Rne St., New York, N. Y ... 27, 000 

Weber & Co., c/o Farmers Loan & Tr. Co., 22 William St., New 

YoA, N. Y- ....... . 11,900 

Winthrop, Mitchell & Co., 26 Broadway, New York, N. Y 36, 215 

Wonham Albert & Co., 64 Wall St., New York, N. Y... 11, 290 

Yale University, Treasurer's Office, New Haven, Conn ..-. 30, 964 



8010 CONCENTRATION OF ECONOMIC POWER 

Continental Oil Company 

Item 3: A list containing the names and addresses of the 100 largest common 

stockholders, corporate and individual, as of December 31, 1938, and the 
number of shares held by each. a. The total number of common stockholders 
as of December 31, 1938.. 

The above information as of December 31, 1938, ie not available, the information 
iff furnished as of April 10 1939. 

List of the names and addresses of the 100 largest common stockholders of Continental 
Oil Company Corporate and Individual, as of April 10, 19S9, and the number of . 
shares held by each 

Number of 
Share* 

Atlas Corporation, 1 Exchange Place, Jersey City, New Jersey 9, 500 

Atwell & Co., 45 Wall Street, New York, New York 21, 513 

Bolton & Co., P. O. Box 2580, Montreal, Canada—. 7, 000 

Brown Brothers, Harriman & Co., 59 Wall Street, New York, New 

York . 35,247 

Buckley & Co., % Fiduciary Tr. Company, 1 Wall Street, New York, 

New York . 11,707 

Carnegie Corporation of N. Y., 522 Fifth Avenue, New York, New 

York 17,000 

Clark Dodge & C>., 51 Wall Street, New York, New York 6, 953 

Clooney & Co., % Fiduciary Trust Company, 1 Wall Street, New York, 

New York . 6,744 

Cobb & Co., % Customers Securities Dept., The New York Trust Co., 

New York, New York j 48, 945 

Crampton & Co., 40 Water Street, Boston, Massachusetts 10, 600 

Crouch & Co., 288 St. James St., Montreal, Que., Canada.—.. 6, 505 

Cudd & Co., % Chase National Bank, Personal Trust Dept., New 

York, New York _..._ 25,626 

Dominick & Dominick, 115 Broadway, New York, New York -. 16^887 

Dow & Co., % Canadian Bank of Commerce, 16 Exchange Place, 

New York, New York . ' . 8, 55a 

Eddy & Co., % Bankers Trust Co., P. O. Box 704, City Hall Station, 

New York, New York _. 15,829 

C. A. England & Co., % Chemical Bank & Trust Co., 165 Broadway, 

New York, New York . 6, 876 

Fenner & Beane, 67 Broad Street, New York, New York 6, 487 

Filor, BuUard & Smyth, 39 Broadway, New York, New York 180, 194 

Freer & Co., Continental Illinois National Bank and Trust Company, 

Chicago, Illinois . 7,286 

Hall & Co., % Commercial Trust Co., of New Jersey, 15 Exchange 

Place, Jersey City, N. J. .._.... .... ..- 12, 000 

Hare & Co., % Bank of New York, 48 Wall Street, New York, New 

York ... . 19,579 

Harris, Upham & Co. 1. 11 Wall Street, New York, New York 13, 932 

Hill and Company, 608 Shawmut Bank Bldg., Boston, Mass 7, 555 

The Home Insurance Co., 59 Maiden Lane, New York, New York... 10, 000 
Ince & Co., % Guaranty Trust Co. of New Yoik, 140 Broadway, 

New York, New York . .. - 8, 652 

Incorporated Investors, 1 Court Street, Boston, Massachusetts 60, 000 

Kidder, Peabody & Co., 17 Wall Street, New York, New York...... 10, 320 

King and Company, % City Bank Farmers Tr. Co., 22 William 

Street, New York, New York ..- 15,590 

Lehman Brothers, 1 WUliam Street, New York, New York 16, 670 

Lynn & Co., 140 Broadway, New York, New York". . 13, 000 

Mansell & Co., 45 & 47 Wall Street; New York, New York 20, 647 

Merrick & Co., New York Trust Company, % Customers Securities 

Dept, 100 Broadway, New York, New York 6,088 

Moore & Schley, 100 Broadway, New York. New York 7", 362 

J. P. Morgan & Co., 23 Wall Street, New York, New York 23, 855 

G. M. P. Murphy & Co., Ill Broadway, New York, New York 6,^200 

Newmont Mining Corp., 14 Wall Street, New York, New York. 33, 751 

Petroleum Corporation of America, 15 Exchange Place, Jersey City, 

N. J .. .--. ...-...---. 22, 500 

Carl H . Pf orzheimer & Co. , 25 Broad Street, New York, New York 66, 052 



CONCENTRATION OF ECONOMIC POWER gQH 

Ldst of the names and addresses of the 100 largest common stockholders of Continental 
Oil Company Corporate and Individual, as of April 10, 1939, and the number of 
shares held by each — Continued 

Numbtr of 
Sharet 

Post & Flagg, 49 Broad Street, New York, New York 6, 470 

Salkeld & Co., % Bankers Trust Co., P. O. Box 704, Church St. Annex, 

New York, New York . - 23, 786 

Schmidt & Co., % Guaranty Trust Co., 140 Broadway, New York, 

New York - 7,950 

J. & W. Seligman & Co., 54 WaU Street, New York, New York 43, 172 

Shaw & Co., 23 WaU Street, New York, New York... . 56, 948 

Sigler & Co., % Central Hanover Bank and Trust Company, 70 Broad- 
way, New York, New York 42, 155 

Smith, Barney & Co., 14 Wall Street, New York, New York 12, 164 

Arthur E. Spence, 40 Water Street, Boston, Massachusetts 17, 500 

Thomas W. Lamont, Fred Searls, Jr., Thomas D. Thacher & Percy 
Bullard, Trustees under the Codicil to the Will of William Boyce 
Thompson F-B-0 Margaret T. Biddle, 23 Wall Street, New York, - 

New York ..., -. 12, 125 

Thomas W. Lamont, Fred Searls, Jr., Thomas D. Thacher & Percy 
Bullard, Trustees under the Codicil to the Will of William Bovce 
Thompson F-B-0 Gertrude Thompson, 23 Wall Street, New York, 

New York... .... 12, 126 

Trustees of The Massachusetts Investors Trust under a Declaration 
of Trust, dated March 21, 1924, % State St. Tr. Co., Boston, Massa- 
chusetts . . . 14,400 

John Wallace, 40 Water Street, Boston, Massachusetts 10, 000 

Frederick Ambrose Clark, % W. Beach Day, Agent, 149 Broadway, 

New York, New York.. - . 5,500 

W. R. Coe, Chrysler Bldg., East 42nd Street, New York, New York.. 5, 000 
George L. Craig, 808 Columbia Bank Bldg., Pittsburgh, Pennsyl- 
vania^ - ■-- - 5, 100 

John E. Crosbie, % Margaret Crosbie Sweet, Ethel Crosbie Porter and 

Catherine Crosbie Moran, Executrices, Tulsa, Tulsa County, Okla. 5, 300 

Godfrey T. Firth, 23 Wall Street, New York, New York.. . 5, 260 

The Real Estate Trust Co. of Philadelphia, S. F. Houston & Edgar 
Dudley Faries, Surviving Trustees of Estate of Henry H. Houston, 
Dec'd., S. E. Cor. Broad and Chestnut Streets, Philadelphia," Pa._ 6, 735 

Maurice F. Powers, 1025 East 18th Street, Tulsa, Oklahoma..: 5, 200 

Joseph E. Widener, George D. Widener and P. A. B. Widener, Trus- 
tees U-W of P. A. B. Widener, Dec'd., 405 Land Title Building, 

Philadelphia, Pa , . 5, 000 

Powen/ David & Co., P. O. Box 1647, Boston, Massachusetts 5, 660 

The Continental Insurance Company, 80 Maiden Lane, New York, 

New York...... J. _., , 5, 000 

Foster, Marvin & Co., 2 Wall Street, New York, New York 5, 750 

The Franklin Fire Insurance -Company of Philadelphia, 421 Walnut 

Street, Philadelphia, Pa.... 5,000 

Great American Insurance Company, 1 Liberty Street, New York, 

New York.......... . ._._... 5,000 

Jesup & Lamon't, 26 Broadway, New York, New York. . _ . . 5, 768 

LoflFland Brothers Co., Box 1091, Tulsa, Oklahoma ..,...- 5, 800 

Mercer, Williams & Co., P. O. Box 1647, Boston, Massachusetts 5, 180 

John A. Roebling's Son&-Co., 640 South Broad Street, Trenton, New . 

Jersey........ ...._..■... .... ... 5,000 

Snug Harbor Development Corporation, 30 Rockefeller Plaza, Room 

6328, New York, New York..........j..:_....... ...._ 8, 000 

Trustees of The Massachusetts Investors Trust Under a Declaration 
of Trust,- dated March 21, 1924, % State St. Tr. Co., Boston, 

Mass . ...: .. .._............._. 6, 100 

Blair S. Williams & Co., 25 Broad Street, New York, New York.... 10, 575 
Wilhams & Co., Bank of New York, 48 Wall Street, New York, New - 

York........ ...... .. 8,730 

Wonham, Albert & Co., 64 Wall Street, New York, New York...... 7,. 606 

Administratiekantoor Van Binnen En Buitenlandsche Fondsen, 

577-81 Keizersgracht, Amsterdam, C, Holland ... 153,890 

John K. Benson, 40 Water Street, Boston, Massachusetts 9, 800 

Joseph A. Butler, 1967 66th Street. Brooklyn, New York...... 7, 400 



8012 CONCENTRATION OF E(^ONOMIC POWER 

List of Ihe names and addresses of the 100 largest common stockholders of Continental 
Oil Company Corporate and Individual, as of April 10, 19S9, and the number of 
shares held by eoc/i— Continued 

Number of 
Shares 
Leta M. Chapman and A. H. Rogers, Trustees under Agreement with 
J. A. Chapman, dated August 5, 1935, for the Benefit of Harry Allen 

Chapman, P. O. Box 911, Tulsa, Oklahoma 6, 200 

James A. Chapman, P. O. Box 911, Tulsa, Oklahoma 25, 000 

Leta M. Chapman, P. O. Box 911, Tulsa, Oklahoma j 25, 000 

Edith S. Cook, 2885 East 7th Avenue, Denver, Colorado 6, 067 

Joseph D. Cook, 2885 East 7th Avenue, Denver, Colorado 6, 852 

Tyson Dines, 1210 First Nat'l Bk. Bldg., Denver, Colorado 29, 585 

F. K. Gibbons, 23 Wall Street, New York, New York 7, 786 

H. M. Gillette, 49 West; 49th Street, Room 5426, New York, New York. 21, 219 

Joseph P. Holmes, 40 Water Street, Boston, Mass. ._-•--- 7, 000 

Harry N. Isenberg, 1238' Citizens National Bank Building, Los 

Angeles, Calif ' 7, 500 

Frederick W. Jeager, Jr., 26 Journal Square, Room 1607, Jersey City, 

N. J - 6,536 

Rolland E. Member, 23 Wall Street, New York, New York 9, 800 

R. Aaron Pike, % Glens Falls Insurance Co., Glens Falls, New York__ 6, 100 
President and Fellows of Harvard University, 24 Milk Street, Boston, 

Massachusetts 11, 000 

The Rockefeller Foundation Treasurer's Office, 49 West 49th Street, 

54th Floor, New York, New York . 39, 408 

Wilham T. Smith, 14 Wall Street, New York, New York 39, 851 

Row and Company, 40 East 42nd Str.eet, New York, New York 5, 530 

Scott & Stringfellow, Box 1575, Richmond, Virginia 5, 470 

Tegge and Company, % Guaranty Trust Co. of N. Y., 140 Broadway, 

New York, New York 5,210 

Stephen Carlton Clark, % W. Beach Dav, Agent, 149 Broad wav, 

New York, New York 4,900 

E. F. Hutton & Co., 61 Broadway, New York, New York 4, 852 

Henrv Krumb, 14 Wall Street, New York, New York 4, 609 

J. S. Bache & Co., 42 Broadway, New York, New York 4, 685 

Burren & Co., 230 Park Avenue, Suite 1911, New York, New York.. 4, 500 

L. F. Rothschild & Co., 120 Broadway, New York, New York 4, 518 

Wilson Brothers and Co., 1312 Russ Building, San Francisco, Cali- 
fornia "- 4,500 

101 Stockholders Representing (Shares).. 1,688,030 

a. The total number of common stockholders of record as of April 10, 1939, 
was 29,969. 

Gulf Oil Corporation 

Temporary National' Economic Committee questionnaire for oil companies: Answer 
to question S {page 1 of 8) 

No. Shares 

Anco & Co., 12th Floor, Star -Bldg., Toronto, Ontario, Canada 5, 500 

Atwell & Co., % United States Trust Co., 45 Wall St., New York, 

. N. Y . 18,246 

Auerbach, PoUak & Richardson, 30 Pine Street, New York, N. Y 16, 100 

Mrs. Ailsa M. Bruce, % Wilmington Trust Co.. Trust Dept., Wil- 
mington, Delaware 1,000,000 

David K. E. Bruce, 716 Jackson Place, N. W., Washington, D. C... 5, 300 

Charles B. Buerger, 120 Ruskin Ave., Pittsburgh, Pa 7, 106 

-Carnegie Corporation of New York, 522 Fifth Avenue, New York, 

N. Y --^ 12, 300 

Robert Sterling Clark, % The Chase National Bank of the City of New 

York, Safekeeping Dept., 115 Broadway, New York, N. Y 8, 000 

George V. Coe, 40 Wall St., New York, N. Y 5, 232 

The Continental Insurance Co., 80 Maiden Lane, New York, N. Y.. 6, 000 
Mrs. Annie Laurie Crawford, The Union Trust Company of Pitts- 
burgh, Trust Dept., Pittsburgh, Pa ^ 10, 104 

Dominick & Dominick, 115 Broadway, New York, N. Y 18,264 

Eddy & Co., % Bankers Trust Company, Box 704, Church St. Annex, 

New York, N. Y,.-!..^ .- .-_.. 5, 192 



CONCENTRATION OF ECONOMIC POWER 8013 

Temporary National Economic Committee questionnaire for oil companies: Answer 
to question 8 (page 1 of 8) — Continued 

, No.ShaTe$ 
Fidelity-Phenix Fire Insurance Company of New York, Su Maiden 

Lane, New Yorjs, N. Y ^ ... 5, 500 

A. Rex Flinn, 1942 Forbes St., Pittsburgh, Pa 6, 553 

Ralph E. Flinn, 1807 Benedum-Trees Bldg., Pittsburgh, Pa 5, 748 

Wm. Arthur Flinn, Colonial Trust Co., % Trust Dept., Pittsburgh, 

Pa - - -_ 5, 460 

Mrs. Anna R. D. Gillespie, 903 Amberson Avenue, Rttsburgh, Pa_. "~6, 000 

Mabel L. Gillespie, 903 Amberson Ave., Pittsburgh, Pa 6, 000 

Walter J. Guthrie, 1430 S. Bayshore Drive, Miami, Florida 19, 731 

Hall & Co., % Commercial Trust Company of New Jersey, 15 Ex- 
change Place, Jersev Citv, N. J 9, 500 

Harris, Upham & Co.," 11 Wall Street, New York, N. Y.. 6, 254 

Dan J. Harrison, 2105 Gulf Bldg., Houston, Texas __. 7, 200 

W. V. Hartmann, Gulf Building, Pittsburgh, Pa._.. 5, 800 

Hoyden, Stone & Co., 25 Broad Street, New York, N. Y..^ 17, 625 

Margaret M. Hitchcock, % Lehman Brothers, One William Street, 

New York, N. Y . ... 10, 000 

The Home Insurance Company, 59 Maiden Lane, New York, N. Y.. 20, 000 

Hurley & Co., 55 Wall St., New York, N. Y ._. 23, 794 

Elsie Jamieson. % D. J. Donahoe, 302 S. Seventh St., Ponca City,. 

Oklahoma 6, 000 

Jesup & Lamont, 26 Broadway, New York, N. Y 43, 894 

Mrs. Amie S. Kennedv, 2309 Nottingham Ave., Loa Angeles, California 10, 400 

E. C. Kincade, Drawer 2100, Houston, Texas 8, 021 

Lack and Lindsav, % Wilmington Trust Co., Wilmington, Delaware. . 33, 000 

Laidlaw & Co:, 26 Broadway, New York, N. Y _._. 5, 334 

Lazard Freres, 120 Broadway, New York, N. Y.l. -..__. ____..._._ 9, 990 
Le Gassick & Co., % Guaranty Trust Company of New. York, 140 

Broadway, New York, N. Y ._. 6, 000 

Lehman Bros., 1 William Street, New York, N. Y ...- 45, 158 

Mrs. Augusta Glenny Leovy, 1165 Beechwood Blvd., Pittsburgh, Pa_. 6, 946 

F. A. Leovy, 31st Floor, Gulf Bldg., Pittsburgh, Pa ^..S.'..... 16. 631 

.Tames H. Lockhart, 1502 Union Bank Bldg., Pittsburgh, Pa 10, 000 

Loffland Brothers Company, Box 1682, Tulsa, Oklahoma .' 8, 000 

Lynn & Co., 140 Broadway, New York, N. Y .-. 25, 000 

Mac & Co., P. O. Box 926, Pittsburgh, Pa ._._...,.. 57, 561 

John A. Maddocks, 3 Woodside Road, Winchester, Mass 6, 593 

C. T. Marsh, 1101 N. Sheridan Ave., Pittsburgh, Pa 5, 260 

Martha F. Mason, 1507 Union Bank Bldg., Pittsburgh, Pa 8, 000 

J. Curtis McKallip, 2705 Esperson Bldg., Houston, Texas . 6, 800 

H. McSweenev, Ridgewav Ave. & Beach, Atlantic City, N. J .-.- P, 432 

H. A. Melat, Route 1, Box 45, McAllen, Texas 7, 300 

Mellbank Suretv Corporation, % E. B. Clarke, Secretarv, Mellon 

Bank Bldg., Pittsburgh, Pa 1 120, 000 

A. W. Mollon, 514 Smithfield St., Pittsburgh, Pa . 113, 620 

The A. W. Mellon Educational & Charitable Trust, 514 Smithfield 

Street, Pittsburgh, Pa 352,000 

Matthew T. Mellon, % The Union Trust Company of . Pittsburgh, 

Box 926, Pittsburgh, Pa . ... 24, 500 

Paul Mellon, P. O. Box 1138, Pittsburgh, Pa—.. t. 1, 142, 040 

Richard K. MeUon, % E: B. Clarke, Mellon Bank Bldg., Pittsburgh, 

Pa . 1,174,359 

Mellon Securities Corporation, % E. B. Clarke, Secretary, Mellon 

Bank Building, Pittsburgh, Pa . 200,000 

W. L. Mellon, 31st Floor, Gulf Bldg., Pittsburgh,\Pa-.-. 227, 436 

WilUam L. Mellon, Jr., % W. L. Mellon, 31st Floor, Gulf Bldg., 

Pittsburgh, Pa . .. 12,028 

C. R. Minor, P. O. Box 1731, Shreveport, La 6,000 

D. T. Moore & Co., 50 Broad Street, New York, N. Y-__ .. 10, 730 

G. M.-P. Murphy Co., Ill Broadway, New York, N. Y . 6, 400 

Mrs. Clara W. Nazro, 3443 Ella Lee Lane, River Oak, Houston, 

. Texas-. .. 5,708 

Wheeler Nazro, 309 Sterling Bldg., Houston, Texas.... . . 5, l^eO 

J. E. Nelson, 30th Floor, Gulf Bldg., Pittsburgh, Pa - --- 11,054, 

124491— pt. 14-A 21 



8014 CONCENTRATION OF ECONOMIC POWER 

Temporary National Economic Committee queslionnaire for oil companies: Answer 
to question 3 {page 1 of 5)— Contimied 

No. Shares 
R. W. Norton, Trustee for Richard W. "Norton, Jr., under trust agree- 
ment dated June 3, 1935, executed by R. W. Norton and wife, Annie 

Norton, 801 City Bank Building, Shreveport, La 12, 000 

Perkins & Co., 15 Exchange Place, Jersey City, N. J 7, 450 

Petroleum Corporation of America, 15 Exchange Place, Jersey City, 

N.J 7,500 

Frederic G. Pick, Room 820, 120 S. LaSalle St., Chicago, lUinois 17, 200 

E. A. Pierce & Co., 40 Wall Street, New York, N. Y 5, 190 

Mrs. Bessie D. Prichard, Apt. 114, Windermire Apts., 48th & Walnut 

Sts., Philadelphia, Pa 6, 148 

W. B. Pyron, P. O. Box 2100, Houston, Texas . 15,578 

David A. Reed, 747 Union Trust Bldg., Pittsburgh, Pa 6, 138 

M. O. Rife, P. O. Box 1290, Fort Worth, TexasJ ^. 6, 116 

Rush & Co., 12th Floor, 1600 Arch St., Philadelphia, Pa . 24, 000 

Salkeld & Co., % Bankers Trust Co., Box 704, Church St. Annex, 

New York, N. Y - 12,675 

Sarah Mellon Scaife, % E. B. Clarke, Mellon Bank Bldg., Pittsburgh, 

Pa 1, 172,359 

Schmidt & Co., % Guaranty Trust Co., 140 Broadway, New York, 

N. Y .,.- 13,322 

J. & W. Seligman & Co., 54 WaU Street, New York, N. Y ._ 10, 502 

Sigler & Co., Central Hanover Bank and Trust Co., Personal Trust 

Dept., 70 Broadway, New York, N. Y 15, 860 

H. L. Stone, Jr., Gulf Building, Pittsburgh, Pa 10, 671 

Slin Life Assurance Company of Canada, % The Agents, Royal Bank 

of Canada, 68 William Street, New York , N. Y 85, 000 

George H. Taber, 4114 Bigelow Blvd., Pittsburgh, Pa 5, 904 

Trustees of the Massachusetts Investors Trust under a Declaration of 
Trust dated March 21, 1924, % State Street Trust Co., Boston, 

Massachusetts . 30, 000 

John H. Tucker, Drawer 2100, Houston, Texas 6, 213 

The Union Trust Company of Pittsburgh and Annie Laurie Crawford, 
Trustees under the will of George W. Crawford, Deceased, Box 926, 

Pittsburgh, Pa 10, 104 

The Union Trust Company of Pittsburgh Trustee under deed of Trust 
of James B. Diggs dated December 15, 1931, Box 926, Pittsburgh, 

Pa 5,328 

The Union Trust Company of Pittsburgh Trustee under a deed of 
Trust bv A. W. Mellon dated December 28, 1934, Box 926, Pitts- 
burgh, Pa , 226,960 

The Union Trust Company of Pittsburgh Trustee under deed of Trust 

of Paul Mellon dated August 12, 1935, Box 926, Pittsburgh, Pa..- 20, 000 
The Union Trust Companv of Pittsburgh Trustee under deed of Trust 

of William L. Mellon dated May 11, 1932, Box 926, Pittsburgh, Pa.. 80, 000 
The Union Jrust Company of Pittsburgh Trustee under deed of Trust 
of William L. Mellon dated November 13, 1934, Box 926, Pitts- 
burgh, Pa 10, 000 

The Union Trust Company of Pittsburgh Trustee under deed of Trust 

of William L. Mellon dated June 29, 1935, Box 926, Pittsburgh, Pa.. 30, 000 
The Union Trust Company of Pittsburgh Trustee for William Larimer 
Mellon. Jr., et a1 under deed of Trust dated September 18, 1935, 

Box 926, Pittsburgh, Pa - - 8,000 

Mary Rhodes Van Voorhis, 606 First National Bank Bldg., Pittsburgh, 

Pa 8,040 

Wm. T. WaUace, 17 Batterv Place, New York, N. Y 11, 200 

Rachel W. Walton, The Union Trust Company of Pittsburgh, Trust 

Dept., Box 926. Pittsburgh, Pa : 26, 500 

Wesley and Hartnett, % W. P. Murphv, Guaranty Trust Company 

of New York, 524 Fifth Avenue, New' York, N^ Y . _ . 7, 000 

Harry C. Wiess, Humble Oil & Refining Co., Houston, Texas 7, 912 

Dwlght Winter, 800 E. Ohio St., N. S., Pittsburgh, Pa 6, 000 

Wonham, Albert & Co., 64 Wall Street, New York, N. Y .5, 200 

John P. Woods, Mellon Securities Corp., Pittsburgh, Pa 480, 000 



CONrFN'TKATION OF ECONOMIC I'OWER 8015 

The Ohio Oil Company 
Queslion No. 3: 100 largest common slorlliuLJers, as of December 31, 193S 

i\ unite T 

of 
Shares 

General Education Board, Treasurer's Office, 54th Floor, 49 West 49th 

St., New York, N. Y 320, 800 

John D. Rockefeller, Jr., 30 Rockefeller Plaza, Room 5600, New York, 

N. Y 296,500 

The R<^ckcfeller Institute for Medical Research, Treasurer's Office, 

r)4thFloor, 49 West49thSt., New York, N. Y 182,400 

M. L. Rcnedum, 1506 Beneduni Trees Rldg., Pittsburgh, Pa 100,769 

The Chase National Bank of the City of N. Y., T-tee. U-D of Trust 

dated 12-18-34 made by John D. Ro'ckefeller, Jr., for B-0 Mrs. Abby 

Aldrich Rockefeller, 1 1 Broad St., New York, N. Y . 100, 000 

The Rockefeller Foundation, Treasurer's Office, 54th Floor, 49 West 

49th St., New York, N. Y 94, 684 

Mrs. Alta Rockefeller Prentice, % Chase National Bank, Personal 

Trust Dept., 11 Broad Street, New York, N. Y 71. 700 

The Real Estate Trust Company of Philadelphia, Sallie S. Houston, 

S. F. Houston & Edgar Dudley Faries, Surviving Trustees of Estate of 

Henrv H. Houston, Dec'd., % Real Estate Trust Company, Philadel- 

phia.'Pa 57,472 

OttoD. Donncll, 537So. Main St., Findlav, Ohio 53, 450 

Kordula & Co., % City Bank Farmers Trust Co., 22 William St., New 

York, N. Y 50,289 

Jesup & Lamout, 26 Broadway, New York City, Room 604 50, 214 

The Chase National Bank of tlie City of N. Y. as T'tee U-D of Tr. D. 

12-18-34 made bv John D. Rockefeller, Jr. F-B David Rockefeller, 

Pers. Tr. Dept., 11 Broad St., N. Y. C 50,000 

The Chase Natl. Bk. of the City of N. Y. as T'tee U-D of Tr. D. 12-18-34 

& Supp. Ind. D. 6 -28 35 by John D. Rockefeller, Jr. F-B Lnurance S. 

Rockefeller, Pers. Tr. Dept"., 11 Broad St., N. Y. C 50, 000 

The Chase Natl. Bk. of the City of N. Y. as T'tee U-D of Tr. D. 12-18-34 

& Supp. Ind. D. 6-28-35 by John D. Rockefeller, Jr. F-B Winthrop 

Rockefeller, Pers. Tr. Dept.,"ll Broad St., N. Y. C 50, 000 

Mrs. Kathleen C. Parriott, 1400 Philt-jwer Bldg., Tulsa, Oklahoma 47, 000 

John Mooney, % Bancamerica-Blair Corp., 44 Wall St., New York, 

N. Y - 45,084 

The University of Chicago, 122 South Michigan Ave., Chicago, 111 45, 000 

Harris,Upham&Co., 11 Wall St., New York City 42,178 

Fenner&Beane, 67 Broad St., New York City , 40,532 

The Cleveland Trust Co., Cleveland, Ohio 38, 7t)2 

William Hale Harkness, % The New York Trust Co., 100 Broadway, 

New York Citv - 35,460 

Atwell & Co., 45 Wall Street, New York City 34,920 

Louise H. Ingalls, % The Chase National Bank, Personal Trust Dept., 

11 Broad St., New York, N. Y 32, 896 

Petroleum Corporation of America, 15 Exchange PL, Jersey City, N. J — 30, 800 

E. A. Pierce & Co., 40 Wall St., New York City 29, 274 

Helen P. Dane, 6 Beacon St., Boston, Mass 28, 276 

J. S.Bache& Co., 42 Broadway, New York City 28,226 

Hornblower & Weeks, 12th Floor, 40 Wall Street, New York, N. Y 26, 191 

E. F. Hutton&Co.,61 Broadway, New York Citv 24, 511 

Thomson &McKinnon, 11 WallSt., New York City 24,047 

Lela H. Edwards, Commonwealth Bldg., 316 Fourth Ave., Pittsburgh, 

Pa 24,000 

Ruth Baker Pratt, % Chas. Pratt & Co., 26 Broadway, New York City _ . 22, 350 

F. B. Parriott, 1406 Philtower Bldg., Tulsa, Oklahoma 21, 700 

Geraldine R. Dodge, Guy Gary, F. A. Goodhue, The New York Trust 

Company, Trustees U-W William Rockefeller, Dec'd., % Est. of 

William Rockefeller, 25 Broadway, New York, N. Y - 20, 950 

Wertheim&Co.,120Broadwav, NewYork, N. Y 20,894 

Harry Harkness Flagler, 32 Park Ave., New York Citv 20, 000 

The Union Trust Company of Pittsburgh, P. O. Box 926, Pittsburgh, Pa. 20. 000 



8016 CONCENTRATION OF ECONOMIC POWER 

Question No. 3: 100 largest common stockholders, as of December SI, 1938 — Continued 

Number 

of ■ 

, Sharet 

Gilbert J. Easton, 244 Wyoming Ave., South Orange, N. J 20, OOD 

Hall & Co., % Commercial Trust Co. of New Jersey, 15 Exchange Place, 

Jersey City, N. J . 20, 000 

Hare & Company, % Bank of New York & Trust Co., 48 Wall St., 

New York City 19,320 

JohnR. Donnell, % The Ohio Oil Company, Findlay, Ohio L 19, 026 

Otto Dewey Donnell, Jr., 539 So. Main St., Findlay, Ohio 18, 400 

United States Trust Co. et al. Trustees for Helen Hay Whitney & 

Remaindermen U-W Payne Whitney, Dec'd., 45 Wall St., New York 

City 18,000 

The Lynnewood Corporation, % Wilmington Trust Co., Wilmington, 

Deia_-. 18,000 

James C. Donnell 2nd, % The Ohio Oil Company, Findlay, Ohio 17, 650 

Mrs. Janet Walker McCune, % J. R. McCune, 1902 Union Bank 

Bldg., Pittsburgh, Pa . . 17,170 

Mrs.- Annie L. Flagler, 32 Park Ave., New York, N. Y 16, 300 

Elisabeth S. Prentiss, 1 1 22 Hanna Bldg. , Cleveland, Ohio 1 6, 280 

George W. Elkins, John G. Johnson & Sidney F. Tyler, Surviving 

Trustees Under the Will of William L. Elkins, 1233 Land Title Bldg., 

Philadelphia, Pa-..- , 16, 000 

Herbert L. Pratt, Charles Pratt & Harold Irving Pratt, Jr., T'tees U-I 

of Tr. Dated J 2-24-20 for B-0 Harriet Barnes Pratt & Rem., % Chas. 

Pratt & Co. , 26 Broadway, New York Citv . _ _ 1 6, 000 

W. R. Coe, Chrysler Bldg., East 42nd St., New York City.._, 15, 700 

Martha Frew Mason, 1507 Union Bank Bldg., Pittsburgh, Pa--., — . 15, 000 

Paine, Webber & Co., 25 Broad St., New York, N. Y. .... 13,292 

Harry Harkness Flagler, Trustee for Jean Louise Flagler U-A Dated 

July 2, 1931, 32 Park Ave., New Yotk, N. Y.. 13,016 

Mary Flagler Gary, 1009 Park Ave., New York City 13,000 

Post & Flagg, 49 Broad St., New York City ^--_. 12, 895 

Cudd & Co., 9c Chase National Bank, Personal Trust Dept., 11 Broad 

. Street, New York, N. Y.. , 12, 886 

Winthrop, Mitchell & Co., 26 Broadway, New York City 12, 849 

Eddy & Co., % Bankers Trust Co., P. O. Box 704, City Hall Station, 

New York, N. Y . -. 12,600 

Robert C. Sharp, 825 Kennedy Bldg., Tulsa, Okla. . 12,015 

Robert S. Brewster, % Mrs. Geo. S. Brewfeter, 52 Vanderbilt Ave., New 

York City: - ...i 12,000 

Merrick & Co., The New York Trust Company, 100 Broadway, New 

York City, % Custody Dept ... . , 11,820 

Cyrus J. Lawrence & Sons, 115 Broadway, New York City 11, 661 

H. Hentz & Co., 60 Beaver St., New York City. --.,._- 11,063 

S. B. Chapin & Co., Ill Broadway, New York City 11^047 

Salkeld & Co., % Bankers Trust Co., P. O. Box 704, Church St. Annex, 

New York, N. Y • . 10, 198 

The Chase National Bank of the Citv of i^. Y., T-tee U-D of Trust 

Dated 12-18-34 Made by John D. Rockefeller Jr. F-B-0 Mrs. Abby 

Rockefeller Milton, 1 1 Broad Street, New York, N. Y 10, 000 

The Chase National Bank of the City of N. Y. T'tee" U-D of Trust 

Dated 12-18-34 Made by John D. Rockefeller Jr., F-B-0 John D. 

Rockefeller, 3rd., 11 Broad Street, New York, N. Y 10,000 

Taykair, Corporation, 598 Madison Ave., New York City... .._ 10,000 

Graf & Co., % Manufacturers Trust Co., Corporate Trust* Dept., 55 

Broad Street, New York, N. Y 10,000 

Reynolds, Fish & Co., 120 Broadway, New York, N. Y : 9,588 

Harold I. Pratt, Charles Pratt & Herbert L. Pratt T'tees U-I of Tr. 

Dated 12-24-20 for the B-0 Carolina A. Ladd Pratt & Remaindermen, 

% Chas. Pratt & Co., 26 Broadway, New York Citv .... 9,584 

Marie D. Berrv, 1 208 South Main St., Findlav, Ohio - 9, 489 

The Chase National Bank of the City of N. Y., T'tee U-D of Trust 

Dated 12-18-34 Made bv John D. Rockefeller, Jr. F-B-0 Nelson 

Aldrich Rockefeller, 1 1 Broad St., New York, N. Y. . : _ 9, 429 

Marie Heye Clemens, % The New York Trust Company, 100 Broad- 
way, New York City, Income Collection Dept . 9, 210 



CONCENTRATION OF ECONOMIC POWER 8017 

Question No. 3: 100 largest common stockholders, as of December 31, 1938 — Continued 

Number 

of 
Shares 

Fuller, Rodney & Co., 14 Wall Street, New York, N. Y. 9,000 

Lewis Cass Ledyard, Lewis Cass Ledyard, Jr. & U. S. Tr. Co. of N. Y. 
as T'tees of the Tr. created by the L-W & Testament of Payne 
Whitney Dec'd. F-B of Joan Whitney Payson & Remaindermen, 45 

Wall St., N. Y. C 9,000 

United States Trust Co. et al. Trustees for John Hay Whitney & Re- 
maindermen Tf-W PaVne^ Whitney, Dec'd., 45 Wall St., New York City. 9, 000 

Smith, Barney & Co., 14 Wall St., New York, N. Y 8, 769 

Egger & C».,-%-Ohase National Bank, 18 Pine Street, New York, N. Y. 8, 659 

Josephthal & Co., 120 Broadway, New York City 8,647 

Williams & Co., % Bank of New York & Trust Co., 48 Wall St., New 

York City 8,632 

Howard Aumend, % Toledo Trust Co., Toledo, Ohio : 8, 620 

Dean Witter & Co., 14 Wall St., New York, N. Y 8,497 

Billings, Olcott & Co., 52 Broadway, New York City 8, 381 

Luke, Banks & Weeks, 1 Wall St., New York, N. Y 8,349 

El Pomar Investment Company Custodies Dept., % Irving Trust Co., 

Wall Street Office, 1 Wall St., New York, N. Y . - 8, 000 

Harlev D. Hutchins, 535 5th Ave., New York City, Room 2504 8, 000 

Carl M. Leob, Rhoades & Co., 61 Broadwav, New York, N. Y 7, 933 

John Huntington Hord, 1564 Union Trust Bldg., Cleveland, Ohio 7, 932 

The John Huntington Corporation, % The Cleveland Trust Co., Estates 

Dept., Cleveland, Ohio . 7,932 

Harold I. Ptatt, % Chas. Pratt & Co., 25 Broadway, New York City.- 7, 918 
Mrs. T)elta A. Brendel, % Samuel J. Brendel, 565 Union Trust Building 

Pittsburgh, Pa : 7,900 

O'Neill & Co., Wall St. Station, New York City, P. 0.< Box 28 7, 862 

Griffin & Co., % City Farmers Trust Co., 22 William St., New York, 

N. Y - - 7,800 

Dominick & Dominick, 115 Broadwav, New York Citv - — 7, 650 

Hirsch Lilienthal & Co., 165 Broadway, New York, N . Y -- 7, 632 

Abbott, Proctor & Paine, 120 Broadway, New York, N. Y 7, 374 

Chestnut Securities Co., 811 Industrial Trust Bldg., Wilmington, Dela- 7, 000 
O'Donnell Oil & Securities Co., Suite 906, Security Bldg., 510 South 

Spring St., Los Angeles, Calif 7, 000 

Phillips Petroleum Company 

3. A list containing the names and addresses of the 100 largest common stock- 
holders, corporate and individual, as of December 31, 1938, and the number 
of shares held by each 

a. The total number of common stockholders as of December 31, 1938. Answer 

Number 
of 

1. Phillips Investment Company, • Roora 4139, DuPont Bldg., Wil- Shares 

mington, Delaware 150, 049 

2. N. V. Maatschappij tot Beheer Van -Het Administratiekantoor 

Van Amerikaansche Fondsen Opgerigt Door Broes & Gos'man, 
Ten Have & Van Essen En Jarman & Zeonen Te Amsterdam, 

Herrengeracht 255A, Amsterdam, Holland 115,620 

3. H. Hentz & Co., 60 Beaver St., New York, N. Y 57, 671 

4. W. R. Coe, Chrysler Bldg., East 42nd St., New York, N. Y 41, 500 

5. Christiana Realty & Investment Company, Room 1464, Nemours 

Bldg., Wilmington, Del 41,476 

6. L. E. Phillips, Bartlesville, Oklahoma -.- 34,200 

7. Lack .& Lindsay, % Wilmington Trust Co., Wilmington, Del 33,493 

8. Drysdale & Co., 71 Brodaway, New York, N. Y 28, 489 

9. Harris, Upham & Co., 11 Wall St., New York, N. Y 27,074 

10. The Nipoch Corporation, % E. P. Earle, 165 Broadway, New York, 

N. Y 26,680 

11. Green, Ellis & Anderson, 100 Broadway, New York, N. Y 26, 201 

12. Sigler & Co., % Central Hanover Bank & Trust Co., 70 Broadway, 

New York, N.Y 26,049 

13. Irenee duPont, DuPont Building, Wilmington, Del 25, 500 



8018 CONCENTRATION OF ECONOMIC POWER 

n. The toial number of common stockholder n as of December 31 , 1038. Answer — Con. 

NiLinbtT 

of 
Shares 

14. Budd & Co., % Chase National Bank, 11 Broad St., New York, 

N. Y 22,347 

15. Thomson & McKinnon, 11 Wall St., New York, N. Y 21,37fi 

16. Dominick & Dominick, 115 Broadway, New York, N. Y 21, OIG 

17. The JohQ & Mary R. Markle Foundation, 14 Wall St., New York, 

N. Y 20,000 

18. Lammot duPont, P. O. Box 303, Wilmington, Del 19, 267 

19. Auerbach, PoUak & Richardson, 30 Pine St., New York, N. Y 17, 693 

20. George Martens, % The Georgia Peruvian Ochre Co., 165 Broad- 

way, New York, JT. Y 14,635 

21. J. & W. Seligman & Co., 54 Wall St., New York, N. Y 14, 434 

22. Buckley & Co., % Fiduci;ay Trust Co., One Wall St., New York, 

N. Y 14,222 

23. Blair S. Williams & Co., 25 Broad St., New York, N. Y 13, 117 

24. G. M. P. Murphv & Co., Ill Broadway, New York, N. Y 12, 839 

25. Beldeii & Co., 61 Breadway, New York, N. Y _ _ 12,653 

26. Lvnii & Co., 140 Broadway, New York, N. Y 12,000 

27. e: a. Pierce & Co., 40 Wall St., New York, N. Y 

28. Charles A. Lamp, 3322 South 13th St., St. Louis, Mo 

29. Estate of Edward E. Loomis, 143 Liberty St., New York, N. Y__- 

30. Fremkir Corp., 19 Dover Green, Dover, Del 

31. Victor C. Thorne, 120 Broadway, Room 219, New York, N. Y 

32. Mrs. Irene R. duPont, 9034 DuPont Bldg., Wilmington, Del 

33. Schmidt & Co., % Guaranty Trust Compan}-, 140 Broadway, New 

York, N. Y 

34. Steer & Company, % Girard Tru.st Company, Philadelphia, Penna. 

35. Brown Bros., Harriman & Co., 59 Wall St., New York, N. Y 

36. Lehman Bros., 1 William St., New York, N. Y 

37. Administratiekantoor Unitas N. V. Te Utrecht, 1 Rynkade, 

Utrecht, Holland 

38. Paine, Webber & Co., 25 Broad St., New York, N. Y 

39. Winthrop, Mitchell & Co., 26 Broadway, New York, N. Y.. . 

40. Kordula & Co., % City Bank Farmers Trust Co., 22 William St., 

New York, N. Y - 

41. Salkeld & Co., % Bankers Trust Co., P. O. Box 704, Church St. 

Annex, New York, N. Y 

42. The Palmer Corporation, 80 East Jackson Blvd., Chicago, 111 

43. Grace Harrison Coe, 760 Park Ave., New York, N. Y 

44. Eugene E. duPont, Room 1464, Nemours Bldg., Wilmington, DeL 

45. Cobb & Co., % New York Trust Co., Customers Securities Dcpt., 

100 Broadway, New York, N. Y 

46. Auchincloss, PaVker & Redpath, 63 Wall St., New York, N. Y 

47. Hare & Co., % Bank of New York & Trust Co., 48 Wall St., New 

York, N. Y-. 

48. J. S. Bache & Co.. 42 Broadwav, New York, N. Y ■_. 

49. Clooney & Co., % Fiduciary Trust Co., 1 Wall St., New York, N. Y. 

50. Perkins & Co., 15 Exchange Place, Jersey Citv, N. J 

51. Rush & Co., 1600 Arch St., 12th Floor, Philadelphia, Penna 

52. Wonham', Albert & Co., 64 Wall Street, New York, N. Y 

53. Waite Phillips, Philtower Bldg., Tulsa, Okla . 

54. Fenner & Beane, 67 Broad St., New York, N. Y 

55. Frank D. Crigler, 317 Elm St., Ludlow, Kv 

56. Hornblower & Weeks, 40 Wall St., New York, N. Y 

57. Albert R. Jones, 90o Land Bank Bldg., Kansas City, Mo 

58. Hurley & Co., .^'- "'+reet, New York, N. Y 

59. Wiley & Co., % Manuiacturers Trust Co., 55 Broad St., New York, 

N. Y. 6,285 

60. Eddy & Co., % Bankers Trust Co., P. O. Box 704 City Hall Sta., 

New York, N. Y 6,265 

61. Bender & Co., % the Chase National Bank Pine St. Cor. Nassau 

St., New York, N. Y 6,208 

62. Bowen, David & Co., P. 0. Box 1647, Boston, Mass 6, 120 

63. George L. Craig, Columbia Bldg., Pittsburgh, Penna 6, 100 



11,465 


11,250 


10, 643 


10,602 


10, 452 


10, 000 


9,993 


9,840 


9,811 


9, 705 


9,214 


9, 170 


9, 154 


9, 106 


9, 022 


8, 986 


8,775 


8, 752 


8, 376 


8, 220 


8, 109 


7,945 


7,715 


7,715 


7,500 


7,373 


7,000 


6,884 


6, 633 


6,578 


6,487 


6, 365 



CONCENTRATION OF ECONOMIC POWER 8019 

a. The total number of common stockholders as of December 31, 1938. Answer — Con. 

Number 

Sharei 

64. Dean & Co., % First National Bank of Jersey City, 1 Exchange 

Place, Jersey City, N. J 6, 040 

65. The Home Insurance Co., 59 Maiden Lane, New York, N. Y 6, 000 

66. Cidanjo .Co., 921 Bergen Ave., Room 903, Jersey City, N. J 5, 906 

67. E. F. Hutton & Co., 61 Broadway, New York, N. Y 5, 867 

68. H. I. duPont, Winterthur, Del . 5,842 

69. Union National Bank iu Kansas City substitute trustee, under 

agreement with Harriet Lindsay Jones dated June 28, 1929, 

Kansas City, Mo 5, 776 

70. Heidelbach, Ickelheimer & Co., 49 Wall St., New York, N. Y 5, 760 

71. Scott & Stringfellow, P. O. Box. 1575, Richmond, Va 5, 739 

72. Hayden, Stone* & Co., 25 Broad St., New York, N. Y 5, 715 

73. White, Weld & Co., 40 Wall St., New York, N. Y 5, 713 

74. Frank Phillips, % Phillips Petroleum Co., 80 Broadway, New 

York, N. Y 5,669 

75. Henrv H. Armstead, % Chase National Bank, Trust Dept., 11 

Broad St., New York, N. Y 5, 626 

76. R. Aaron Pike, % Glens Falls Insurance Co., Glens Falls, N. Y._. 6, 600' 

77. Hall & Co., % Commercial Trust Co., of N. J., 15 Exchange Place, 

Jersey City, N. J 6, 60U 

78. Clark, Dodge & Co., 61 Wall St., New York, N. Y 5,469 

79. Wilham E. Bergen, 71 Broadway, New York, N. Y 5, 357 

80. Walter Wickes, Brooklandville, "Maryland.^ 5,300 

81. Shaw & Co., 23 Wall St., New York, N. Y 5, 270 

82. H. E. Koopman, Bartlesyille, Okla .. 5,233 

83. Abbott, Proctor & Paine, 120 Broadway, New York, N. Y 5, 162 

84. Post & Flagg, 49 Broad St., New York, N. Y 5, 115 

85. Peter C. Reilly, Merchants Bank Bldg., Indianapolis, Ind 5,073 

86. Elk ins, Morris & Co., 305 Land Title Bldg., Philadelphia, Penna.. 5, 035 

87. Rowe & Co., 40 E. 42nd St., New York, N. Y 6,003 

88. Archie S. Woods, 14 Wall St., New York, N. Y..: _. . 6,001 

89. Richard Earhart, 3965 Penobscot Bldg., Detroit, Mich 5, 000 

90. Frank P. Ewrns, 665 S. Serrano St., Los Angeles, Calif 5, 000 

91. Adams Express Company, 25 Broad St., New York, N. Y 5, 000 

9'2. Moore & Schley, 100 Broadway, New York, N- Y.. 4, 982 

93. George V. Coe,"Jr., 760 Park Aye., New York, N. Y_ .. 4,905 

94. Ince & Co., % Guaranty Trust Co., of New York, 140 Broadway, 

New York, N. Y-_-l u 4,891 

95. Tucker & Co., % J. Henry Schroder Banking Co., 46 William St., 

New York, N. Y . 4,849 

96. H. C. WainwrJght & Co., 14 Wall St., New York, N. Y .- 4, 732 

97. The FrankJ Phillips Foundation, Inc., Attention W. C. Smoot, 

Treag., Bartlesyille, Okla 4, 725 

98. Donald S. Walker, 165 Broadway, New York, N. Y 4, 720 

9P. Philip Rex PhilUps, 1201 Cherokee, Bartlesyille, Okla 4, 611 

100. S. B. Chapin & Co., Ill Broadway, New York, N. Y 4, 668 

a. The total number of common stockholders as of December 31, 1938, was 
40,105. 

The Pure Oil Company 
questionnaire for oil companies — temporary national economic committee . 

1. Correct corporate name of reporting company, with date and state of in- 
corporation and location of principal office. 

Ans. The Pure Oil Company, Incorporated in Ohio on April 9, 1914. Principal 
office — 35 East Wacker Drive, Chicago, Illinois. 

2. Is reporting company a holding company or an operating company, or both, 
and the character of the business in which it is engaged. 

Ans. The reporting company is both a holding company and an operating 
company. It is engaged in acquiring, generally by lease or purchase, and de^ 
veloping prospective and proven oil and gas lands and interests therein; in prO' 



8020 CONCENTRATION OF ECONOMIC POWER 

ducing, purchasing, transporting, refining and selling petroleum and petroleum 
products, including gasoline, kerosene, automotive and industrial lubricating oils, 
greases, and fuel oil; in producing, purchasing and selling natural and casinghead 
gas and natural gasoline; and in carrying on operations incidental to the foregoing. 
3. A list contdining the names and addresses of the 100 largest common stock- 
holders, corporate and individual, as of December 31, 1938, and the number of 
shares held by each. Ans.: 

Name and Address M'^'^^^^r^'L 

Shares Held 

Incorporated Investors, 1 Court Street, Boston, Mass 50, OOO 

Dominick & Dominick, 115 Broadway, New York, N. Y :.- 48, 832 

Fenner & Beane, 67 Broad Street, New York, N. Y 45, 191 

Paine, Webber & Co., 25 Broad Street, New York, N. Y 44, 717 

Lynn & Co., 140 Broadway, New York, N. Y 40, 000 

E. A. Pierce & Co., 40 Wall Street, New York, N. Y .. 38, 322 

Cassel & Co., 3 London Wall Bldg., London, E. C. 2, England 38, 065 

.1. & W. Seligman & Co., 54 Wall Street, New York, N. Y 36, 710 

Thomson & McKinnon, 11 Wall Street, New York, N. Y 35, 427 

Milo & Co., % City National B. & T. Co., Chicago, Illinois 34, 028 

Adams Express Co., 25 Broad Street, New York, N. Y 32, 500 

Harris, Upham & Co., 11 Wall Street, New York, N. Y 31, 890 

.T. S. Bache & Co., 42 Broadway, New York, N. Y 28, 357 

Hornblower & Weeks, 40 Wall Street, New York, N. Y 27, 717 

Egger & Co., % Chase National Bank, New York, N. Y 25, 280 

Hall & Company, % Comm. Tr. Co. of N. J., Jersey City, N. J 21, 500 

Lazard Freres, 1 20 Broadwav, New York, N. Y 20, 350 

Sigler & Company, % Central Hanover Bank, New York, N. Y 19, 719 

Post & Flagg, 49 Broad Street, New York, N. Y 19, 234 

Cudd & Co., % Chase National Bank, 11 Broad St., New York, N. Y. 19, 028. 

Bankmont & Co., Bank of Montreal, Montreal, Canada 18,094 

R. Raphael & Sons, Austin Friars House, London, England 18, 040 

Mrs.. Helen T. Pew, Grays Lane & Mill Creek Road, Ardmore, Pa 17, 550 

Wonham, Albert & Co., 64 Wall Street, New York, N. Y 16, 063 

Rush & Co., -1600 Arch Street, Philadelphia, Pa 16, 000 

Goodbody & Co., 115 Broadway, New York, N. Y 15, 665 

Brown Bros. Harriman & Co., 59 Wall Street, New York, N. Y 15, 631 

Heidelbach, Ickelheimer & Co., 49 WaU Street, New York, N. Y 15, 624 

E. F. Hutton & Co., 61 Broadway, New York, N. Y 15, 173 

Havden, Stone & Co., 25 Broad Street, New York, N. Y 15, 152 

Charles R. Stevens, 35 E. Wacker Drive, Chicago, Illinois.. -. 15, 033 

Smith Barney & Co., 14 Wall Street, New York, N. Y.-. 14, 528 

S. B. Chapin & Co., Ill Broadway, New York, N. Y , 14, 216 

Grumbar & See, 14 Moorgate, London, England 13, 860 

C. S. Williamson & Co., 1 Copthall Chambers, London, England 13, 799 

Griffin & Co., % City Bank Farmers Tr. Co., New York, N. Y 13, 250 

Laidlaw & Co., 28 Broadway, New York, N. Y ... 12, 529 

West Nominees Ltd., 41 Lothbur, London, England -12, 300 

Winthrop, Mitchell & Co., 26 Broadway^New York, N. Y 12, 106 

Laurence M. Marks & Co., 49 Wall Street, New York, N. Y 11, 550 

Josephthal & Co., 120 Broadway, New Yorlc, N. Y . . 1 1, 438 

H. Hentz & Co., 60 Beaver Street, New York, N. Y 11, 179 

Shields & Co., 44 Wall Street, New York, N. Y.-. 11, 099 

J. P. Morgan & Co., a/c Shaw & Co., P. O. Box 1266, NeW York, N. Y_ 10, 428 

Belden & Co., 61 Broadway, New York, N. Y • 9,965 

Carl M. Loeb & Co., 61 Broadway, New York, N. Y 9, 265 

Bender & Co., % Chase National Bank, New York, N. Y 9, 200 

Dean & Co., % First National Bk. of N. J., Jersev City, N. J 8, 577 

Foster, Marvin & Co., 2 Wall Street, New York, N. Y 8, 446 

Medwin & Lowy, 13 Copthall Court, London E. C. 2, England 8, 310 

Vasel & Co., 35 Journal Square, Jersey City, N. J; 8, 065 

Abbott Proctor & Paine, 120 Broadwi-y, New York, N. Y j. 8, 008 

Marrs McLean, Gilbert Bldg., Beaumont, Texas 8, 000 

.Tosoi)h Walker & Sons, 120 Broadwav, New York, N. Y 7, 900 

Hurlev & Co., 55 Wall Street, New York, N. Y 7, 716 

Kidder, Peabody & Co., 17 Wall Street, New York, N. Y 7, Q21 

Dean Witter & Co., 14 Wall Street, New York, N. Y 7, 4^9 

Hirsch, Lillienthall & Co., 165 Broadway, New York, N. Y 7, 45^ 



CONCENTRATION OF ECONOMIC POWER 8021 

Name and Address cI""'*'L''i(v 

Shares Held 

Crouch & Co., 288 St. James Street, Montreal, Canada 7, 296 

Chase Nominees Limited, 11 Broadway, New York, N. Y 7, 120 

Schmidt & Co., % Guaranty Trust Co., New York, N. Y 7, 048 

Cvrus J. Lawrence & Sons, 115 Broadway, New York, N. Y 7, 020 

Kuhn, Loeb & Co., 52 William Street, New York, N. Y 6, 950 

White, Weld & Co., 40 WaU Street, New York, N. Y 6,925 

Atwell & Co., 45, Wall Street, New York, N. Y 6, 886 

Halle & Stieglitz, 25 Broad Street, New York, N. Y 6, 779 

Guaranty Trust Co. a/c P. N. Kemp Gee & Co., 140 Broadway, New 

York, N. Y 6,770 

Eastman, Dillon & Co., 15 Broad Street, New York, N. Y 6, 711 

Howard y. Fisher, 1 708 Clark Bldg. , Pittsburgh, Pa 6, 700 

Rowe & Pitman, 43 Bishopgate, London, England 6,680 

The English Assoc. American Bond & Shareholders, %Nat'l. City Bank, 

New York, N. Y - 6,650 

Lombard & Co., 214 St. James Street, Montreal, Canada 6, 505 

Zink & Co., % Guaranty Tr. Co., New York, N. Y 6, 375 

Salkeld & Co., 16 Wall Street, New York, N. Y 6, 247 

Tarr & Co., P. O. Box 2017, Boston, Mass 6, 146 

Whiting Weeks & Knowles Inc., 36 Federal Street, Boston, Mass 6, 000 

Cohen DeSmitt Bierer & Co., 20 Copthall Ave., London E. C. 2, England. 5, 960 

F. Willard Sallee, 5346 Cornell Avenue, Chicago, Hlinois 5, 900 

Clark, Dodge & Co., 61 Wall Street, New York, N. Y 5, 691 

The Chicago Corporation, 135 S. LaSalle Street, Chicago. Illinois 5, 600 

Henderson & Company, 40 Wall Street, New York, N. Y 5, 600 

Milbank & Co., 20 Exchange Place, New York, N. Y 5, 500 

Knight & Searle, Cross Keys House, London, England 5, 465 

Shearson, Hammill & Co., 14 Wall Street, New York, N. Y 5, 439 

Charles A. Munroe, 61 Broadwav, New York, N. Y 5, 432 

Hoppin Bros. & Co., 120 Broadway, New York, N. Y 5, 395 

Gray & Wilmerding, 44 Wall Street, New York, N. Y 5, 351 

Fahnestock & Co.,'l Wall Street, New York, N. Y ^5, 317 

Reynolds & Co., 120 Broadway, New York, N. Y 5, 200 

Hare & Co., % Peoples Pittsburgh Tr. Co., Pittsburgh, Pa 5, 195 

Cranberry & Co., 50 Broadwav, New York, N. Y '. 5,026 

Boltcn & Co., Box 2580, Montreal, Canada . 5, 000 

Central Commercial Co., 332 S. Michigan Avenue, Chicago, Illinois 5, 000 

Hallgarten & Co. , 44 Pine Street, New York, N. Y 4,969 

Whitehouse & Co., 1 Wall Street, New York, N. Y 4, 905 

W. E. Hutton & Co., 14 Wall Street, New York, N. Y 4, 859 

Cobb & Co., % The New York Tr. Co.. New York. N. Y 4, 746 

Bear Stearns & Co., 1 Wall Street, New York, N. Y 4, 670 

Drysdale & Co., 71 Broadway, Nfew York, N. Y^ .- 4, 570 

Frazier Jelke & Co., 40 Wall Street, New York, N. Y 4, 567 

(a) The total number of common stockholders as of December 31, 1938. 
Ans. 29,033. 

Shell Union Oil Corporation 

List of lOQ largest holders of Common stock as of December SI, 19S8. 

De Bataafsche Petroleum Maatschappij % Asiatic Petroleum Co. 

N. Y. Ltd. 50 West 50 St., New York, N. Y 8,370,654 

Broekmans Administratiekantoor, N. V. Amsterdam, Holland 1, 577, 540 

R. Raphale & Sons, Austin Friars House, London E. C. 2, England.. 145, 575 

Rowe & Pitman, 43 Bishopsgate, London E. C. 2, England 113, 540 

Cassel & Co. 3 London Wall Buildings, London E. C. 2, England 86, 888 

Carbon P. Dubbs, Chelston, East Paget, Bermuda 73,700 

Wonham, Albert & Co., 64 Wall St., New York, N. Y 71, 103 

English Association of American Bond & Share Holders, Ltd., 5 Great 

Winchester St., London E. C. 2, England 66, 649 

I. Albery & Company, 1 Angel Court, London E. C. 2, England 52, 030 

P. N. Kemp-Gee & Co., 20 Copthall Ave., London E. C. 2, England. . 50, 506 
Cohen De Smitt, Bierer & Co., 5 London Wall Bldg., London, E. C. 2, 

England . 43, 085 

De Bataafsche Petroleum Maatschappij The Hague, Holland 41, 500 

Brown Brothers, Harriman & Co., 59 WaU St., New York, N. Y 38, 425 



8022 CONCENTRATION OF ECONOMIC POWER 

List of 100 largest holders of Common stock as of December 31, 19SS — Continued 

Navie and Address „. 

Shares 

Dominick & Dominick, 115 Broadway, New York, N. Y 37,269 

Akroyd & Smithers, Stock Exchange, London E. C. 2, England 31, 314 

Administratiekantoor Van Binnen-en Buitenlandsche Fondsen N. V. 

577-581 Keizersgracht, Amsterdam, Holland 31,013 

Egger & Co., % The Chase National Bank, 18 Pine St., New York, 

N. Y 30,878 

Grumbar & See, 20-24 Moorgate, London, E. C. 2, England 27, 710 

Chase Nominees, Ltd., 11 Broad St., New York, N. Y 27, 515 

Clark, Dodge & Co., 61 Wall St., New York, N. Y 26, 678 

Kuhn, Loeb & Co., 52 William St., New York, N. Y . 22, 028 

Barclays Nominee Branches, Ltd., 4 George Yard, Lombard St., 

London E. C. 3, England 20, 660 

Stuart & Co., % Trust Dept., Citv Bank Farmers Trust Co., 22 

William St., New York, N. Y '_ 20, 100 

Prudential Assurance Co. Ltd., 142 Holborn Bars, London, E. C. 1, 

England 19,500 

Schmidt & Co., % Guaranty Trust Co., 140 Broadway, New York, 

N. Y . 18,252 

E. F. Hutton & Co., 61 Broadway, New York, N. Y 17, 914 

Mrs. Bertha E. Dubbs, Chelston, East Paget, Bermud^a . 17, 700 

Medwin & Lowy, 13 Copthall Court, London, E. C. 2, England 16, 979 

James Capel & Co., 10 Old Broad St., London, E. C. 2, England 16, 914 

Bankmont & Co., Bank of Montreal, Montreal, Canada 16, 425 

Cudd & Co. % The Chase National Bank, Personal Trust Dept., 

11 Broad St., New York, N. Y 1 16, 230 

Maloney Anderson & Block, 50 Broadway, New York, N. Y 15, 180 

Hurley & Co., 55 Wall St., New York, N. Y -. - 14, 142 

T. W. Phillips, Jr., Butler, Pa I 13, 890 

Brown Brothers & Co., 59 Wall St., New York, N. Y 13, 880 

Kidder, Peabody & Co., 17 Wall St., New York, N. Y ...- 13, 697 

Shaw & Co., % J. P. Morgan & Co., 23 Wall St., New York, N. Y 13, 293 

Salkeld & Co., % Bankers Trust Co., P. O. Box 704, Church St. Annex, 

New York, N. Y 13, 199 

B. D. Phillips, Inc., 25 No. Main St., Butler, Pa 13,000 

L. D. Pickering & Co., 40 Wall St., New York, N. Y 12, 331 

C. S. Williamson & Co., 1 Copthall Chambers, London, E. C. 2, 
England 12,330 

Swiss Bank Corp., 99 Gresham St., London, E. C. 2, England 10, 951 

Nathan & Rosselli, 7 Adams Court, London, E.,C. 2, England 10, 280 

Lombard & Co., 214 St. James St. West, Montreal, Canada 10, 005 

UnK,ed States & International Securities Corporation, 921 Bergen 

Ave., Jersey City, N. J . 10,000 

Sinjul Nominees, Ltd., Shell House, 55 Bishopsgate, London, E. C. 2, 

England 0,850 

Fred Godber, Southmead- Wimbledon Park, London. S. W. England. 9, 500 

J. P. Morgan & Co., 23 Wall St., New York, N. Y 9,373 

White Weld& Co., 40 Wall St., New York, N.T" . 9,341 

Lindenberg & Co., 60 London Wall, London, E. C. 2, England 8, 840 

Heseltine Powell & Co., 1 Drapers Gardens, Throgmorton St., London, 

E. C. 2, England . 8,802 

W. E. S. Griswold, 575- 5th Ave., New York, N. Y 8, 675 

Singer & Friedlanger, 55 Bishopsgate, London, E. C. 2, England 8, 400 

Crouch & Co., % Bank of Montreal, St. Peter & St. James Sts., 

Montreal, Quebec, Canada 8> 370 

Garret W. McEnernev, 2002 Hobart Bldg., San Franci.sco, Calif 8, 000 

Shaw Loebl & Co., 148 Leadenhall St., London, E. C. 2, England 7, 810 

Frank M. Patterson, 49 Wall St., New York, N. Y 7, 280 

Huggins & Clarke, 26 Austin Friars, London, E. C. 2, England 7, 122 

Bessemer Investment Co., 15 Exchange Place, Jersey City, N. J 7, 092 

Reinier Van Der Woude, % Irving Trust Co., Custodies Dept., 

1 Wall St., New York, N. Y 7,000 

Herzfeld & Stern, 30 Broad St., New York, N. Y 6 476 

Slade & Co., % American Expre^^s Co., 65 Broadway, New York, N. Y_ 6, 244 



CONCENTRATION OF ECONOMIC POWER 8023 

List of 100 largest holders of Common stock as of December SI, /5S5— Continued 

Name and Address Number of 

Shares Held 

Vickers, Da Costa & Co., 1 Throgmorton St., London, E. C. 2, 

England 1 6, 160 

Fahnestock & Co., 1 Wall St., New York, N. Y 6, 075 

G. M. P. Murphv & Co., Ill Broadwav, New York, N. Y 5,980 

Frazier Jclke & Co., 40 Wall St., New York, N. Y 5, 893 

Suvdam & Co., 70 Broadwav, New York, N. Y 5, 635 

H.'Hentz & Co., 60 Beaver "St., New York, N. Y 5,430 

Lee & Co., % The Chase National Bank, 20 Pine St., New York, 

N. Y 5,200 

Leon Bros., 31 Throgmorton St., London, E. C. 2, England 5, 109 

J. S. Baehe & Co., 42 Broadway, New York, N. Y 5, 088 

W. F. Detert, % Richard Detert, 995 Market St., San Francisco, 

Calif 5,055 

W. L. Hernstadt, % Guaranty Trust Co. of N. Y., 140 Broadway, 

New York, N. Y., Att. Custody Coll. Div^ 5, 000 

Gracechurch Co., 120 Broadway, New York, N. Y 4,980 

Post & Flagg, 49 Broad St., New York, N. Y 4, 691 

Harvey J. Haegertv, 71 Main St., Bradford, Pa 4, 420 

Hallgarten & Co., 44 Pine St., New York, N. Y 4, 387 

Carl M. Loeb, Rhoades & Co., 61 Broadway, New York, N. Y 4, 105 

Ince & Co., % Guaranty Trust Co. of N. Y., 140 Broadwav, New 

York, N. Y ." 4,082 

The British Linen Bank Glasgow Nominees, Ltd., 110 Queen St., 

Glasgow, Scotland 4, 070 

Shippee & Rawson, 111 Broadway, New York, N. Y 4, 000 

Zink & Co., % Guaranty Trust Co. of N. Y., 140 Broadway, New York, 

N. Y 3,936 

Winfred T. Wilson, Russ Bldg. Rm. 1112, San Francisco, Calif 3, 900 

Brockwood Investment Co. Ltd., % The Midland Bank Ltd., 36 

Castle St., Liverpool, England 3, 800 

Mack B. Blake, 615 Ramsey Tower, Oklahoma City, Okla 3, 800 

Heidelbach Ickelheimer & Co., 49 Wall St., New York, N. Y 3, 708 

Lazard Freres & Co. 15 Nassau St., New York, N. Y 3, 685 

Mrs. Florence Canfield Whitney, % United States Trust Co., 45-47 

Wall St., New York, N. Y . 3, 680 

Lloyds Bank-Colonial & Foreign Nominees, Ltd., 80 Gracechurch St., 

London E. C. 3, England - 3, 645 

Cobb & Co., % Customers Securities Dept., The New York Trust Co., 

100 Broadway, New York, N. Y._ .3, 610 

Dow & Co., % The Canadian Bk. of Commerce, Hanover St. & Ex- 
change PI., New York, N. Y 1 3, 600 

Wilson Bros. & Co., 1312 Russ Bldg., San Francisco, Calif 3, 600 

Hirsch, Lilienthal & Co., 165 Broadwav, New York, N.'Y 3, 505 

Bourke Schiff & Co., 10-11 Austin Friars, London, E. C. 2, England. 3, 505 

Pouch & Co., 1 Wall St., New York, N. Y 3, 500 

Raymond & Co., % Trust Dept. Wells Fargo Bk. & Union Tr. Co. 

4 Montgomery St., San Francisco, Cahf 3, 490 

Greener, Drevfus & Co., Salisbury Hoiise, London Wall, London E. C. 

2, England 3,460 

Halle & Stieelitz, 25 Broad St., New York, N. Y__-.__ 3, 450 

Mrs. Abbie L. Lansing, % Fifth Ave. Bank of N. Y., 5th Ave. & 44th 

St., New York, N. Y.-i 1 3, 450 

Benjamin L. Armstrong, P. O. Box 64, New London, Conn 3, 300 

E. A. Pierce & Co., 40 Wall St., New York, N. Y 6, 696 

Midland Bank Princes Street Nominees, Limited, 5 Princes St., 

London E. C. 2, England 5,033 

'Chase Henderson & Tennant, 56 New Broad St., London E. C. 2, 

England 4,740 

Frances W. Mein, % Wm.- Wallace Mein, 315 Montgomery St., Rm. 

1443, San Francisco, Calif 4, 532 



8024 CONCENTRATION OF ECONOMIC POWER 

Skelly Oil Company 

3. A list containing the names and addresses of the 100 largest common stock- 
holders, corporate and individual, as of December 31, 1938, and the number of 
shares held by each. 

Answer 

Name and Address ShaTcs 

1. Mission Corporation, 15 Exchange Place, Jersey City, N. J 567, 657 

2. J. & W. Seligman & Co., 54 Wall Street, New York, N. Y 24, 696 

3. F. W. Burford, 1405 Tower Petroleum Bldg., Dallas, Texas 14, 900 

4. J. S. Bache & Co., 42 Broadway, New York, N. Y 14,581 

5. Skelly Oil Company, Box 1650, Tulsa, Oklahoma 13, 200 

6. Carl M* Loeb, Rhoades & Co., 61 Broadway, New York, N. Y 10, 872 

7. Auerbach, Pollak & Richardson, 30 Pine Street, New York, N. Y... 6, 200 

8. Harris, Upham & Co., 11 WaU Street, New York, N. Y 5, 750 

9. Whitehouse & Co., 1 WaU Street, New York, N. Y 5, 130 

10. Sigler & Co., % Central Hanover Bank & Trust Co., 70 Broadway, 

New York, N. Y 4, 900 

11. Hall & Co., % Commercial Trust Co. of N. J., 15 Exchange Place, 

Jersey City, N. J . 4, 700 

12. S. B. Chapin & Co., Ill Broadway, New York, N. Y 4, 507 

13. Mrs. Gertrude Schaddelee, 1028 Grand Rapids Natl. Bk. Bldg., 

Grand Rapids, Michigan 4, 000 

14. H. O. Peet & Co., 23 West 10th Street, Kansas Citv, Missouri 3, 900 

15. Wonham, Albert & Co., 64 Wall Street, New Y6rk,"N. Y 3, 900 

16. Wesley & Hartnett, % Guaranty Trust Co. of N. Y., 5-24 Fifth 

Avenue, New York, N. Y i 3, 800 

17. Libaire & Co., 37 Wall Street, New York, N. Y 3, 420 

18. Brown Bros. Harriman'& Co., 59 Wall Street, New York, N. Y 3, 178 

19. Graf & Co., % Manufacturers Trust Company, Corporate Trust 

Dept., 55 Broad Street, New York, N. Y-__. 3, 000 

20. Fenner & Beane, 67 Broad Street, New York, N. Y 2, 975 

21. Elmer H. Bright & Co., 84 State Street, Boston, Massachusetts 2, 830 

22. E. A. Pierce & Co., 40 Wall Street, New York, N. Y 2, 830 

23. Mrs. Joan. Jane Skelly, % W. G. Skelly, Box 1650, Tulsa, Oklahoma. _ 2, 721 

24. Geo. G. Thorp, P. O. Box 68, Madison, Wisconsin 2,710 

25. Winthrop, Mitchell & Co., 26 Broadway, New York, N. Y 2, 518 

26. Goodbody & Co., 115 Broadway, New York, N. Y 2,445 

27. James Davis, 1117 Union National Bank Bldg., Wichita, Kansas-.-. 2, 366 

28. E. F. Hutton & Co., 61 Broadway, New York, N. Y 2, 340 

29. Shaw & Co., 23 WaU Street, New York, N. Y 2, 300 

30. Chesley C. Herndon, 1120 Woodward Blvd., Tulsa, Oklahoma 2, 300 

31. Frazier Jelk^ & Co., 40 Wall Street, New York, N. Y : 2, 250 

32. Ince & Co., % Guaranty Trust Co. of N. Y. 140 Broadway, New 

York, N. Y 2,250 

33. Frank Bailey, 17 E. 42nd Street, New York, N. Y 2, 000 

34. Bolton & Co., P. O. Box 2380, Montreal, Quebec, Canada. 2, 000 

35. Richard Hughes, Box 268, Tulsa, Oklahoma ..__.... 2, 000 

36. The Investment Co. of America, % Chase National Bank, Personal 

Trust Department, 11 Broad Street, New York, N. Y._ 2, 000 

37. Mrs. Edith H. Woodward, % Security Trust Company, Trust De- 

partment, Rochester, New York. L 2, 000 

38. The Franklin Fire Ins. Co. of Phila., Philadelphia, Pennsylvania. .. 2, 000 

39. Hare & Co., % Bank of New York 1, 48 Wall Street, New York, N. Y. 1, 890 

40. Hirsch, Lilienthal & Co., 165 Broadway, New York, N. Y 1, 840 

41. Egger & Co., % Chase National Bank, 18 Pine Street, New York, 

N. Y • 1,808 

42. The English Association of American Bond & Shareholders, Ltd., 

5 Great Winchester Street, London, E. C. 2, England 1, 800 

43. Jesup & Lamont, 26 Broadway, New York, N. Y 1,^00 

44. Atwell & Co., 45-47 Wall Street, New York, N. Y 1, 650 

45. Thomson & McKinnon, 11 Wall Street, New York, N. Y 1, 606 

46. Bates & Company, Commercial Trust Company, 15 Exchange Place, 

Jersey City, N. J 1,600 

47. Govett & Sons Company, 22 Austin Friars, London, E. C. 2, Eng- 

land... . 1,600 



CONCENTRATION OF ECONOMIC POWER 8025 

Answer — Continued 

Name and Address 

Shares 

48. Salkeld & Co., % Bankers Trust Company, Church Street Annex, 

P. O. Box 704 New York, N. Y 1,575 

49. Dominick & Dominick, 115 Broadway, New York, N. Y 1, 540 

50. J. Scott SkeUy, Mead Street, Monongahela, Pennsylvania I, 500 

51. James E. Bennett & Co., 50 Broadway, New York, N. Y 1,430 

52. W. J. Paul & Co., 25 St. Vincent Place, Glasgow, Scotland 1, 410 

53. Hayden, Stone & Co., 25 Broad Street, New York, N. Y 1, 400 

54. Wheaton I. Southern, 1902 Philtower Bldg., Tulsa, Oklahoma-.... 1; 310 

55. Paine; Webber & Co., 25 Broad Street, New York, N. Y 1, 308 

56. Erie P. Halliburton, Inc., 810 South Spring Street, Los Angeles, 

California , i^ 1,300 

57. Varley & Co., P. O. Box 28, Walt St. Sta., New York, N. Y 1, 300 

58. Shearson, HammiU & Co., 14 WaU Street, New York, N. Y 1, 263 

59. Buckley & Co., % Fiduciary Trust Co. of N. Y., 1 Wall Street, New 

York, N. Y 1,200 

60. August Klipstein, 30 Rockefeller Plaza," New York, N. Y . 1, 200 

61. Carriers and General Corporation, % Central Hanover Bank & Tr. 

Co., Corporate Trust Dept., 70 Broadway, New York, N. Y 1, 200 

62. Post & Flagg, 49 Broad Street, New York, N. Y 1,195 

63. L. D. Pickering & Co., 40 Wall Street, New York, N. Y 1, 150 

64. Newman Bros. & Wornis, 25 Broad Street, New York, N. Y 1, 120 

65. Fellowes, Davis & Co., 52 Broadway, New York, N. Y 1, 100 

66. G. M.-P. Murphy & Co., Ill Broadway, New York, N. Y 1, 025 

67. American Capital Corporation, % Chase National Bank, Personal 

Tr. Dept., 11 Broad St., New York, N. Y 1,000 

68. Walter S. Calderwood, Kane, Pennsylvania 1, 000 

69. Thomas D. Hodge, Henderson, Kentucky 1,000 

70. Mrs. Lillia Babbitt Hyde, 535, 5th Avenue, New York, N. Y 1, 000 

71. Noble Drilling Co,. 303 Philcade Bldg., Tulsa, Oklahoma 1, 000 

72. Pacific Southern Investors, Inc., % Chase National Bank, Personal 

• Tr. Dept., 11 Broad St., New York, N. Y 1,000 

73. George Parker, 1917 Alamo National Bank Bldg., San Antonio, 

Texas...- •. 1,000 

74. William H. Perkins, Vanderbilt Hotel, Park Avenue and 34th Street, 

. .NewYork, N. Y 1,000 

75. Schaddelee & Co., 1028 Grand Rapids National Bk. Bldg., Grand 

Rapids, Michigan . 1,000 

76. Hubert R. Schaddelee, 1028 Grand Rapids National Bk. Bldg., 

Grand Rapids, Michigan . 1,000 

77. Warren Wright, 33 North La Salle Street, Room 1120, Chicago, 

Illinois •. -- 1,000 

78. Sweeney & Co., 55 Wall Street, New York, N. Y ......... 1, 000 

79. German Credit & Investment Corp., 921 Bergen Avenue, Jersey 

City, N. J ---. 1,000 

80. Bankmont & Co., % Bank of Montreal, Montreal, Quebec, Canada. I, 000 

81. Gruntal-& Co., 30 Broad Street, New York, N. Y . 950 

82. Homblower & Weeks, 42 Broadway, New York, N. Y 907 

83. Joseph J. Moosmann, 2305 West 11th Street, Wilmington, Delaware. 900 

84. Wiley & Company, % Manufacturers Trust Company, Personal 

Trust Department, 55 Broad Street, New York, N. Y 900 

85. Jay P. Walker, P. O. JBox 1617, Tulsa, Oklahoma . - - 900 

86. Smith, Barney & Co., 14 WaU'Street, New York, N. Y 870 

87. Mrs. Marianne M. Hayden, 1882 Union Commerce Bldg., Cleve- 

land, Ohio . .... 800 

88. The Chase National Bank of the City of New York, George E. War- 

ren, and Donald Harper, as Executors of the Estate of Edward 
Tuck, % Chase National Bank — Personal Tr. Dept., 11 Broad 

Street, New York, N. Y . :.'. . 800 

89. Samuel Y. Ramage, P. O. Box 174, Oil City, Pennsylvania 800 

90. James L. Henderson, Jr., 121 North Belmont Avenue, Wichita, 

Kansas . '. . ... 800 

91. Hoppin Bros. & Co., 120'Broadway, New York, N. Y ..... 800 

92. Midland Bank, Princes Street, Nominees, Ltd., London, E. C. 2, 

England ... ■_......,...,..._-,.... 800 



8026 L'OXCKNTItATION OF ECOXOMIC I'OWKll 

Answer - Continued 

Name and Address 

Sharet 

93. Abbott, Proctor & Paine, 120 Broadway, New York, N. Y ... 775 

94. Eastman, Dillon & Co.. 15 Broad Street, New York, N. Y 749 

95. McDonnell & Co., 120 Broadway, New York, N. Y 740 

96. Dean Witter & Co. 14 Wall Street, New York, N. Y 740 

97. Bodell & Co., 32 Custom House Street, Providence, Rhode Island.. 730 

98. A. C. Israel & Co., % Adrian & James, Inc., 40 Journal Square, 

Jersey Citv, N. J 700 

99. Reynolds & Co., 120 Broadway, New York, N. Y 675 

100. Josephthal & Co., 120 Broadway, New York, N. Y 663 

3. a. On December 31, 1938 Skelly Oil Company had 3152 common stock- 
holders. 

May 24. 1939. 

SocoNY Vacuum Oil Company, Incorporated 

Item 3: List of Names and Addresses of the 100 largest common stockholders, as of 
February 20, 1939, and number of shares held by each. (Information as of 
December 31, 1938 not available) 

Name and^addrcss „ 

Shares 

Atwell & Co., % U. S. Trust Co., 45 Wall Street, New York, N. Y 140, 222 

Bankmont & Co., Bank of Montreal, Montreal, Canada 84, 390 

Title Guarantee & Trust Co., T'tee u/d of Trust dated 5/5/17 by Mary A. 

Bedford, 176 Broadway, New York, N. Y 182, 475 

William E. Benjamin, 598 Madison Avenue, New York, N. Y 49, 950 

Wm. R. Kenan, Jr. & Lawrence C. Haines, T'tees u/w of Marv Lilv 

Flagler Bingham, Room 1823—120 Broadway, New York, N. Y \ 50, 000 

Bolton & Co., P. O. Box 2580, Montreal, Quebec, Canada 43, 000 

Robert S. Brewster, % George S. Brewster, 52 Vanderbilt Avenue, New 

York, N. Y 40,500 

Brown Bros. Harriman & Co., 59 Wall Street, New York, N. Y 97, 067 

Edwy R. Brown, % National City Bank of N. Y., 26 Broadwav. New 

York, N. Y .' 61,616 

B. W. Browne, Inc., 2846 E. 37th Street, Cleveland, Ohio 32, 592 

F. W. Burford, Tower Petroleum Bldg., Dallas, Texas 173,300 

J. A. Chapman, P. O. Box 911, Tulsa, Oklahoma 400.000 

Mrs. Leta M. Chapman, P. O. Box 911, Tulsa, Oklahoma 118, 750 

Clark Dodge & Co., 61 Wall Street, New York, N. Y 48, 152 

Cobb & Co., % New York Trust Company, 100 Broadwav, New York, 

N. Y ; 82,314 

The Commonwealth Fund, % New York Trust Company, 100 Broarl- 

way, New York, N. Y 338,000 

Cudd & Co., % Chase National Bank, 1 1 Broad Street, New York, N. Y. 76, 920 

Mrs. Helen Pratt Dane, Roughwood, Chestnut Hill, Mass 69, 876 

Dominick & Dominick, 115 Broadway, New York, N. Y 99, 528 

H. B. Earhart, Trustee, 903 West Grand Boulevard, Detroit, Michigan. 166, 900 

Eddy & Co., 16 Wall Street, New York, N. Y 90,911 

Mrs. Lela H. Edwards, Commonwealth Building, 316 4th Avenue, 

Pittsburgh,. Pa 123,000 

Egger & Co., % Chase National Bank, 18 Pine Street, New York, N. Y. 74, 918 
English Association of American Bond and Shareholders, Limited, % 

National City Bank, 55 Wall Street, New York, N. Y 34, 502 

Fenner & Beane, 67 Broad Street, New York, N. Y 32, 251 

Mrs. Annie L. Flagler, Millbrook, Dutchess County, N. Y 62, 000 

Harry Harkness Flagler, Millbrook, Dutchess County, N. Y 62, 025 

Hare & Co., Bank of New York & Trust Co., 48 Wall Street, New York, 

N. Y 39,801 

Edith Hale Hark-ness. % New York Trust Company, 100 Broadwav. 

New York, N. Y._. .' !. 86,990 

Edward S. Harkness, Room 1901, 654 Madison Avenue, New York, 

N. Y 327,000 

William Hale Harkness, % New York Trust Companv, 100 Broadwav, 

New York, N.Y ." !_ 46,070 

Harris, Upham & Co., 1 1 Wall Street, New York, N.Y 34. 301 

George W. Hooker, % The Security Trust Co., Rochester, N. Y 32, 424 

Hord, Curtiss & Co., 61 Wall Street, New York, N. Y 38,732 



CONCENTRATION OF ECONOMIC POWER 8027 

Item 3: List of Names and Addresses of the 100 largest common stockholders, as of 
February 20, 1939, and number of shares held by each, {information ' as of 
December 31, 1938 not available) — Continued 

Name and (iddTcss 

The Roal Estate Trust Co. of Pliila., ct al., T'tccs of Est. of Henry II. 

Houston, Dec'd., Philadelphia, Pa 158, G20 

Oscar R. Howard, 56 Fremont Place, Los Angeles, Calif 38^ 000 

The John Huntington Corijoration, % The Cleveland Trust Co., Cleve- 
land. Ohio _ 38, 432 

Hurl(\v & Co., 55 Wall Street, New York,N. Y 41, 40G 

E. F.^Hutton & Co., 61 Broadway, New York, N. Y 39^ 811 

Incor'porated Investors, 1 Court Street, Boston, Mass 80,000 

Louise H. Ingalls, % The New York Trust Company, 100 Broadway, 

New York, N. Y 32, 030 

Helen J. James, % '^'lie New York Trust Company, 1 East 57th Street, 

New York, N. Y 55, G75 

Jesup & Lamont, Room 604, 26 Broadway, New York, N. Y 78, 605 

Sarah Graham Kenan, % Mr. William R. Kenan, Jr., R. 1823 — 120' 

Broadway, New York, N. Y .. 64 020 

William R. Kenan, Jr., R. 1823—120 Broadway, New York, N. Y 37, 500 

Kidder-Peabodv & Co., 17 Wall Street, New York, N. Y 33, 175 

Estate of Walter G. Ladd, % W. R. Reed, R. 2302—19 Rector Street, 

New York, N. Y_. j . GO, 000 

James Henry Lockhart et al. Execs, of Est. of Florence D. Lockhart, 

1507 Union Bank Bldg., Pittsburgh, Paj : 61, 060 

The Lynnewood Corporation, % Wilmington Trust Co., Wilmington, 

Delaware 65, 160 

Mrs. Janet Walker McCune, 1902 Union Bank Bldg., Pittsburgh, Pa_ . 77, 670 

Ida M. McFarlin, P. O. Box 911, Tulsa, Oklahoma 122,050 

Myrtle H. Macomber, % Fifth Avenue Bank of N. Y., 530 Fifth Ave- 
nue, New York, N. Y 82 635 

Mansell & Co., 45 & 47 WallStreet, New York, N. Y 69, 346 

Louis L. Marcell, Box 880, Wichita, Kansas 40, 912 

Louis L. Marcell, Mary V. Marcell and Genevieve K. Marcell, as joint 

tenants w/r survivorship, etc., Box 880, Wichita, Kansas 38, 250 

Courtenay Marshall, Box 3372, Beaumont, Texas 42, 180 

Martha Frew Mason, 1502 Union Bank Bldg., Pittsburgh, Pa 90, 000 

Trustees of Massachusetts Investors Trust u/]3ecl. of Tr. dated 3/21/34, 

% State Street ']>ust Co., Boston, Mass 75, 000 

Merrick & Co., % The New York Trust Co., 100 Broadway, New York, 

N. Y 66, 873 

Abby R. Milton, R. 5600—30 Rockefeller Plaza, New York, N. Y 160, 000 

John Mooney, % Petroleum Corp. of America, 15 Exchange Place, 

Jersey City, N. J 96, 950 

United States Trust Company of N. Y. as Surviving T'tee U/D Tr. of 

Oliver H. Pdyne for Harry Payne Bingham & Remaindermen, 45 Wall 

Street, New York, N. Y 64,555 

United States Trust Company of N. Y. as Surviving T'tee U/D Tr. of 

Oliver H. Payne for William Bingham, 2nd, and Remaindermen, 45 

Wall Street, New York, N. Y 65,000 

United States Trust Company of N. Y. as Surviving T'tee U/D Tr. of 

Oliver PI. Payne for Elizabeth B. Blossom and Remaindermen, 45 Wall 

Street. New York, N. Y 60,000 

United States Trust- Company of N. Y. as Surviving T'tee U/D Tr. of 

Oliver H. Payne for Frances Bolton and Remaindermen, 45 Wall 

Street, New York, N. Y 64,555 

Mrs. Joan W. Payson, United States Trust Company of N. Y., 45 Wall 

Street, New York, N. Y . . 62,000 

Petroleum Corp. of America, 15 P^xchange Place, Jersey City, N. J 43, 750 

E. A. Pierce & Co., 40 Wall Street, New York, N. Y 34, 770 

Pouch & Co., 1 Wall Street, New York, N. Y - 38, 650 

Mrs. Ruth Baker Pratt, % Charles Pratt & Co., Room 1400—26 

Broadway, New York, N. Y 61, 743 

Alta Rockefeller Prentice, % Bankers Trust Company, 501 Fifth 

Avenue, New York, N. Y 106,980 

Elizabeth S. Prentiss, 1122 Hanna Bldg., Cleveland, Ohio . 71, 660 

President & Fellows of Harvard College, 24 Milk Street, Boston, 

Mass--- -- 35, 100 

•A 



8028 CONCENTRATION OF ECONOMIC POWER 

Item 3: List of Names and Addresses of the 100 largest common stockholders, as of 
February 20, 1939, and number of shares held by each. {Information as of 
December 31, 1938 not available) — Continued 

Name and address 

Snares 

R. Raphael & Sons, Austin Friars House, London, E. C. 2, England. 45, 570 

John D. Rockefeller, Jr., Room 5600 — 30 Rockefeller Plaza, New 

York, N. Y . 2,382,469 

The Chase National Bank, Trustee u/d of Tr. noiade by John D. 
Rockefeller, Jr., for Mrs. Abby Rockefeller Milton, 11 Broad Street, 
New York, N. Y 50,000 

The Chase National Bank, Trustee u/d of Tr. made by John D. 
Rockefeller, Jr., for Mrs., Abby Aldrich Rockefeller, 11 Broad 
Street, New York, N. Y 300, 000 

The Chase National Bank, Trustee u/d of Tr. made by John D. Rocke- 
feller, Jr., for David Rockefeller, 11 Broad Street, New York, N. Y. 706, 912 

The Chase National Bank, Trustee u/d of Tr. made by John D. Rocke- 
feller, Jr., for John D. Rockefeller, 3rd, 11 Broad Street, New York, 
N. Y 50,000 

The Chase National Bank, Trustee u/d of Tr. made by John D. Rocke- 
feller, Jr., for Laurance S. Rockefeller, 11 Broad Street, New York, 
N. Y '. 684,204 

The Chase National Bank, Trustee u/d of Tr. made by John D. Rocke- 
feller, Jr., for Nelson Rockefeller, 11 Broad Street, New York, 
N. Y 50,000 

The Chase National Bank, Trustee u/d of Tr. made by John D. Rocke- 
feller, Jr., for Winthrop Rockefeller, 11 Broad Street, New York, 
N. Y • 706,879 

John D. Rockefeller, 3rd, Room 5600, 30 Rockefeller Plaza, New 

York, N. Y 144, 150 

Geraldine R. Dodge, et al.. Trustees U/W of William Rockefeller, 

Dec'd., 25 Broadway, New York, N. Y 68, 800 

Rush & Co., 1600 Arch Street, PhUadelphia, Pa .• 55,000 

Salkeld & Co., 15 Wall Street, New York, N. Y 57, 453 

Schmidt & Co., % Guaranty Trust Co. of N. Y., 140 Broadway, New 

York, N. Y - 62,775 

Jennie Sealy Smith et al., and City Bank Farmers Trust Co., T'tees 

U-W of John Sealy, 22 William Street, New York, N. Y 111, 774 

The Sealy & Smith Foundation for the John Sealy Hospital, Galveston, 

Texas . 107,401 

J. & W. Seligman & Co., 54 Wall Street, New York, N. Y 110, 680 

Sigler & Co., % Central Hanover Bank & Trust Co., 70 Broadwav, 

New York, N. Y I. 98,340 

Arthur E. Spence, % Shawmut National Bank, Boston, Mass 119, 300 

Isabelle W. Tilford, % J. R. Taylor, 475 Fifth Avenue, New York, 

N. Y - 38,920 

University of Chicago, 122 So. Michigan Avenue, Chicago, 111 35, 000 

Mrs. Pauline C. Walter, 516 Kennedy Building, Tulsa, Okla 93, 655 

Weber & Co., % City Bank Farmers Trust Co., 22 William Street, 

New York, N. Y .._ 239,090 

White Weld & Co., 40 WaU Street, New York, N. Y 54, 270 

United States Trust Co., AcCt. John H. Whitney, 45 Wall Street, 
■ New York, N. Y .-. . 53, 800 

Lewis Cass Ledyard, et al., T'tees of Tr. created under L/W/T of 
Payne Whitney, dec'd., F/B Helen Hay Whitney & Rem., % United 
States Trust Co., 45 W^all Street, New York, N. Y 136, 150 

Lewis Cass Ledyard, et al., T'tees of Tr. created uuder L/W/T of 
Payne Whitney, dec'd., F/B Joan Whitney Payson & Rem., % 
United States trust Co., 45 Wall Street, New York, N. Y 68, 000 

Lewis Cass Ledyard, et al., T'tees of Tr. created under L/W/T of 
Payne Whitney, dec'd., F/B John Hay Whitney & Rem., % United 
States Trust Co., 45 Wall Street, New York, N. Y - 68,000 

Bank of New York & Trust Co., Acct. Williams & Co., 52 Wall Street, 

New York, N. Y j . 76.023 

Mrs. Jessie Kenan Wise, % Mr. Wm. R. Kenan, Jr., R. 1823—120 
Broadway, New York, N. Y . --- 3:<, 170 

Item 3-a. The total number of common stockholders as of December 31, 1938: 
113,240. 



CONCENTRATION OF ECONOMIC POWER 8029 

Standard Oil Company (Indiana) 

temporary national economic committee, washington, d. c, questionnaire 
for oil companies 

Answer to question S, as of December 81, 1938 

Name and address Number of 

shares 

Atwell & Co., 45 Wall Street, New York, N. Y 60, 016 

Bankmont & Co., Bank of Montreal, Montreal, Canada 39' 465 

Mrs. Mary Frances Barnard, P. O. Box 911, Tulsa, Okla isj 643 

Mr. A. H. Bates, 30 Rockefeller Plaza, Room 56D0, New York, N. Y.. 105, 200 

Mr. Henry R. Benjamin, 598 Madison Avenue, New York City I7' 780 

United States Trust Co. of New York as Surv. Trus. U/D of Trust of 
Oliver H. Payne dated' 9/7/15, for Harry Payne Bingham & Remain- 
dermen, 45 Wall St., New York, N. Y ._ 36 580 

United States Trust Co. of New York as Surv. Trus. U/t) of Trust of 
Oliver H. Payne dated 9/7/15, for William Bingham, 2nd & Remain- 
dermen, 45 Wall St., New York, N. Y 36, 580 

United States Trust Co. of New York as Surv. Trus. U/D of Trust of 
Oliver H. Payne dated 9/7/15, for Elizabeth B. Blossom & Remain- 
dermen, 45 Wall St., New York, N. Y 36, 580 

United States Trust Co. of New York as Surv. Trus. U/D of Trust of 
Oliver H. Payne dated 9/7/15, for Frances Bolton & Remaindermen, 

45 Wall St., New York, N. Y 36, 580 

Mr. Robert S. Brewster, 52 Vanderbilt Ave., New York City 20, 500 

Brown Brothers Harriman & Co., 59 Wall St., New York, N. Y 29, 308 

Mary Flagler Cary, % Harry Harkness Flagler, 32 Park Ave., New 

York, N. Y 24, 750 

Leta M. Chapman and A. H. Rogers Trustees under agreement with 
J. A. Chapman dated August 5, 1935 for the Benefit of Harry Allen 

Chapman, P. O. Box 911, Tulsa, Okla .._ 18, 000 

James A. Chapman, Box 911, Tulsa, Okla 52, 267 

Mrs. Marie Heye Clemens, % The New York Trust Company, Custom- 
ers Securities, 100 Broadway, New York City 14, 929 

The Cleveland Trust Companv, Euclid Ave. & 9th St., Cleveland, Ohio_ 19, 680 
Cobb & Co., The New York Trust Co., % Customers Securities Dept., 

100 Broadwav, New York, N. Y 70, 488 

Mr. W. R. Coe, Chrysler Building, East 42nd Street, New York City,- 31, 800 
The Commonwealth Fund, % The New York Trust Co., Customers' 

Securities Dept., 100 Broadwav, New York Citv. _•- 25, 000 

Cudd & Co., % Chase Nat'l Bank, Att'n PersonalTrust Dept., 11 Broad 

St., New York, N. Y 52, 177 

Mrs. Helen P. Dane, #6 Beacon St., Boston, Mass 47, 358 

Tyson Dines, First National Bank Bldg., Denver, Colorado 22, 000 

Mrs. Lela H. Edwards, Commonwealth Bldg., 316 Fourth Avenue, 

Pittsburgh, Pa : 52, 000 

Mr. H. P. Fish, 30 Rockefeller Plaza, Room 5600, New York, N. Y 137, 900 

Annie L. Flagler, 32 Park Ave., New York, N. Y 35, 500 

Mr. Harry Harkness Flagler, 32 Park Ave., New York City ■ 35, 650 

Harry Harkness Flagler, Trustee for Jean Louise Flagler under trust 

agreement, dated Julv 2, 1931, 32 Park Avenue, New York, N. Y___ 18, 400 
Maurice J. Flynn, % Chicago Title & Trust Co., 69 W. Washington St., 

Chicago, lU I... 23,077 

Gaw & Parsons, 2 Austin Friars, London, E. C. 2, England 15, 000 

Mr. Robert W. Gumbel, 30 Rockefeller Plaza, Room 5600, New York, 

N. Y 130, 184 

Mrs. Edith Hale Harkness, % The New York Trust Co., % Income 

Collection Dept., 100 Broadwa^, New York Citv 64, 785 

Mr. Edw. S. Harkness, 654 Madison Ave., Room 1901, New York City. 381, 500 
William Hale Harkness, % Customers Securities Dept., The New York 

Trust Co., 100 Broadway, New York City . 32, 227 

Messrs. Harriman & Co., 11 Broadwav, New York, N. Y_^ 14, 857 

Harris, Upham & Co., 11 Wall Street,' New York, N. Y 24, 279 

The Real Estate Trust Co., Sallie S., S. F. Houston & Edgar Dudley 
Faries, surviving trustees of estate of Henry H. Houston, deceased, 

Philadelphia, Pa. : : . 107, 622 

124491— pt. 14-A 22 



8030 CONCENTRATION OP ECONOMIC POWER 

Answer to question 3, as of December 31, 1938 — Continued 

Name and address Number oj 

shares 
The John Huntington Corporation, % The Cleveland Trust Co., Atten- 
tion, Estates Dept., Cleveland, Ohio 14,858 

Hurley & Co., 55 Wall St., New York City . 44, 187 

Louise H. Ingalls, % Central United Nat'l Bank of Cleveland, Estates 

Trust Dept., 308 Euclid Ave., Cleveland, Ohio ,- 32, 190 

Helen J. James, % The New York Trust Co., 1 East 57th St., New York, 

N. Y 21,160 

Mrs. Mary B. Jennings, The New York Trust Co., % The Customers 

Securities Dept., 100 Broadway, New York, N. Y 27, 904 

Messrs. Jesup & Lamont, 26 Broadway, Room 604, New York City 56, 171 

Messrs. Josephthal & Co., 120 Broadway, New York, N. Y 15, 562 

Kane & Co., % The Chase National Bank, Trust Dept., 11 Broad St., 

New York, N. Y 17,015 

Sarah Graham Kenan, % Mr. Wm. R. Kenan, Jr., 120 Broadway, 

Room 1823, New York, N. Y .-. 49,470 

Mr. W. R. Kenan, Jr., 120 Broadway, Room 1823, New York City 48, 000 

Bank of New York, Lawrence Morris and Josiah Macy Willets, Trustees 

for Kate M. Ladd U/D of Trust dated November 29, 1938, -A/C 

70573, 48 Wall St., New York, N. Y 50,000 

Messrs. Lehman Bros., 1 William St., New York City 15, 656 

Lloyds Bank City Office Nominees, Ltd., 72 Lombard St., London, 

E. C. 3, England - .81,977 

Mrs. Myrtle H. Macomber, % Fifth Ave. Bank of New York, 530 

Fifth Ave., New York City 40,020 

Man.sell & Co., 45 & 47 Wall St., New York, N. Y - 20, 410 

Mrs. Martha Frew Mason, 1507 Union Bank Bldg., Pittsburgh, Pa 49, 000 

TTrastees of the Massachusetts Investors Trus't under a declaration of 

trust dated March 21, 1924, % State Street Trust Co., Boston, Mass. 25, 000 
Chase Nat'l Bk., Sue. to Equitable Tr. Co. as Trus. U/D of Tr. from 

John D. Rockefeller to Equitable Tr.. Co. dated 7/3/17, for Edith R. 

McCormick, 11 Broad St., New York, N. Y 314,930 

Chase Nat'J Bk., Trus. U/D of Tr. from J. D. Rockefeller to Equitable 

Tr. Co. of N. Y. dated 7/3/17, F/B/O Edith Rockefeller McCormick, 

Pers. Tr. Dept., 11 Broad St;, New York, N. Y 41,910 

Mrs. Janet Walker McCune, 1902 Union Bank Bldg., Pittsburgh, Pa.. 50, 000 

Mrs. Ida M. McFarlin, Box 911, Tulsa, Okla 61,097 

Merrick & Co., % Customers' Securities Dept., The New York Trust 

Co., 100 Broadwav, New York City 38, 138 

Chase Nat'l Bk. of N. Y., Trus. U/D of Trust dated 12/18/34, made by 

John D. Rockefeller, Jr. For B/O Mrs. Abby Rockefeller Milton, 

% Pers. Tr. Dept., 11 Broad St., New York, N. Y-. 32,200 

D. T. Moore & Co., 50 Broad St., New York, N. Y ' 19,315 

Messrs. Mopre & Schley, 100 Broadway, New York City 18, 853 

The National Bank of Scotland London Nominees Limited, 37 Nicholas 

Lane, London, E. C. 4, England 19.838 

Olen & Co., First Nat'l Bank, Trust Dept., 33 So. Clark St., Chicago, 

Illinois - - 35,307 

James Oliver, 2nd. Gertrude O. Cunningham, Joseph D. Oliver, Jr. & 

Susan C. Oliver, Trustees U/D of l". from Joseph D.. Oliver, dated 

12/30/19, South Bond, Ind 20, 100 

Joan W. Payson, % United States Trust Co. of N. Y., 45 Wall St., 

New York City 16,570 

L. C. Ledyard, L. C. Ledyard, Jr., & U. S. Trust Co. of N. Y., Trustees 

u-w of Payne Wliitney for Joan Whitney Payson and remaindermen, 

45 Wall St., New York City . 26,300 

Carl H. Pforzheimer & Co., 25 Broad St., New York City . :. 31, 835 

Messrs. Pouch & Co., 52 Wall*St., New York, N. Y 22, 493 

Herbert L. Pratt, Charles Pratt and Harold I. Pratt, Jr., Trustees 

U-Ind. of T. dated Dec. 24, 20, for the benefit of Harriet B. Pratt 

& Remaindermen, 26 Broadway, New York City 17,026 

Mrs. Ruth Baker Pratt, % Charles Pratt & Co., 26 Broadway, New 

York City 41,600 

Chase Nat'l Bk., Sue. to Equitable Tr. Co. as Trus. U/D of Tr. from 

John D. Rockefeller dated 7/3/17, to Eouit. Tr. Co. of N. Y. for Alta 

R. Prentice, 11 Broad St., New York, N. Y 355,350 



CONCENTRATION OF ECONOMIC POWER gQ3J 

Answer to question 3, as of December 31, 1938 — Continued 

Name and address Number o] 

ihares 
Alta Rockefeller Prentice, % Chase National Bank of New York, Trust 

Dept., 11 Broad-St., New York City 31, 200 

Mrs. Elizabeth S. Prentiss, 1122 Hanna Bldg., Cleveland, Ohio 15, 847 

Chase Nat'l Bk. of N. Y., Trus. U/D of Tr. dated 12/18/34, made by 

John D. Rockefeller, Jr. for B/O Mrs. Abby Aldrich Rockefeller, % 

Pers. Tr. Dept., 11 Broad St., New York, N. Y 52,200 

Chase Nat'l Bk. of N. Y., Trus. U/D of Tr. dated 12/18/34, made bv 

John D. Rockefeller, Jr. for B/O John D. Rockefeller, 3rd, % Pers. 

Tr. Dept., 11 Broad St., New York, N. Y 32, 200 

Chase Nat'l Bk. of N. Y., Trus. U/D of Tr. dated 12/18/34, made by 

John D. Rockefeller, Jr. for B/O Nelson Aldrich Rockefeller, % Pers. 

Tr. Dept., 11 Broad St., New York, N. Y 32, 200 

Geraldine R. Dodge, Guy Cary, F. A. Goodhue, The New York Trust 

Company, Trustees U/W of William Rockefeller, Dec'd, % Estate of 

Wm. Rockefeller, 25 Broadway, New York, N. Y 52, 650 

The Rockefeller Foundation, Treasurer's Office, 49 W. 49th St., 54th 

Floor, New York, N. Y 691, 140 

The Rockefeller Institute for Medical Research, 49 W. 49th St., Rm. 

5414, New York, N. Y 30,000 

Salkeld & Co., % Bankers Trust Company, P. O. Box 704, Church 

Street Annex, New York, N. Y 18, 876 

J. & W. Seligman & Co., 54 W^all St., New York, N. Y 15, 495 

Mr. E. G. Seubert, % Standard Oil Co., 910 So. Michigan Ave., Chicago, 

Illinois 15, 961 

Shaw & Co., 23 Wall Street, New York, N. Y . 28, 766 

Sigler & Co., % Central Hanover Bank & Trust Co., 70 Broadwav, New 

York City A 54, 314 

Messrs. Edward B. Smith & Co., 31 Nassau Street, New York, N. Y__ 13, 901 
The Sun Life Assurance Co., of Canada, Dominion Square, Montreal 

Canada . 68, 300 

Taykair Corporation, 598 Madison Ave., New York City 21, 672 

Messrs. Thomson & Mc Kinnon, 11 Wall St., New York City 28, 731 

Isabelle W. Tilford, % Mr. J. R. Taylor, 476 Fifth Ave., New York, N. Y. 32, 790 

The University of Chicago, 122 S. Michigan Ave., Chicago, Illinois 38, 034 

Wait & Co., % Harris Trust & Savings Bank, 111 W. Monroe St., Chi- 
cago, Illinois 14, 580 

Weber & Co., % The Farmers Loan & Trust Co., 22 William St., New 

York,.N. Y 81,040 

L. C. Ledyard, L. C. Ledyard, Jr., & U. S. Trust Co., of N. Y., Trustees 

u-w of Payne Whitney for Helen Hay Whitney and remaindermen, 

45 Wall St., New York City 52, 600 

L. C. Ledyard, L. C. Ledyard, Jr., & U. S. Trust Co., of N. Y., Trustees 

U/W of Payne Whitney for John Hay Whitney and Remaindermen, 

45 Wall St., New York, N. Y 26, 300 

Messrs. H. N. Whitney & Sons, 49 Wall St., New York City...- 41, 650 

Robert P. Wilson, % Wilmington Trust Co., Wilmington, Delaware 26, 640 

Mrs. Jessie Kenan Wise, % Mr. Wm. R. Kenan, Jr., 120 Broadwajs 

Room 1823, New York, N. Y 30, 300 

Wonham, Albert & Co., 64 Wall St., New York City A 28, 341 

Emerson F. Woodward, 1206 Second Nat'l Baak Bldg., Houston Texas. 20, 000 
Martin N. Ballard, Trustee under the will of John Worthington, Dec, 

1902 Union Bank Bldg., Pittsburgh, Pa --, 15, 030 

a. The total number of common stockholders as of December 31, 1938: 99,665. 
Standard Oil Company (New Jersey) 

Mrs. Emma B. Auchincloss, % The National Citv Bank of New York, 

901 Madison Ave., New York City ,' 52, 000 

Anne E. Benjamin, 598 Madison Ave., New York Citv 70, 000 

Robert S. Brewster, 52.Vanderbilt Ave., New York Citv 37, 000 

Mrs. Mary Flaeler Cary, 1009 Park Ave., New York City 54, 000 

Mrs. Lela H. Edwards, Commonwealth Bldg., 316-4th" Ave., Pitts- 
burgh, Pa . 100, 000 

Mrs. Annie L. Flagler, 32 Park Ave., New York City. 81, 000 

Harry Harkness Flagler, 32 Park Ave., New York City 61, 230 



8032 CONCENTRATION OF ECONOMIC POWER 

Answer to question 3, as of December 31, 1938 — Continued 

Number o) 
Name and address 'shares 

Harry Harkness Flagler, trustee for Jean Louise Flagler under deed of 

trust dated July 2 '1931, 32 Park Ave., New York City 70, OOG. 

Mrs. Edith Hale Harkness, The New York Trust Co., Income Coll. 

Dept., 100 Broadway, New York City 143, 867 

Edw. S. Harkness, Room 1901, 654 Madison Ave., New York City 1, 000, 000 

William Hale Harkness, % The New York Trust Co., 100 Broadwav, 

New York City - .'- 81,729 

J. Andrews Harris, 3rd & Elizabeth Flagler Harris, t'tees u-d of tr. of 
Elizabeth Flagler Harris, dated Nov. 18, 1930, % Messrs. Robt. 
Glendenning & Co., Packard Bldg., Philadelphia, Pa 50,034 

Real Estate Trust Co. of Phila., Sallie S. Houston, S. F. Houston and 
Edgar Dudlev Faries, surviving trustees of estate of Henry H. 
Houston, Philadelphia, Pa 235, 500 

Montclair Trust Co. as trustee under an indenture dated Feb. 21, 1923 
between Louise H. Ingalls and Montclair Trust Company, Mont- 
clair, New Jersev 64, 990 

Mrs. Helen J. James, 7 E. 70th St., New York City L 50, 460 

Miss Annie B. Jennings, % The New York Trust Co., Income Collec- 
tion Dept., 100 Broadway, New York City 58, 000 

Mrs. Mary Brewster Jennings, % The New York Trust Co., Income 
.Collection Dept., 100 Broadway, New York City 71,927 

Mrs. Sarah Graham Kenan, % Wm. R. Kenan, Jr., 120 Broadway, 

Room 1823, New York City 118, 200 

W. R. Kenan, Jr., 120 Broadwav, Room 1823, New York Citv 108, 000 

Mrs. Kate M. Ladd, % W. R. Reed, 19 Rectdr St., Room 2302, New 

York Citv 100,000 

Walter G. Ladd, % W. R. Reed, 19 Rector St., Room 2302, New 

York City 53,769 

James Henry Lockhart, Union Bank Bldg., Suite 1507-1512, Pitts- 
burgh, Pa 58,400 

John Marshall Lockhart, 1507-1512 Union Bank Bldg., Pittsburgh, 

Pa 100,000 

A. J. Loring, The Rockefeller Foundation, Treasurer's Office, Room 

5414, 49 W. 49th St., New York City 39, 500 

Mrs. Janet Walker McCune, 1902 Union Bank Bldg., Pittsburgh, Pa.. 91, 500 

Mrs. Martha Frew Mason, 1507 Union Bank Bldg., Pittsburgh, Pa.._ 93, 000 

A. K. Macomber, % The Fifth Avenue Bank, 530-5th Ave., New 

York City 50,000 

United States. Trust Company of New York as surviving trustee under 
deed of trust of Oliver H. Payne dated 9/7/15 for Harry Payne 
Bingham & remaindermen, 45 Wall St., New York City 51, 340 

United States Trust Company of New York as surviving trustee under 
deed of trust of Oliver H. Pavne dated 9/7/15 for William Bingham; 
2nd & remaindermen, 45 Wall St., New York City 50, 040 

United States Trust Company of New York as surviving trustee under 
deed of trust of Oliver H. Payne dated 9/7/15 for Elizabeth B. 
Blossom & remaindermen, 45 Wall St., New York City 45, 040 

United States Trust Company of New York as surviving trustee under 
deed of trust of Oliver H. Payne dated 9/7/15 for Frances Bolton & 
remaindermen, 45 Wall Street, New York City 50, 040 

LTnited States Trust Company of New York and Harold I. Pratt as 
Trustees under the will of Charles Pratt for Lydia R. Babbott and 
remaindermen, 45 Wall St., New York City 40,000 

United States Trust Company of New York and Harold I. Pratt as 
trustees under the will of Charles Pratt for Helen Pratt Dane & 
remaindermen, 45 Wall St., New York City --.: 40,000 

United States Trust Company of . New York, Harold I. Pratt and 
Richardson Pratt as trustees under the will of Charles Pratt for 
Charles M. Pratt and remaindermen, 45 Wall St., New York City.. 40, 000 

United States Trust Company of New York, -Harold I. Pratt and 
Charles Pratt as trustees under the will of Charles Pratt for Fjederic 
B. Pratt and rerhaindermen, 45 Wall St., New York City 40, 000 

United States Trust Company of New York and Harold I. Pratt as 
trustees under the will of Charles Pratt for George D. Pratt and' 
remaindermen, 45 Wall St., New York City 40, 000 



CONCENTRATION OF ECONOMIC POWER 8033 

Answer to question S, as of December SI, 1938 — Continued 

Nuviber of 
Name and address shares 

United States Trust Company of New York, Harold I. Pratt and 
Harold Irving Pratt, Jr., aa trustees u-t-w of Charles Pratt for 
Harold I. Pratt and remaindermen, 45 Wall St., New York City.. 40, 000 

United States Trust Company of New York, Harold I. Pratt and 
Herbert L. Pratt, Jr., as trustees under the will of Charles Pratt for 
Herbert L. fratt & remaindermen, 45 Wall St., New York City 40, 000 

United States Trust Company of New York, Harold I. Pratt and" John 
Teele Pratt, Jr., as trustees, under the will of Charles Pratt for J'ohn 
T. Pratt & remaindermen, 45 Wall St., New York City 40, 000 

Brooklyn Trust Co., Theodore Pratt and Richardson Pratt as trustees 
u/w of Charles M. Pratt, Deceased, % Trust Dept., 177 Montague 
St., Brooklyn, New York . 35,-000 

Harold I. Pratt, % Charles Pratt & Co., 26 Broadway. New York City. 46, 600 

Ruth Baker Pratt, 26 Broadway, New York City __. 56, 000 

Alta Rockefeller Prentice, % The Chase Na:tional Bank, Personal 

Trust Dept., 11 Broad St., New York City 49, 800 

Mrs. Elisabeth S. Prentiss, 1122 Hanna Bldg., Cleveland, Ohio 34, 700 

John D. Rockefeller, Jr., 30 Rockefeller Plaza, Room 5600, New York 

City__ - 1, 715, 722 

The Chase National Bank of the City of New York as t'tee u/d of trust 
dtd. 12/18/34 made by John D. RockefeUer, Jr. f/b/o Mrs. Abbey 
Rockefeller Milton, Personal Trust Dept., 11 Broad St., New York 
City 150.000 

The Chase National Bank of the City of New York- t'tee u/d of tr. 
dtd. 12/18/34 made by John D. Rockefeller, Jr. f/b/o Mrs. Abby 
Aldrich Rockefeller, Personal Trust Dept., 11 Broad St., New York 
City - 150,000 

The Chase National Bank of the City of New York, t'tee u/d oftr. 
dtd. 12/18/34 made by John D. Rockefeller Jr. f/b/o John D. 
Rockefeller 3rd, Personal Trust Dept., 1 1 Broad St., New York City. 1 50, 000 

The Chase National Bank of the City of New York, t'tee u/d of tr. 
dtd. 12/18/34 m/b John D. Rockefeller Jr. f/b/o. Nelson Aldrich 
Rockefeller, Personal Trust Dept., 11 Broad St., New York City.. 150, 000 

Walter C. Teagle, SO Rockefeller Plaza, Room 2914, New York City.. 33, 700 

Mrs. Isabelle W. Tiiford, % Mr. J. R. Taylor, 475-5th Ave., New York 

Citv 42 220 

John H ." Wiii'tney", " % 'Unlte'd' States TrusT Co'^ 45-47' Waif SU,' New 

York City . -. 34, 300 

United States Trust Co. of N. Y. as surviving t'tee of the trust created 
by the last will and test, of Payne Whitney Dec'd., for the b-o 
Joan Whitney Payson & Remaindermen, 45 Wall St., New York City. 39, 700 

United States Trust Co. of N. Y. Surviving Trustee of the trust 
created by the last will & testament of Payne Whitney, Dec'd., for 
the benefit of "Helen Hay Whitney & Remaindermen, 45 Wall St., 
New York City 79,400 

United States Trust Co. of New York Surviving T'tee of the trust 
created by the last will & test, of- Payne Whitney Dec'd. for the 
b/o John Hav Whitney and remaindermen, 45 Wall St., New York 
City 1 39, 700 

Robert P. Wilson, % Lvnnewood Corp., % Wilmington Trust Co., 

Wilmington, Del . 50, 000 

Jessie Kenan Wise, % Mr. Wm. R. Kenan, Jr., Room 1823, 120 

Broadway, New York City...^ 76, 740 

American I. G. Chemical Corporation, 521--5th Ave., New York City.. 234, 925 

Atwell & Co., 45 Wall St., New York City ^ 108, 618 

Bankmont & Co., Bank of Montreal, Montreal, Canada 81, 866 

Brown Brothers Harriman & Co., 59 W^all St., New York City , 113, 403 

Central Union Trust Co., % Central Hanover Bk. & Tr. Co., 70 

Broadwav, New York City 32, 501 

The Cleveland Trust Company, Cleveland, Ohio.. : 46, 700 

Cobb & Co., % The New York Trust Co., Customers Securities Dept., 

100 Broadway, New York City - 45, 002 

Cudd & Co., % Chase National Bank, Personal Trust Dept., 11 Broad 

St., New York City - 121, 898 

Dominick & Dominick, 115 Broadway, New York City. 125, 697. 



8034 CONCENTRATION OF. ECONOMIC POWER 

Answer to question S, as of December 81, 1938 — Continued 

Number of 

Name and address shares 

Eddy & Co., % Bankers Trust Co., P. O. Box 704, New York City_. 95, 344 
Egcer & Co., % The Chase National Bank, 18 Pine St., New York 

City - 33,139 

General Education Board, Treasurer's Office, 54th Floor, 49 W. 49th 

St., New York City -- 123, 466 

Ed. Greutert & Cie., 22 St. Jacobs St., Basle, Switzerland. 84, 286 

The M. A. Hanna Company (An Ohio Corp.), Delaware Trust Bldg., 

Wilmington, Del 84, 350 

Hare & Co., % Bank of New York & Tr. Co., 48 Wall St., New York 

City - 54,728 

Harriman & Co. , 11 Broadway, New York City 34,' 500 

The John Huntington Corporation, The Cleveland Trust Co., Estates 

Dept., Cleveland, Ohio 34, 500 

Jesup & Lament, 26 Broadway, New York City 209, 318 

Lazard Freres & Co., 120 Broadway, New York City 39, 713 

Lehman Bros., 1 William St., New York City 45, 967 

The Lvnnewood Corporation, % Wilmington Trust Co., Wilmington, 

Del - 42, 000 

Grant McCargo, Inc., 34th & Smallman Sts., Pittsburgh, Pa 65, 800 

Macy & Co., 50 Broadway, Room 2010, New York City 41, 500 

Mansell & Co., 45 & 47 Wall St., New York City-._ 64, 695 

Messrs. Merrick & Co., % The New York Trust Co., Cust. Sec. Dept., 

100 Broadwav, New York City 63, 500 

J. P. Morgan & Co., 23 Wall St., New York City 49, 458 

N V Nederlandsch Administratie En Trustkantoor, 472 Heerengracht, 

Amsterdam C, Holland ,, 71, 197 

President and Fellows of Harvard College, 24 Milk St., Boston, Mass. - 33, 216 
The Rockefeller Foundation, Treasurer's Office, 54th Floor, 49 W. 

49th St., New York City 1,037,505 

The Rockefeller Institute for Medical Research, Treasurer's Office, 

54th Floor, 49 W. 49th St., New York City 123, 150 

Rush & Company, 1600 Arch St., 12th Floor, Philadelphia, Pa 43, 600 

Salkeld & Co., % Bankers Trust Co.,* P. O. Box 704 Church St. Annex, 

New York Citv 55,963 

Schmidt & Co., % Guaranty Trust Co., 140 Broadway, New York 

Citv : 49,048 

J. & W. Seligman & Co., 54 Wall St., New York City 41, 076 

Shaw & Co., 23 Wall St., New York City 52,989 

Sieler & Co., % Central Hanover Bank & Trust Co., 70 Broadway, 

Trust Dept., New York Citv 158, 776 

Standard Oil Co. Inc. in Indiana, 910 So. Michigan Ave., Chicago, IlL. 1, 778, 976 
Sun Life Assurance Co. of Canada, Dominion Square, Montreal, Que- 
bec, Canada 70,000 

Thomson & McKimmon, 11 Wall St., New York City 52, 654 

Trustees of the Massachusetts Investors Trust under a Declaration 

of Trust dated March 21, 1924, % State Street Trust Co., Boston, 

Mass ■- 40,000 

The Universitv of Chicago, 122 S. Michigan Ave., Chicago, 111 83,634 

Weber & Co.," % The City Bank Farmers Trust Co., 22 WiUiam St., 

New York, N. Y _" 205,869 

Williams & Co., % Bank of New York & Trust Co., 52 Wall Street, 

New York, N. Y - 61,888 

Standard Oil Company (Ohio) 

Naincs, aildrcHses awl holdings, of the 100 largest registered holders of Common Shares 
(,f The. Slnndnrd Oil Company, an Ohio corporation, as on December 31, 1038 

Shnrcs 

.\jax Pipe Line Coriwration, Midland Bldg., Cleveland, O _ - - ^ - 186, 607 

Benjamin L. Armstrong, P. O. Box 64, New London, Conn 1, 100 

AtwcU & Co., 45 Wall St., New York City -- 2,726 

Aumond & Co., % Toledo Trust Co., Toledo, O 2,090 

J. S. Bachc & Co., 42 Broadwav, New York City.. - - 1 , 255 

Albert C. Bailey, 823 Guardian Bldg., Cleveland, Ohio ..- 1. 666 

Daniel K. Bailev, 16190 S. Park Blvd., Shaker Heights, O... - - I, 666 



CONCENTRATION OF ECONOMIC POWER 8035 

Names, addresses and holdings, of the 100 largest registered holders of Common Shares 
of The Standard Oil Company, an Ohio corporation, as on December SI, 1938 — Con. 

Sharet 

Samuel C. Bailey, 1567 Mistletoe Driv.e, Cleveland, O 1, 667 

Baker, "Watts & Co., Calvert & Redwood Sts., Baltimore, Md 1, 000 

Bankment & Co., % Bank of Montreal, Montreal, Quebec, Canada 6, 880 

Bender & Co,, % The Chase National Bank, New York City 2, 400 

Mrs. Georgia M-. Blaser, 1412 Bath Ave., Ashland, Ky 1 j 1,000 

Paul G. Blaser, 1412 Bath Ave., Ashland, Ky 1, 000 

Mrs. Margaret F. BreWster, 129 Church St., New Haven, Conn 1, 856 

Brown Bros. Harriman & Co., 59 Wall St., New York City 1, 198 

Edson L. Cannon, 1975 Union Commerce Bldg., Cleveland, O 1, 000 

J. Wallace Carrel, 3065 Celerain Ave., Cincinnati, O 1, 400 

Mrs. Marv Flagler Cary, 1009 Park Ave., New York City 2, 000 

Clark, Dodge & Co., 61 Wall St., New York Citv-.-_ 2, 201 

The Cleveland Trust Co., E. 9th & Euclid Ave., Cleveland, O 5, 552 

W. R. Coe, Chrysler Bldg., New York City 1, 000 

Helen P. Dane, 6 Beacon St., Boston, Mass 1,042 

Marjorie N. Davenport, % Central Nat'I Bank, Cleveland, O 950 

Mrs. Edna M. Day, 3030 Eaton Road, Shaker Heights, O 1, 000 

Dominick & Dominick, 115 Broadway, New York Citv 1, 923 

Mrs. Lela H. Edwards, 2005 Commonwealth Bldg., Pittsburgh, Pa 2, 800 

Egger & Co., % The Chase National Bank, New York Citv 1, 810 

Mrs. Frederika B. Ferris, Lake "Shore Blvd & Bratenahl Rd. Cleve- 
land, O 1,667 

Harry Harkness Flagler, 32 Park Ave., New York City 3,600 

Harry Harkness Flagler Trustee for Jean Louise Flagler, 32 Park Ave., 

New York Citv 2,000 

Mrs.' Frances B. Ford, 226 Eddy Rd., Cleveland, O..- 1,667 

Mrs. Laura D. Foster, 2250 Deiamere Drive, Cleveland Heights, O 880 

Miller Freeman, % National Citv Bank, 55 Wall St., New York 1, 000 

Roger W. Griswold, 1258 Prospect Rd., Ashtabula, O 1, 500 

Maurice Gusman, 755 S. High St., Akron, O 1,000 

Mrs. Edith Hale Harkness, % N. Y. Trust Co., 100 Broadway, New 

York •_ 4,008 

William Hale Harkness, % N. Y. Trust Co., '100 Broadway, New York 1, 996 
J. A. Harris, 3rd & Elizabeth F. Harrib, T'tees U-D of Tr. of Elizabeth 
Flagler Harris, % Messrs. Robt. Glendenning xfe Co., Packard Bldg., 

Philadelphia, Pa I, 520 

Harris, T'pham & Co., 11 Wall St., New York City i :... 1, 635 

Wallace Trevor Holliday, % Standard Oil Co., Midland Bldg., Cleve- 
land . 860 

John Huntington Hord, 1564 Union Trust Bldg., Cleveland, O^. 1, 728 

Ilornblower & Weeks, 40 Wall St., New York Citv 6, 440 

The Real r'state.Tr. Co. of Phila., Sallie S. Houston, S. F. Houston and 
Edgar D. Faries, T'tees of Est. of Henrv H. Houston, Dec'd., Phila- 
delphia, Pa 6, 604 

Mrs. Martha R. Humphrevs, 2515 Bridge Ave.. Cleveland, O 1,000 

Tlie John Huntington Corp., % The Cleveland Trust Co., Cleveland, O. . 1, 001 

Louise H. Ingalls, ^Y, Cliaso Natl. Bank, 11 Broad St., New York 1, 292 

John Day Jackson, 367 Orange St., New Haven, Conn 1,.040 

Jesup & Lamont, 26 Broadwav, New York Citv 1, 104 

!•:. R. Fenimore Johnson, 608 \\ . Jensev Trust Bldg., Camden, N. J 2, 700 

Mrs. Sarali G. Kenan, 120 Broadwav, Room 1S23, New York City 1,416 

W. R. Kenan, Jr., 120 Broadwav, Room 1823, New York City _.- 1, 300 

M7S. Kate M. T>add, 19 Rector St., Room 2302, New York Citv 2, 622 

Laii-d, Bia.sell & Meeds, 120 Broadway, New York City \ 1, 281 

Latonia Refining Corporation, % Standard Oil Co., Cleveland, O 2, 000 

Alfred J. Loring, 49 West 49th St., 54th Floor, New York 2, 736 

The Lvnnewood Corporation, ''^ Wilmington Trust Co., Wilmington, 

Dela 2, 176 

Mrs. Janet Walker McCune, 1902 Union Bank Bldg., Pittsburgh, Pa 1, 848 

Mvrtle H. Macomber, ''.'r Fifth Avenue Bank, New York City 2, 504 

Mansell & Co., 45.& 47 Wall St., New York Citv 2, 101 

Archibald M. Maxwell, % Standard Oil Co., Midland Bldg. Cleveland.. 1, 700 

Manton B. Metcalf, Jr., 45 E. ]7th St., New York Citv 900 

O'Neill & Co., P. O. Box 28, Wall Street Sta., New York City. _ . 5, 022 



8036 CONCENTRATION OF ECONOMIC POWER 

Names, addresses and holdings, of the 100 largest registered holders of Common ShaYes 
of The Standard Oil Company, an Ohio corporation, as on December 31, 1038 — Con. 

Shares 

Paine, Webber & Co., 25 Broacf St., New York City 1, 250 

Parness & Co., % Central United Natl. Bank, Cleveland, O 1, 567 

U. S. Trust Co., Trustee for Harry Payne Bingham, 45 WaU Street, New 

York City 2,280 

U. S. Trust Co., Trustee for William Bingham, 2nd, 45 Wall Street, New 

York City 2, 280 

U. S. Trust Co., Trustee for Elizabeth B. Blossom, 45 Wall Street, New 

York City 2, 280 

U. S. Trust Co., Trustee for Frances Bolton, 45 Wall Street, New York 

City 2,280 

David W. Peppard, 93 W. Fourth St., Mansfield, Ohio 1, 385 

Carl H. Pforzheimer & Co., 25 Broad St., New York City , 9, 400 

E. A. Pierce & Co., 40 Wall St., New York City 1, 784 

Frederic B. Pratt, 26 Broadwav, New York City 963 

Harold I. Pratt, 26 Broadway, ""New York City 1 963 

Herbert L. Pratt, 26 Broadway, New York City 900 

Ruth Baker Pratt, 26 Broadway, New York City 963 

Mrs. Alta Rockefeller Prentice, % Chase National Bank, 11 Broad St., 

New York 1, 400 

President and Fellows of Harvard College, 24 Milk Street, Boston, Mass. 3, 000 
John W. Price, Jr.; C. B. Price, H. B. Spencer, T'te^s U/W John W. 

Price, 505 Brown Bldg., Louisville, Ky 2, 200 

John R. Raible, 2000 W. 25th St., Cleveland, O .: 3, 000 

The Rockefeller Foundation, 49 West 49th St., New York City 132, 912 

L. F. Rothschild & Co., 120 Broadway, New York City 972 

Albert G. Schwartz, 518 Evanswood Place, Cmcinnati, O 1, 100 

Sigler & Co., % Central Hanover Bank & Tr. Co., New York 1, 739 

Lenore B. Xalbot, P. O. Box 404, Dayton, O 1, 600 

Osborne K. Taylor, 6 Wilson Terrace, West Caldwell, N. J 4, 600 

W. Clark Teagle, % City Bank Farmers Trust Co., New York City 1, 072 

Mrs. AdabeUe R. Terry, % Guaranty Trust Co., of N. Y., New York 

City 880 

Thomson & McKinnon, 11 Wall St., New York City 5, 066 

Mrs. Isabelle W. Tilford, 475 Fifth Ave., New York City 840 

Henry Trenkamp, 2871 Attleboro Road, Shaker Heights, O 974 

Gertrude L. C. Tucker, Elgercon Farm, Willoughby, O 1, 250 

Mrs. Marion C. Tyler, % The W. ^. Tyler Co., Cleveland, O 1, 040 

The W. S. Tyler Company, 3615 Superior Ave., Cleveland, O 1, 250 

The Union Trust Co. of Pittsburgh, P. O. Box 755, Pittsburgh, Pa 2, 464 

Mrs. Amy H. Weatherbee, 640 Park Ave., New York City . 1, 600 

Weber & Co., % City Bank Farmers Trust Co., New York City 3, 566 

U. S. Tr. Co., et al, T'tees U/W of Payne Whitney, deed, F-B-0 Helen 

Hay Whitney, 45 Wall St., New York City 1, 600 

Winthrop, Mitchell &. Co., 26 Broadway, New York City 2, 050 

Jessie Kenan Wise, 120 Broadway, Room 1823, New York City 1, 480 

Mrs. Elisabeth S. Prentiss, 1122 Hanna Bldg., Cleveland, Ohio 4, 519 

Sun Oil Company 

Schedule of 100 largest common stockholders December 31st, 1938 

No. of Shares ■ 

J. Howard Pew, Room 1904, 1608 Walnut Street, Philadelphia, Pa 302, 104 

Mary Ethel Pew, Room 1904, 1608 Walnut Street, Philadelphia, Pa 295, 579 

Mrs. Mabel Pew Myrin, Room 1904, 1608 Walnut Street, Philadelphia, 

Pa 276,249 

J, N. Pew, Jr., Room 1904, 1608 Walnut Street, Philadelphia, Pa 275, 232 

Trustees for Stock Purchase Plan for Sun Oil Company PJmployees, 

1608WalnutStreet, Philadelphia, Pa 87,691 

Walter C. Pew, Room 1904, 1608 Walnut Street, Philadelphia Pa 64, 499 

Walter C. Pew, J. N. Pew, Jr. & J. Howard Pew, Tr. for Alberta H. Pew, 

et al., Room 1904, 1608 Walnut Street, Philadelphia, Pa 62, 960 

Mrs. Mary C. Pew, Room 1904, 1608 Walnut Street, Philadelphia, Pa.-_ 56, 480 
Arthur E. Pew, Jr., J. N. Pew, Jr. and J. Howard Pew, Trustees for 

Helen T. Pew, et al.. Room 1904, 1608 Walnut Street, Philadelphia, Pa. 53, 967 



CONCENTRATION OF ECONOMIC POWER 8037 

Schedule of 100 largest common stockholders December Slst, 1938 — Continued 

No. of Shares 

Arthur E. Pew, Jr. Room 1904, 1608 Walnut Street, Philadelphia, Pa 40, 907 

J. Howard Pew, J. N. Pew, Jr., Mary Ethel Pew, Tr. for Arthur E. Pew, 
Jr. & Walter C. Pew U/D/T dated June 2, 1932, Room 1904, 1608 

Walnut Street, Philadelphia, Pa 40, 000 

J. N. Pew, Jr., Mabel Pew Myrin, Mary Ethel Pew, Trustees for H. A. W. 

Myrin, etal., Room 1904, 1608 Walnut Street, Philadelphia, Pa 34, 482 

J. Howard Pew, J. N. Pew, Jr., Mary Ethel Pew, Trustees for Divers 
Persons U/D/T dated June 1, 1932, Room 1904, 1608 Walnut Street, 

Philadelphia, Pa 29,692 

Rush and Company, 12th Floor, 1600 Arch Street, Philadelphia, Pa 28, 280 

John G. Pew, Chester, Pa 17,409 

Mrs. Hefen T. Pew, Room 1904, 1608 Walnut Street, Philadelphia, Pa_ . . 16, 815 

Samuel B. Eckert, 19th Floor, 1608 Walnut Street, Philadelphia, Pa 15. 783 

J. Howard Pew and J. N. Pew, Jr., Admin. Estate of Mary C. Pew, Dec'd, 

Room 1904, 1608 Walnut Street, Philadelphia, Pa 14, 214 

Motor Tankship Corporation, 18th Floor, 1608 Walnut Street, Phila- 
delphia, Pa 11,270 

Trustees of the Massachusetts Investors Trust under a Declaration of 

Trust dated March 21, 1924, c/o State Street Trust Co., Boston, Mass. 11, 000 

Alberta C. Pew, Room 1904, 1608 Walnut Street, Philadelphia, Pa 10, 908 

J. Edgar Pew, 19th Floor, 1608 Walnut Street, Philadelphia, Pa 9, 969 

Mrs. Mary Elliott Pew, Room 1904, 1608 Walnut Street, Philadelphia, 

Pa - 9,620 

Frank Cross, 200 E. Maple Avenue, Merchantville, N.J 9, 003 

Nellie C. Pew, c/o Guaranty Trust Co. of New York, 140 Broadway, 

New York City, N. Y 8,821 

Mrs. Martha Layng Pew, 19th Floor, 1608 Walnut Street, Philadelphia, 

Pa ... 8,812 

The Penna. Co. for Insurances on Lives and Granting Annuities and 
Marie Mcllhenny, Tr. U/W Francis S. Mcllhenny, Dec'd, Philadelphia, 

Pa 6,789 

Edward B. Smith & Company, 31 Nassau Street, New York, N. Y 6, 106 

Clarence Kelley, 18 Pine Street, New York City, N. Y 5, 988 

Continental Insurance Company, 80 Maiden Lane, New York City, 

N. Y : 5,000 

John Schlosser, Bon Air and Eagle Roads, Manoa, Del. Co., Pa 4, 580 

Elmer E. Rodenbaugh, Millcreek and Valley Roads, Ardmore, Pa 4, 369 

Frank S. Reitzel, 512 Harvard Avenue, Swarthmore, Pa 4, 325 

Ernest W. Teagle, 312 S. Michigan Avenue, Chicago, Illinois 4, 087 

Mrs. Roberta Pew McVey, Room 1904, 1608 Walnut Street, Philadelphia, 

Pa 4,010 

Oliver Duke, P. O. Box 277, Swarthmore, Pa 3, 824 

Pressly T. Craig, 808 Columbia Bank Building, Pittsburgh, Pa 3, 783 

Mrs. Cornelia W. Hopeman, 19 E. 47th Street, New York City, N. Y-_ 3, 726 

Mrs. Kathryn Riggs, % Riggs National Bank, Washington, D. C 3, 687 

Steere and Company, % Girard Trust Company, Broad and Chestnut 

Streets, Philadelphia, Pa 3, 353 

Eleanor Pew Keeler, 7 Pacific Avenue, Piedmont, Calif 3, 219 

Walter Albrecht, Mechelsche Straat 24, Scheveningen, Holland 3, 010 

Robert Haig, Ogden Avenue, Indian Hill, Swarthmore, Pa 2, 995 

Lars B. Myrin, Room 1904, 1608 Walnut Street, Philadelphia, Pa 2, 725 

Nellie Pew McLean, % Hawaiian Trust Company, Honolulu, T. H 2, 700 

John G. Pew, % Sun Oil Company, DaUas, Texas 2, 515 

Consolidated Investment Trust, % The Union Trust Company of Boston, 

P. O. Box 9, Boston, Mass 2, 500 

E. V. Babcock, % Babcock Lumber Company, Pittsburgh, Pa 2, 405 

Mrs. Frances P. Mcllhenny, Lincoln Drive and Johnson Street, German- 
town, Phila., Pa . 2,480 

Eldridge R. Johnson, 608 West Jersey Trust Building, Camden, N. J... 2, 452 

Katherine F. Maitland, 215 Palmetto Drive, Pasadena, Calif 2,355 

Folke A. Myrin, Room 1904, 1608 Walnut Street, Philadelphia, Pa 2, 218 

Matthew B. Sweeney, % Sun Oil Company, Dallas, Texas 2, 216 

Mrs. Anna M. Hopeman, 30 Douglas Road, Rochester, New York 2, 100 

John Blair Moffett, 1608 Walnut Street, Philadelphia, Pa 2, 089 

John L. Evans, 100 S. Broad Street, Philadelphia, Pa 2, 166 



8038 CONCENTRATION OF ECONOMIC POWER 

Schedule of 100 largest common stockholders December Slsl, 1938 — Continued 

No. of Shares 

WiUiam I. Schaffer, 358 City Hall, Philadelphia, Pa 2, 052 

Morton I. Newhall, % Berwind- White Coal Mining Company, 1 Broad- 
way, New York City, N. Y 2, 023 

H. A. W. Myrin, Room 1904, 1608 Walnut Street, Philadelphia, Pa 2, 000 

Fidelity & Casualty Co. of New York, 80 Maiden Lane, New York City, 

N. Y :_ 2,000 

George L. Pew, 274 Beacon Street, Boston , Mass 1, 989 

Robert E. Lamberton, Room 640 City Hall, Philadelphia, Pa 1, 987 

Beatrice Bend Fletcher, % Central Hanover Bank & Trust Company, 

New York City, N. Y 1,951 

Harry O. Cameron, 3446 Chestnut Hill Road, Ottawa Hills, Toledo, Ohio_ 1, 861 

E. Frank Randall, 9310 Stone Avenue, Seattle, Washington 1, 822 

Mrs. Martha Pew White, 4126 San Carlos Drive, University Park, Dallas, 

Texas _.. __ ._ 1,807 

Fielder J. Coffin, 60 Avon Road, Bronxville, New York 1, 787 

Clark Dodge and Company, 61 Wall Street, New York Citv, N. Y 1, 785 

Wm. Coulter Elliott, Arthur E. Pew, Jr. and Walter C. Pew, Tr. for 
Wm. Coulter Elliott U/D dated- 7/23/31, Room 1904, 1608 Walnut 

Street, Philadelphia, Pa. . . ^ 1 , 779 

Mrs. Hannah M. Elliott Pew, Room 1904, 1608 Walnut Street, Phila- 
delphia, Pa „- 

Mrs. Daisy C. Hubbard, P. O. Box 845. Hollvwood, Florida 

Eleanor Glenn Pew, Room 1904, 1608 Walnut Street, Philadelphia, Pa, 

J. N. Pew, 3rd, Room 1904, 1608 Walnut Street, Philadelphia, Pa 

Mary Caven Pew, Room 1904, 1608 Walnut Street, Philadelphia, Pa... 

Corncll University, Ithaca, New York . _ 

The Home Insurance Company, 59 Maiden Lane, Now York City, N. Y_ 

Charles P. O'Connor, "Clora's Point Farms," Traitpc, Md 

Howard W. Unnih, 217 Fairhill Avenue, Glcnsidc, Pcmia 

'"hristophor P. Cox, R. D. #1, Wavne, Penna - 

Mont W. McClelland, 607 Miami Manor, Mauincc, Ohio. .. - 

J'.urton, Cluctt and Dana, 120 Broadway, New York City, N. Y . 

.'{obcrt W. Pa-ck, 2095 Broadway, Beaumont, Texas ^ 

Mrs. E. CavenHcnsel, % Girard Trust Comjiany, Broad and ('licslnut 

Streets, Philadelphia, Pa 

]'"ianklin Fire Insurance Company, 421 Walnut Street, Philadelphia, Pa 

Samuel S. Burman, 200 Sycamore Street, Tiffin, Ohio - 

Lowell J. Thomas, Clover Brook Farm, Pawling, New York . 

Ilornblowcr and Weeks, 40 Wall Street, New York City, N. Y 

Lloyd and Company, 111 Broadwav, New York City, N. Y... 

Adam G. Thomson, 1507 Alworth Building, Duluth," Minn _. 

Drcxftl and Company, 15th and Walnut Streets, Philadelphia, Pa 

Marif Louise Poe, % Penna. Co., 15th and Chestnut Streets, Phila- 

delj.hia. Pa . 

Richanl L. Burke, 915 Westdale Avenue, Swarthmore, Pa 

George H. Kellv, % Finance Co. of Penna., 1426 S. .Penn Square, 

Philadelphia, Pa 

American Missionary Association, 287 Fourth Avenue, New York Citv, 

N. Y ■ ■ 

Samuel S. Fels, 39th and Walnut Streets, Philadelphia, Pa 

Arthur E. Pew, .Ir. and Walter C. Pew, Trustees for Helene C. Pew 
U/A dated 12/2/16 as modified by agreement dated 8/4/31— Room 

1904, 1608 Walnut Street, Philadelphia, Pa . 

The Pitcairn Company, Room 860, Delaware Trust Building, Wil- 
mington, Del 

William D. Mason, % Sun Oil Companv, Marcus Hook, Pa 

Walter C. Pew, Arthur E. Pew, Jr. and Wm. Coulter Elliott. Tr. U/D/T 
dated 6/2/32 of Haimah M. Elliott Pew, Room 1904, 1008 Walnut 

Street, Phi l^adelphia. Pa 

Walter C. Pew, Arthur E. Pew, Jr. and Wm. Coulter Elliott. Tr. U/D/T 
of Marv Elliott Pew dated Q/2/32, Room lOO-l, 1608 Walnut Street, 

Philadelphia, Pa .- . _. . . 

Walter C. Pew, Arthur 1']. Pew, Jr. and Wm. Coulter Elliott, Tr. U/D/T 
of William Coulter Illliott dated 6/2/32, Room 1904, 1608 Walnut 
Street, Philadelphia, Pa 

Total Common Stockholders . 



1 

1 


,732 
,729 


1 


,720 


1 


,720 


1 


,720 


1 


,718 


1 


,700 


1 


, 652 


1 


, 639 


1 


,621 


1 


,615 


1 


,577 


1 


,505 


1 


, 503 


1, 


, 500 


1, 


,454 


1, 


,449 


1, 


, 396 


1, 


380 


1, 


,335 


1, 


,323 


L 


239 


1, 


226 


1, 


225 


1, 


224 


1, 


224 


1, 


226 


i, 


224 


1, 


214 


1, 


201 


1, 


201 


1, 


201 


5,226 



CONCENTRATION OF ECONOMIC POWER 8039 

The Texas Corporation 

t. n. e. c. questionnaire for oil companies 

Question 3: A list contaiMing tlie names and addresses of the 100 largest com- 
mon stockholders, corporate and individual, as of December 31, 1938, and the 
number of shares held by each. 

a. The total number of common stockholders as of December 31, 1938. 
Answer: 8G,380 

One hundred largest common stockholders 

Niimlier of 
Shares Held 

1. M. S. Hill, 1 Wall St., Room 2900 131,255 

Mrs. Marguerite S. Hill, N. Y. C 10, 500 

141, 755 

2. Sigler & Co., % Central Hanover Bank & Trust Co., 70 Broad- 

way, N. Y. C_... 120,200 

3. Estate of Dellora II. Gates, % Continental Illinois National Bank 

& Trust Co., Trust Dept., 231 So. La Salle St., Chicago, 111 120, 020 

4. Mrs. Antoinette D. Lapham, 135 East 42 St., Room 2814, N. Y. C_ 97, 560 

5. J. & W. Seligman & Co., 54 Wall St., N. Y. C 64, 964 

G. Mrs. Dellora A. Norris, % Continental Illinois Natl. Bank & 

Trust Co., Trust Dept., 231 So. La Salle St., Chicago, 111 60, 615 

7. Dominick & Dominick, 115 Broadway, N. Y. C 60, 468 

8. Weber & Co., % Farmers Loan & Trust Co., 22 William St., 

N. Y. C . -- 60,428 

9. Trustees of The Massachusetts Investors Trust Under Declaration 

of Trust Dated 3-21-24, % State Street Trust Co.. Boston, 

Mass 1 _. 57,500 

10. Petroleum Corporation of America, 15 Exchange Place, Jersey 

City, N. J 57,200 

11. Cudd & Co., % Chase National Bank, 11 Broad St., N. Y. C 54, 885 

12. John H. Morrison, 115 South St., Middletown, N. Y 52,500 

13. Edward J. Baker, % Continental Illinois National Bank & Trust 

Co., Trust Dept., 231 So. La Salle St., Chicago, 111 45, 661 

14. Hare & Co. (N. Y.), % Bank of New York, 48 Wall St., N. Y. C-- 43, 516 

15. Atwell & Co., % United States Trust Co., 45 Wall St., N. Y. C- 41, 232 

16. Eddy & Co., % Bankers Trust Co., Box 704, Church St., Annex, 

N. Y. C 40,916 

17. Brown Brothers Harriman & Co., 59 Wall St., N.' Y. C 38, 147 

18. Williams & Co., % Bank of New York, 48 Wall St., N. Y. C 36, 878 

19. John H. Lapham, 250 Brahan Blvd., San Antonio, Texas 35, 366 

20. Salkeld & Co., % Bankers Trust Co., Box 704, Church St. Annex, 

N. Y. C 34,676 

21. Harris Upham & Co., 11 Wall St., N. Y. C-._: 32, 891 

22. Lyn^ & Co., % Guaranty Trust Co. of N. Y., 140 Broadway, 

N. Y. C 32,600 

23. T. J. Donoghue, Trustee, 135 East 42 St., N. Y. C 31,757 

24. The Clarendon Companv, P. O. Box 216, Warren, Pa 30, 199 

25. O'Donnell Oil & Securities Co., Suite 906, Security Bldg., 510 So. 

Spring St., Los Angeles, Calif 29, 702 

26. First National Bank of Chicago and Philip K. Wrigley, Co-Trustees 

u-w of William Wrigley, Jr., Dec'd, % Trust Dept., Trust No. 

1 6649, 33 So. Clark St. , Chicago, Illiriois. . 29, 390 

27. Fisher & Company, Inc., Fisher Bldg., Detroit, Mich 29, 167 

28. Mrs. Doris Duke Cromwell, 30 Rockefeller Plaza, N. Y. C 28, 641 

29. Nanaline H. Duke, First Sue. Tr. for Doris Duke under Trust Ind. 

dated ^4-17, % W. L. Baldwin, 30 Rockefeller Plaza, N. Y. C-- 27, 699 

30. Smith, Barney & Co., 14 Wall St., N. Y. C 27, 505 

31. Wonham, Albert & Co., % Bank of Montreal, 64 Wall St., N. Y. C. 27, 445 

32. Mrs. Ruth Lloyd, Newfield Road, Stamford, Conn 27, 385 

33. Lehman Bros., 1 William St., N. Y. C 26,413 

34. Guaranty Trust Co. of N. Y., Exec, u-w of Henry W. Putnam, 

140 Broadwav, N..Y. C 26,000 

35. Mrs. Elinor L. Ford, 3115 Woodland Drive, Washington, D. C-.- 25, 750 

36. Arthur E. Spence, % National Shawmut Bank of Boston, 20 

Exchange Place, N. Y. C . 25,700 

37. Kane & Co., % the Chase National Bank, 18 Pine St., N. Y. C 23, 831 

38. Arnold Schlaet, Compo Point, Saugatuck, Conn . 22, 000 



8040 CONCENTRATION OF ECONOMIC POWER 

One hundred largest common stockholders — Continued 

Number of 
Shares Held 

39. Bankmont & Co., % Bank of Montreal, Montreal, Canada 21, 051 

40. Sun Life Assurance Company of Canada, Dominion Square, 

Montreal, Canada 20, 786 

• 41. The Farmers Loan & Trust Co., Trustee for Doris Duke U-I dated 
5-2-17 with James B. Duke, % the Farmers Loan & Trust Co., 

22 William St., N. Y. C 20, 460 

42. President & Fellows of Harvard College, 24 Milk St., Boston, 

Mass 20,000 

43. The Home Insurance Co., 59 Maiden Lane, N. Y. C 20,000 

44. J. P. Morgan & Co., 23 Wall St., N. Y. C 19, 676 

45. Junior Corporation, 400 N. Michigan Ave., Chicago, Illinois 19,500 

46. Egger & Co., % The Chase National Bank, 18 Pine St., N. Y. C-- 18, 708 

47. Tucker & Co., % J. Henry Schcoder Banking Corp., 46 WiUiam 

St., N. Y. C 17,622 

48. Margaret W. Jewett, % Daniel L. Brown, 60 State St., Boston, 

Mass 17,580 

49. J. S. Bache & Co., 42 Broadway, N. Y. C 16, 913 

50. Cobb & Co., % New York Trust Co., 100 Broadway, N. Y. C 16, 236 

51. Thomson & McKinnon, 11 Wall St., N. Y. C 16, 203 

52. E. A. Pierce & Co., 40 Wall St., N. Y. C 16, 122 

53. Mansell & Co., % United States Trust Co., 45 Wall St., N. Y. C-- 16, 115 

54. Charles A. McCulloch, 33 N. La Salle St., Room 1109, Chicago, IU_ 16, 000 

55. Lazard Freres & Co., 120 Broadway, N. Y. C 15,039 

56. C. A. England & Co., % Chemical Bank & Trust Co., 165 Broad- 

way, N. Y. C 1 14,733 

57. Crampton & Co., % National Shawmut Bank of Boston, 40 Water 

St., Boston, Mass . 14, 640 

58. Charles B. Ames, % B. A. Ames, 1122 First National Bldg., 

Oklahoma City, Okla--__- 14, 369 

59. Fenner & Beane, 67 Broad St., N. Y. C. 14, 205 

60. Lester J. Norris, % Continental Illinois National Bank & Trust 

Co., 231 So. La Salle St., Chicago, 111 14,000 

61. Clark, Dodge & Co., 51 Wall St., N. Y. C 13, 596 

62. Horace A. Crary, 505 Market St., Warren, Pa 13, 500 

63. William H. Mitchell, 231 S. La Salle St., Room 1912, Chicago, 111. 13, 500 

64. M. Frank Yount, 1485 Calder Ave., Beaumont, Tex 13, 464 

65. Schmidt & Co., % Guaranty Trust Co. of N. Y., 140 Broadway, 

N. Y. C- -- _._- 13 330 

66. Huriev & 'Co.r% City Bank Farmers Trust Co., 55 "WaU'St., 

N. Y. C - 13,271 

67. Trustees of the Trust Est. by Will of James B. Duke for Nanaline 

H. Duke and Doris Duke, 30 Rockefeller Plaza, N. Y. C 13, 199 

68. Stephen G. Morse, % Illinois Merchants Trust Co., Trust Dept., 

231 So. La Salle St., Chicago, Illinois - 13, Oil 

69.1 Hall & Co., % Commercial Trust Co. of N. J., 15 Exchange Place, 

Jersey City, N. J 12,800 

70. Winthrop, Mitchell & Co., 26 Broadway, N. Y. C-..: 12, 622 

71. Shaw & Co., 23 Wall St., N. Y. C 12, 469 

72. H. A. Whitten & Co., % Chemical Bank & Trust Co., 165 Broad- 

way, N. Y. C . 12,434 

73. Carnegie Corporation of N. Y., 522 Fifth Ave., N. Y. C 12, 400 

74. Merrick & Co., % New York Trust Co., 100 Broadway, N. Y. C. . . 12, 369 

75. Ince & Co., % Guaranty Trust Co. of N. Y., 140 Broadway, N. Y. C 12, 350 

76. Paine, Webber & Co., 25 Broad St., N. Y. C 11, 944 

77. Suydam & Co., % Central Hanover Bank & Trust Co., 70 Broad- 

way, N. Y. C 11,881 

78. Perkins & Co., % Commercial Trust Co. of N. J., 15 Exchange 

Place, Jersey City, N. J 11, 629 

79. Post& Flagg, 49 Broad St., N. Y. C 11,432 

80. F. S. Moseley & Co., 50 Congress St., Boston, Mass 1 1, 185 

81. Bolton & Co., Box 2580, Montreal, Canada U, 167 

82. Mrs. Anna L. Thompson, 1242 Lake Shore Drive, Chicago, 111 11, 139 

83. Julia E. Ford, % Hobart Ford, 100 Broadway, N. Y. C ■--- 11, 000 

84. Miss Emma W. Vaughan, 270 Reynolds Terrace, Orange, N. J 11, 000 

85. Carl M. Leob, Rhodes & Co., 61 Broadway, N. Y. C 10,895 

86. Crouch & Co., 288 St. James St., Montreal, Que., Can 10, 680 



CONCENTRATION OF ECONOMIC POWER 



8041 



One hundred largest common stockholders — Continued 

Number of 
Shares Held 

87. Kidder Peabody & Co., 17 Wall St., N. Y. C .. 10, 622 

88. Illinois Merchants Trust Co., Trustee U-I dated 4-3-24 between 

Dellora A. Norris & Illinois Merchants Trust Co., 231 So. La 

Salle St., Chicago, Illinois 10, 506 

89. Wm. Wrigiev, Jr. Co., 406 No. Michigan Ave., Chicago, 111 10, 500 

90. Geo. H. V. Allen, Fairhaven, Vermont 10,114 

91. E. F. Hutton & Co., 61 Broadwav, N. Y. C .___ 10,010 

92. Mrs. Gertrude Upham Harris, 11 WaU St., N. Y. C 10, 000 

93. G. M.-P. Murphy & Co., 1 1 1 Broadway, N. Y. C 9, 812 

94. United States Trust Co. of New York, 45 Wall St., N. Y. C 9, 740 

95. Shearson, Hammill & Co., 14 Wall St., N. Y. C 9, 734 

96. Griffin & Co., % City Bank Farmers Trust Co., 22 William St., 

N. Y. C 9,517 

97. Hugh Halsell. % The Chase National Bank Trust Dept., 11 Broad 

St., N. Y. C 9,500 

98. Ladenburg, Thalmann & Co., 25 Broad St., N. Y. C..._ • 9, 459 

99. Mrs. Rebecca L. Lapham, 514 Warren St., Brookline, Mass 9, 400 

100. W. W. Vaughan, 50 Broadway, N. Y. C 9,389 

Tide Water Associated Oil Company 

Ajiswer to question #S: Names and addresses of the 100 largest common stockholders 
as of December 31, 1938, and the number of shares held by each 



Mission Corporation 

N. V. Het Administratiekantoor Van Gebr. 

Boissevain & Gebr. Teixeira De Mattos 

Qevestigd Te Amsterdam. 

Pacific Western Oil Corporation 

E. F. Hutton & Co 

George F. Getty. Inc 

South Penn Oil Companyt....j 

Carl H. Seal 

Pan American Southern Corporation 

Carrie Estelle Doheny. 

Frank Haskell 

Lehman Bros 

Mansell & Co 

William F. Humphrey 

Thomas* Co 

Petroleum Corporation of America 

Toll & Co 

Jesup & Lamont 

Charlotte Sumner McVieker . 

Kuhn, Loeb & Co___ 

Carrie Estelle Doheny executrix of the est. of 

E. L. Doheny, deed. 
Lucy Smith Battson (formerly Lucy Smith 

Doheny) as trustee u/dec./tr. made by 

Edward L. Doheny & Carrie Estelle Doheny 

dated 7/20/26. 
Lucy Smith'Battson. administratrix of the est. 

of Edward Laurence Doheny, Jr. deed. 

Lucy Smith Battson . 

J. Crampton Anderson 

Arthur Leithmann 

Atlas Corp... 

George White 

Florence Orth McKelvy 

Fanny 'W. LeRoy . 

Sigler & Co..--.....- 

E. A. Pierce & Co 

J. S. Bache & Co 

Weber & Co . . 

Peoples Sav. & Tr. Co. tr. of the est. of Sarah 
Couley. 

Abbott, Proctor & Paine . 

Outwater, Leonard & Co 

Harris, Upham & Co 

EdTOBr-l T^. S^ea -- 



% Charles F. Krug, Secy. 15 Exchange PI., Jer- 
sey City, N. J. 
Amsterdam, Holland : 



15 Exchange PI.. Jersey City, N. J 

61 Broadway, New York, N. Y 

15 Exchange PI.. Jersey City, N. J 

411 7th Ave.. Pittsburgh, Pa 

650 So. Grand Ave., Los Angeles. Calif 

122 E. 42nd St., New York, N. Y 

714 West Olympic Blvd., Los Angeles. Calif ... 
775 Park Ave., Apt. 7-D, New York, N. Y 

1 William St. , New York, N. Y 

45 & 47 Wall St.. New York, N. Y 

Standard Oil Bldg., 225 Bush St., San Francisco, 
Calf. 

2 Wall St., New York, N. Y.. 

15 Exchange PI., Jersey Citv, N. J 

P. O. Box 160. Arcade Sta., Los Angeles, Calif.. 

26Bway. New York. N. Y 

1013 N. Roxbury Dr., Beverly Hills. Calif 

52 William St., New York. N. Y 

714 West Olympic Blvd.. Los Angeles, Calif.... 

1137 Petroleum Sec. Bldg., Los Angeles, CaUf."! 
1 Sansome St.. San Francisco. Calif 

I Exchange PI.. Jersey City, N. J 

322 5th St., Marietta, Ohio 

% Mrs. Robert McKelvy, 101 E. 72nd St., New 

York, N. Y. 
Chemical Natl. Bk. Trust Dept., 270Bway, New 

York, N.Y. 
% -Central Han. Bk. & Tr. Co., 70 Bway., New 

York, N. Y. 

40 Wall St.. New York, N. Y 

42Bwav.. New York, N.Y 

% Farmers lyoan & Tr. Co., 22 William St., New 

York, N. Y. 
Pittsburgh, Pa 

120 Bway., New York. N. Y 

52 William St., New York, N. Y 

II Wall St., New York, N, Y..! 

17 Ratfpry PI New York. N. Y... 



996. 923 
779, 384 



270,100 
196,590 
195,504 
176,471 
165,000 
67, 110 
54. 516 
47,278 
40,170 
39,274 



32,000 
30,«66 
30.500 
29,404 
28,700 
27.300 
27.258 

27,258 



27,257 

27,257 
26.800 
2il27 
22^000 
18^9CB 
is; 325 

18.053 

17,026 
16,810 
16. 149 

15, 760 

15,609 
14,900 
13, '406 
13, 311 



8042 



CONCENTRATION OF ECONOMIC POWER 



Answer to question #3: Names and addresses of the 100 largest common stockholders 
as of December SI, 1988, and the number of shares held by each — Con. 



American Company 

Toerge & Schifler 

Robert W. Armstrong 

Fenner & Beane 

Kane & Co 

Robert C. Ream 

Florence King Twombly , 

Thomson & McKinnon 

Henry O. Fahlbusch... 

Luke, Banks & Weeks 

Louise Brown Voorhees 

Louis D. Jurs-. 

Administratiekantoor "Unitas" N. V 

Krauss & Co 

H. Hentz & Co 

Post & Flagg . 

Charles S. Wiftston, Asa F. Randolph & 

Arthur E. Crone as exec. & trs. of Will of 

Thomas Jefferson Mumford. 
Egger & Co..- 

Ralph B. Pringle 

Edward H. Salrin 

James H. Jenkins 

Margery Brown Eagle 

Lloyd P. Bayer 

Herzfeld & Stern.. 

The Chicago Corporation 

Buckley & Co... 

Frank Bailey... 

Bennett & Co 

Paine, Webber* Co 

Robert B. Dodson, Robert Emmet & Elliot 

Tuckerman as tr. for Louise O. Emmet u/w 

of James A. Garland. 
Cudd & Co 

Leonard W. Buck 

Mary Skaife McDuffle. 

Ralph S. BulUs (S. R. G.) 

Frank H. Buck 

Bender & Co 

Fahnestock & Co 

Winthrop, Mitchell & Co 

Benjamin L. "Armstrong 

Brown Bros. Harriman & Co 

Burren & Co .* 

Lucy S. Rutherford 

CjTUS J. Lawrence & Sons-. 

Werthelm & Co 

Ohio Oil Co.... 

Pouch & Co 

Brisbane Properties Corp. 

Johnston De Forest 

Prescott LeBreton Gardner & Rufus Crane 
Finch, exec, of the Will of Edmund LeBre- 
ton Gardner, deed. 

Charles F. Evans 

Schmidt & Co.. 

Dean Witter & Co 

W. L. Hcrnstadt.... 

Hornblower & Weeks 

Dominick & Dominick 

Walter A. Sloan 

Magulre & Co 

Crampton & Co 

Hurley & Co 

Iris Securities Co ...: — 

Fred N. Dillon 

Ogden L. Mills & Gladys Phipps as tr/u/w of 
Ogden Mills deed, for Gladys Phipps & 
others. 



1 Exchange PI., Jersey City, N. J 

15 Broad St., New York, N. Y. 

1 Sansome St., San ErancLsco, Calif 

67 Broad St., New York, N. Y. 

% Chase Natl. Bk., 11 Broad St., New York, 
N. Y. 

99 John St., Rm. 1919, New York, N. Y 

243 Beacon St., Boston, Mass. 

14 Wall St., New York, N. Y 

417 5th Ave., New York, N. Y 

1 Wall St., New York, N. Y 

% Central Han. Bk. & Tr. Co., 5th Ave. & 60th 

St., N. Y. C. 
79 New Montgomery St., San Francisco, Calif... 

Rynkade, Utrecht, Holland. 

284 Main St., Buffalo, N. Y.... 

GO Beaver St., New York, N. Y 

49 Broad St., New York, N. Y 

% Arthur E. Crone, Plainfield Tr. Co., Plain- 
field, N. J. 

% The Chase Natl. Bk., 18 Pine St., New York, 

NY. 

1550 E. 27th .St., Tulsa, Okla 

% Tide Water Asso. Oil Co., 700 Espurson Bldg., 

Houston, Texas. 
79 New Montgomery St., San Francisco, Calif.. 

1021 Park Ave., New York, N. Y 

79 New Montgomery St., San Francisco, Calif.. 

30 Broad St., New York, N. Y. 

135 S. La Salle St., Chicago, 111 

% Fiduciary Tr. Co., 1 WaU St., New York, 

N. Y. 

17 E. 42nd St., New York, N. Y 

508 Franklin Trust Bldg., Philadelphia, Pa 

25 Broad St., New York, N. Y 

2 Wall St., New York, N. Y 



% Chase Natl. Bk., 11 Broad St., New York, 

N. Y. 

P. O. Box "O", Ross, Marin Co., Calif.. 

Richfield OU Bldg., Los Angeles, Calif 

120 Broadway, New York, N. Y 

1419 House Office Bldg., Washington, D. C 

% Chase Natl. Bk., Pine St., Cor. Nassau, New 

York, N. Y. 

1 Wall St., New York, N. Y. ....: 

26 Broadway, New York, N. Y _ 

P. O. Box 64, New London, Conn 

59 Wall St., New York, N. Y 

Suite 1911, 230 Park Ave., New York, N. Y 

136 Turin St., Rome, N. Y..... 

115 Bway., New York, N. Y 

120 Bway., New York, N. Y 

% Chase Natl. Bk., Per. Tr. Div., 11 Broad St., 

St., New York, N. Y. 

1 Wall St., New York, N. Y 

7 E. 44th St., New York, N. Y.... 

20 Exchange PI., New York, N. Y 

% Morris & McVeigh, 60 Wall St., New York, 

N. Y. 



20 Exchange PI., New York, N. Y 

140 Bway., New York, N. Y 

14 Wall St., New York, N. Y .. 

% Public Natl. Bk. & Tr. Co., 76 William St., 

N. Y. C. 

40 Wall St., New York, N. Y 

115 Bway., New York, N. Y.._ 

% Tide Water Asso. Oil Co., Rm. 409, 79 New 

Montgomery St., San Francisco, Calif. 

1500 Chestnut St., Philadelphia, Pa.. 

40 Water St., Boston, Mass 

% Natl. City Bk., 55 Wall St., New York, N. Y.. 

98 Battery St., San Francisco, Calif 

% D. M. Dillon Steam Boiler Works, Fitchburg, 

Mass. 

15 Broad St., New York, N. Y 



APPENDIX IV 

DOMESTIC OIL ACREAGE AND RESERVES OF MAJOR OIL COM- 
PANIES BY FIELDS AND STATES, DECEMBER 31, 1938 

REPLIES TO QUESTION 12B OF T. N. E. C. QUESTIONNAIRE 

T. N. E. C. 4/19/39 
Question 12-B 
Schedule 11 

The Atlantic Refining Company and subsidiary companies, acreage and oil reserves, 
December 31, 1938 



State pool 


Net de- 
veloped 
acres 

1/1/39 


Net non- 
producing 
acres 
1/1/39 


Total net 
acres 
owned 
1/1/39 


Foe 
lands 


Leases 


Total net 
reserves 
1/1/39 


Texas: 

East Texas Pool 


6,175 
34 
45 
272 
15 
54 

1 

80 
6 
1,372 
793 
68 
18 
759 
40 
25 
160 
300 
1,190 
166 
343 
560 
1,884 
500 
560 
79 
651 
500 
40 
80 
205 
213 
80 
340 
440 
161 
960 
141 
198 
149 




6,175 
54 
207 
27e 
15 
548 
433 
1,900 

227 

2,282 

793 

428 

18 

759 

480 

25 

515 

740 

2,631 

166 

343 

1,426 

3,564 

500 

960 

79 

894 

590 

120 

80 

205 

213 

2,960 

6,100 

440 

361 

1,160 

141 

198 

149 

771,916 


"""148' 
'92,"529' 


6,175 
34 
207 
272 
15 
548 
433 

1,900 
269 
227 

2,134 
793 
428 
18 
759 
480 
25 
515 
740 

2,631 
166 
343 

1,426 

3,564 
500 
960 
79 
894 
590 
120 
80 
205 
213 

2,960 

6,100 
440 
361 

1,160 

141 

198 

149 

679, 387 


l45, 588, 000 


Barbers Hill Pool 




158, 000 




162 


815,000 




3, 469, 000 


QUlock Pool - -- 




252,000 




494 
151 
1,725 
189 
• -221 
910 


3,487,000 




3, 012, 000 


Magnet Pool 


1, 509, 000 


Palacios Pool 


51,000 


Goose Creek Pool 


6,000 


Aransas Pool 


5, 169, 000 


Oreta Pool 


1, 582, 000 


La Blanca Pool 


360 


1,302,000 


Weslaco 


Gas 


Seven Sisters Pool 


^. 


1, 273, 000 


TaftPool 


440 


166,000 


Tom O'Connor Pool 


6,000 




355 

440 

1,441 


.'>89, 000 


Church & Fields PooL. ------ 


1,002,000 




2,263,000 


South Cowden Pool 


33,000 






190,000 


Foster Pool - 


866 
1,680 


4,314,000 




6,719,000 




3,993,000 


Hendricks Pool 


400 


169,000 




94,000 


Jordan Pool 


243 
90 
80 


8,469.000 


Kermlt Pool 


593,000 


Leek Pool 


5."), 000 


McCamey Pool 


177,000 


Payton Pool 




134,000 


Penwell Pool 




209,000 


Sand HUls Pool 


2,880 
5,760 


256,000 




10,902,000 


Shipley Pool ... . 


19,000 


North Ward Pool 


200 
200 


209,000 


South Ward Pool 


954,000 


HoUiday Pool 


38,000 


Olney Pool 




8,000 


Vernon Pool 




77,000 


Non Producing Areas 


' 771,916 










Total Texas 


20,113 


791. 203 


811,316 


92, 677 


718, 639- 


209,311,000 






Louisiana: 
Lisbon . . 


490 
400 


105 

394 

22,465 


595 

794 

22, 465 


40" 


595 

794 

22,425 


421,000 


No. Tepetite 


2, 192, 000 












Total Louisiana 


890 


22,964 


23,854 


40 


23,814 


2,613,000 






Arkansas: 

Magnolia- Village 


80 
60 


325 

160 

3,304 


405 

220 

3,394 




405 

220 

3.394 


5, 075, 000 


Schuler 


830,000 


Non Producing Areas 






140 


3,879 


4,019 




4,019 


5, 905, POO 







8043 



8044 



CONCENTRATION OF ECONOMIC POWER 



The Atlantic Refining Company and subsidiary companies acreage and oil reserves, 
December 31, i5S5— Continued 



state pool 


Net de- 
veloped 
acres 
1/1/39 


Net non- 
producing 
acres 

1/1/39 


Total net 
acres 
owned 

1/1/39 


Fee 
lands 


Leases 


Total net 
reserves 
1/1/39 


New Mexico: 
Eunice 


2,898 
280 

20 
300 
763 
160 
185 
220 
421 

80 
161 
200 
381 


130 


3,028 
280 
20 
620 
779 
160 
295 
260 
421 
339 

1,071 

200 

521 

39,006 




3,028 
280 
20 
620 
779 
160 
295 
260 
421 
339 

1,071 

200 

.521 

39.006 


6, 3.52. 000 


Hobbs 


329,000 


Langlie 


4,000 


Mattix .-. 


260 
16 


1,388,000 




2, 550, 000 




.361,000 


Skelly 


110 
40 

■"" "'259 
910 

140 
30,006 


210,000 




252,000 




69,000 




1,034 000 


Hardy 


2, 398, 000 




29, 000 


Lynn 


625,000 


Non Producing Areas ' 




Total New Mexico ... 


6.129 


40, 871 


47.000 




47,000 


1.5.601.000 


Kansas: 

Bloomer Pool 


80 
160 
35 
IfiO 
320 
160 
109 
480 
80 
128 
480 
40 
27 
80 
.40 
176 
20 
40 
■ 170 
120 
60 
235 
201 
80 
80 
1,167 
147 
640 
640 




80 

160 

35 

160 

480 

1, .560 

880 

2,040 

155 

520 

480 

120 

1.386 

80 

40 

344 

20 

,530 

530 

120 

300 

925 

201 

80 

320 

1,327 

2«9i 

5, 040 

4,400 

1.51,141 


:::::::: 


80 
160 

35 

160 

480 

1. 560 

880 

2,040 

155 

520 

480 

120 

1,386 

80 

40 
344 
' 20 
.530 
530 
120 
300 
925 
201 

80 

320 

1,327 

5,040 

4,400 

151,141 


35, 000 


Brandenstein Pool 




92, 000 


Burrton Pool 


31, 000 


Doran Pool 




17,000 


Gates Pool 


160 
1.400 

771 

1, 560 

75 

392 


665, 000 


Hiss Pool 


101, 000 


luka Pool 


821, 000 




1,565,000 




79,000 




Gas 




750,000 




• 80 
1,359 


101,000 




542, 000 




48.000 




168' 

490 
360 

240 
690 


43, 000 




264, 000 




21, 000 




45,000 


Sittner Pool 

South Silica Pool 


.58. 000 
551, 000 


Stoltenberg Pool 


1, 164, 000 


Stumps Pool 


1,476.000 




323, 000 


Ubert Pool 




23, 000 


Westhusin Pool 


240 

160 

142 

4,400 

3,760 

151,141 


381.000 


Whe'ry Pool 


899, 000 


Zenith Pool 


351,000 




1.9.52.000 


Shallow Water Pool 


1,950,000 


Non-Producing Acres 






Total Kansas 


6. 155 


167. 588 


173.743 




173, 743 


14.348.000 


Oklahoma: 


228 
200 
144 
240 
440 
40 
340 
40 
55 
80 

75 
85 
130 
160 
51 
123 
80 
170 
38 
30 
80 
100 
115 


20 
40 


248 
200 
184 
240 
440 
160 
340 
40 
55 
160 

n 

140 
85 

130 

160 
51 

123 
80 

170 
38 
30 
80 

100 

115 
23, 422 


40 


248 
200 
184 
240 
440 
160 
340 
40 
55 
160 

140 
85 

130 

160 
51 

123 
80 

170 
38 
30 
80. 

100 

115 
23.382 


2; 328. 000 




287, 000 




338, 000 


No Earlsboro 


1.391.000 


"West Earlsboro 


120 


379. 000 




1,4.51.000 


St Louis 


33. 000 






4,000 






80. 000 




80 
65 


3,53. 000 




108.000 




804, 000 




308.000 






70.000 






13,000 


Blakely 




20.000 






4,000 


Cushine "- - 




1,000 






105. 000 






10, 000 


Mercer . . . 




15, 000 






2,000 






20,000 


Tnskeeee 

Non Proaucing Acres 


""23,'422" 


68,000 


Total Oklahoma... 


3,055 


23, 747 


26. 802 


40 


26, 762 


8, 291, 000 







C-HDM 
BK 



CONCENTRATION OF JCONOMIC POWER 

Cities Service Consolidated Statement 



8045 



T. N. E. C. Questionnaire For Oil Companies — Data Furnished by Empire 
Group, Arkansas Fuel Oil Company and Cities Service Oil Co. (Pa.). 

"Question 12~b: Acreage and crude oil reserves 





Total Acreage (Acres) 




C. S. Oil 
Co. (Del.) 


I. T. I. 0. 


Ark. Fuel 
Oil 


C. S. Oil 
Co. (Pa.) 


Total 




801, 600 

165, 691 

297, 504 

51,836 







35,012 

















20, 813 


185. 225 

210, 268 

77, 740 

6, 551 



582 

2, 752 



8S2 







15, 543 

50.000 

1,280 



3,030 


2,466 

866 

148, 426 



67, 687 

8.630 





1,040 

5,331 

625 

634 







39. 040 

6,466 




1,096 






1 372 
3,961 








989, 291 


Oklahoma -. 


376, 825 




524, 766 


New Mexico 


58, 387 


Louisiana 


67, 687 


\rkansas 


9,212 


Montana 


2, 752 


Michigan 


35,012 


Illinois 


1,922 


Ohio 


6,703 


Pennsylvania 

West Virginia 


4,586 
634 


Colorado 


15,543 


Utah _ 


.50,000 
1,280 




39, 040 




30, 309 






Total 


1, 372, 456 


553, 853 


281,211 


6,429 


2, 213, 949 











Net CnidelOil.Rcservcs (Barrels) 






C. S. Oil 
Co. (Del.) 


I. T. I. 0. 


Ark. Fuel 
Oil 


C. S. Oil 
Co. (Pa.) 


Total 




133.037,3.52 

6, 838, 340 

55. 408, 096 

16, 521, 649 







1, 382, 888 

















11,839 


10,429,115 

36, 515, 528 

2,859,464 

124. 880 

s 

91, 864 












207, 421 

628,606 

57,913,357 



3, 617, 313 

704, 382 





239,965 

123, 241 

51. 288 

19,129 









48,011 






1,200,000 













21, 000 

640,000 







i 


143, 673, 8RS 




43, 982, 474 




117,380,917 




16, 646, 529 




3, 617, 313 




704, 382 


Montana 


91, 864 


Michigan 


1,382,888 


niinois 


239, 965 


Ohio 


144,241 


Pennsylvania 


691,288 


West Virginia 


19, 129 


Colorado 





Utah 





Wyoming 





Mississippi 







S9, 850 






Total 


213, 200, 164 


50, 020, 851 


63. 552. 713 


1, 861, 000 


328, 634, 728 







Note. — For detail by fields and states see individual company answers to this question in Questionnaire 
for Oil Companies which the individual companies named above are filing with the Committee. 



124491— pt. 14-A- 



8046 CONCENTRATION OP ECONOMIC POWER 

b. Estimated company net crude oil reserves, December 31, 1938 





Net Lease 
Acres 


Estimated Net 
Crude Oil Re-, 
serves Barrels 


Kansas: 

Butler, Marion Area . . 


20,993 

9,077 

561 

741 

6,547 

861 

8,369 

1,329 

746,301 

6,821 


22, 788, 820 
4, 434, 161 


Greenwood, Elk Area . . 


Sedgwick, Cowley Area 


McPherson, Reno Area 




Rice, Ellsworth Area 




Staflord, Pratt Area 










8,871,937 
62 780 396 


Miscellaneous Kansas — - 


Minerals in Fee Acreage 


155 778 






Total Ka^ sas 


801,600 


133 037 352 






Oklahoma: 

Greater Seminole Area 


.1,310 
155 

7,420 
430 

2,695 
145, 921 

7,760 


2,603,993 

612,504 

2, 229, 167 


Oklahoma City Area 


Osage County Area- 


South Oklahoma. 


Other Scattered Oklahoma 










74, 308 




Total Oklahoma 


165, 691 


6,838,340 




Texas: 

Gulf Coast... 


35 

800 

979 

1,655 

6,347 

4,385 

256, 240 

27,063 








North Texas Area 


873, 481 


East Texas Area 


24 915 949 


Panhandle Area 


16 864 042 


West Texas Area 


6 628 344 


Miscellaneous Texas . 


4 667 901 










Total Texas 


297, 504 








New Mexico: 
Lea County. 


4,361 

80 

42, 587 

4,808 


12, 194, 362 

27,331 

4,211,639 


Eddy County 


Miscellaneous New Mexico 


Minerals in Fee Acreage 


88,317 






Total New Mexico 


51, 836 








Michigan: Total Michigan 


35, 012 


1,382 888 






Arkansas, Louisiana, Ala. Missouri, ni.: 
Miscellaneous Acreage 


20,468 
345 


11 839 


Minerals in Fee Acreage 








Total Other States 


20,813 


11,839 


Grand Total 


1,372.456 









Note.— We ^o not have total estimated reserves. 



State Pool 


Oil Producing 
Acreage 


Non-producing 
Acreage 


Total Acreage 


Reserves 
(Bbls.) 


% 




Fee 


Leased 


Total 


Fee 


Leased 


Total 


Fee 


Leased 


Total 




Pennsylvania: 



660 


3058 
343 


3058 
903 















560 


3058 
343 


3058 
343 


34000 
606000 












Total 


560 


3401 


3961 











660 


3401 


3961 


640000 








Ohio: Graysville... 





1372 


1372 














1372 


1372 


21000 








Texas: 

Church 









320 
80 
80 
40 



320 
80 
80 
40 














676 






576 









320 
80 
80 
40 

676 


320 
80 
80 
40 

576 


1099000 

39000 

10000 

52000 






Leek. 




Eastland Co .. 




Saxet 




Other 








Total 





620 


520 





576 


576 





1096 


1096 


1200000 










560 


6293 


6853 





676 


576 


560 


5869 


6429 


1861000 









CONCENTRATION OF ECONOMIC POWER 



8047 



c. Prior to March 1938, this company operated the Mexican Atlas Petroleum 
Co., S. A., and Cia Petrolera del Agwi, S. A. However, the properties of these 
companies were expropriated by the Mexican Government during March 1938; , 
therefore, this company had no foreign operations as of December 31, 1938. 

12-b: For the year 1938 alone the acres owned in fee and leased, broken down 
as to states and oil fields, together with an estimate of the oil reserves of each field 
covered by such acreage and the percentage such reserves bear to the total esti- ; 
mated reserves of the field. 

Arkansas Fuel Oil Company — Analysis of company net producing acres and . 

company net reserves as of December SI, 1938 i 



Field or District Counties 


Net Com- 
pany Pro- 
ducing Acres 


Company 1 
Net Reserves 
(Barrels) 




180 

861.52 

180 


59,665. 




606, 322 




38, 395 1 








1, 221. 52 


704,382|! 






200 
368.99 
202 
513.50 
274 
251 
210 
40 
659.63 


159, 174' 
269, 508 






3,136 




586, 862 




906,644 
104, 52f 
433, 18B 


Pleasant Hill, Sabine & DeSoto Parishes 


Rodessa, Caddo Parish 


Sligo Bossier Parish 


79,032 


Urania, La Salle Parish 


1, 075, 1^ 






Total State of Louisiana 


2, 719. 12 


3, 617, 313 






Liberty Liberty County 


100 

80 
161. 86 

40 

349. 19 

2,886.47 

108. 36 

44 

80 

50 

40 


357, 693 




546, 257 




2,020,897 




242. 838 




2, 132,, 668 




51, 924, 049 




264, 739 




54, 084 


Humble, Harris County 


171,423 


Pecos, Pecos County 


175, 797 


Howard, Howard County 


22, 912 






Total State of Texas 


3,939.88 


57, 913, 357 






Allen, Pontotoc and Seminole Counties 


456.40 
30 


582, 269 


Pawnee, Pawnee County 


46, 337 






Total State of Oklahoma 


486.40 
247.50 
569.29 
132. 09 
53.35 


628,606 


Winfleld Butler Cowley and Greenwood Counties, Kansas 


207, 421 


Robinson Crawford County, Illinois 


239,965 


Washington County, Pennsylvania - - 


51,288 
19,129 






Gore Hocking County 


435 
570 
220 


67,001 




13,202 




43,038 








1,225 


123, 241 




48,011 








Grand total all States 


10, 594. 15 


63, 552, 713 







8048 CON< -ENTRATION OF ECONOMIC POWER 

Arkansas Fuel Oil Compamj — Company net acreage as of 12-31-38 



state 


Cnnnty or Pari.sh 


Total 
Non-Pro- 
ducipg 
Acreage 


State 


County or Parish 


Total 
Noii-Pro- 
duciug 
Acreage 




Clarke 


3,706 
2,760 


Oklahoma. 

Ohio 

Texas.. 




40 




Washington 


Pontotoc 


130 




Total 






6,466 


Creek 


80 




Lafayette 






Arkansas 


23.04 
1,257 
280. G5 
817 
300 
40 
390 
3, 406. 30 
854.39 
40 


Total 






Bradley 


380 






Holmes 






Columbia 


530 




Drew 


Knox 


476 




Miller 


Licking 


702. 50 




Nevada 




81 






Wayne. ..:"';:::.: 


977 




Union 


Coshocton -. . 


72 




Johnson 


Hocking.......... 

Total 

Anderson 

Andrews 


1, 207. ."-lO 




Total 






7, 408. 38 


4,100 








Ulinois 


471. 13 






Barton 


BW 


Kansas 


320 

30 

331. 75 
143. 40 
460 

53.33 
320 

80 
320 
160 


Austin 


2, 330. 33 




Butler 


Bee 


240 82 




Cowley 


Borden 


2,000 




Elk...:. . 


Bowie 


1, 189. 31 








1, 233. 55 








7, 204. 10 




Rice.. 




114.80 




Rush 


Calhoun 


426.30 




Saline 


Camp 


28.81 




Sedgwick _..... 

Total 


Cass. 


5, 027. 04 




Cherokee 


2, 251. 22 
969. 10 




2, 218, 48 


Colorado 




Allen 


Crockett 

Dawson 

DeWitt 


320 
760 


Louisiana 


320 
313. 13 

2, 496. 15 
10, 169 

7, 883. 41 

6,462.11 

4,773.65 

1,394 

1,673 

8, 404. 53 
420 

3, 400. 20 

1.355 

7,467.04 
25 

789, 01 
330.50 
285.51 

1,095.33 

2, 533. 50 

1,024.92 
40 

1,098 

1, 214. 46 




Ascension,- _. 

Avoyeles 
Bienville 


3, 280. 85 




Dimmift.... 

Duval 


140 
8, 927. 24 




Bossier 


Eastland 


140. 72 




Caddo 


Ector... 

Edwards 


160 




Claiborne 


3,798 




DeSoto. 


Fort Bend 


4,311.09 




Jackson 




409.93 




La Salle 


Frio 


160 






Gaines 


972 






Goliad.. 


1, 682. 92 




Natchitoches 

Red River. 


Grayson. 


966.90 






189.70 




Grand 


Harto" 






St. Martin 


Harris 


2,512.54 




St. Landry 


Harrison 


1, 233. 95 




Sabine. 


Henderson 


1, 212 20 




Tensas 


Hidalgo 


236. 93 




Union 


Houston 


100 




Webster 


Howard 


20 




West Carroll 

Winn 


Hunt 


788.28 




Jasper 


35 




Terrebonne ..__ 

Total 




4, 407. 75 




Jim Wells 


15, 530. 74 
2, 270. 57 




64, 967. 45 






Clarke 


Kleberg 


579. 24 


Mississippi 


298 
10, 998. 50 

320 
1,236 
1.130 


Lee 


318. 50 




Copiah 


Liberty 


4 124.20 




George 


Limestone 


110 




Hancock 


Live Oak 


2, 312. 89 
















640 




Davis 


8,124 
1,614 
11,528.50 
1,215 

826 
1,040 

709. 63 


McMuIlin .... 


412.33 








3. 667. 46 








446 






Medina . .. 


99.20 




Marion 


Montgomery 


604.84 






908.60 




Wilkerson . .. 




370. 39 




Total 




1,088.26 
100 




39,039.63 








Panola... 


8,218.85 



CONCENTRATION OF ECONOMIC POWER 8049 

Arkansas Fuel Oil Company— Company net acreage as of 12-31-38 — Continued 



state 


Oouuty or Parish 


Total 
Non-Pro- 
ducing 
Acreage 


State 


County or Parish 


Total 
Non- Pro- 
ducing 
Acreage 


Texas 


Pecos 


2,090 

60 

640 

1, 185. 45 

1, 853. 84 

1. 160. 42 

849.50 
964.79 

1. 902. 43 
2, 957. 43 

100 

520 
5,351.30 
2, 701. 67 

823. 36 
80 


Texas 

Pennsylvania... 
West Virginia... 

Grand total 


Victoria 

Waller 


2, 738. 28 




P»lk 


151. 50 




Real 


Webb 


940.08 




Refugio 


Wharton 


2, 237. 27 




Rusk 


Wichita 






San Patricio & Aran- 
sas. 
Schleicher 


Wilson 


232 30 




Wood 


50 




Total 






Shelby 


144 486 27 




Smith 

Starr- 

Stephens 

Sutton 








493.00 




Marion 


118 84 




Wetzel 

Total -- 


461. 75 




Tyler. 


580.59 












Upton 


270 616 93 













Empike Gas and Fuel Company 



12-B. Subject: Paragraph 12- B- 



-Questionnaire, Temporary National Economic 
Committee 



In connection with the above subject the attached schedules, showing I. T. I. O. 
Company net oil reserves for leases, royalty and overriding royalty as of December 
31, 1938 and also the number of I. T. I. O. net acres from which these reserves are 
to be obtained, are herewith submitted. 

For leases this information is classified by states and pools; and within each 
pool the reserves and acreage are shown separately for producing and proven but 
non-producing leases. 

For oil royalty this information is classified by states only; and within each 
state the reserves and acreage are shown separately for producing oil royalty and 
proven but non-producing royalty. 

For overriding oil royalty this information is classified by states only; and 
within each state the reserves are shown separately for producing overriding 
royalty and for proven but non-producing overriding royalty. Acreage is not 
shown as overriding royalty interest is based on a specific agreement involving 
varying interests in the entire lease tract. 

/. T. I. 0. Co. net oil reserves and net acreage in producing leases and proven but 
non-producing leases, classified by States and fields as of December 31, 1938 



State & Field 


Classification of Leases 


Number 

Of ITIO 

Net Lease 

Acres 


Oil Reserves 

ITIO Net 

Bbls. As of 

12-31-38 


Kansas: 

South Silica 


Producing Leases . 


1, 584. 00 
80.00 


5, 493, 016 






280,000 










1, 664. 00 


6,773,016 










320.00 


264,862 


















320.00 


264, 862 




Producing Leases 




Atherton 


120.00 


161, 351 










Total Pool 








120.00 


161, 351 
















Proven, Non-Prod. Leases ... 


560.00 


980,000 










560.00 


980,000 









8050 



CONCENTRATION OF ECONOMIC POWER 



r. T. I. 0. Co. net oil reserves and net acreage in producing leases and proven but 
non-producing leases, classified by States and fields as of December 31, 1938 — 
Continued 



State & Field 


Classiflcation of Leases 


Number 

OflTIO 

Net Lease 

Acres 


Oil Reserves 

ITIO Net 

Bbls. As of 

12-31-38 


Kansas— Continued. 

Silica 




40.00 


163, 537 




Proven, Non-Prod. Leases 




Total Pool 








40.00 


163, 537 




Producing Lea-ties 


Stoltenberg 


120.00 


545,482 




Proven, Non-Prod. Leases 




Total Pool 








120.00 


545, 482 








59.-63 


127, 233 




Proven, Non-Prod. Leases 




Total Pooh. 








59.63 


127,233 




Producing Leases 


Trspp 


240.00 


1, 518, 224 




Proven, Non-Prod. Leases 




Total Pool 








240.00 


1, 518, 224 


Walters 


40.00 
40.00 


227,395 
35,000 




Proven, Non-Prod. Leases 




Total Pool 




80.00 


262.395 






Wherry 


80.00 


25, 244 




Proven, Non-Prod. Leases _ 




Total Pool _ 








80.00 


25,244 




Producing Leases .._ 

Proven, Non-Prod. Leases 


Burrton 


210.00 


460,870 






Total Pool 








210.00 


460,870 




Producing Leases 


Voshell 


40.00 


60,200 




Proven, Non-Prod. Leases 




Total Pool 








40.00 


60.200 




Producing Leases 


Total Kansas 


2, 853. 63 
680.00 






Proven, Non-Prod. Leases.- 

Total Kansas 


1.295,000 




3, 533. 63 


10.342,414 




Producing Leases 


Texas- 
West Pampa.._ 


160.00 


1, 260. 285 




Proven, Non-Prod. Leases.... _ 




Total Pool 








160.00 


1. 260, 285 






Shipley _.. 


240.00 


26,250 




Proven, Non- Prod. Leases 




Total Pool 








240.00 


26,250 






Wasson 


480.00 


14,984 




Proven, Non- Prod. Leases . 












480.00 


14.984 




Producing Leases _ 


British-A merican 








Proven, Non-Prod. Leases 


110.00 


192,600 




Total Pool 




110.00 


192,500 






Miscel.'aneous (Ward & 


360.00 


38,448 


Carson Cos.) 


Proven, Non- Prod. Leases 




Total Pool 








360.00 


38,448 




Producing Leases 


Total Texas 


1,240.00 
110.00 


1,339.967 
192,600 












1.350.00 


1,632,467 







CONCENTRATION OF ECONOMIC POWER gQ^l 

I. T. I. O. Co. net oil reserves and net acreage in producing leases and proven but 
non-producing leases, classified by States and fields as of December SI, 1938 — 
Continued 



state & Field 


Classification of Leases 


Number 

Of ITIO 

Net Lease 

Acres 


Oil Reserves 

ITIO Net 

Bbls. As of 

12-31-38 


Montana' Lake Basin 


Producing Leases 


790.00 


91,804 




Proven, Non-Prod. Leases 






Total Montana 








790.00 


91,804 




Producing Leases 




Oklahoma: 

Oklahoma City 


5,403.48 


26, 218, 189 




Proven Non-Prod Leases 






Total Field -..- 








5, 403. 48 


28, 218, 189 








Seminole City 


280.00 


77.437 
















280.00 


■ 77. 437 










1.040.00 


2, 755, 399 


















1, 040. 00 


2, 755, 399 








670.00 


212, 145 




Proven, Non-Prod. Leases • - 




Total Pool 








670.00 


212, 145 




Prodacing" Leases 




West Asher 


119.00 


11 028 




Proven Non-Prod Leases 






Total Pool 








M900 


11 025 








St. Louis 


455.00 


720 103 


















465.00 


720, 103 




Producing Leases , 




Sasakwa Townsite 


53.87 


152i 132 


















53.87 












29.99 


232,028 




Provfln, Non-Prod. Leases . . . 












29.99 


232,028 




Producing Leases 


Orayson 








Proven, Non-Prod. Leases 


40.00 


131,250 




Total Pool 






40.00 


131 260 




Producing Leases 




Misc. Seminole Area 


488.94 


76 498 




Proven, Non-Prod. Leases 






Total Miscellaneous 








488.94 


76.498 




Producing Leases 


Avant, West 


160.00 


16.668 








Total Pool 








' 160.00 


16, 668 




Producing Leases 


Barnsdall . 


1, 477. 30 


103. 945 




Proven, Non-Prod Leases j 




Total Pool 








1, 477. 30 


103, 945 




Producing Leases . 


Burbank 


176.00 


376.540 








Total Pool 








176.00 


376, 546 




Producing Leases ._.__.. 




119.65 


1, 726. 883 






Total Pool.. 








119.65 


1 726 883 









8052 



CONCENTR * TION OF ECONOMIC POWER 



I. T. I. 0. Co. net oil reserves and net acreage in producing leases and proven hut 
non-producing leases, classified by States and fields as of December SI, 1938 — 
Continued 



State & Field 


Classification of Leases 


Number 

Of ITIO 

Net I-ease 

Acres 


Oil Reserves 

ITIO Net 

Bbls. As of 

12-31-38 


Oklahoma— Continued. 
Candy Creek 




266.65 


6,964 




Proven, Non-Prod. Leases... . 




Total Pool 








266.65 


6,964 










320.00 


99,746 




Proven, Non-Prod. Leases 






Total Pool ... 








320.00 


99,746 




Producing Leases 




Domes . . 


1,120.00 


238,829 




Proven, Non-Prod. Leases 












1,120.00 


238,829 




Producing Leases 




Hickory Creek.. . 


376.00 


19,239 




I'roven, Non-Prod. Leases 




Total Pool _. 








376. 00 


19. 239 




Producing Leases 




Manion, North. 


160.00 


26^991 




Proven, Non-Prod. I>eases.. 




Total Pool 








160.00 


26,991 




Producing Leases 


Osage City 


320.00 


45, 712 




Total Pool 








320.00 


45, 712 




Producing Leases 


Pershing 


2. 048. 00 


92, 774 




Proven, Non-Prod. Leases 




Total Pool 








2. 048. 00 


92, 774 




Producing Leases 


Pond Creek . . 


320.00 


10 632 




Proven, Non-Prod. Leases 






Total Pool 








320.00 


10,632 




Producing Leases 


Quapaw 


960.00 


39,765 




Proven, Non-Prod. Leases 




Total Pool 








960.00 


39, 765 




i'roducing Leases 

Proven. Non-Prod. Leases 

TotalPool .- 

Producing Leases 


Wildhorse 


720.00 


99. 307 






720.00 


99.307 


Woolaroc. ... 


160.00 


9,937 






TotalPool 








160. 00 
520.00 


9,937 
45,357 


Wynona... 






Proven, Non-Prod. Leases 




TotalPool - 








520.00 


45, 357 




Producing Leases 


Maramec 


060.00 


240, 396 




Proven, Non-Prod. Leases 




Total Pool 








980.00 


240. 396 




Producing Lea-scs 


Tarlton, North 


80.00 


31 758 










'J'otal Pool 








80.00 


31, 758 




Producing Leases . _ 

Proven, Non-Prod. Leases 


Yale-Quay. . 


160.00 


41, 662 






TotalPool 








160.00 


41, 662 







CONCENTRATION OF ECONOMIC POWER 



8053 



/. T. I. O. Co. net oil reserves and net acreage in producing leases and proven but 
non-producing leases, classified by States and fields as of December 31, 19S8 — 
Continued 



State A Fi(.ld 


Classification of Leases 


Number 

Of ITIO 

Net Lease 

Acres 


Oil Reserves 

ITIO Net 

Bbls. As of 

12-31-38 


Oklahoma— Continued. 
Misc. O.sage -- 




374. 90 


78, 473 


Proven Non-Prod Leases 






Total Misc Osage 








374.90 


78 473 




Producing Leases 




West Trederick 


3G0.00 


1 713 666 










Total Pool 








360.00 


1 713,666 




Producing Leases 




Logan County' — 


0) 


77, 656 


Proven, Non-Prod. Leases 






Total Logan Co 










77 656 




Producing Leases 






Total Olvlahonia 


X9, 698. 78 
40.00 


35, 597, 752 




Proven, Non-Prod. Leases 


131,250 










19, 738. 78 


35,729 002 




Producing Leases 




Orand total 


24, 582. 41 
830.00 


46, 076, 997 










Grand total 






25,412.41 


47, 695, 747 









' Yi interest lease in which acreage has been assigned. 

Schedule showing I. T. I. O. Company net oil royalty reserves and net acreage under 
producing leases and proven but non-producing leases, classified by States, as of 
December 81, 1938 



State 


Classiticalion Of Leases Under Which Royalty 
Is Owned 


No. of I. T. 

I. 0. Net 

Royalty 

Acres 


Oil Reserves 

I. T. I. 0. Net 

Bbls. As Of 

12-31-38 






1,669.07 
40.00 


762, 730 




Proven, Non-Prod. Leases 


9, 390 




Total Oklahoma 






1,709.07 


772, 120 










,112.49 


14,022 


















112.49 


14, 022 










1, 723. 02 
40.00 


694,911 






41,600 










1, 763. 02 


736, 511 








New Mexico . . 


269.99 
26.67 


93,638 






16,640 




Total New Mexico ... 






296.66 


110, 278 










3, 774. 57 
106. 67 


1,565,301 






67, 630 










3,881.24 











8054 



CONCENTRATION OF ECONOMIC POWER 



Schedule showing I. T. I. O. Company net oil overriding royalty reserves under -pro- 
ducing leases classified by states, as of December 31, 1938 



State 


(Classification Of Leases Unrier Which Over- 
riding Royalty Is Owned 


No. OfLT. 
L 0. Net 
Overrid- 
Royalty 
Acres ' 


Oil Reserves 

LT.LO. Net 

Bbls. As Of 

12-31-38 




Producine; Leases - 




14, 406 






















14,406 




Producing Leases . 










72, 679 


Kansas — 




















72. 679 










T 

V cxas 




590, 486 












Total Texas 










590, 486 














14,602 




Proven Non-Prod. Leases 








Total New Mexico 










14,602 










Total Overriding Royalty. 




692. 173 


Proven Non-Prod. Leases 








Total Overriding Royalty 










692. 173 











1 Number of acres not shown as each overriding royalty interest is based on a specific agreement involving 
varying interests in the entire lease tract. 

Consolidated Oil Corporation 

(b) The net acres of domestic oil lands owned in fee and leased, by wholly 
owned subsidiaries of the reporting company, at December 31, 1938, broken 
down by states were as follows: — 

Acres 

Arkansas 8, 638 

Colorado 8, 879 

lUinois 1,454 

Kansas 582,839 

Louisiana 17, 336 

Missouri 11, 000 

Montana - 1,924 Total 1,733,404 

It has not been possible from information readily available to furnish either a 
break-down of the foregoing figures by oil fields or the related total oil reserves. 
However, subsidiaries of the reporting company estimate that oil reserves on 
the proven developed and proven undeveloped acreage included in the above 
tabulation amounted, at December 31, 1938, to approximately 550,000,000 
barrels. 



New Mexico. 

Oklahoma 

Texas 

Utah 

Wyoming 



Acres 


26, 


533 


577, 


400 


457, 


000 




29 


40, 


356 



CONCENTRATION OF ECONOMIC POWER 
Continental. Oil Company 



8055 



b. For the year 1938 alone the acres owned in fee and leased, broken down as to 
states and oil fields * * * 

Acreage by States as at December 31, 1938, Continental OH Company and subsidiary 
and affiliated companies 





Leaseholds 


Royalty and mineral rights 




Nonproducing 


Producing 


Nonproducing 


Producing 


Arkansas 


5, 473. 33 

19, 145. 77 

4, 130. 60 

319,821.02 

137. 082. 40 

80, 830. 97 

152, 450. 66 

535,910.20 

34,913.11 

115,328.55 

1,589.06 

1,120.00 

31,898.91 




6,000.98 
98.11 




Illinois..^ 






Indiana 






Kansas 


15, 183. 90 
15, 408. 46 
5. 825. 84 
15.390.63 
45,808.45 
3.111.09 
9, 178. 45 
2, 159. 77 


6,810.94 

3, 558. 79 
13,006.96 

1. 123. 50 
22, 549. 73 

2,558.01 

44, 681. 95 

199.65 


705 84 


Oklahoma 


90 83 




69 


New Mexico 




Texas 


11 057 32 


California 


' 357 81 


Colorado - 

Montana 


836. 51 
96.00 




13, 489. 01 


3, 349. 25 
3, 187. 68 
















Total.. .... - 


1, 439, 694. 58 


125, 555. 60 


107, 125. 55 









Note: Acreage by fields not available. 



b. * * * an estimate of the oil reserves of each field covered by such acreage 
and the percentage such reserves bear to the total estimated reserves of the field. 

Answer: 

It is the opinion of the geological and production experts of the Company 
that no reliable estimate can be made of the total oil reserves of any field in which 
this Company owns fee or leased lands, nor of the oil reserves covered by such 
acreage, there being no available knowledge of the areal extent of such oil re- 
serves, nor of the ultimate depth to which drills may penetrate. In the absence 
of such knowledge no estimate can be given which would be of any probative 
value, or to which this Company .would subscribe. 

Gulf Oil Corp. of Pennsylvania 
temporary national economic committee questionnaire for oil companies 

answer TO QUESTION I2-B (SUPPLEMENTAL REQUEST AUGUST 16, 1939) 



Domestic acreage owned in fee and leasehold ^ by 


oil fields and States 




Acreage as of 12-31-38 




Producing 


Unde- 
veloped 
Total 


Total 




Detail 


Total 


Texas: 




43, 877 


31.3, 197 


357, 074 


Amelia... 


84 

960 

105 

781 

1,263 

1,050 

1, 547 

4, 756 

75 

1,144 

778 

841 

436 

1,129 

110 

2,020 

339 

11,737 




Anahuac 




Barbers Hill 




Batson 




Big Creek 




Blue Ridge 




Bolinp 




Cleveland 




Cotton Lake 




Fannette. 




Ooose Creek... 




Hankamer 




Hardin 




Hull 












Manvel 




Moore Field... 





"Producing acreage" embraces total area of leases which are in production. 



8056 CONCENTRATION OF ECONOMIC POWER 

Domestic acreage owned in fee and leasehold by oil fields and States — Continued 





Acreage as of 12-31-38 




Producing 


Unde- 
veloped 
Total 






Detail 


Total 




Texas— Continued. 

Coastal Texas— Continued. 

!VrossBluff.'._... ,. 


1,432 
438 
775 
186 

6,184 
176 
4 
957 
191 
169 

4,200 
10 


2,283 
13,402 

9,047 
250,214 


19, 496 
159, 441 

152, 599 
726, 723 




























South Liberty 




Spindle Top 












West Columbia 








Southwest Texas . 




21 779 




355 
313 
1,071 
224 
320 








Lvtton Springs 




Somerset,. 




Medina County.. 








East Texas 




172, 843 


Henderson 


2,026 
4,213 
2.327 

'■'^ 

591 
547 
54 
275 
907 






Lonpview 




Marion County 




Powell 




Rodessa 




Sulphur Bluff... 




Talco 




Van... 




Willow Springs 








South Texas.'. 




161 646 


Hevser 


5,fi02 

3,000 

445 




Keeran 




Placedo 








Westlexas 




976, 937 


Church Fields 


320 

2,520 

, 19, 840 

2,080 

830 

4, 560 

3, 545 

26, 043 

20, 480 

52, 850 

2 644 

320 

480 

57, 371 

8,928 

38, 174 

i;28n 

7,949 


Estes 




Goldsmith 








Hendrick.. 


50, 433 
12, 628 


52, 734 
25, 893 




Howard County... 




Hurdle .' 




Judkins. 




Keystone 




McEh-oy 




Monahans. 




North Winkler.... 




Odessa 




Ogden 




Sand HUls 




Shipley... ,... 




Waddell 




Wasson 




Yates 








Texas Panhandle. I :. . . 




103.217 


Carson County 


6,080 
3:962 
3,830 
3; 609 
17,900 
15, 052 


Dial... 




Gray County 




Hutchinson— South 




Moore County. 




Slaughter..... l. ■ 








North Texas 




38, 521 


Archer County. 


1,122 

1, 73fi 
20 
377 
9,106 
168 
84 


Burkburnett 




Electra . 




Iowa Park. ... 




Montague County 




Stephens County 




Wilbarger County 




Young County 








Total Texas 




381, 884 


1, 450, 133 


1,832,017 








CONCENTRATION OF ECONOMIC POWER §057 

Domestic acreage owned in fee and leasehold by oil fields and States — Continued 







Acreage 


as of 1^31-Zi 






Producing 


Unde- 
veloped 
Total 


Total 




Detail 


Total 


Louisiana: 




321,015 


758, 374 


1, 079, 389 




91 

1,72a 

8,467 

977 

325 

145 

38, 747 

3,200 

428 

525 

770 

77,266 

71 

123 

188, 096 

54 

10 




Choctaw 




CockreU... 


23,816 


255, 985 








Edgerly - 








































Timbalier Bay 




Vinton 




West Hackberry 








North Louisiana 




279. 801 


Jeemb Bayou 


9,187 

80 

2,024 

999 
560 
1,001 
430 
1,784 
3,516 
1,602 
2,545 




Monterrey 




Mooringsport 




Pine Island 








Lisbon.. ,_ 
































Total Louisiana 




344, 831 


1, 014, 359 


1, 359. 190 






4,567 
179 


18,558 

712, 306 
17,534 

23, 551 
163, 382 


23,125 


El Dorado . . . 


462 

160 

47 

2,008 

1,890 




Lisbon 




Rodessa 




S macko ver-Heavy 




Smackover-Light 




Mississippi 


712, 485 


Alabama 




17,534 


Oklahoma: 

Eastern Oklahoma 




14. 231 
14, 554 


37, 782 


Bird Creek 


590 
712 
160 
2,560 
320 
823 
920 
50 
5,416 
1,600 
240 
200 
560 
40 
40 




Boston 




Bristow 




Burbank 




South Burbank 




Gushing 




DeDew 




Fish """ '""" 




Olennpool 




Hominy 
















Slick .. .:::::::::::::::::::::::::::::::::::::::::: 




Wetumka 








Central Oklahoma 




177,936 




400 

1,776 
240 
160 
800 

1,168 
427 

1,652 
50 
315 
160 
270 

1,272 
210 
841 




Asher 








Cement 




Crescent.... ._ 








Davenport 

Earlsboro 




East Bebee 




North Earlsboro _. 




Orayson 




Jesse 




Keokuk Falls 




Konawa 




Little River 





8058 CONCENTRATION OF ECONOMIC POWER 

Domestic acreage owned in fee ana leasehold by oil fields and States — Continued 





Acreage as of 12-31-38 




Producing 


Unde- 
veloped 
Total 


Total 




Detail 


Total 


Oklahoma— Continued. 

Central Oklahoma— Continued. 

Maud . 


240 

1,048 

880 

40 
160 
136 
160 
495 
690 
100 
400 

80 
200 
184 


6,103 
4,829 


271, 447 
99, 519 








Moore 




North Bethel 




North Wellston 




Rush Serines 




sSright 




North Searight 




Seminole 




Shawnee 




South Wilzetta 








Wewoka 
















277, 550 




1,599 
160 

10 

160 

1,880 

150 

40 

50 
340 
300 
973 

61 
380 








Doyle - - 








Fox - 




























Tussy - . 












Northwest Oklahoma 




104, 348 


Cleveland 


1,092 

2,000 

480 

806 

451 




Lucien 




Stillwater 




Tonka wa 




Yale 








Total Oklahoma 




39, 717 


557, 899 


597, 616 


Kansas: 




6,437 
11,041 


31, 127 
754, 770 


37,564 


Bnrrton 


640 
139 
336 
160 
800 
200 
1.440 
828 
388 
936 
450 
120 




Butler County 




Caldwell 




Charles - 




















Ritz-Canton . 




Valley Center 




Veshall - 




Winfleld ' 








Western Kansas 




765, 811 


Allen 


160 
240 
160 
483 
637 
240 
2,251 
879 
160 
80 
160 
80 
80 
880 
80 
80 
160 
457 
80 
160 
255 




Beaver 




Bemis 




Bloomer 




Busbton 




Catherine 




Chase 




Cress 




Cunningham 




Dubuque 




Fairport 








Hall. -- 








Kraft - 




Lorado 




Niedenthal -- 




Peter 








Schoeder 




Sharpe .' 





CONCENTRATION OF ECONOMIC POWER 8059 

Domestic acreage owned in fee and leasehold by oil fields and States — Continued 





Acreage 


iS of 12-31-38 






Producing 


Unde- 
veloped 
Total 


Total 




Detail 


Total 


Kansas— Continued. 

Eastern Kansas— Continued. 
Steekal 


1,839 
240 
480 
80 
160 
120 
160 
200 








Sullivan 




TraDD 




ubSt::::::::::::::::::::::::::::::::::::::::: 




Walter 




Wenke 




Wherry 












17, 478 


785, 897 


803, 375 












47,296 


642 


264 

1,559 


4,798 


2,147 


144, 238 

152, 783 
576, 159 

279, 538 
102, 105 

416. 802 

290,821 

639 

800 

41, 353 






23, 961 
1.000 
2,114 

10, 542 
480 
5.639 
2,360 
1,200 








Hobbs. 




Jal - 




T^ynn 




Monument 




Penrose 




Lea County 








Nebraska 




152, 783 


Illinois 




576, 801 


Centralia 


262 
90 
140 
150 




Flora 




Louden 




Noble 








Indiana 




279 538 






102, 369 




264 












418, 361 


Bentley 


580 
80 
80 
80 

739 








Dorr. . . 








KawKawlin 












290,821 


Montana 




5,437 


Wyoming 




800 


California 




43, 500 


Fruitvale 


2,147 








Grand total 




845, 362 


6, 561, 924 


7, 407, 286 









The Ohio Oil Company 

12. Statements showing: 

a. The total acreage of domestic oil lands held by the reporting company and 
its subsidiary and affiliated companies as of the last day of the years 1929 to 1938, 
both inclusive, together with a break-down showing the acres owned in fee, acres 
leased, whether producing or non-producing. Answer: 



Date 


Acres Leased 


Acres Owned 
in Fee 


Total Acreage 


Dec. 31, 1929 .-__ 

Dec. 31, 1930 - 


1, 687, 220. 61 
2, 095, 802. 24 
1, 324, 941. 84 
1, 321, 502. 49 
1, 235, 232. 59 
1,028,046.51 
1, 084, 270. 95 
1, 355. 804. 89 
1, 578. 239. 21 
1, 638, 591. 68 


22, 655. 57 

30. 878. 09 
30,613.84 
31, 158. 89 
32, 335. 71 
29,993.34 

29. 398. 10 
29, 620. 06 
29, 951. 97 
29, 785. 85 


1, 709, 876. 18 
2, 126, 680. 33 






Dec. 31, 1932 


1, 352, 661. 38 


Dec. 31, 1933 


1. 267. 568. 31 


Dec. 31, 1934 


1, 058, 039. 85 


Dec. 31, 1935 


1,113,669.05 


Dec. 31, 1936 


1, 385, 424. 95 


Dec. 31, 1937 


1,608,191.18 


Dec. 31v 1938 


1, 668, 377. 53 







8060 



CONCENTRATION OF p]CONOMIC POWER 



b. For the year 1938 alone the acres owned in fee and leased, broken down as 
to states and oil fields, together with an estimate of the oil reserves of each field 
covered by such acreage and the percentage such reserves bear to the total esti- 
mated reserves of the field. Answer: 



state and Field 


Acreage 

Owned in 

Fee and 

Leased 


Total Est. 

Productive 

Acreage 


Estimate 
of Our 
Reserve 


Estimate 
of Field 
Reserve 


PiTCPnlase 
of Our 

Reserve to 

Field 

Reserve 




18.111.37 










Chatnpagnolle - 


160 

780 

1,322 


659,880 
574, 750 
682. 895 


2,392,000 
43, 000, 000 
1,115,000 


22.60 


Smackover 






Stephens 




52.40 




69, 847. 68 




Canal 


470 
1,600 
60 
210 
160 
200 
60 
10 
340 


14,121,534 

28, 000, 000 

1,100.000 

1, 625, 000 

212.000 

2, 287, 190 

209,300 

10, 950 

3,111,000 


25, 276, 951 
101,500,000 
29, 651, 157 
14, 000, 000 
848, 000 
85, 000, 000 
22,490,604 
141,000,000 
95,901,600 


55.86 






27.59 


Piftv» Dfil Rev 




3.71 






11.61 






25.00 






2.69 


Mountain View 




0. 9306 


North Belridge 




0. 00775 


South Belridge 




3.244 




310, 016. 26 




Noble 


280 
547.22 
30 
65,600 


164,286 

5, 721, 125 

60,000 

22, 200, 000 


720.655 

100,320.000 

60.000 

39, 500, 000 


11.69 


Salem 




5.70 


West Clay City 




100.00 


OldFtelds - - 




56.20 




18,936.90 






20 


14, 680 


14,680 


100.00 




224, 687. 62 






150 
260 
300 
210 
10 
170 
20 
40 
10 
300 
160 
50 
180 
40 
80 
50 
10 
10 
10 
60 
60 
80 
655 
10 
120 
10 
140 
25 
130 
290 
20 
80 
10 


• 62,540 

149, 532 

154,956 

501,626 

18, 757 

525, 992 

5,195 

32, 890 

26,690 

71, 540 

1. 036. 200 

299,920 

131,325 

3.5,819 

11, 695 

29.682 

37,264 

794 

1,569 

76,291 

30. 620 

85, 095 

386.419 

22. 308 

76, 050 

31,304 

7,725 

86, 771 

80.630 

310,2,52 

114,964 

54,444 

14. 746 


404, 490 

345,000 

516. 520 

18, 432, 000 

75,028 

7,110,000 

91,000 

1, 434. 600 

80.070 

83.300 

8, 417, 500 

2, 999, 200 

846, 800 

134, 250 

102, 200 

178,200 

372, 640 

23.820 

26, 673 

596,370 

306, 200 

2, 552, 850 

885.000 

15,000,000 

316,500 

219, 128 

198.000 

312,300 

806,360 

1, 609. 500 

40, 236. 000 

694,000 

1, 445, 500 


15.4 


Atyeo 




43.0 


Burkett - 




30.0 






2.7 






25.0 






7.4 






5.7 






2.2 






33.3 


Douglas 




85.5 


Oraber - 




12.3 


Big Creek 




10.0 


Hollow-Nikkei 




15.5 






26.6 






11.4 






16.6 






10.0 


McPherson 




3.3 






5.9 


pSiee :;'"::::::::::- 




12.7 


Polhamus - - 




10.0 


Ritz-Canton 




3.3 


Salyards - 




43.6 


Silica 




0.2 


Smock-Sluss 




24.0 


Sperling 




14.3 






3.9 






27.7 






10.0 


Thrall - 




19.3 






0.28 


Vosheli - 




7.8 


Wellington -. 




1.02 




23,492.97 






275 
240 
240 
60 
10 
130 
40 
86 


46, 470 
101, 558 
249,990 

28,200 

15,000 
118,081 

1,5, ,505 
215,000 


88,155 
412,425 
6,55,830 
408,000 

80,000 
236,000 

62, 080 
2, 225, 000 


52.0 


North Taffy 




24.0 


South Taffy .. . 




38.0 


Deanfleld 




6.0 


Foley 




19.0 


Grindstone Hill 




50.0 


Red Hill 




25.0 


Birk City 




10.0 




29, 222. 10 






3,864 

2,470 

510 

10 


11,358.913 

2, 748, 200 

69. 760 

9,500 


41,211.800 

4. 600, 000 

15,000,000 

9,500 


27.6 






59.7 


Pine Island 




0.4 






100.0 




13,225.46 




Dry Creek 


360 

850 


1,216,977 
599, 564 


1,216.977 
15,599, ,504 


100.0 


Sunburst - 




. 3.84 



CONCENTRATION OF ECONOMIC POWER 



8061 



Stnto an.i Fiol.i 


Acreage 

Owned in 

Fee and 

Leased 


Total Est, 

Productive 

Acreage 


Estimate 
of Our 
Reserve 


Estimate 
of Field 
Reserve 


Percentage 
of Our 

Reserve to 

Field 

Reserve 




171, 324. 53 










Hardy .- 


280 
720 
320 
40 

1,000 
120 
400 

3,000 


927, 856 
6,591.847 
5,250,000 

129,000 
8,111,586 

194, 000 
1.595,105 
29, 929, 228 


9,226.096 
24,001,710 
164,095.600 
12,419,000 
165.865,500 
9, 720, 200 
2,500.000 
209,000.000 


10. 057 
27.466 
3.199 
1.039 
4 892 














Monument - 








1.995 
63.804 
14.32 










Ohio-- 


29, 331. 73 
185,548.80 


Wooster 


1,500 


100,000 


400,000 


25.0 




180 
50 
80 
10 
560 
100 
10 
60 
60 
50 
20 
100 
70 
100 
30 
20 
20 
900 
470 
50 
30 
110 
370 
50 


119,945 

56, 625 

227,467 

10, 737 

271, 908 

61, 879 

15, 167 

44, 188 

121.286 

3.449 

10, 845 

19, 274 

74, 827 

109, 857 

42, 889 

72,060 

8, 335 

4, 584, 719 

381, 390 

9,439 

6,868 

49, 555 

1,761,734 

265, 942 


693, 300 

544,500 

7, 321, 260 

14,314 

13. 330, 700 

538,000 

121,336 

416, 800 

1, 091, 574 

20.694 

54,225 

26, 985 

40, 000, 000 

137, 321 

42, 889 

170,000 

11,263 

14,000,000 

2, 500, 000 
200,000 

50,000 
500, 000 

3, 500, 000 
372, 400 








10.4 










75.00 
2.03 
11 5 






Candy Creek 




Canvon Creek . - 




12 5 


North Manion . . 




10 6 


Osage City - . 






Pond Creek 




16 66 


Ralston 




20 


S. Wildhorse - 




71 5 


St. Louis 




18 


Wewoka 




80 


Chicken Farm 




100 


Langston 




42 4 


Marathon 




74 


Cement 




32 7 


Bristow 












W.Norfolk- 
























Texas 


273 309 6'' 




Caddo . - 




1,000 
2,378 
200 
30 
165 
150 
140 
80 
70 
160 
1,300 
240 
150 
5,606 
80 
800 

'380' 


8,712 

613, 528 

9.808 

42,217 

13,510 

454. 719 

932. 723 

316, 222 

398, 837 

17d, 459 

7, 762, 133 

1, 035, 222 

470, 600 

319, 004, 221 

544,112 

14, 602, 75S 

48, 703, 500 

1, 475, 323 


228, 000 

1,156,000 

36,000 

1,055,425 

2, 450, 000 

140. 196, 600 

200, 000, 000 

41, 000, 000 

13,832,000 

16, 753, 000 

83, 500, 000 

223,000,000 

9, 845. 000 

610, 335, 332 

15, 460, 000 

15, 372, 758 

1,928,591,000 

41,000,000 




























Panhandle 
























Pen well 












Wasson .. 






Toborg 




4 8 


Yates -- 




52 3 


Luby • 




3 5 


North Markham 




95 


East Texas 




2 52 


Rodessa 




3 59 




142,114.59 




Hyron 


1,606 
1, 469. 18 

305 
1,392 
5,103 

174 
1,470 

105 

695 

345 
12 5 


16, 327, 267 

10, 102, 378 

148, 487 

15,681,116 

39, 049, 012 

52, 690 

4, 888, 086 

309, 905 

1, 880, 944 

1,226,392 

62, ,500 

20, 784, 342 


18, 671, 571 

12, 526, 595 

445, 451 

25, 513. 042 

60,518,761 

52. 690 

4, 888, 086 

624, 512 

1 880 944 

5; 386! 747 

937, 500 

00,291,119 


87 445 


Garland 




80 647 


Elk Basin 




33 334 


Grass Creek 




61 463 


Oregon Basin 




M 524 


Rex Lake 




100 00 


Rock River 




100 00 


Mule Creek 




49 623 


Medicine Bow 




100 00 


Maverick Springs 




22 766 


Circle Ridge 




6 667 


I>ance Creek 




1,282.91 


31 353 









0. The total acreage of foreign oil lands held by reporting company and its 
subsidiaries and affiliated companies as of December 31, 1938, together with the 
acreage held in each country; an estimate of the oil reserves of each country covered 
by such acreage with the percentage such reserves bear to the total estimated 
reserves of the country: and reporting company's jiroduction in each countxy 
for tlie year 1938. Answer: None. 



121401 — pf. 14-A- 



8062 



CONCENTRATION OF ECONOMIC POWER 



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CONCENTRATION OF ECONOMIC POWER 



8063 



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8064 



CONCENTRATION OF ECONOMIC POWER 






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CONX'ENTltATION OF ECONOMIC POWER 



8065 



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8066 



CONCENTRATION OF ECONOMIC POWER 



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CONCENTRATION OF ECONOMIC POWER 



8067 



The Pure Oil Company 

12B Productive acres owned in fee and leased broken down 
December 31, 1938 

[All Figures Represent Pure's Net Interest] 



States and fields at 



SM-d and Field 


Estimated Produc- 
tive Acres 


Estimated 

Oil Reserves 

In Pure's 

Acreage 


% Of Pure's 
Reserves To 
Total Esti- 


Owned 
in Fee 


Leased 


mated Re- 
serves In Each 
Field 


Ohio Various - 


664 


14, 488 


2, 306, 556 


Unknown 






W. Va., Cabin Creek — - 




3,812 


1,495,554 


« 


Illinois: 

Old Fields - 




3,053 
13, 334 


291,015 
22,390,899 




New Fields 




II 








Totals 




16. 387 


22,681,914 










Michigan Various 




6,732 


11,645,932 


s 













1,022 


1, 328. 272 


a 








Oklahoma: 
Bird Creek 




400 

1,737 

120 

895 

1,046 

1,750 

1,615 

1,381 

88 


85, 592 

1.776,913 

584. 871 

2, 375, 553 

507, 046 

2,401,127 

2, 106. 675 

6. 957, 988 

34, 597 


. 






■ 






« 




40 
20 


■ 




« 




« 




230 


« 


seSii^""' "::::::::::::::::::::::::::::.: 


« 


Walters . 




a 










290 


9,032 


16, 830, 362 








Texas: 




2,890 
290 

2,667 
610 
335 
480 
44 

1,144 
116 
387 

3,259 


12, 259, 281 

3. 201. 408 

1. 895, 464 

6,240.095 

460, 754 

1,561.154 

33.028 

3. 547, 945 

423, 678 

824, 602 

227, 499, 794 


„ 


Dickinson .. 




a 


Fault Line — - 




u 


Qrabam Lake 




« 






« 


Kermit 




« 


Lost Lake 




100. 


Louise 




Unknown. 


McCamey 










a 


Van....::::::::::::::::::::::. .:. .: 


.12 


« 






Totals 


.12 


12, 222 


257,947,203 








Louisiana: 
Bosco 




540 
23 
30 
25 
13 

251 


5,486,613 
616. 452 
109, 785 
283, 906 
262, 283 

6, 916, 596 


50. 


Creole 




50. 


















« 


Sweet Lake ...- 




100. 








Totals.. 




882 


13. 675, 635 














620 


790, 196 










Grand Totals ....i 


954. 12 


65,097 


328, 701, 624 









"The above is subject to comments contained in transmittal letter dated 9-1-39. 
Shell Union Oil Corforation 

Item 12: Statements showing: 

a. The total acreage of domestic oil lands held by the reporting company and its 
subsidiary and affiliated companies as of the last day of the years 1929 to 1938, 
both Inclusive, together with a break-down showing the acres owned in fee, acres 
leased, whether producing or non-producing. 

b. For the year 1938 alone the acres owned in fee and leased, broken down 
as to States and oil fields, together with an estimate of the oil reserves of each 
field covered by such acreage and the percentage such reserves bcAr^o the total 
estimated reserves of the field. 



8068 



CONCENTRATION OF ECOxVOMlC POWER 



c. The total acreage of foreign oil lands held by reporting company and its 
subsidiary and affiliated companies as of December 31, 1938, together with the 
acreage held in each country, an estimate of the oil reserves of each country 
covered by such acreage with the percentage such reserves bear to the total esti- 
mated reserves of the country; and reporting company's production in each 
country for the year 1938. 

a. Acreage of domestic oil landa 



At end of Year 


Non-Producing 


Producing 


Total 


Fee 


Leased 


Fee 


Leased 


1938 


68,528 

66, 834 

67, 873 
43, 841 
61, 398 
61,011 
60, 215 
52, 214 
52, 054 
51, 030 


2, 149, 679 
2, 731, 358 
2, 893, 209 
2,919,836 
1, 945, 514 
1, 483, 135 
1, 591, 700 

1, 735, 836 

2, 901, 694 
2,791,921 


4,282 
3,715 
3,602 
3,826 
3,752 
3,912 
3,912 
3,912 
3,912 
3,912 


120, 186 
103, 568 
95, 250 
170,628 
143, 384 
135, 301 
70,208 
58,821 
60,429 
67,959 


2, 342, 675 


1937 - 


2, 905, 475 


1936 - 


3, 059, 934 


1935 


3, 138, 131 


1934 — 


2, 154, 048 




1,683,359 




1, 726, 035 


1931 - 


1, 850, 783 




3, 018, 089 




2, 914, 822 







Leased acreage is computed as follows : 

(a) In the case of leased acreage in which the Company's subsidiaries own the 
entire working interest or the entire royalty interest, the total acreage is included. 

(b) In the case of leased acreage in which the Company's subsidiaries own only 
a fractional part of the working interest or of the royalty interest, only a corre- 
sponding fractional part of the total acreage is included. 

The term "working interest" as used above means the lessee's or operating con- 
tractor's interest and "royalty interest" means the lessor's. "Producing" proper- 
ties are properties on which wells are capable of producing oil or gas whether or 
not shut in. 

The fee acreage includes acreage in which the Company and its subsidiary com- 
panies own only the mineral rights, as well as acreage owned in fee simple. 



Note: Information as to acreage and reserves as of December SI, 19S8. 
acreage reported represents "producing acres" 



The 





Aoreape 


A.P. L 

Estimated 

State 

Reserves 

(in 1,000 

bbls.) 


Estimated (own interest) 
Oil Reserves 




In 1,000 
bbls. 


%ofA.P.I. 
Estimates 


California: 


479 
303 
150 
2,911 
221 

34 

81 
752 
140 

60 
303 
135 

45 
890 
114 
615 

82 
614 
2,2.W 
291 
900 




3,993 

6.267 

5,355 

18,914 

14,812 

387 

9,340 

21, 2.51 

No Estimate 

Qas Only 

16,243 

1,015 

94 

17,099 

215 

9,515 

2,477 

575 

84, 406 

433 

98,706 






















Dominguez - ---- -- 










































































































11,370 


311,097 
(50,032) 


















11,370 


3, 188, 763 


261,065 


8. 1870 



CONCENTRATION OF ECONOMIC POWER 8069 

Note: Information as to acreage and reserves as of December SI, 1938. The 
acreage reported represents "producing acres" — Continued 



Field 


Acreage 


A. P. I. 

Estimated 

State 
Reserves 
(in 1,000 

bbls.) 


Estimated (own interest) 
Oil Reserves 


In 1.000 
bbls. 


%ofA.P.L 
Estimates 


Arkansas: Magnolia- 


240 


1.88. 246 


1,400 


0. 7437 


Illinois: 

Centralia 


1,184 
535 
159 




2,370 
1,124 
2,985 




Louden 






Salenl 














1,878 


242, 847 


0, 479 


2. 6679 


Kansas: 

Ainsvforth 


10 
300 

80 
160 

80 

10 
400 
280 
810 

80 
363 
1,830 
220 
900 
1,7.57 
270 

79 
100 
240 

60 
160 
209 

40 
160 
160 
160 

80 

551 

1,0.50 

414 

1.59 

1,157 




78 

1,031 

1,50 

12 

41 

13,830 

26 

3, 1.52 

307 

534 

21 

297 

1,930 

558 

483 

2,679 

431 

46 

164 

2. 201 

76 

53 

199 

2 

19 

33 

.507 

39 

1. 335 

1,455 

237 

23 

.502 




Kraft. . . 










Rick 




So. Silica 












No. Udall 
















Hollow-Nikkei 












Johnson . 






Ritz Canton .. 






Voshell 






B urrton-Haury 






Lerado 






Chase 






Cranini 






No. Cramni 






Geneseo 






Haferman 






Plooe 






SilicS " " 






Soeken 






Wherry 






Balta 




E. Oorham 






Oreenvale 






Greenwich 






Churchill 




Oxford 






W. Oxford 






Moran 












1.5, 917 


613, 230 


34, 451 


5. 6174 


Louisiana: 


4.443 
1,527 
1,215 

160 
1,161 

679 

195 
77 

491 
64 

567 

'960 
178 




5, 633 

4,964 

66 

181 

16, 844 

3, 245 

500 

295 

179 

35 

185 

1. 8.52 

994 

391 




Gibson 
















Iowa 




Jennings 






Lake Long 






Lake Washington 






Roanoke 






So. Roanoke 


















West Lake Verret 






Rodessa- 














13,406 


1,040,2.56 


.35, 364 


3. 3955 


Michican: 

Edonvillo - 


40 
60 




49 
64 




Temple 






100 


42. 749 


113 


.2643 


New Mexico (Soutti East): 

Cooper-Jal.. . , 


440 
2, 435 

400 
2,000 

960 
1.440 




966 
.5,450 
1,152 
7, ,534 
3.699 
8,161 




Eunice. 




So. Eunice . . 




Hobbs 












Vacuum 








7,675 


698, 198 


26,962 


3. 8617 



8070 



CONCENTRATION OF ECONOMIC POWER 



Note^. Jnformaiion as to acreage and reserves as of December 31, 1938. 
acreage reported represents '^producing acres" — Continued 



The 





Acreage 


A. P. L 

Estimated 

State 

Reserves 

(in 1,000 

bbls.) 


Estimated (own interest) 
Oil Reserves 


Field 


In 1,000 
bbls. 


%ofA.P.L 
Estimates 


Oklahoma: 

Healdton 


652 
420 

70 
150 

80 
681 
118 
165 
170 

80 
160 
160 
175 
465 
l.TO 
232 
610 
271 
547 
173 
321 

50 
560 
160 
0,697 
160 

IS 

40 
125 
220 
160 
636 
230 
10 
20 
73 
95 
3,965 
200 
20 

m 

40 
80 
58 
80 
200 
250 
410 




6.431 

,«j 

111 

99 

429 

293 

50 

60 

8 

10 

1,046 

206 

875 

30 

417 

52 

2,113 

679 

274 

1.509 

144 

1,740 

163 

2,462 

3 

1 

3 

4 

27 

353 

8 

71 

16 

7 

39 

151 

32 

110 

329 

49 

116 

31 

175 

124 

75 

37 

127 

319 




Hewitt 






Scholem-Alechem 






Wildcat Jim 






Bruce 






Gushing 






Depew._. 


















Red Bank 






West Billings 






Garber..... 












No. Braman 






Sporn 






Stroud 







Marshall 




Billings 




Tonkawa 






No. Lucien 






Lucien... 






Alluwo 






Dill 






Oklahoma City 






Avant 






Enflsco 






Hominy... 






No. Manion ..• 






Burbank 






Cleveland 


















Yale-Quay..: I .. . 






Fitts .. : 






W. Earlsboro 






Gray 






Maud 






St. Louis 






Chelsea 












Earlsboro .. 












Konawa ^ 






Little River........ 






Mission . . 






Searight .... 






Seminole 


























20,568 


1, 162, 370 


23,671 


2. 0364 


Texas: 


20 

720 

167 

410 

1,278 

960 

100 

400 

317 

1,240 

557 

. 1,720 

800 

1,069 

380 

4,402 

80 

60 

40 

680 

916 

480 

2.051 

240 




8 

2,970 

1.171 

1.658 

1,013 

083 

1,600 

2.954 

50 

4.397 

2.665 

2,411 

2.989 

5.671 

2.274 

94,843 

1 

60 

140 

3.100 

2.655 

237 

4.203 

\ 930 




Bennett 












Chalk 






Cheek 






Clam Lake 






East White Point 






Foster 






Fuhrman ^ 






Goldsmith 












Hendrick 












Judkins... 






Kermlt : . 






Kilgore.. .... 






Lees 






Livingston , 






Lianc^ : :::::::::::: 






Lochridge 






Loma Novia 






Mauritz 






McCamey 






Means 







CONCENTRATION OF ECONOMIC POWER 

Note: Information as to acreage and reserves as of December SI, 1938. 
acreage reported represents "producing acres" — Continued 



8071 

The 





Acreage 


A.P.I. 

Estimated 

State 

Reserves 

(In 1,000 

bbls.) 


Estimated (own interest) 
Oil Reserves 


Field 


In 1,000 
bbls. 


%ofA.P.I. 
Estimates 


Texas— Continued 
Nome 


S35 
100 

lis 

160 
112 
170 
89 
160 
320 
200 
212 
280 
477 
95 
172 
5,748 
2,382 
320 




278 
106 
2 
419 
150 
447 
777 

1,077 
315 
282 
359 

1,536 

458 

28,478 

30, 112 

8,484 

1,488 




Orange 






Placedo 






Sand Hills 






Saxet- - . 






Seminole 




" 


Seven Sisters 






Shipley. . 






Snyder.. . .. 




" 


Sulphur Blufl ... ... 






Taft 




" 


Taylor Link. . . 






Tomball 






Tomball-F 






Van 






Wasson 






Yates 






McClintic 














30,993 


9, 447, 764 


216,472 


2.2913 


Total 




16, 624, 421 


605,977 


3 6453 









Skelly Oil Company 

12. B. For the year 1938 alone the acres owned in fee and lea.sed, broken down 
as to states and oil fields, together with an estimate of the oil reserves of each 
field covered by such acreage and the percentage such reserves bear to the total 
estimated reserves of the field. Answer: 







Total 


Leases 


Fees (includ- 
ing royalties) 


Reporting 
company'8 
Interest in oil 




Gross 


Net 


Gross 


Net 


Gross 


Net 


estimated to 
be recover- 
able from 
drilled loca. 
tlons on re- 
porting com- 
pany's pro- 
ducing acre- 
age only as 
at December 
31, 1938 


At December 31, 1938: 
Arkansas 


Producing , 

Non-producing.. 

Producing 

Non-pipducing.. 

Producing 

Non-t)roducing.. 

Producing _ 

Non-producing.. 


956 
2,834 


896 
1,575 


796 
1,282 

2,078 


756 
1,262 


160 
1,552 


140 
313 


Reserve*^ 
1,058,162.43 










3.790 


2, 471 


2,018 


1,712 


453 


1,058,162.42 




15, 572 
368,088 


9.841 
306, 662 


13, 132 
356, 903 


9,051 
303, 231 


2.440 
11. 185 


790 
3.431 


7, 768, 622. 81 










383,660 


316, 503 


370, 035 


312, 282 


13,625 


4,221 


7. 768, 522. 1 


• Louisiana 


40 
12,038 


20 
10,385 


40 
U, 198 


20 
10,265 






17,940.28 




840 


120 








12,078 


10,405 


11,238 


10,285 


840 


120 


17, 940. 28 


New Mexico 


22,797 
50,330 


19, 807 
47,358 


20,620 
47,995 


19,640 
47, 105 


2,277 
2,335 


167 
253 


13,207,893.08 








73,127 


67. 165 


68.515 


66,745 


4,612 


420 


13, 207, 993. 0« 



' Reporting company does not compile or maintain any record of estimates of oil reserves except as shown 
above; therefore oil reserves for undrilled locations on producing properties, undeveloped acreage and 
reserves by fields and percentages are not given berei 



8072 



CONOENTRATTON OF ECONOMIC POWER 







To 

Gross 


tal 

Net 


Lei 
Gross 


Lses 
Net 


Fees (includ- 
ing royiilties) 

Gross Net 


Reporting 
company's 
interest in oil 
estimated to 
be recover- 
able from 
drilled loca- 
tions on re- 
porting com- 
pany's pro- 
ducing acre- 
age only as 
at December 
31, 1938 


At December 31, 
1938— Continued. 
Oklahoma .-. 


Producing 

Non-producing. 

Producing 

Non-prodiR-ini;, 

Non-producing- 

do.. - .- 

do 

...do 

do 

do 

Producing 

Non-proiluciug.- 


19, 052 
109, 579 


10, 667 
92, 812 


15,482 
100, 447 


9.983 
90, 005 


3,570 
9,132 


684 
2,807 


Reserves 
17,273,307.40 








128, 631 


103, 479 


115,929 


99,988 


12, 702 


3,491 


17, 273, 307. 40 


Texas 


70, 555 
203, 678 


45, 960 
!71,3;{7 


54,650 
186, 284 


44, 180 
IG6, 367 


16,905 
17, 394 


1.780 
4,970 


30,569.970.02 








274, 233 


217, 297 


240, 934 

' " loo' 

5, 069 

545 

1,192 

.■■,,884 
400 


210, 547 

100 
5, 069 

.S45 
1, 192 
5,884 

400 


33, 299 


6,750 


30, 569, 970. 02 




1(10 
5, 009 

545 
1,192 
5,884 

400 


160 
5, 069 

545 
1,192 
5,884 

400 








Illinois 








Kentucky 

Missouri 














Mississippi 

Nebraska 























All States 


128, 972 
759, 797 


87, 191 
643, 379 


104, 620 
717, 359 


83, 630 
631, 485 


24,352 
42, 438 


3,561 
11,894 


69, 895, 895. 99 




888, 769 


7P.0, 570 


821, 9l<^ 


715.115 


66. 790 


1.5, 455 





May 21, 1939 



Report of Socony- Vacuum Oil ('o., Inc. to Temporary National Economic 
Committee, WA,SHiNr.TON, D. C. Questionnaire for Oil Companies 

Question 12: Statements showing: 

a. The total acreage of domestic oil lands held by tiie reporting company and 
its subsidiary and affiliated companies as of the la.st day of the years 1929 to 1938, 
both inclusive, together with a break-down showing the acres owned in fee, acres 
leased, whether producing or non-producing. Answer: 

Domestic Oil Acreage 



Date 


12/31/29 


12/31/30 


12/31/31 


12/31/32 


12/31/33 




16,318 

822, 641 

264, 2C3 

3, 142, 879 


23, HC7 

894, 765 

251,687 

3, 491, 199 


21, 069 

708,990 

269, 616 

3, 441, 404 


20.760 

779, 038 

257. 707 

2, 899, 347 


20,346 




787, 316 




251, 537 


" —Non-Producing.. 


2, 831, 939 


Date 


12/31/34 


12/31/35 


12/31/30 


12/31/37 . 


12/31/38 


Ij^ Fee — Producing ' 


20, 424 

787, 354 

254, 469 

3, 092, 501 


6,885 

789,611 

69, 001 

3,571,437 


7,871 

522, 968 

68, 012 

4, 439, IM 


7,354 

523. 774 

73, 698 

6, 049, 907 


8.851 


" — Non-Producing 


600, 668 


I/Cased — Producin" ' 


95, 739 


" — Non-Producine 


4, 990, 977 







' Prior to December 31, 1935, acreage includes some i)roven but non-producing figures. Separation for 
producing acreage alone not available. 



CONCENTRATION OF ECONOMIC POWER 



8073 



b. For the year 1938 alone the acres owned in fee and leased, broken down as to 
states and oil fields, together with an estimate of the oil reserves of each field 
Covered ])y such acreage and the percentage such reserves bear to tiie total e-sti- 
iiiMted reserves of tlie field. Answer: 



Doireslic Total Oil Acreage and h'cRcrvus 12IS1I38 {By Slates and Fields) 





Total Oil 
Acreage 

Owned & 
Leased 


Estimated 
Reserves 
Bbls. 42's 


Estimated 

% of Total 

Field or 

State 




17. 598 
94, 367 

40, 862 
5 575 
33, 982 




% 




3, 897, 000 

150, 997, 000 
51, 896, 000 
14, 674, 000 




California: 

San Joaquin VaHev 


7 90 


Southern California __ _ 

Coastal California 


5.83 
3.89 


Total California . 


86,419 


217, 567, 000 


6. 85 


Colorado . .. .. . 


180, 137 
444,447 

8 




- . - 


Illinois ... 


14,717,000 

3,372,000 
13, 308, 000 




Ka?!sas: 
Ka.st 


2 49 


West. _.._ 








Total Kansas 


752, 043 


16, CSO, 000 


2 T' 






Kentucky 


5,452 

0) 
(') 


638, 000 

18, 426, 000 
29, 426, 000 




Louisiana: 
Coastal 


2 40 


North 


10 10 






Total TiOiiifiiana 


289, 617 


47, 852, 000 


4 60 






Michigan 

Mississippi 


23, 457 
31,434 
28, 574 
840 
140, 790 
332, 304 

(') 
0) 

s 


13,127,000 


3. 67 


Missouri.... 












Nebraska 






New Mexico (Southeast) 


27, 160, 000 

10,323,000 

657, 000 

11,020,000 

43, 602, 000 




Oklahoma: 

renter Seminole 


6 4'i 


North Central 


24 


Northea.st 




South. 








Total Oklahoma 


687, 657 


71, 602, 000 








Texas: 


0) 
(') 
0) 
0) 
(') 
(') 
0) 

?! 


42,411,000 
103, 800, 000 
13, 518, 000 
2, 245, 000 
13,965,000 
32, 756, 000 
161,297,000 
8. 918, 000 
35,847,000 




West Texas 


3 67 


North Texas 


2 29 


West Central 


2 14 






Southwest 


13 39 


East & East Central 


5 51 


Gulf Coast ._ 


.49 


Southwest Coastal 


6 09 






Total Texas 


2, 538, 599 


414, 757, 000 


4.39 


Wyoming- 


33, 439 


6,000,000 


2 30 






Total U. S . 


5, 696, 235 


833,996,970 


4 81 







' A breakdown of the non-producing acreage required to make a complete answer to this question is not 
possible, due to the fact that much of this acreage Is outside the boundaries of the existing fields and is there- 
fore not clas.sified as to oil fields. The estimated reserves are based on the proven producing acreage. 

c. The total acreage of foreign oil lands held by reporting company and its 
subsidiary arid affiliated companies as of December 31, 1938, together with the 
acreage held in each country; an estimate of the oil reserves of each country cov- 
ered by such acreage with the percentage such reserves bear to the total estimated 
reserves of the country; and reporting company's production in each country for 
the year 1938. Answer: For the reasons set forth in answer to Question 11, 
namelj' world conditions, we request that we be excused from answering this 
portion of the question. 

Including Vacuuiu Oil Co. prior to merger with Sococy-Vacuum Oil Co., Inc. AI.so includes as far as 
possible data for companies acquired by Vacuum Oil Co. or Socony-Vacuum Oil C^., Inc. 



8074 



CONCENTRATION OF ECONOMIC POWER 
Standard Oil Co. (Indiana) 





Acreage 


Estimated 

oil reserves 

in 42-gal. 

barrels 


Percentage 


Oil fields 


Total 


Owned 
in fee 


Leased 


to total est. 
reserves of 
the field 


Texas: 


3,162 

290 

6,161 

60 

117 

3,040 

640 

90 
480 
220 
500 

40 

180 

1,086 

80 

90 
852 
365 

40 

1,265 

200 

95 
856 
460 

40 

190 

223 

4,002 

40 
307 
174 

63 
650 

40 
198 
692 
467 

31 

5 

380 

128 

1,192 

40 
•200 

12 

27.76 
204 
160 

40 

10 




3; 162 

290 

6,151 

60 

117 

3,040 

640 

90 
480 
220 
500 

40 

180 

1,085 

80 

90 
862 
365 

40 

1,265 

200 

95 
856 
460 

40 

190 

223 

3,992 

40 
275 
174 

63 
650 

40 

ffi 

467 
31 


9, 497, 995 

1, 564, 153 

86,449,015 

233,335 

14.676 

6, 262, 708 

1,941,797 

34,564 

1,698,418 

226,811 

1,895,894 

170, 694 

704,580 

3,830,597 

331, 194 

218,834 

1, 146, 921 

497,644 

23,967 

15,342,582 

1, 194. 525 

147, 635 

2,720,373 

4, 132, 587 

288,549 

1,610,310 

3,699,591 

257,076,734 

665,082 

8,.322, 951 

651, 922 

115,148 

3, 748, 140 

166,688 

937, 037 

10,114,485 

1,273,888 

1,671,393 

243,001 

1,677.469 

3,820,837 

12,799,111 

129.110 

116,354 

107, 582 

169, 305 

82,992 

280,479 

37, 614 

88,418 








"^ 








Long Lake . . . . 






Coleman County 






North Cowden 






South Cowden 






Fisher 






Foster 






How**r<1-O]n,<!scopt 












Emperor 






Estes 






Hendricks 






Shipley 






South Ward- 






McCamey - -- 












World 






Yates 












Driscoll - 


















Plymouth 






Placedo 












Hastings 


10 




Sandy Point 




High Island 


32 




Clinton 




Conroe 






Fairbanks 






Rossi yn 






Satsuma 












Tomball 






Barbers Hill 






Hall . 


6 






380 

122 

1,192 

40 
200 

12 

27.75 
204 
160 

40 

10 






6 








Oillock 






Government Wells 












Hardin 




• 


Saxet 






Seven Sisters 






South Alice 






Withers 












Total Texas 


29, 873. 75 


63 


29, 820. 76 


450,071,489 


' • 






Oklahoma: 
Chandler 


39 

50 

21 

95 

6 

123 

6 

15 

40 

65 

148 

6 

255 

107 

16 

60 

5 

*? 

89 
20 
399 
313 
126 
20 




50 

21 

96 

6 

123 

6 

16 

40 

56 

148 

5 

266 

107 

16 

60 

6 

40 

5 

89 

20 

399 

313 

126 

20 


167, 753 
127.448 

63,994 
409,873 

24.614 
379, 381 

19,165 

69,095 
341.969 
309, 096 
513,407 
1,658 
304.413 
1,087,400 

70,642 

354,383 

8,631 

115,896 

777 

411.893 

163,488 

3,8*4,129 

18.700 
364, 146 

69.666 




West Chandler 






Depew 






Hoyt •. 












Shawnee 






North Shawnee 


















North WeUston 






Wilzetta 












Bebee 






Fitts 


















Caldwell 












TngnUs 












West Lorell i 


.■ 


Lucien ,. . 






Osage 






Fold .:::::::.::::::::::::::::: ::: 






Shaffer 




' 



CONCENTRATION OF ECONOMIC POWER 
Standard Oil Co. (Indiana) — Continued 



8075 





Acreage 


Estimated 

oil reserves 

in 42-gal. 

barrels 


Percent&ge 
reserves bear 


Oil fields 


Total 


Owned 
In fee 


Leased 


to total est. 
r&serves of 
the field 


Oklahoma— Continued. 

Stillwater--- 


30 
116 
20 
87 
10 
230 
515 
82 
56 
99 
62 
70 
90 
25 
56 
69 
29 

■« 

372 

.i 




30 
116 
20 
87 
10 
230 
515 
82 
56 
99 
62 
70 
90 
25 
56 
69 
29 
140 
7 
372 
8 
140 


38.009 
445,478 
121,279 
530,830 

30,440 
159,884 
113,764 
178,560 
339,411 
354, 117 

88,640 
519, 513 
450,668 

31,500 
312,849 
395, 198 

76,235 

663,812 

811 

463,719 

39» 785 
. 66,557 




Adams .,. 






West Allen 






North Bethel 






Bowlegs. 






Cromwell-- 






Dijnran-Wnltflrs . . . . 






■East Earlsboro 






North Karlshnrn (Hnnton) 






North Earlsboro (Wilcox) 






South Earlsboro - 






Fish 






Olympic 






Pearson 




■ 


East Sasakwa 






Sasakwa Townsit© 






Searight 


















WpwaVft 












Yeager 










. 




4,370 




4,370 


14, 032, 364 










Louisiana: 


93 

39.75 

1&75 

47.50 
520 
1,091 

41 

20 
120 

24 
105 




39.75 
18.75 
47.50 

520 

1,091 

41 

20 

120 
2 
85. 


343, 065 

193,885 

33, 120 

349, 065 

2, 739, 628 

1,004,550 

2, 767, 988 

48,375 

611. 157 

151,219 

5, 140, 455 






















Cotton Valley - 






Pine Island 






Evangeline - - 






South Elton 






South Jennings . . 






Welsh 


22 
20 












Total Louisiana 


2,120 


42 


2,078 


13,382,607 










700 




700 


5, 557, 870 










Kansas: 


900 

40 
490 

60 
680 

50 

80 

40 

10 

40 

1,615 

400 

95 

20 

570 

8 

535 

80 

80 

20 

29 

80 

55 

40 
673 

80 

40 

40 
x02 

26 . 
990 




900 
40 

490 
60 

680 
50 
80 
40 
10 
40 
1,615 

400 
95 
20 

570 
8 

535 
80 
80 
20 
29 
80 
55 
40 

673 
80 
40 
40 

102 
26 

990 


4, 222, 840 
342, 164 

3, 506, 956 

59, 791 

801, 384 

156,927 

347, 856 

131, 457 

28, 568 

117, 685 

7, 574, 506 

3, 114, 503 

101,264 

149,053 

894,838 

4,550 

642,244 

330,396 

333,344 

52,362 

65,124 

41,896 

209,058 

55,025 

2, 283, 473 

9,986 

li;786 
218, 390 
20, 885 

5, 444, 669 
















Ebcrhart - 






Ellinwood - - 












Fisher 






Keesling . . - 






Mueller 






Pawnee Rock - 






Silica 






Sittner - 






Stoltenberg - - 









■*" 


Fairport 






Gideon 














' 
















Elbing . - 












Hfleer 






Hollow-Nikkei 


















Ritz-Canton 






Seeley-Wick.- 






St. Johns . . . 






Voshell - . 






Zenith 














7,968 




7,968 


31, 293, 573 









8076 CONCENTRATION OF ECONOMIC POWER 

Standard Oil Co. (Indiana) — Continued 





Acreage 


Estimated 

oil reserves 

in 42-gal. 

barrels 


Percentage 
reserves bear 


Oil fields 


Total 


Owned 
in fee 


Leased 


to total est. 
reserves of 
the field 


New Mexico: 


520 
430 

1,156 
422 

2,080 
110 
240 
160 
890 

1,759 
270 

280 
160 




520 
430 

1,156 
422 

2,080 
110 
240 
160 
890 

1,759 
270 
11 
280 
160 


1,970,783 

844,290 

2,853,050 

862. 126 
5. 697, 819 

162,824 
538, 872 
361,905 
1, 455, 467 
4,010,796 
792. 661 
10,011 
122, 512 

214. 127 




























Jal . 


















Mattix - - 






Monument - - - 












Skelly 






Hogback 






Hospah 












Total Kew Mexico 


8.488 




8,488 


19, 897. 243 










Michigan- Mt. Pleasant 


120 




120 


34, 526 










Montana: 
Elk Basin 


160 
650 




160 
650 


16. 372 
197,913 




Pondera 












Total Montana 


810 




810 


214, 285 










Wyoming: 

Maverick Springs 


247 
252 
551 
280 
854 
161 




247 
252 

.551 
280 
654 
161 


1,527.488 

427, 500 

256, 542 

1,416,388 

1,621,448 

928, 852 




Notches 






Elk Basin 








200 








Salt Creek . . 












2,345 


200 


2, 145 


6, 178, 218 










5G. 794. 75 


295 


50. 499. 75 


540, 662. 075 









CONCENTRATION OF ECONOMIC POWER 



8077 






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8078 



CONCENTRATION OF ECONOMIC POWER 

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CONCENTRATION OF ECONOMIC POWER 



8079 



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8080 






CONCENTRATION OF ECONOMIC POWER 



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CONCENTRATION OF ECONOMIC POWER 



8081 



rp 



8082 CONCENTRATION OP ECONOMIC POWER 

The Carter Oil Gompany — Supplemental statement No. 1 supporting non-producing 
(unproven) acreage reported in Oklahoma under question 12-h 





Fee— Basic 
Royalty 


Leased 






Overriding 
Royalty 


Other 


Total 


Oklahoma: 

Beckham 


200.00 




435.00 
160.00 
1,218.64 
4, 879. 48 
6, 581. 47 
10, 931. 99 
10,844.66 
5,634.00 
90.00 
4, 819. 23 
1,239.86 
2,641.50 
10, 455. 56 
15,050.10 
4, 440. 00 

6, 773. 50 

48.94 

2, 524. 70 
312.60 

3,087.53 
3,981.30 

7, 457. 72 
10,458.56 

100.00 

7,056.09 

50.00 

1,941.00 

250.00 

282. 50 

2, 098. 54 

40.00 

3, 580. 00 
3, 615. 88 
2, 559. 82 

581.28 
5, 486. 10 

527. 78 
5, 185. 51 

831.07 
10, 772. 09 
2, 190. 00 




Blaine 














Caddo 






4 879 48 




1,117.21 
637. 44 
270.04 


80.00 


7, 778. 68 


Cleveland .. .. 


Coal 


100.00 


11,214.60 

5,634.00 

130 00 


flnmannhfi 


Creek 


40.00 
40.00 
475.00 
175. 11 
490.20 
40.00 




Oarfleld 




4,859.23 
1 714 86 


Garvin 




Grady 




2, 816. 61 
















4,440.00 
7, 043. 50 




270.00 
48.94 
4.00 
40.00 








Kay -- 




2, 528. 70 
352 60 


Kingfisher 




Kiowa 




3 087 53 


Lincoln 


188.00 
2, 430. 54 




4, 169. 30 
9, 888. 26 
10, 458. 56 


Logan 








Marshall ..._ 






McClain 


777.00 




7, 833. 09 


Mcintosh 




l^oble. 


202.25 
40.00 






Nowata ... 






Okfuskee 




282 50 




927.81 






Okmulgee .. 




40 00 


Osage .. .. 






3, 580 00 


7?awnee .. 


133. 05 
641.29 




3, 748 93 


Payne 




3 201 n 


Pittsburgh 




581 28 


Pontatoc 


i3.55 
27.50 
82.25 
295.57 
2.00 




5 499 65 


Pottawatomie 




555 28 


Roger Mills 


270.00 


5 537 76 


Seminole 


1 116 64 


Stephens 




10 774 09 


Tillman 












Total Oklahoma 


9, 608. 75 


450.00 


161,203.90 


171 262 65 






lana: 






15, 100. 69 
4,902.82 
2,863.46 

33,068.88 

26, 075. 10 
1, 821. 51 

14, 783. 33 
5, 300. 52 


15, 100. 69 


Knox 






Pike 








Posey 


33.66 
264.35 




33, 102. 54 


Sullivan 




26 339 45 








Vigo 


117. 01 




14 900 34 


Warrick 














Total Indiana . 


415.02 




103, 916. 31 


104, 331. 33 







CONCENTRATION OF ECONOMIC POWER gQSS 

The Carter Oil Company — Supplemental Statement No. S supporting non-producing 
(unproven) acreage reported in Kansas under question 12-h 





Fee- 
Basic 
Royalty 


Leased 






Overriding 
Royalty 


Other 


Total , 


Kansas: 






28,417.09 

1,749.00 

80.00 

31, 110. 54 

1, 520. 00 

26, 885. 39 

7,078.75 

4,640.00 

2,027.37 

5, 463. 00 

11, 598. 29 

1, 510. 00 

1,280.00 

3. 675. 50 

160.00 

15, 846. 76 

627. 33 

1,360.00 

80.00 

1,074.00 

5, 223. 73 

320.00 

24,789.02 

920.00 

5,701.84 

3,880.00 

2, 240. 00 

21,«99.94 

160.00 

517.00 

4, 228. 22 

860.00 

30,117.00 

12, 320. 00 

6,910.00 

13, 302. 00 

9, 650. 80 

13, 499. 00 

2, 256. 52 

10, 730. 91 

25,001.75 

6,118.96 

3,547.05 

13, 585. 27 

800. 99 

16. 241. 36 

640.00 

1, 029. 00 

2, 350. 50 

9, 585. 00 

8, 521. 79 

2,720.00 

880. 00 

1,120.00 


28,417.09 






238. 18 


Chautauaua 




80.00 


Clark 






31, 110. 64 


Clav 






1,520.00 


Cloud • 






26 885.39 




1.00 




7,079.75 
4, 64a 00 


Decatur . .- . .- 




Dickinson 






2 027. 37 


Edwards . . 






5 463 00 


Ellis 






11 598.29 


Ellsworth . 






1, 510. 00 


Finney --.. 






1, 280. 00 


Ford.- .- 






3, 675. 50 








160.00 


Graham. 






15, 846. 76 








627.33 








1,360.00 








80.00 








1, 074. 00 




200.00 




5,423.73 
320.00 








. 




24, 789. 02 








920.00 








6, 701. 84 


Kiowa .. 






3,880.00 








2, 240. 00 


Lincoln .. . 







21, 699. 94 










Marion . . 






517.00 


McPherson .; .. ..... ... 






4, 228. 22 


Meade 






860.00 


Mitchell 






30, 117. OC 


Ness - 






12, 320. 00 


Norton l... . • . . 






6,910,00 


Ottawa • 






13,302.00 


Pawnee .. . . . 






9, 650. 80 


Phillips 


: 




13,499.00 


Pratt • . - 


" 




2, 256. 52 






- 




Republic ... - 




, 


25,001.7t. 


Sl^l:::-.:.:.:::::::::::::::::::::::::::: 


20.00 


180. 25 


6, 319. 21 


Rooks 


3 547.05 


Rush 




990. 00 


14 575.27 


Russell 




800. 99 


Saline , 






16, 241. 36 


Scott .• 






640. 00 


Sedgwick .' 




■ 


1, 029. 00 








2,350.50 


Stafford 




320. 00 


9 905.00 






8, 521. 79 


Trego - 






2, 720. 00 








880. 00 


Wichita 






1, 120. 00 










Total Kansas 


221.00 


1, 728. 43 


407, 650. 67 


409, 600. 10 







8084 CONCENTRATION OF ECONOMIC POWER 

The Carter Oil Company — Supplemental statement No. 4 supporting non-producing 
(unproven) acreage reported in Wyoming under question 12-h 





Fee-Basic 
Royalty 


Leased 






Overriding 
Royalty 


Other 


Total 


Wyoming: 
• Campbell 






2, 320. 00 

4, 111. 28 

220.00 

4,486.04 


2, 320. 00 








4,111.28 








220.00 


Niobrara 






4, 486. 04 
















11, 137. 32 


11,137.32 











The Carter Oil Company — Supplemental statement No. 5 supporting non-producing 
(unproven) acreage reported in Kentucky under question 12-b 







Leased 






Royalty 


Overriding 
Rpyaity 


Other 


Total 


Kentucky: 






304.00 
14, 436. 71 
726. 78 
35, 518. 06 
.5, 488. 68 
9,091.92 
4, 945. 88 
4, 560. 95 
10,320.34 


304.00 








14, 436. 71 








726. 78 




155. 12 




35, 673. IS 


Hopkins 




5, 488. 68 


McLean 






9, 091. 92 


Muhlenberg 






4, 945. 88 


Union . 






4, 560. 95 


Webster . 






10, 320. 34 












155. 12 




85,393.32 


85, 648. 44 









The Carter Oil Com,pany — Supplemental statement No. 6 supporting non-producing 
{unproven^ acreage reported in Michigan under question 12-b 





Fee-Basic 
Royalty 


Leased 






Overriding 
Royalty 


Other 


Total 


Michigan: 






1, 210. 00 

280,00 

4, 826. 87 

1,350.31 

230.00 

660.00 

3, 776. 00 

1, 187. 50 

4, 213. 34 

633.15 

1,033.33 


1, 210. 00 








280.00 


Cl^e 






4, 826. 87 


Gladwin 






1, 350. 31 


Oratiot 






230.00 


Isabella 






660.00 


Mpcosta 






3, 776. 00 


Midland 






1, 187. 50 


Montcalm 






4, 213. 34 


Ogemaw 






633.15 


Osceola 






1,033.33 








933.15 










Total Michigan 






20,333.65 


20, 333. 65 











CONCENTRATION OF ECONOMIC POWER 



8085 



The Carter Oil Company — Supplemental Statement No. 7 supporting non-producing 
(unproven) acreage reported in Illinois under\question 12-b 





Fee 


Leased 






Basic Royalty 


Overriding 
Royalty 


Other 


Total 


minois: 






2,737.00 

3,884.00 

95.50 

43. 674. 59 

2, 904. 64 
25, 815. 31 
19, 543. 10 
29, 741. 47 
40, 731. 45 
32, 796. 16 
11,506.90 

5,808.50 
12, 085. 29 

6,131.01 

28,290.28 

287.85 

316. 62 

66,661.00 

2, 491. 25 

350.00 

14,009.24 

4, 075. 66 

5. 148. 57 
84,428.62 

3.498.50 

7. 278. 12 
18,765.56 


2,737.00 








3,884.00 








95.50 








43, 074. 69 








2,904.64 




60.00 




25, 875. 31 






19, 543. 10 








29, 741. 47 




40.00 
211. 62 




40, 771. 45 






33,006.78 






11,506.90 


Gallatin 






5,808.50 


Hamilton 






12,085.29 








6, 131. 01 




5.25 




28.295.53 


Macon 


. 


287.85 


Madison 






316.62 




64.25 




66.725.26 


Montgomery 




2,491.25 


Moultrie 






350.00 


Perry 






14,009.24 


Richland 






4. 075. 66 


Saline 






5, 148. 57 


Shelby 


20.00 




8-1, 448. 52 


Washington 




3, 4<i8. .'■■0 


Wayne 






7,278.12 


White 






18, 765. 56 










Total Illinois 


401.12 




473, 055. 09 


473. 456. 21 











The Carter Oil Company — Supplemental Statement No. 8 supporting non-producing 
{unproven) acreage reported in Colorado under Question 12-b 





Fee 


Leased 






Basic Royalty 


Overriding 
Royalty 


Other 


Total 


Colorado: 


321.00 
8,445.53 




16, 269. 60 


16, 590. 60 


G^-eid" """" 




8, 445. 63 






480.00 
44, 749. 25 
20,572.31 
1,139.00 


480.00 


Lincoln 


ii,565.72 




56,314.97 


Otero 




20.572.31 


Prowers 






.1,139.00 




13.011.66 




13,011.66 












33,343.91 




83, 210. 16 


116,554.07 









THE COLUMBIA NATURAL GAS COMPANY 



Question 12-b: The reporting company, during the year 1938, had 545 acres 
in southwestern Pennsylvania leased for the production of oil. It is estimated 
that this acreage, which is not in any recognized oil field, has reserves as of Decem- 
ber 31, 1938 of 30,000 barrels. Insufficient data, is available to calculate the per- 
centage these estimated reserves bear to total estimated reserves. 



8086 



CONCENTRATION OF ECONOMIC POWER 

THE EAST OHIO GAS COMPANY 

Question 12h: Total Acreage 





Operated 


Unoperated 


Total 
Acreage 


Estimated 
Net Oil 
Reserves 
Barrels 


%Co. 
Res. of 
Field 


state of Ohio Oil Fields 


Acres 
Owned 
in Fee 


Awes 
Leased 


Acres 
Owned 
in Fee 


Acres 
Leased 









5.00 
393.00 
216. 00 












5.00 
393.00 
216.00 




2.906 

245 


Q<7 


North Canton 


33 3% 


Wooster 








Total 





614.00 








614.00 













HOPE CONSTRUCTION AND REFINING COMPANY 

Question 12b: Total Acreage 





. Operated 


Unoperated 


Total 


Estimated 




Acres 
Owned 
in Fee 


Acres 
Leased 


Acres 
Owned 
in Fee 


Acres 
Leased 


Net Oil 
Reserves, 
Barrels • 


W. Va 


2,947 
50 




52, 874' 

25, 215 

245 




1,286 

137 



, 


70, 558 

9,729 

136 

787 


127,665 
35, 131 

787 


4 209 235 


Ohio 


1 536 700 


Penna 


41 941 


Maryland 








Total 


■2,997 


78, 334 


1,423 


81,210 


163,964 


5, 787, 876 





' Insufficient data available to calculate the percentage the above reserves bear to the total estimated 
reserves of the field. 

HOPE NATURAL GAS COMPANY 

Question 12-B: In 1938, the reporting company neither owned acreage in fee 
nor had any under lease for the purpose of producing oil. The oil production 
from certain gas wells owned by the company is so small and so widely distri- 
buted over the southwestern part of Pennsylvania, that it is not practical to 
set up a classification covering acreage, fields, reserves and the relationship to 
total estimated reserves. 



HUMBLE OIL & REFINING COMPANY 

Question 12h and c 

Col. 1. Estimated Net Oil Reserve of Humble Oil & Refining Company by Fields as of December 31, 1938. 

Col. 2. Estimated Net Oil Reserve of Humble Oil & Refining Company as of December 31, 1938, Expressed 
as a Percentage of Total Field Reserve. 

Col. 3. Humble Oil & Refining Company Acreage by Fields (Fee and Leased) Proved for Oil Produc- 
tion as of December 31, 1938. 

TEXAS 



Field 


1 


2 


3 


Gulf Coast: 


14,136,000 

201, 724, 000 

381,000 

745, 000 

846,000 

19,375,000 

254, 869, 000 

983,000 

6,000 

11,317,000 

85,000 

285,136,000 

936,000 

1.968.000 


76.22 
7L82 
3.68 
1,0. 51 
43.00 
57.42 
42.35 
34.52 
.69 
28.88 
42.60 
81.26 
11.23 
11.92 


1, 106. 87 


Anahuac— 


6, 209, 46 




24.00 




80.00 




200.00 


Clear Lake . . 


1,535.00 




7, 230. 51 




315.50 




'.63 




1, 496. 13 




500.00 




4,204.74 




■ 178. 47 


Hardin 


382.20 



Royalty and/or Mineral Fee only. 



CONCENTRATION OF ECONOMIC POWER 



8087 



Question 12b and c — Continued 
TEXAS— Continued 



Fii 


1 


2 


3 


Gulf Coast— Continued. 
Hastings 


66, 609, 000 

303,000 

1,201,000 

772,000 

4,518,000 

9,000 

7, 944, 000 

441,000 

277, 000 

3,3,000 

66,000 

35, 087, 000 

1, 478, 000 

73,000 

4,000 

53, 345, 000 

62, 260, 000 

28, 518, 000 

237, 000 

5, 018, 000 


18.54 

3.43 
16.79 
65.65 
35.43 

2.85 
56.12 
11.47 
16.96 
.35 

1.29 
88.25 
10.29 
.98 
.15 
85.22 
31.91 
65.42 

1.19 
16.01 


1, 613. 93 


Hull - 


36.60 
35.40 


KittreP 


73.75 


Livingston 


610.00 


Lost Lake 


•2.03 


Lovell Lake - - 


1, 306. 25 


MftrkVioTTi 


35.00 


Mj%awa - - 


69.31 


Pierce Junction . - . 


1.25 


Port Naches - - 


3.72 


Raccoon Bend 


2, 988. 83 


Seeno - - 


320.00 


Sulbee 


32.50 


Sour Lake - 


.31 


Sugarland 


1, 160. 64 


Thompsons 


1, 992. 35 


Tomball 


5, 791. 85 


West Columbia 


26.50 


Withers-Magnet 


835.00 






Total 


1, 060, 690, 000 




39,398.73 








East Texas Field 


319, 846, 000 


15.05 


14, 907. 94 






East Cent. Texas: 


246,000 

437,000 

528,000 

2, 487, 000 

286,000 

80,080.000 

14,837,000 

407,000 


74.10 
21. 85 
32.73 
46.26 
29.12 
48.77 
6.35 
45.02 


177. 11 


Chapel Hill 


875. 00 


Flag Lake 


103.00 


Navarro Crossing 


1, 876. 50 


Opelika 


133. 33 


Talco 


4, 624. 35 


Van 


279.90 


Willow Springs 


2, 683. 33 






Total 


99, 308, 000 




10, 552. 52 








Corpus Christl: 


156,000 

1,050.000 

770,000 

10, 863, 000 

3, 436, 000 

4,35.5,000 

45,000 

2,100,000 

5,000 

263,000 

461,000 

78,000 

1,449,000 

11,985,000 

91, 128, 000 


3.40 
11.74 
10. 45 
39.38 
30.45 
11.11 
30.20 
7.61 
3.31 
16.53 
87.50 
4.61 
8.83 
67.72 
24.77 


60.00 


East Premont 


200.00 


East White Point 


100.00 


Flour Blufl 


1, 144. 50 


Qreta 


1, 036. 91 


Heyser 


072.00 


Kingsville 


50.00 


Luby 


300.00 


McNeil 

North McFaddin 


11.56 
75.00 


O'Connor 


250.00 


Pettus 


55.00 


Plymouth 


160.00 


Taft 


559. 00 


Tomoconnor 


2, 921. 00 






Total 


133, 144, 000 




7,884.97 








San Antonio: 
Dale 


5,000 
5,469.000 
1,447,000 

6,000 

3,220.000 

87,000 


.80 
21.69 
88.12 

.76 
27.51 
87.50 


J 3. 13 


Darst Creek 


328.11 


Hilbig 


260.23 


Riddle 


12.50 


Salt Flat 


413. 73 


Schattel 


40 00 






Total 


10,234.000 




1,046.70 








Laredo: 


269.000 

4, 798, 000 

10, 332, 000 

302, 000 

421, 000 

51,000 

7.004,000 

521,000 

310,000 

115,000 

822,000 

11,000 

57,000 


43.81 
17.73 
87.04 
15.97 
38.03 
32.48 
23.76 

3.41 
21.32 
68.05 

4.60 
.10 

1.72 


100. 00 


Government Wells 


1, 022. 00 


Kelsey 


1, 800. 00 


Killam 


90.00 


Labbe 


115. 00 


Loma .\lta 


40.00 


Loma Novia 


1, 440. 37 


Lopez 


145.00 


Lundell 


100. 00 


North Kohler 


90.00 


North Sweden . ■ . . 


262. 00 


O'Hern . . .. .. . . 


2.50 




20.00 



1 Royalty and/or Mineral Fee only. 



8088 



CONCENTRATION OF ECONOMIC POWER 

Question ISb and c — Continued 
TEXAS— ContlDued 



Field 


1 


2 


3 


Laredo— Continued. 

Seven Sisters- 


4,937,000 
81,000 


19.72 
42.19 


1.245.63 
270 00 


South Kohler 






Total 


30,031,000 












West Texas: 

Addis-Odessa : 


18,000 

812, 000 

48,000 

662.000 

321,000 

7,781.000 

5, 601. 000 

1.098,000 

3. 955. 000 

4, 615, 000 

1, 153. 000 

10,882.000 

93. 000 

4,511,000 

37,809.000 

13, 000 

131,000 

16,923.000 

3,056,000 

3,000 

1, 260, 000 

32,000 

310. 000 

16, 666, 000 

76,000 

4,07P,000 


1.57 

l!ll 
5.44 
1.43 
2.94 
4.21 
5.13 
14.22 
15.09 
5.75 
10.30 
.33 
8.58 
84.55 
.45 
2.51 
39.43 
13.99 
.02 
5.28 
2.16 
1.42 
8.19 
4.65 
1.61 




Churcli & Fields- 


440 00 






Deep Rock 


302 50 


Foster- 


92 19 


Qoldsmith-Cummins 


1. 626. 94 
1 352 74 


Grand Falls-O'Brien 


Henderson 


155 00 


Hendricks 


960 00 


Howard-Qlasscock 


790 00 


Judkins 


721 66 


Kermit 


2,240.00 
1 37 50 


Keystone 


McCamey 


1 654 99 


Means ' . 


8, 360. 00 
1 5 00 


Mitchel -Scurry 


Pecos Valley 


61 25 


Sand Hills 


2, 227. 70 
667 40 


Seminole 


Skelly-HaUey 


40 00 


Slaughter 


480 00 


Toborg. 


1 \2 88 


WaddeU 


1 7g 41 


Wasson . . 


6, 048. 75 
1 44 41 


World «J 


Yates.. Z . 


1, 099. 81 


Total 


121, SO.'), 000 












North Texas: 

Avoca 


4,860,000 

306.000 

85, 000 

228.000 

42, 000 

7,000 

833.000 

26,000 

9,364.000 

209,000 

377, 000 

1,000 

618, 000 

1,318,000 

78,000 

458,000 


50.69 
21.86 
1.04 
62.30 
.46 
1.75 
.79 
.40 
56.89 
16.87 
2.46 
1.14 
5.94 
10.30 
22.48 


570 00 


Brockman..' . 


100 00 


Burkbumett . . 


389 00 


Cross Cut ... 


587 51 


Desdemona .. 


30 63 


Electra .. 


19 50 


K. M. A.-Deep 




Nooona. 


23 00 


Noodle . 


1,952.60 
100 00 


Radium . . 


Shackelford Co... ^ j. . 




Sipe Springs . ' 


10 00 


South Vernon ' . 


429 50 


West Avoca ...: 








Others 










Total 


18,810,000 












Panhandle: 

Bentley 










655,000 
782, 000 
218.000 
472,000 
563,000 


6.79 
2.81 
87.50 
3.50 
.68 




Flnley 


180 00 


Pringle 




South Pampa ,. 


280 00 


WestPampa 


160 00 






Total 


2,890,000 













Boymlty and/or Mineral Fee only. 



CONCENTRATION OF ECONOMIC POWER 
Question 12b and c — Continued 

LOUISIANA 



8089 



Bayou Blue 

Cameron Meadows . 

Chalkley 

Darrow 

East Hackberry 

Iowa 

Lake Hermitage 

Lake Washington... 
LiretteA South.... 

North Crowley 

Pot&sh 

loki 

Total 

NEW MEXICO 



74,000 

1,653,000 

437, 000 

6.534,000 

9,000 

36,000 

322, 000 

722,000 

1, 192, 000 

10, 096, 000 

105, 000 

3, 392, 000 



25,112,000 



87.50 
18.77 
87.50 
87.50 
.08 
.20 
36.69 
27.93 
48.12 



20.00 
65.00 

100. 00 

170.00 
1.52 
1 1.20 
45.00 
53.33 
, 200. 00 

45.5.00 
60.00 

577.00 



2, 747. 05 



Cooper 


1, 106, 000 

9,8.58,000 

65,000 

290,000 

6,889,000 

224,000 

432, 000 

736, 000 

2,535,000 

1,050,000 

1.000 

7,979,000 


9.27 
7.45 
.41 
1.71 
7.33 
2.89 

3:76 
1.31 
5.60 
.01 
7.05 


440 00 


Eunice 


1 760 00 


Qrayburg-Jackson-Mal 


'■ 34 68 


Hardy 


110 00 


Hobbs 


650 31 


ji? :::::::::::::::::::::::::::::::::::::::::::::;:::::::::::::: 


240. 00 


Langlie 


257 50 


Mattix 


370 00 


Monument 


560 00 


Penrose 


460 00 


Skelly 


2 50 


.Smith Vammm , 


1 160 00 






Total 


31,165,000 




6, 944. 99 






Texas 


1, 796, 5-58, 000 
25, 112. 000 
31,166,000 




115 705 00 


Louisiana 




2 747 05 


New Mexico 




6 944.99 






Total 


1,852,836,000 




124, 397. 04 







' Royalty and/or Mineral Fee only. 

Section C of Question §12. — The Humble Oil & Refining Company owns no 
producing or undeveloped oil acreage in foreign countries. 

THK OHIO PHODUCING & REFINING COMPANY 

Question ISb. Total Acres 





Producing 


Non-producing 


Total 
Acreage 


Estimated 
Net Oil 

Reserves 
Barrels 


%Co. 
Res. of 
Field 


state of Ohio oil fields 


Acres 
Owned 
In Fee 


Acres 
Leased 


Acres 
Owned 
In Fee 


Acres 
Leased 


Cleveland.. 




334. 94 






263.60 

2, 864. 00 

869.00 

647.00 














263.60 

3, 198. 94 

869. 00 

647.00 


44,053 
284,751 
14, 614 
29,362 








Danville.. . 


80. 0% 
52. 5% 


Ouemsey. .. 






Total . 


334.94 


4, 643. 50 








4, 978. 44 









8090 



CONCENTRATION OF ECONOMIC POWER 



PENINSULAR OIL & REFINING COMPANY — SUBSIDIARY OF HUMBLE OIL & REFINING 

COMPANY 

Question 12a, b and c 
Sec. a. Total Acreage (Undeveloped) Held as of December 31: 





Leased 


Fee 


Total 


1935 


30,360 
32, 760 
65, 372 
115, .571 




30,360 
32,760 
74, 153 
126, 313 


1936 




1937 


8,781 
10, 742 


1938 ........ 





Sec. b. To date the Peninsular Oil & Refining Company has developed no oil 
resei've on its holdings. 

Sec. c. The Peninsular Oil & Refining Company owns no producing or undevel- 
oped oil acreage in foreign countries. 



THE PEOPLES NATURAL GAS COMPANY 

Question 12b: In 1938, the reporting company neither owned acreage in fee 
nor had any under lease for the purpose of producing oil. The oil production from 
certain gas wells owned by the company is so small and so widely distributed over 
the southwestern part of Pennsylvania, that it is not practical to set up a classifi- 
cation covering acreage, fields, reserves and the relationship to total estimated 
reserves. 

RESERVE GAS COMPANY 

Question 12b. Total Acreage & Reserves 



Year 


Operated 
Leased Acre- 
age 


Net Reserve, 
Barrels i 


1938... 


2,990 


73,459 





• InsuflScient data is available to calculate the percentage these reserves bear to total estimated reserves. 



CONCENTRATION OF ECONOMIC POWER 



8091 



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8092 



CONCENTRATION OF ECONOMIC POWER 







Unoperated Acreage— Unproved 




Mineral 

Fee 
Rights 


Royalty 
Rights 
(Gross) 


Leased 
Acreage 
(Com- 
pany's 
Net) 


Total 


Arkansas- 
Columbia Coi 
Lafayette 
Miller 
Nevada 
Ouachita 
Sevier 
Union 

Total Arkar 

Louisiana— 

Acadia Pa 


inty 


310. 7S 




26. .S58. 71 

1, 379. 25 
10, 776. 43 

240.00 

2, 743. 47 


26,869.46 






< 


148.25 




10, 924. 68 
240 00 


« 










2,743 47 


i 


55.14 
81.25 






i 




14,' 370. 66 




sas - -. - 






595. 39 




66, 068. 52 


56 663 91 


rish 






62.70 






62 70 


Bienville 






18, 663. 27 
2, 391. 00 
1, 987. 65 

17,118 42 

1, 197. 20 

8, 356. 54 

1,070.0-, 

614.65 

400.00 

27, 072. 14 
9, 021. 51 


18. 663. 27 




1 






2, 391. 00 


Caddo 


< 






1, 987. 65 


Claiborne 


< 


157.78 




17 276 20 




1 




1. 197. 20 




1 


3.06 




8 359 60 


Red River 


t 




1, 070. 07 


Richland 








614.65 


Sabine 


< 






400.00 


Union 


• 






27. 072. 14 


Webster 


1 


109.00 


240.00 


9, 370. 51 


Total Louis 

Add— Unoperated 
Question # 12-b 

Total as of ] 


ana 




332.54 


340.00 


87, 892. 45 


88.464.99 






15.00 




2, 056. 21 


2,071.21 


3ec 31, 1838 per Question # 12-a 






942.93 


240.00 


146,017.18 


147, 200. 11 







Standard On. Co. (Ohio) 
12h. Leases in Producing Fields, as of December SI, 19S8 In the State of Kentucky 





Total No. 
Of Acres 


Estimated 
Oil Reserves 




822 
497 
537 
131 
100 
106 
2,904 


3. 023. 72 




17. 751. 30 




26. 698. 9 




69, 464. 21 




2, 379. 01 




1, 877. 79 




396, 963. 40 






Total 


5,097 


618, 158. 42 







' No property is owned in fee. . The data is not available for the relationship of the field oil reserves to the 
total reserves in their particular district, but it woiild be a very small percentage. 



Leases in Producing Fields, as of December SI, 1938 In the State of Illinois ■ 





Total No. 
Of Acres 


Estimated 
Oil Reserves 


Clay City Field 


605 


12,000 bbls. 







' No property is owned in fee. The data is not available for the relationship of the field oil reserves to the 
total reserves in their particular district, but it would be a very small percentage. 



§ « 



o s; 

§ i 



CONCENTRATION OF ECONOMIC POWER 



8093 






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8094 



CONCENTRATION OP ECONOMIC POW^R 



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(JUiNCENTRATION OF ECONOMIC POWER 



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,8096 



CONCENTRATION OF ECONOMIC POWER 





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CONCENTRATION OF ECONOMIC POWER 



8097 






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SS33 



1|i 
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g098 CONCENTRATION OF ECONOMIC POWER 

Oil land acreage, by States and fields, Dallas district, as of December 31, 1938 





Texas 




East 
Texas 
Field 


CayuM 
Field 


Sul- 
phur 
Bluff 
Field 


Liv- 
ing- 
ston 
Field 


Trin- 
FicM 


Van 
Field 


Eaves 
Field 


Chalk 
Howard 
Glass- 
cock 
Field 


Field 


Fee- 







































































































Lease— 


4,901 


40 


20 


195 


40 


100 


40 


400 


50 


Non-Producinp 
























Total Lease 


4,901 


40 


20 


195 


40 


100 


40 


400 


50 


Mineral Deed— 


1,364 


119 








170 




80 
















1,364 


















Total Mineral 
Deed — 


119 








170 




80 




Total— 


6,265 


159 


20 


195 


40 


270 


40 


480 


50 


























Total Acreage-- 
Compauy Oil Reserves 

(Bbls).. 

Pereentape Company 
Reserves bears to 
total Reserves by 


6,265 
92, 648, 833 

3.4 


159 
152, 757 

3 


20 

28,845 

.3 


195 
560, 315 

13.0 


40 
97, 538 

9.0 


270 
13, 470, 928 

6.0 


40 
5,294 

.01 


480 
1, 260, 268 

3.8 


50 
231. 632 

5.0 




1 ' 


1 






Texas- Continued 




Means 
Field 


Mc- 
Camey 
Field 


Kermit 
Field 


Fuhr- 
man 
Field 


N. Cow- 
den 
Field 


South 
Ward 
Field 


Foster 
Field 


Wasson 
Field 


Pay- 
ton 
Field 


Fee- 




























































Total Fee 








































Lease— 


120 


240 


400 


40 


1,180 


30 


20 


320 


50 


Non-Producing 
























Total Lease 


120 


240 


400 


40 


1,180 


30 


20 


320 


50 


Mineral Deed- 










142 


30 






75 






























49 


30 








Total Mineral 














75 







— 




' 











Total- . 


120 


240 


400 


40 


1,322 


60 


20 


320 


126 


























Total Acreage- - 
Company Oil Reserves 


120 
566, 226 


240 
238, 014 

.9 


400 
1, 507, 382 

1.9 


40 
17, 273 

.08 


1,322 

4, 377. 743 

6.2 


60 
166, 840 

.3 


20 
202, ."iSO 

.7 


320 
1,829,141 

1.9 


125 
166, 594 


PercentaRe Company 
Reserves bears to 
total Reserves by 
each field 


.92 


4.2 











CONCENTRATION OF ECONOMIC POWER gQQQ 

Oil land acreage, by States and fields, Dallas district, as of December 31, 1938 — Con. 





Texas— Continued 




Key- 
stone 
Field 


Clay 
Creek 
Field 


Guerra 
Field 


Pun 
Field 


John- 
son 
Field 


El 

Tanque 

Field 


San 
For- 
dyce 
Field 


North & 
South 
Gov't 
Wells 
Pan- 
handle 
Field 


Fitz- 
sim- 
mons 
Field 


Fee- 




















Non-Producing.. 













































































I.ease— 

Proaucing....... 


120 


399 


600 


1,000 


20 


20 


25 


755 


330 






















Total Lease.-.. 


120 


390 


600 


1,000 


20 


20 


25 


755 


330 


Mineral Deed- 






100 










164 








































Total Mineral 
Deed 






100 










164 






-. - - 











" 





Total- 
Producing..-.--. 


120 


399 


700 


1,000 


20 


20 


25 


9(9 


330 






















Total Acreage. - 
Company Oil Re- 


120 
333, 596 

2.2 


390 
2, 048, 324 

87.5 


700 

4, 287, 749 

CO. 5 


1.000 
8, 244, 030 

82.0 


20 

35, 804 

1.02 


20 

15, 073 

11.0 


25 
12, 730 

06 


9J9 

2, 464, 5J6 

6.6 


330 

2, 466, 902 


Percentage Com- 
pany Reserves 
bears to total Re- 
serves by each 
Field 


39.0 











Texas— Continued 




Sar- 
nosa 
Field 


South 
Clara 
Dris- 
coU 
Field 


O'Heam 
Field 


Loma 
Novia 
Field 


Luby 
Field- 


Labbe 
Field 


.Ply- 
mouth 
Field 


Caesar 
Field 


Heyser 
Field 


Mid- 
Field 


Fee- 






















Non-Produci""' 
























































































Ua:c- 

P.-oducing 

Non-Producing - 


160 


10 


120 


20 


180 


10 


346 


20 


100 


60 






















Total Lease... 


160 


10 


120 


20 


180 


10 


346 


• 20 


100 


60 


Mineral Deed- 


































































Total Mineral 
Deed 












































Total- 
Producing 

Non-Pfoducing . 


,« 


10 


120 


20 


180 


10 


346 


20 


100 


60 






















. Total Acreage 
Company Oil Re- 
serves. _. 

Percentage Com- 
pany Reserves 
bears to total Re- 
serves by each 
Field 


160 
306, 933 

18.0 


10 
2,541 

.3 


120 
363,824 

3.0 


20 
20,895 

.05 


180 
1, 486, 482 

13.0 


10 
11,338 

2.0 


345 

1,389,868 

8.0 


20 
25,223 

2.9 


100 
377, 384 

6.9 


60 

97, 693 

•69.0 







8100 CONCENTRATION OF ECONOMIC POWER 

Oil land acreage, by Sta.es and fields, Dallas district, as of December SI, 1938 — Con. 











Texas— Continued 












Darst 
Creek 
Field 


Lytton 


Placedo 
Field 


Dirks 
Field 


N. Pet- 
turs 
Field 


Dale 
Field 


Pan- 
handle 
Field 


Hil- 
Fiefd 


Flag 
Lake 
Field 


Kyle 
Field 


Fee- 


































































Total Fee - . 












































Lease- 
Producing ,. 

Non-Producing-. 


115 


100 


162 


70 


80 


80 


400 
















115 


100 


162 


70 


80 


80 


400 
















Mineral Deed- 
Producing 
















90 


6 


80 


Non- Producing 








































Total Mineral 
Deed 
















90 


6 


90 




















Total- 
Producing 

Non-Producing 


115 


100 


162 


70 


80 


80 


400 


90 


6 


80 
























Total Acreage.. 
Company Oil Re- 


115 
1.080,924 

3.0 


100 
11, 302 

6.0 


162 
366, 657 

10.0 


70 
320. 660 

5.0 


80 
157, 159 

6.0 


80 
19, 808 

11.0 


400 
1, 749. 303 


90 
15, 731 

1.49 


6 
825 

.2 


80 
24.561 


Percentage Com- 
pany Reserves 
bears to total Re- 
serves by each 


1.3 















Texas— Continued 










Mas- 
terson 
Field 


Gold- 
smith 
Field 


Col- 
letto 
Creek 
Field 


Jud- 
kin 
Field 


Hono- 
lula 
Field 


K. M. A. 
Field 


O'Brien 
Field 


Produc- 
ing 


Total 
Acre- 
age 


Fee- 
Producing 




















Non-Producing 








































Total Feb 






































Lease- 
Producing 


















13, 487 


Non-Producing 
















1,880,119 


1,880.119 




















Total Lease 
















1,880,119 


1, 893. 606 






.- 





" 


'" 


"" 






Mineral Deed- 
Producing 


40 


585 


8 


6 


80 


4 


1,827 




4.970 


Non- Producing 


77.914 


77. 914 




















Total Mineral Deed.. 


40 


585 


8 


6 


80 


4 


1,827 


77.914 


82.884 


Total- 


40 


585 


8 


6 


80 


4 


1,827 




18. 457 


Non-Producing 


1,958,033 


1, 958, 033 




















Total Acreage 


40 
11, 790 

1.1 


585 
319, 6W 


8 
1.625 

.8 


6 
9,298 

.03 


80 
895 

3.0 


4 
4.238 

.002 


1,827 
194,042 

.08 


1,958,033 


1, 976, 490 


Company Oil Reserves 

Percentage Company Re- 
serves Dears to total Re- 
serves by each Field 













CONCENTRATION OF ECONOMIC POWER glQl 

Oil land acreage, by States and fields, Dallas district, as of December 31, 1938 — Con. 





New Mexico 




Monu- 
ment 
Field 


Eunice 
Field 


Eunice 
Field 


Field 


Wf 


Hobbs 
Field 


Rich- 
ards 
Field 


Non- 
Prcd. 
Acre- 
age 


Total 
Acre- 
age 


Fee- 




























































Total Fee 




















Lease- 
Producing 


44 


I 300 


40 


240 


40 


200 


4 


3i,"ii8 


1,302 




31,118 




















Total - 


44 


I 300 


40 


240 


40 


200 


40| 31,118 


32, 420 


Mineral Deed- 




30 














30 
















853 
853 


853 




















Total Mineral Deed- . 




30 












883 


Total- 
Producing 


44 


^ 330 


40 


240 


40 


200 


4 


. "3i,'97i 

a 31.971 
4 


1,332 




31, 971 




















Total Acreage 

Company Reserves (Oil).... 
Percentage Company Re- 
serves bears to Total Re- 
serves by Each Field 


44 
3, 185, 48 


2 330 
5 1,504,195 

5 1.0 


40 
19, 445 

.05 


240 
472, 858 

1.0 


40 
24, 829 

.2 


200 

887, 848 

.8 


4 
3,08 

.0 


33,303 








Ala- 
bama 
Non- 
Prod. 
Acre- 
age 


Arkan- 
sas 
Non- 
Prod. 
Acre- 
age 


Calif. 
Non- 
Prod. 
Acre- 
age 


Florida 
Non- 
Prod. 
Acre- 
age 


Georgia 
Non- 
Prod. 
Acre- 
age 


Louis- 
iana 
Non- 
Prod- 
Acre- 
age 


Miss. 
Non- 
Prod. 
Acre- 
age 


Dregon 
Non- 
Prod. 
Acre- 
age 


Wash- 
ington 
Non- 
Prod. 
Acre- 
age 


Fee— 




























































Total Fee 






















. 






















Lease- 


893 


25, 886 


7,794 


558 


2,068 


302,323 


597, 556 


15,600 


12, 928 


























Total — 


893 


25, 886 


7,794 


558 


2,068 


302, 323 


597, 556 


15, 600 


12,928 


Mineral Deed- 


187 


8,814 


301 








19, 616 




55 
































Total Mineral Deed: . 


187 


8,814 


301 








19, 616 




55 












Total- 
Producing 

Non-Producing 


1,080 


34,700 


8,0fl5 


558 


2,068 


302, 323 


617, 172 


15,600 


12,983 






















Total Acreage 


1,080 


34,700 


8,095 


558 


2,068 


302, 323 


617, 172 


15,600 


12,983 


Company Reserves (Oil) 




Percentage Company Re- 
serves bears to Total Re- 












































1 







8102 CONCENTRATION OF ECONOMIC POWER 

Oil land acreage, by States and fields, Dallas district, as of December 81, 1938- 



-Con. 









State of Oklahoma 










Asher 
Field 


Beebe 
Field 


Bow- 
Field 


Bris- 
tow 
Field 


Bur- 
bank 
Field 


Chand- 
ler 
Field 


Cush- 
iUg- 

Sham- 
rock 
Field 


Dora 
Field 


Fee- 






















































Total 




































Leases & Mineral Deeds- 
Producing 


80 


100 


20 


240 


320 


160 


160 


80 
























Total Leases & Mineral Deeds. 


80 


100 


20 


240 


320 


160 


160 


80 


Total- 
Producing-. _ 

Non-Producing 


80 


100 


20 


240 


320 


160 


160 


80 






















80 
8,562 

. 1.50 


100 
1,647 

.10 


20 
11,238 

.07 


240 
81,618 

.48 


320 
181,863 

1.45 


160 
156,951 

2.45 


160 

178, 508 

.91 








Percentage Company Reserves Bears 











"State of Oklahoma— Continued 




Dun- 
FkJd 


Earls- 
boro 
Field 


East 
Sem- 
inole 
Field 


»j3ra- 
ham 

Field 


Hay- 
ward 
Fiold 


Heald- 

ton 
Field 


In- 
ealls 
Field 


Little 
River 
Field 


Fee- 
Producing 


















Non-Producing 




































Total 


































Leases & Mineral Deeds- 
Producing 


130 


80 


120 


260 


360 


370 


80 


80 


Non-Producing 






















Total Leases & Mineral Deeds. 


130 


80 


120 


260 


360 


370 


80 


80 


Total- 
Producing » 


130 


80 


. 120 


260 


360 


370 


80 


80 


Non-Producing 






















Total Acreage 


130 
154 

.01 


80 
63, 981 

.74 


120 
2,381 

.06 


260 
213, 166 

2.40 


360 
199, 648 

15.36 


370 
284, 098 

1.86 


80 
23. 60? 

1.66 


80 


Company Oil Reserves, bbls. 

Percentage Company Reserves Bears 
to Total Reserves 


3.845 
03 








State of Oklahoma— Continued 




Lueien 
Field 


Man- 
ford 
Field 


Mar- 
shall 
Field 


Mis- 
sion 
Field 


Moore 
Field 


North 
Bethel 

Field 


North 
Earls- 
boro 
Field 


North 
Ripley 

Field 


Fee- 






















































Total Fee.- 


1.608 
















Leases & Mineral Deeds— 


192 


80 


160 


880 


320 


40 


120 


Non-Producing.. 




Total Leases & Mineral Deeds. 


1.608 


192 


80 


160 


880 


320 


40 


120 


Total- 
Producing 


1,C08 


192 


80 


160 


880 


320 


40 


120 


Non-Producing 






















Total acreage 


1.608 


192 


80 

4.980 

.07 


160 


880 
175, 379 

.88 


320 


40 

100,300 

2.23 


120 






Company Oil Reserves, bbls 

Percentage Company Reserves Boars 
to Total Reserves 


2.68 


1,906 
.07 


59, 816 
1.18 


251,016 
6.28 


10, 410 
21.21 







CONCENTRATION OF ECONOMIC POWER 8103 

Oil land acreage, by States and fields, Dallas district, as of December 31, 1938 — Con. 





State of Oklahoma— Continued 




North 
Sea- 
right 
Field 


Or- 
lando 
Field 


(Less 
Bur- 
bank) 


Polo 
Field 


Sapul- 
F?eW 


Sas- 
akwa 
Field 


Scholeno 

Alechem 

Field 


Sea- 
right 
Field 


Fee- 
Producing 


















Non-Producing . 




































TJotalFee-. 





































Leases & Mineral Deeds— 


495 


320 


480 


80 


160 


80 


40 




Non-Producing 






















Total Leases & Mineral 
Deeds. .. . 


495 


320 


480 


80 


160 


80 


40 








Total- 


495 


320 


480 


80 


160 


80 


40 




Non-Producing 
























495 
354, 705 

15.42 


320 
44, 465 

21.88 


480 
95, 450 

.30 


80 
37, 866 

1.72 


160 
90, 916 

8.27 


80 
3,177 

.08 


40 
27,758 

.54 




Company Oil Reserves, bbls 

Percentage Company Reserves 
Bears to Total Reserves 


40, 107 
50 









State of Oklahoma 


State of Kansas 




St, 
Louis- 
Pearson 
Field 


Tatum 
Fisld 


Wells- 
ton 
Field 


West 
A.sher 
Field 


Yale- 
Jen- 
nings 
Field 


Miscella- 
neous Okla- 
homa 


Padg- 
ett 
Field 


Rob- 
bins 
Field 


Miscel- 
laneous 
Kansas 


Fee- 




















Non-Producing 












187.50 


























Total fee . 












187.50 


























Leases & Mineral Deeds- 
Producing 


350 


100 


80 


80 


1,066 


1,977 
150,961.96 


80 


160 


155 
























Total Leases & Min- 
eral Deeds _ 


350 


100 


80 


80 


1.066 


152,938.96 


80 


160 


16,114.90 


Total- 
Producing 


350 


100 


80 


80 


1.066 


1.977 
151, 149. 46 


80 


160 


155 




















Total acreage... 

Company Oil Reserves, 
bbls 


350 
106. 618 

.31 


100 
66,273 

.49 


80 
354, 212 

16.10 


80 
57,411 

10.07 


1,066 
521, 237 

4.76 


153, 126. 46 
81,022 

42.46 


80 
1,609 

.27 


160 
13, 97f 

.62 


16,114.90 

n 


Percentage Company Re- 
serves Bears to Total 
Reserves 


3 14 







8104 



CONCENTRATION OF ECONOMIC POWER 



Oil land acreage, Michigan and Ohio district, as of December 31, 1938, Question- 
naire — Temporary National Economic Committee — Washington 





State of Michigan 


State 
of Ohio 




Buckeye 
Field 


Porter 
Field 


West 
Branch 
Field 


So. 
Beaver- 
ton 
Field 


Secord 
Field 


Eden- 
viUe 
Field 


Bentley 
Field 


Tif- 
fin 
Field 


Fee- 


















Non-Produclng 




































Total Fee' 


















Lease & Mineral Deeds- 
Producing 


1,080 
500 


80 
none 


102 
none 


800 
1.500 


80 
300 


2,824.11 
1,500 


1.473.43 
500 


114.50 








Total Lease 


1.580 


80 


102 


2,300 


3R0 


4,324.11 


1. 973. 43 








Total- 


1,080 
500 


80 
none 


102 
none 


800 
1,500 


80 
300 


2, 824. 11 
1,500 


1, 473. 43 
500 






none 








1,580 


80 


102 


2.300 


380 


4.324.11 


1,9;3.43 








Company Oil Reserves (by 
fields-bbls)- 

Percentage Company Re- 
serves bears to total reserves 
by each field 


2, 500. 000 
48.8 


50,000 
.01 


2,000 


50.000 
58.8 


10.000 
50 


600,000 
60 


150,000 
6 


none 









No fee acreage. 

Oil land acreage — central production district, as of December 31, 1938 





Indiana 


Kentucky 




Heusler 
Dome Field 


Birk City 
Field 


Fee- 


















Total Fee 












Lease & Mineral Deeds— 


355 
1,645 








%'" "" 




Total Lease... 


2,000 


350 






Total- 


355 
1,645 


350 












2,000 

250,000 

100% 


350 


Company Oil Reserves (bbls)., 


2.'i,000 




90% 







LC-6/ 10/39 



CONCENTRATION OF ECONOMIC POWER 8105 

The Texas Corporation 
t. n. e. c. questionnaire for oil companies 

Question 12b: For the year 1938 alone the acres owned in fee and leased, 
broken down as to states and oil fields, together with an estimate of the oil reserves 
of each such field covered by such acreage and the percentage such reserves bear 
to the total estimated reserves of the field. 

Subsidiaries of The Texas Corporation which operate in the United States — Acreage 
of oil lands and/or prospective oil lands held in the United States as of December 
31, 1938 





Acres 
Held 


Estimated oil reserves covered 
by acres held 


State-Oil Field 


Barrels 


Percentage of 
such reserves 
as to total esti- 
mated reserves 
of the field 


Alabama 


18,365 

24,624 

2,049 

137 

123,421 

7 

144 

75 

36 

267 

210 

143 

84 

165 

6 

160 

1,535 

155 

70 

160 

320 

2,190 

240 

80 

107 

603 

880 

852 

257,904 

23 

1,346 

974 

1,192 

8,829 

416, 035 

1,385 

1,263 

9,257 

860 

1,857 

90,188 

628, 777 

440 
816 
110 
160 
160 
619 
240 
160 
80 
80 
515 
320 
276 
830 
200 
843 
783 
148 
1,206 
459 














1, 770, 096 
54,058 


3.15 


El Dorado - 


1.60 








187,000 
39,000 
3,200,000 
200,000 
905,000 

1, 684, 000 
2.020.000 
3,203,000 
8, 134, 000 

17,000.000 

600,000 

832,000 

3, 470, 000 

10, 336, 000 

2, 200, 000 

1, 273. 000 

310.000 

11.284,000 

1,385,000 

2, 626, 000 

50,000 

250,000 

6, 637, 000 

5,023,000 


.64 


Athens 


.29 


Huntington Beach 


3.73 


El Segundo 


14.44 


Inglewood 


2.31 


Montebello 


5.47 


Redonao-Torrance 


8.06 


Richfield 


10.50 




8.88 


Signal Hill 


9.85 




.18 




I 6.54 


Coalinga, West 




3.61 


Belridge, North. . 


2.13 


Edison . ... 


12.38 


Lost Hills 


l!79 


Midway-Sunset 


4.84 


Kern Front 


3.79 


Mount Poso 


5.66 


Mountain View 


.19 


Qato Ridge 


3.47 


Shiells Canyon 


1 65.40 


South Mountain 


Colorado 






11,478 
161,982 

1, 143, 696 
564, 532 

4,431,908 


2.30 


lies : 


2.60 




100.00 




100.00 




50.00 


Illinois 






3,007,301 
3, 460, 883 
139, 183. 691 
2,093,931 
4,002,377 


2.86 


St. .TamPS 


64.19 


Salem 


72.78 


Olney 


63.35 


Aden 


55.65 












Eastern Kansas: 

El Dorado (Butler Co.) 


206, 373 
363, 073 
115,764 
73, 117 
197, 330 
630. 338 
1, 152. 539 
16,385 
738, 481 
44. 424 
266, 246 
26.971 
33,709 
54,650 
14, 369 
146, 023 
75, 253 
9,022 
43,429 
31, 587 


.76 


Fox Bush (Butler Co.) 


24.35 


Garden (Butler Co.) 


18.44 


Smock-Sluss (Butler Co.) 


12.47 


David (Cowley Co.) 


27.44 




86.18 


Hittle (Cowley Co ) 


22.62 




4.74 


Weathered (Cowley Co ) 


12.78 




1.21 






















2.11 














Anderson Co (Miscl Ground 





8106 



CONCENTRATION OF ECONOMIC POWER 



Subsidiaries of The Texas Corporation which operate in the United States — Acreage 
oj oil lands and/or prospective oil lands held in the United States as of December 
SI, 19S8— Continued 





Acres 
Hold 


Estimated oO reserves covered 
by acres held 


state— Oil Field 


Barrels 


Percentage of 
such reserves 
as to total esti- 
mated reserves 
of the field 


Kansas— Continued. 
Western Kansas: 

Bloomer (Barton Co.) .. 


320 
120 
160 
80 
80 
80 
317 
160 
80 
160 
342 
400 
480 

240 

160 

160 

160 

200 

10 

80 

140 

395 

400 

40 

173 

160 

80 

80 

520 

80 

62 

520 

160 

160 

40 

160 

160 

200 

480 

240 

160 

160 

200 

480 

480 

160 

80 

80 

6 

390 

160 

160 

140 

320 

8,025 

3,333 

3,006,461 

1,111 

8,341 

340 

1,095 

476 

80 

3,105 

9,364 

6,854 

10,060 

124, 116 

80 

2,146 


1,901,533 
420,000 

14, 994 
199, 220 

50,000 

105, 850 

1,165,962 

29,096 
400,000 

50,000 

80,000 
1, 912, 789 

14,499 

15,091 
240,000 

58,340 

18, 459 
257, 523 

44, 166 

3,656 

240,000 

33,844 
200,000 
1, 031, 939 
100,000 
721, 759 
180, 000 
195, 453 

60,000 
1, 319, 503 

60,000 
135,000 
360,000 

90,036 
223,296 

36, 732 
800,000 
160,000 
156,926 
960, 000 
168,806 
800,000 
446, 331 
107. 448 
3, 402, 173 
2, 2K2, 345 
579, 256 

54,510 
240,000 
5,284 
796, 841 
600,000 
309,464 
160,000 
120, 000 


16.59 


Clawson (Barton Co.) 


15.00 


Eberhardt (Barton Co.) 


24.78 


Ellinwood, W (Barton Co ) 


25.49 


Feist (Barton Co ) 


23.40 


Hiss (Barton Co ) 


19.56 




17.81 




3.04 




20.00 




.47 




8.35 


Bemis (Ellis Co.) 


7.49 




2.52 


Shutts (Ellis Co.) 


.66 


Ubert (Ellis Co.) 


16.51 




4.25 


Heiken (Ellsworth Co.) 


9.60 


Lorraine (Ellsworth Co.) 


2.90 


Hollow-Nikkei 


1.40 


Chindberg 


.45 


Oraber 


3.11 




.36 


Buhler 


6.52 
3.79 


Sterling 


33.33 


Chase :. 


5.55 




30.77 




10.30 


Richard .. - 


11.28 


Silica . - - 


3.78 


Welch, North 

Wenke, We^t 


24.12 
8.04 


Faubin 


45.05 


Winget 


42.05 


Atherton 


13.87 


Big Creek ■ 


1.58 


Coralena, So 


44.54 


Fairfield 


22.22 


Fairport 


4.32 


Foster "A" 


50.13 




9.98 




27.82 


Hall.. :...:::::::::::::::::::::::::::::::"::"::::::: 


, 7-88 
17.36 


Neiderthal 


Sullivan 


32.04 


Trapp 


4.74 


Vaughn .... - 


20.98 


WUliamson 


30.08 


Eastborough, No _ 

Robbins - .. 


20.00 
.56 


Kipp 


48.00 


Zenith 


3.14 


Wellington 


8.54 


Zyba 


13.37 




4.83 


Kentucky 




Lee County-Big Sinking 


1; 551, 439 




T.niii<ii»nf^ 




Pine Island 


713,855 

567, 729 

85, 134 

94, 554 

196, 680 

42,854 

369, 514 

12,118,547 

12.453,896 

70, 886, 604 

2, 234, 636 

466, 374 

548,775 


} 6.58 


Caddo - 


Carterville-Sarepta 


9.47 


Elm Grove 


13.76 




2.52 




.65 




7.27 


Bay St. Elaine 


100,00 


Berwick 


100.00 


Caillou Island... 


. 100.00 




19.72 




2.50 


Cheneyville 


13.44 



CONCENTRATION OF ECONOMIC POWER 



8107 



Subsidiaries of The Texas Corporation which operate in the United States — Acreage 
of oil lands and/or prospective oil lands held in the United States as of December 
81, 1938— Continued 





Acres 
Held 


Estimated oil reserves covered 
by acres held 


State-Oil Field 


Barrels 


Percentage of 
such reserves 
as to total esti- 
mated reserves 
of the field 


Louisiana— Continued. 
X)og Lake 


10, 140 
665 
20,000 
60,000 
8:222 
13,120 
15, 782 
3,793 
53, 560 
1,595 
8,900 
3,716 
7,200 
1,054 
10,860 
14. 599 

350 

184, 799 

80, 200 

13, 778 

2,408 

520 

561,835 

205,309 

1,680 

2,661 

850 

3,775 

1,197 

2,085 

2,627 

2,560 

1,640 

2,315 

5,113 

960 

493, 862 

80 
30 
80 
105 
320 
80 
40 
80 

414 
500 
20 
160 
320 

'£ 

240 
400 

1,520 
160 
160 
160 

1,360 
640 
320 
480 
320 
480 
320 
320 
320 
160 


13, 248, 593 
11,161,164 
995, 357 
12, 207, 766 
1,350,000 
9,448,960 
13,626,506 
11,977,012 
100, 092, 208 

8, 758, 227 
960,000 

9, 641, 360 
11,528,441 
34,768,114 

8, 468, 170 

, 1.195,022 

104,826 


100 00 






Fausse Point 


100 00 


Garden Island Bay 


lOO 00 


Oillis 


5 72 


Golden Meadow 


100 00 


Horshoe Bayou 


100 00 






Lafltte _. .._ 












LakePelto 




LeesviUe. 




New Iberia 








Ville Platte 


3 06 


Vinton 


1 43 


MicMpan 




Mississippi .^ 






Montana .. .... 






Cut Bank 


9, 250, 847 

1, 742, 688 

386, 073 


20 31 


Kevin, Sunburst 


16 68 


Pondera. 


30 43 


Nebraska... 




New Mexico 






Cooper-Lynn 


9.'i6,915 

49,011 

1, 731, 534 

2,929,621 

2,140,000 

4,198,843 

321, 571 

194, 179 

501, 007 

23,298,037 

15,020,334 


6 42 


Corbin 








Ea-stJal 








Hobbs . .. 




Jal 




Lea 




Lynch 


60 22 


Monument 


9 69 


Vacuum. 


16 71 


North Dakota 




Oklahoma 






North Oklahoma: 

Garber (Garfield Co.) . 


21, 784 

160,825 

9,690 

58,352 
331,932 
174, 023 

52, 376 
139,000 

100, 788 
147, 458 
24, 521 
37, 089 
302, 573 
131, 163 
3, 180, 925 
34, 454 
88,832 

1, 248, 031 
80, 943 
5,607 
9,547 
419,026 
63,342 
9,254 
29,200 
31. 486 
634, 980 
14, 248 
23, 698 
28, 787 
10,368 


.58 


Lament (Grant Co.) 


12 50 


Blackwell (Kay Co.) 


69 


Mervine (Kay Co.) 


100 00 


Tonka wa (Kay Co.) 


6 41 


Crescent (Kay Co.) 


2 52 




1.71 


Polo (Noble Co.) 




Central Oklahoma: 

Davenport (Lincoln Co.) 


8 33 


Oessman (Lincoln Co.) 


84 55 


Stroud (Creek Co.) 


2.90 


Miscellaneous (Creek Co.) 








Maramec (Pawnee Co.) 


11 59 






March. . 




Norfolk 




Osage District: 

Atlantic (Osage Co.)^ 












Bamsdair, So. (Osage Co.) 








Flat Rock (Osage Co.) 




Hominy Falls (Osage Co.) 


9.20 






















Tidal-Osage (Osage Co.). . 




wiidhorse (Osage Co.).: ::.::::::;::::::::::::: 


1.09 



8108 



CONCENTRATION OF ECONOMIC POWER 



Subsidiaries of The Texas Corporation which operate in the United States — Acreage 
of oil lands and/or prospective oil lands held in the United States as of December 
SI, 1938— Continued 





Acres 
Held 


Estimated oil reserves covered 
by acres held 


state-Oil Field 


Barrels 


Percentage of 
such reserves 
as to total esti- 
mated reserves 
of the field 


Oklahoma— Continued. 

Osage District— Continued. 


160 
320 
160 

201 
80 
40 
165 
160 
113 
187 
214 
30O 
40 
160 
240 
82 
450 
116 
100 
80 
80 
300 
81 
80 
280 
160 
120 
80 

560 
25 
800 
280 
160 
400 
1,996 
981 
140 

389 
90 
589 
538 
100 
90 
80 
200 
180 
240 
480 

80 

268 
40 
160 
951 
400 
240 
1,739 
1,400 
350 
476 
80 
120 
40 
67 
80 

) .08 


2,498 
83, 142 
14, 166 

118,595 
8,144 

28, 156 
6,818 

11.167 
378, 534 
145, 573 
368, 591 
1, 187, 096 

12, 952 
2, 630. 353 
451, 585 
257, 040 
833,869 
187, 028 
350,000 
122, 250 
196, 570 
1,741.207 

52,285 

50,598 
281, 152 
689, 885 
136,213 
100, 000 

491,314 
13, 990 
62, 516 

2.38.026 
16, 751 
58, 325 

360. 872 

540.000 
7,038 

590. 806 
39. 716 
581. 992 
1,145,656 
70. 503 
22, 872 
25, 416 
393, 364 
214. 233 
800.000 
440,000 

31, 947 

140, 036 
67, 381 
30,564 
1, 404. 199 
47,620 
95, 148 
994,952 
116.989 
95. 466 
84. 867 
13. 196 
29,531 
6,142 
39, 837 
11,738 

41,866 








East Hominy... 


11.33 


Seminole District: 

Fish (Hughes Co.) 




HoldenvUle, West (Hughes Co.) . 




Papoose (Hughes Co.) 


2 96 


Spaulding (Hughes Co.) . 


47 06 


Yeager, North (Hughes Co.) . 


30 36 


Gray (Pottawatomie Co.) 


20 87 


Maud (Pottaw.itomie Co.) 


6 95 


St. Louis (Pottawatomie Co.) 


.59 


Alien (Deep) (Seminole Co.) ..._ 


8.67 


Bethel, North (Seminole Co.) 




Bowlegs (Seminole Co.) 


7 88 




5.62 




1.89 




6.25 




2.85 




32.53 






Konowa, West (Seminole Co.) 


36.11 


Little River (Seminole Co.) 


7.48 


Little River, East (Seminole Co.) 


1.72 


Searight (Seminole Co.) . 

Seminole City (Seminole Co.) 


1.01 
1 06 


Seminole, East (Seminole Co.) 


5.86 


Seminole, West (Seminole Co.) 


2.66 


Miscl. (Seminole Co.) 


6 05 


East Central District: 
Josey (Okfuskee Co.) 


100.00 




5.60 


Bald Hill (Okmulgee Co.) 


2.50 




34.75 




15.81 




5.55 




10.31 


Turley (Tulsa <t Osage Cos.) . . 


32.87 


Wicey (TuLsa Co.) 




Southwestern District- 
Cathey (Carter Co.) 


100.00 


Graham (Carter Co.) 




Healdton (Carter Co.) 


1.71 


Hewitt (Carter Co.) 


8. 08 


Tatums (Carter Co.) 


1.91 


' Tussy (Carter Co.) ^ 


.44 


Walters (Cotton Co ) 


1.15 


Robberson (Garvin Co.) 

Loco (Stephens Co ) 


13.75 
23.81 


Milroy-Deep (Stephens Co ) 


9.28 


Miscl (Stephens Co ) 


79.93 


Oklahoma City District: 
Edmond 


.41 


East Central Oklahoma District: 
Bristow (Creek Co ) 


2.76 




3.93 




8.95 




4.64 




4.07 




3.58 


Glenn Pool (Creek Co.) 


10.51 




68.18 


Kelleyvllle (Creek Co ) 


6.36 




2.12 




.82 




1.18 




2.46 




6.64 




3.83 


Northeastern Shallow Stripper District: 

Chelsa (Rogers Co.) 

Delaware-Childers (Rogers Co.) 


.10 



CONCENTRATION OF ECONOMIC POWER 



8109 



Subsidiaries of The Texas Corporation which operate in the United States — Acreage 
of oil lands and/or prospective oil lands held in the United States as of December 
31, i5SS— Continued 





^^ 


Estimated oil reserves covered 
by acres held 


State-OU Field 


Barrels 


Percentage of 
such reserves 
as to total esti- 
mated reserves 
of the field 




1,874,918 

20 
39 
300 
611 
917 
80 
400 

3,452 
932 

2,222 
250 

1,188 

4,036 
815 
252 

1,255 
400 

2,338 

9,733 

26 

380 

20, 720 

80 

3, 010 

731 

1,755 

27, 558 

1,408 

240 






Texas OuU Coast District: 


75,000 

474,882 

1,066,000 

45, 173 

33, 288, 846 

200,000 

1, 534, 647 

2, 123, 642 

13, 025, 556 

968,845 

28,919,964 

9,360,000 

3. 045, 261 

6, 441, 506 

4, 456, 241 

4, 760, 349 

6, 775, 625 

446, 515 

22, 470, 629 

24, 549, 136 

1,770 

1, 562, 177 

456, 183 

816, 252 

6, 940, 871 

1, 976, 984 

3, 353, 072 

3, 492, 784 

5, 002, 416 

1, 705, 051 

606, 089 

115, 349 

10, 669 

6,151 

1, 100, 499 

170,968 

1, 076, 946 

7, 152, 862 
155,656 

553 
120.000 
315, 623 
439,200 
326,240 
18, 541, 944 

1, 036, 099 
297,J74 
940;777 
83?, 181 

1. 200, 847 

11,999.752 

334, 427 

388.982 
1.53, J99 
14,'^2 
263,099 
400. 274 
197, 753 
82, 423 
L 367, V84 

13,892,793 
40, 475, 7fi0 
21, 181, 743 
3,450.898 


1.14 


Barbers HiU 


2.80 


Big Creek 


43.43 




3.95 




6.46 


Dickinson-QiUock 


.63 


Hardin 


11.43 


Hull 


17.95 




76.00 


Kubela 


64.99 


Manvel 


93.68 




6.44 




92.66 




94.94 


Sour Lake 


74.04 




2.66 


Tomball 


11.30 




10.14 




82.96 




69.07 


South Texas District: 


.10 




26.27 


Eagle Hill 


18.34 


East White Point .. . 


6.32 




24.79 


Qanado 


100.00 


Onvfirnmfint. Wftlls 


8.43 


Jennings (Esoobas) 


50.00 


Loma Novia 


12.54 


O'Hern 


8.25 


Pjp.dre T.iimhro (InnUided in Faplp Hill) 


11.31 


Pettus 


353 

388 
8,074 
160 
326 
902 

624 
170 

497 
131 

1,050 
122 
400 
277 

3,543 
669 
1,161 
9.544 
2,298 
7,977 
780 

695 

925 

472 

1,500 

3,611 

277 

3ra 

17,193 

12,440 
22,989 
5.768 
3,114 


6.72 


Port Lavaca 


33.40 


Roma 

Seven Sisters 


100.00 
4.12 


South Seven Sisters 


14.94 


South Clara Driscoll 


18.36 


South Central Texas District: 
Dirst Creek 


37.66 


Salt Flat 


2.28 


East Central Texas District: 
Boggy Creek 


.22 


Camp Hill 


9.09 


Flag Lake 


36.69 




10.30 




2.00 


Van 


6.62 


North Texas District: 


4.18 




11.59 




7.30 


Foard County 


89.27 
11.35 


Wilbarger-Wichita Cos. (incl, K. M. A. Archer Co.).... 


5.78 
1.37 


West Central Texas District: 


7.03 




7.72 




.52 




3.47 




6.32 




.93 




.73 




10.50 


Panhandle County: 


12.90 




12.73 




9.14 


Wheeler County 


12.48 



124491— pt. 14-A 27 



8110 



CONCENTRATION OF ECONOMIC POWER 



Subsidiaries of The Texas Corporation which operate in the United States — Acreage 
of oil lands and/or prospective oil lands held in the United States as of December 
SI, i5S5— Continued 



State— Oil Field 



Texas— Continued . 
West Texas District: 

Andrews County 

Cochran County -. 

Crane-Upton Cos. (Cliurch-Fields) 

Crane Co. (Dunes) 

Orane- Upton Cos. (McCamey) 

Crane-Ector Cos. (Jordan) 

Ector County (Connell) -.. 

(Foster) 

" " (Harper) 

" " (North Cowden) 

Hockley Co. (Slaughter)... 

Ward Co. (So. Ward). >... 

Winkler Co. (Hendrick) 

(Sand Belt -Eaves) 

East Texas District: 

East Texas Field 

Rodessa 

Sulphur Blufl 

Talco 

Utah 

Wyoming 

Bte Muddy 

LaBarge ..., 

Maverick Springs 

Oregon Basin 

Bait Creek 




Estimated oil reserves covered 
by acres held 



Percentage of 
such reserves 
as to total esti- 
mated reserves 
of the field 



320,000 


.60 


S55,336 


7.09 


1,965.933 


2.63 


158, 131 


3.14 


1,842,994 


6.02 


6,051,418 


17.25 


2,641,893 


11.16 


240,000 


.89 


1, 271, 794 


5.85 


2, 091, 061 


4.40 


23, 242, 351 


47.60 


824. 776 


1.15 


848, 790 


3.27 


628,993 


.80 


30, 730, 626 


1.26 


3, 658, 041 


3.62 


53,760 


1.14 


. 416, 383 


1.19 






149, 231 


3.13 


3, 349, 632 


68.76 


640. 000 


5.36 


8, 781, 128 


9.96 


1,219,082 


1.11 



Note.— Acreage as shown in the State totals in this answer includes some land owned in fee but leased 
to others; such acreage Is not incliided in figures for Individual fields. 

In regard to land leased from others, where a fraction of the working interest is owned, only a proportionate 
amount of the total acreage is included in our figures. No acreage is included in respect of leased land 
which has been sublet or a,ssiened to others, and only a- royalty interest retained. 

Estimated reserves are on a gross working interest basis, that is,' in proportion to our working interest 
without deduction for royalty interests of others, and not including royalty interests owned by us where 
others have the working mterest. 



CONCENTRATION OF ECONOMIC POWER 8111 

Tide Water Associated Oil Company 
Answer to question 12 (h), -producing acreage and oil reserves, December SI, 19S8 





Field 


Producing Acres 


Estimated 
Net Reserves 

Owned by 
T. W. A. O. 
Co., Barrels 


% of Total 


State 


Fee 


Leased 


Reserves of 
the Field 








2.974 

269 

9,814 


500,000 
3,000,000 
2, 700, 000 
















826 












825 


10.083 


5,700,000 














4,880 
1, 537 
6,416 
205 
547 
5,612 
6,005 


75, 000, 000 
17, 000, 000 
6.250.000 
1, 650, 000 
16,000,000 
12,500.000 
2.600,000 








60 




















Yates 








West Texas— Scattered Leases 




0.80 












60 


25,802 


130, 900, 000 














2,318 

90 

14,229 


6,000,000 

800,000 

2,400,000 














Coastal... 


















14, 319 


3,200,000 






OU Fields 






Illinois 


467 


8.589 
40 


1,860,000 
160,000 






Salem 






Total nifnois 








467 


8,629 


2,000,000 






Bradford... 








2,704 

1,120 

20 

1,060 


1.500,000 
13, 118, 187 
367:728 
11, 737, 405 
16,617,266 
6, 903, 456 
3, 369. 825 
6.782,980 
8. 165, 186 
6,487.617 
1. 425, 753 
1, 171, 060 
Ij 877, 450 
3, 565, 789 
596, 828 
1,394,822 
332, 085 

70, 119, 500 

123.797 




California 


Coalinga 


2.281 

'2.999 
320 
270 
200 
818 
1,115 
5 


21 16 




Kettlemau Hills, Whipley. Amerida 
Kettleman Hills, K. W. D. A 


} 2.16 
} 37.94 








LostHiUs 


2,881 
"'"1.540 






North Belrldge. 






Midway . 






McKittrlck — . 








47 
30 














. 200 
1 








164 
36 
63 
86 






Richfield.. 






Seal Beach ... 


















443 








3,884 
503 
















160 














8,812 


11,424 


154, 145, 734 






Total AU Fields . . 




Total States .. 


10,164 


78, 2.W 


303, 945, 734 











' Not commercially productive. 
» New discovery— no estimate. 

Great Southern Oil Company 

Producing acreage and oil reserves, December SI, 19S8 — Answer to question ilS-b 

Producing Acreage (All in SaUyards Field, Kansas) 

Fee None. 

Leased 4,070. 

Total 4,070. 

Total estimated field reserves 800,000 Barrels. 

Total estimated Company owned reserves 500,000 Barrels. 

% Company owned of Total Field 62.5%. 



8112 CONCENTRATION OF ECONOMIC POWER 

West Coast Oil Company 
IS (b) Estimated oil reserves as at December 31, 1938 



State 


Field 


Acreage 


Net Reserves 
(Barrels) 


% of Total 
Reserves of 
the Field 


California-... 


Olinda 


167. 53 
119.25 


814, 101 
236,649 


3.19 




Lost Hills 






Total ... 






276.78 


1, 050, 750 











Reward Oil Company 
12 (h) Estimated oil reserves as at December 31, 1938 



State 


Field 


Acreage 


J^et Reserves 
(Barrels) 


% of Total 
Reserves of 
the Field 


Csltromia 


McKittrick 


184.27 
250 
70 


1,082,432 
744,406 


4 33 




Lost Hills 


4.14 


M 


Midway 


(1) 




Total 






604.27 


1,826,838 











• ffot commercially productive. 

Sterling Oil and Development Company 
12 (6) Estimated oil reserves as at December St, 1938 



State 


Field 


Acreage 


Net Reserves 
(Barrels) 


% of Total 
Reserves of 
the Field 


Oallfomia — 


Kern 


160 


1,075,867 


1.74 









Pioneer Midway Oil Company Consolidated 
12 (6) Estimated oil reserves as at December 31, 1938 



State 


Field 


Acreage 


Net Reserves 
(Barrels) 


% of Total 
Reserves of 
the Field 


CMtfomtR 


Midtvay 


646.72 


50,399 


0.02 









Pantheon Oil Company 
12 (6) Estimated oil reserves as at December 31, 1938 



State 


Field 


Acreage 


Net Reserves 
(Barrels) 


% of Total 
Reserves of 
the Field 


California 


CoaUnga. . ., 


120 


963,560 


1.65 









oONCENTRATION OF EGONOMIC POWER 

Union Oil Company op Caxifornia 

Data relative to acreage held and oil reserves as of December 31, 1938 

(1) PROVEN ACREAGE 



8113 



State and Field 



Proven 
Acreage 



Estimated 

Oil Reserves 

Underlying 

Proven 

Acreage « 



% Estimated 
Oil Reserves 

to Field 

Total' 



California: 

Belridge— North 

Belridge— South - 

Brea Olinda .. - 

Coalinga - — j 

Coyote— East - 

Dominguez -.- 

Edison - 

Elk' Hills 

Huntington Beach .. 

Kern River 

Kettleman-North Dome... 

Lon? Beach . . 

Midway-Sunset 

Montebello . 

Mount Poso 

Playa del Rey - 

Richfield :. 

Rio Bravo 

Rosecrans , 

Santa Fe Springs...... ,. 

Santa M'aria 

'Ventura-Newhall 1 

Total California 

Texas: Refugio — 

Wyoming; Maverick Springs, Circle Ridge, Lake Ci«ek, Lance 
Creek and So. Sunshine 

Total 



60 
30 
818 
440 
460 
706 
25 
130 
84 
40 
770 
31 
624 
153 
205 
300 
446 
340 
273 
244 
6,454 
1,325 



1, 275, 661 

30,300i658 

448,706 

3 5,053,532 

123,433,573 

260.213 

197,971 

1,625,393 

217,503 

20,356,379 

3,494,701 

2,516.315 

2.410.365 

3.402,992 

6,371,870 

10,937,126 

.17,601,954 

22.565.945 

31.793,954 

100, 658, 227 

4,986,978 



13,957 
200 



398,961,539 
1,543,953 



413,997,037 



(2) UNPROVEN ACREAGE 




State and County « 


Unproven 
Acreage ' 


State and County * 


Unproven 
Acreage * 


California: 


6,413 
31,129 

2,247 
12,786 

4,8,53 
•2.887 

3,336 
81. 196 

3.423 
.1.560 
61, 777 


Texas:- 






Callahan 




King 










640 






1,036 
697 


San Benito ,.-.--. 


Jones 




Kimble 


160 






2.870 




Nolan. . 




Tulare 










4,800 




Wharton 


98S 


Total California 


211, 607 

560 

15,223 

32.037 




724 






640 


Wyoming 








25,349 






284,776 









Notes: 

• Includes acreage in which the Company has a partnership interest with others, some of which is operated 
by these partners. 

• Total estimated reserves of Company and partner operated acreage, before deducting royalty and part- 
nership interests. The Company's share of these reserves approximated 283,750,000 barrels in Callfomk, 
1,450.000 barrpls in Texas and 8.100,000 barrels in Wyoming. 

• The Company does not have any record of the total crude oil reserves for each field. 
< Betails of unproven acreage by field:! is not available. 



APPENDIX V 

CRUDE OIL AND GASOLINE TRANSPORTED FOR THE ACCOUNT OF 
OTHERS 

replies to supplemental questions 16e and 19b of t. n. e. c. 
questionnaire 

Atlantic Refining Company 
supplementary 16e 

Ques: In answering item 16e, the reporting company indicated that the crude 
oil trsfnsported was not enth-ely owned by the transporting company and its 
subsidaaries. Indicate other companies or persons for whom the company 
transported crude oil. 

Ans: The Company transported crude oil for the following companies: Humble 
Oil and Refining Co., Magnolia Petroleum Co., Tidal Refining Co., Pasotex Pipe 
Line Co., American Liberty Oil Co., The Texas Company, Golding & Murchison 
Oil Co., James B. Berry Sons Co., Bee Oil & Refining Co., The Toronto Pipe 
Line Co,, Houston Oil Co., United Prod. Corp., Phillips Petroleum Co., R. B. 
Swiger, Greta Oil Corp., Union Producing Co., Siznod Oil Corp., Neill and Peter- 
son, Rutherford Oil Co., Franston Oil Co., Warren & Carmos Drilling Co., Tusca 
Oil Co., Shasta Oil Co., B. M. & J. D. Henderson, Jr., Landreth Production Corp., 
Buckingham Oil Co., Bertelson Production Co., United Gas Public Service Co., 
Stanolind Oil & Gas Co., Standard Oil Co. of Texas, Morgan & Morgan, Republic 
Natural Gas Co., Barnsdall Oil Corp., Eleanor Oil Corp., P. W. Slemp, Trustee, 
and Danrey Oil Co. 

Consolidated Oil Corporation 

supplementary 16e 

Ques: In answering item 16e, the reporting company indicated that the crude 
oil transported was not entirely owned by the transporting company and its 
subsidiaries. Indicate other companies or persons for whom the company 
transported crude oil. 

Ans: Substantially all of the pipe line facilities included in the original ans\^er 
to Question 16 are operated as a common carrier for hire, engaged in the transpor- 
tation of crude petroleum or a mixture of petroleum products and crude petroleum 
at published tariff rates and under regulations prescribed by the Interstate Com- 
merce Commission. Said pipe line facilities are utilized principally for the trans- 
portation of oil owned by wholly-owned subsidiaries of the reporting company. 
Oil is also transported for persons not affiliated directly or indirectly with the 
reporting company. Following is a list of substantially all such non-affiliated 
persons for whom oil Was transported through said pipe line facilities during the 
year 1938: 

The Pure Oil Company The Texas Empire, Pipe Line Company 

The Falls Refining Company The Buckeye Pipe Line Company 

LaSalle Petroleum Company Humble Pipe Line Company 

Panhandle Refining Cornpany Magnolia Pipe Line Company 

Southland Refining Company Stanolind Pipe Line Company 
White, Duman and Dye 

Continental Oil Company 

supplementary 16e 

Ans: The reporting company and its subsidiaries sold and delivered crude oil 
to the following companies during the period covered: 

Humble Oil and Refining Company David C. Reid, Incorporated 

Gulf Refining Company Socony Vacuum Oil Company 

Omar Refining Company Kanotex Refining Company 

Barnsdall Oil Company Superior Oil Company 

Globe Oil and Refining Company Others (negligible) 
Minnelusa Oil Corporation 

8115 



8116 CONCENTRATION OF ECONOMIC POWER 

Phillips Petroleum Company 
supplementary 16e 

Ques: In answering item 16e, the company indicated that the crude oil trans- 
ported was not entirely owned by the transporting company and its subsidiaries. 
Indicate other companies or persons for whom the company transported crude 
oil. 

Ans: Companies other than Phillips Petroleum Company and subsidiaries for 
which crude oil was transported 1929 to 1938, inclusive. 

Anderson and Kerr International Petroleum Company 

Antelope Creek Oil Company Johnson Oil Refining Company 

Atlantic Oil Production Company King Oil Company 

Barnsdall Oil Corporation Knox Garvin Oil Company 

Cockerell Mcllroy Oil Company McMillan Petroleum Corporation 

Danciger Oil and Refining Company Mid Continent Petroleum Corporation 

Empire Oil and Refining Company Midwest Exploration Company 

Globe Oil and Refining Company Old Dutch Refining Company 

Globe Pipe Line Company Shamrock Oil and Gas Company 

Harvester Oil Company Skelly Oil Company 

Huber Petroleum Company The Texas Company 

Huffman Oil Corporation Turman Oil Company 

Humble Oil and Refining Company Vickers Petroleum Company 

Indian Refining Company Wilcox Oil and Gas Company 

The Pure Oil Company 

supplementary 16e 

Ques: What proportion of crude oil transported in the pipe lines (as given in 
answer to 16-c) was for consumption by the reporting company, its subsidiaries 
and affiliates? 

Ans: The answer to Item 16c shows the number of barrels of crude oil gatljered 
and transported. The answer to Item 17 shows the barrels of crude oil run to 
refinery stills. By a comparison of these figures the relationship of total pipe line 
movements to refinery runs can be observed. However, only part of the crude 
oil handled by the pipe lines is ultimately delivered to and processed in our own 
refineries. This is accounted for in a large part by the fact that all of the pipe 
lines are not connected directly to our refineries. In some localities gathering 
lines only are operated and part of the oil gathered is sold to others, while the 
balance is handled for the Company through either tank cars or by other pipe 
line companies thus accounting for the difference between gathering and trunk 
line quantities handled. In some localities the oil gathered and transported 
exceeds our local refinery requirements and the excess of crude oil is sold, while 
in other cases the oil gathered and transported is inadequate for our local refinery 
need^ and purchases are made to cover these deficiencies. These purchases may 
come through pipe lines other than those controlled by the reporting company, 
tank cars, barges, or boats and be delivered to the storage tanks located at the 
refineries. Also, a small quantity of crude oil is handled for the account of others. 
For these and other reasons it is impossible to develop a substantially correct 
answer to this item. 

Skelly Oil Company 

supplementary j6e 

Ans: Answer to letter of July 14, 1939: 

Apparently an erroneous conclusion was drawn from reporting company's origi- 
nal answer in that the difference between the total quantify of oil transported and 
the total transported for consumption by the reporting company was assumed to 
be oil .that was not owned by the reporting company. 

Of this difference the major portion was purchased and resold by the reporting 
company. A substantial portion of such sales were to the El Dorado Refining 
Company, El Dorado, Kansas, and other sales were to various purchasers in 
smaller quantities. 

Of the oil transported by reporting company thai was owned by others a 
substantial portion was for "the El Dorado Refining Company mentioned above 
and continued throughout the period covered. The remainder of such oil trans- 
ported for others was transported intermittently, none of such transportation 



CONCENTRATION OF ECONOMIC POWER gH'J 

arrangements continuing for more than three years. The companies for which 
such oU was transported were: 

Empire Oil & Refining Company _. Bartlesville, Oklahoma 

Derby Oil Company . ^_- Wichita, Kansas 

Independent Oil & Gas Company. , — Tulsa, Oklahoma 

Shell Petroleum Corporation _ Tulsa, Oklahoma 

White Eagle Oil & Refining Co Kansas City, Missouri 

Golden Rule Refining Company Wichita, Kansas 

Stanolind Crude Oil Purchasing Company. Tulsa, Oklahoma 

Kanotex Refining Company Arkansas City, Kansas 

National Refining Company Bartlesville, Oklahoma 

Phillips Petroleum Company Bartlesville, Oklahoma 

Dickey Oil & Refining Company Wichita, Kansas 

Barnsdall Refineries, Inc Tulsa, Oklahoma 

Continental Oil Company Ponca City, Oklahoma 

Ninnescah Oil & Gas Company Wichita, Kansas 

Sinclair-Prairie Oil Marketing Company Tulsa, Oklahoma 

Report of Socony-Vactjum Oil Company, Inc. to Temporary National 
Economic Committee, Washington, D. C., Questionnaire for Oil Com- 
panies 



Supplemental information requested concerning question 16e. — Other companies for 
whose account S-V transported Crude Oil by pipe line 





1929 


1930 


1931 


1932 


1933 


1934 


1935 


1936 


1937 


193S 


American Mineral Spirits Co 














X 


' 


X 




Associated Oil Co 












X 


_ 


Atlantic Oil Producing Co 


X 


X 


X 


X 


X 
X 




I 






Atlantic Pipe Line Co 












Bankline Oil Co 


















X 




















X 






X 


















R. R. Bush Oil Co. 






















X 


X 


X 


X 


X 


I 


X 


X 






Cities Service Oil Co 




X 


Continental Oil Co 


X 






















X 


X 


X 


X 


X 


X 


X 


X 
X 




H. H. Cross 






Crown Contr'il Petroleum Corp 










X 
X 










Derby Oil Co 






^ 


X 












Dickey Oil Co ....: 








X 


X 


X " 




Dixie Oil Co 


X 


X 












East Texas Refining Co 








X 
X 






















X 


X 


X 
X 




E. A. Gibson Co , Ltd 














Gulf Pipe Line Co 




X 


X 


X 


X 


z 


X 


■ 




Gulf Production Co 


X 
X 






Gulf Refining Co 














X 


X 


X 


Gypsy Oil Co 


X 
X 
X 


X 


X 


X 








Houston Oil Co. of Texas 














Humble Oil & Refining Co 














X 


X 


X 


Indian Territorv Illuminating Oil Co 




X 












A. Johnson & Co., Inc 


















X 


Kaw Pipe Line Co 
















I 


X 

z 


X 


Lion Oil Rr.iing Cn 






X 










X 


W. C. McBridc. Inc 








X 








McMan Oil & Gas Co 




X 
















Marine Oil Co 


X 
























X 


X 


X 
X 


X 


X 






Mid-Kansas Oil & Gas Co .. 






































X 


X 
X 


X 
X 


X 










Norwalk Oil Co.. 




























X 












X 


X 












I 


X 


X 


















X 
X 










Richfield Oil Corp 






X 


X 


X 


r 


X 


X 








X 




Root Ref:nint Co 




X 


X 
X 
- X 
X 














Shell Oil Co 






X 
X 

X 


X 


X 


X 






Shell Petroleum Co 










X 




x' 


X 


X 
X 


















X 
X 






~ Standard Oil Co. (Calif.) 








X 


X 


X 












X 
' X 








Stanolind OU & Gas Co 






X 


X 


X 


X 


X 


X 


z 



8118 



CONCENTRATION OF ECONOMIC POWER 



Supplemental information requested concerning question 16e. — Other companies for 
whose account S-V transported Crude Oil by pipe line — Con. 





1929 


1930 


1931 


1932 


1933 


1934 
~x" 


1935 


1636 


1937 


1938 




X 


X 


X 


X 




X 


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X 


X 


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X 


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X 










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X 
X 


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Tide Water Associated Oil Co 


X 

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X 


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X 
X 


X 


X 


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X 


X 










X 
X 


X 
X 
























Wilshire OU Co - - 


X 


X 

































Including Vacuum Oil Co. prior to merger with Socony-Vacuum Oil Co., Inc., also includes as far as 
possible data'for companies acquired by Vacuum Oil Co. or Socony-Vacuum Oil Co., Inc. 

Standard Oil Company (Indiana) 
supplementary 16e 

Ques: It is noted in item 16e. that prior to 1934 the reporting company moved 
in its pipe lines a substantial amount of crude oil which was not owned by the 
company or its subsidiaries. Please indicate the other companies or persons for 
whom the reporting company transported crude oil. 

Ans: Prior to the year 1934, the reporting company transported substantial 
quantities of Crude Oil to the refineries of the Sinclair Refining Company. This 
accounts for the reduced percentages prior to the year 1934. 

Sun Oil Company 



SUPPLEMENTARY 16E 

Ans: In answer to Question No. 16e. it was stated that a certain proportion of the 
crude transported was not for the consumption of the Sun Oil Company and 
subsidiary compianies. At the time the oil was transported, title to the oil was 
vested in the Sun Oil Company or subsidiary companies, but a portion of the oil 
was sold to other companies at the pipe line terminals. On this basis, therefore, 
this portion of the oil was not for the consumption of the Sun Oil Company and 
subsidiary companies. 



9. O" 



CONCENTRATION OF ECONOMIC POWER 



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CONCENTRATION OF ECONOMIC POWER 









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CONCENTRATION OF ECONOMIC POWER 



8121 



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§;[22 CONCENTRATION OF ECONOMIC POWER 

Union Oil Company of California 

Supplementary 16e and 19e 

Ans: With respect to the crude oil and natural gasoline transported for others 
through the Company's pipe lines, a list of such companies as were involved 
throughout the period covered by the questionnaire could only be obtained by 
analyzing such movements in each year and would entail a very considerable 
amount of clerical work which we wish to be excused from if it is at all possible. 
Except for a contract whereby the Company transported such products for the 
Shell Oil Company throughout the period until December 1936, at which time the 
latter company commenced to operate a line to their refining facilities, the greater 
portion of the transportation for others was in connection with exchange agree- 
ments whereby one company took certain receipts at one point and delivered like 
quantities elsewhere more or less as an accommodation to avoid duplication of 
pipe lines in fields wherein one company's interests were not as extensive as 
another's. We do not feel that a list of the companies involved in such trans- 
actions is of sufficiently material importance to entail the work involved in de- 
veloping the information. 

Phillips Petroleum Corporation 

Supplementary 19e. 

Ques: In answering item 19e., the company indicated that the gasoline trans- 
ported was not entirely owned by the transporting company and its subsidiaries. 
Indicate other companies or persons for whom the company transported gasoline. 

Ans: All gasoline transported for other companies than Phillips Petroleum 
Companv and subsidiaries was for Great Lakes Pipe Line Company under joint 
tariff where Great Lakes Pipe Line Company was the originating carrier, with the 
exception of 100,000 barrels transported for Pure Oil. Company in 1938. 

Sun Oil Company 
Supplementary 19e. 

Ans: Other companies for whom gasoline was transported. 
Pure Oil Company 
Atlantic Refining Company 
Richfield Oil Corporation 



APPENDIX VI 
BASING POINTS 

REPLIES TO QUESTION 29 OF T. N. E. C. QUESTIONNAIRE 

RESPONSES OP MAJOR OIL COMPANIES TO QUESTION 29 OF THE T. N. E. C. 
QUESTIONNAIRE* 

Atlantic Refining Company (The) Skelly Oil Company 

Cities Service Company Socony- Vacuum Oil Company, Inc. 

Consolidated Oil Corporation Standard Oil Company (Indiana) 

Continental Oil Company Standard Oil Company (New Jersey) 

Gulf Oil Corporation Standard Oil Company (Ohio) 

Ohio Oil Company (The) Sun Oil Company 

Phillips Petroleum Company Texas Corporation (The) 

Pure Oil Company (The) Tide Water Associated Oil Company 

Shell Union Oil Corporation Union Oil Company of California 

Other companies who replied 'to question '29 

Barnsdall Refining Company Republic Oil Refining Company 

Houston Oil Company of Texas Richfield Oil Corporation 

National Refining Company South Penn Oil Company 

Quaker State Oil Refining Corporation Standard Oil Company (Kentucky) 

Temporary National Economic Committee, Washington, D. C, questionnaire for oil 
companies 

29. Detailed statement of freight rate basing points or other bases used by 
the reporting company, its subsidiaries and affiliates, in determining gasoline 
sales prices for tank car delivery, tank wagon deUvery, and service station sales. 
Explain the relationship of the location of your refineries to such basing points. 
Where the reporting company uses more than one basis for arriving at prices 
because of marketing territory considerations, it is desired that you submit the 
calculations for typical destinations illustrating the manner in which the different 
bases are applied. To what extent have these price basing methods been modified 
to meet the development of the more economical means of transportation, i. e., 
pipe lines, tankers, motor trucks, etc.? 

Atlantic Refining C^^mpany 

ANSWER to question 29 ON THE BASING POINTS USED BY THE COMPANY AND ITS 

subsidiaries 

The Atlantic Refining Company operates two refineries, one at Philadelphia, 
Pa. and one at Atreco, Texas. From these two refineries petroleum products are 
distributed, for the most part, along the Atlantic Seaboard. The re-distribution 
is accomplished through the medium of vessels, pipe lines, railroad, and trucks, 
and then through terminal and bulk plants locat^ at the principal cities along the 
Atlantic seaboard. 

It perhaps can be stated that price basing points are used frequently in the 
determination of prices in certain types of transactions, and it can be further stated 
that at some time in the history of the petroleum business, certainly not within 
the last decade, the basing point system for the establishing of prices was a con- 
trolling factor, but we just as firmly believe that, at the present time, it can be 
stated unequivocally that a great majority of the day to day price determinations 
are made without direct recourse to any basic point price whatever. In fact we 

•Standard Oil Company of California and Mid-Continent Petroleum Corporation did not answer the 
Committee's Questionnaire. 

8123 



8124 CONCENTRATION OP ECONOMIC POWER 

believe that, for the most part, the contrary is true, that the determination of 
prices is a result of local competitive conditions, and that any basing points, which 
would normally be the point of manufacture, Atreco, Texas and Philadelphia, 
Pennsylvania, we consider as realization points rather than basing points. 

The competitive factors which influence the ultimate local determination of 
price are in our opinion: 

1. Equalization of economic advantages enjoyed by competitive refineries. 

2. Petroleum business is not a one product business, and the influence of market 
values of other products at point of sale influences the price of gasoline at point 
of sale. 

3. Competition occasioned by compulsory obligation placed on some com- 
petitors to move surplus inventories. 

In our opinion no one operator is a law unto himself in establishing prices. We 
do believe, however, that one of the biggest forces influencing the establishment 
of the trend of petroleum prices along the Atlantic Seaboard is the current market 
which prevails in what is recognized as the "World's Market" for petroleum 
products, namely the United States' ports on the Gulf of Mexico, from the ports of 
which are shipped a large part of the world's supply of petroleum products. 

Cities Service Company 

answer to question 29 on basing points used by the various subsidiary 
companies 

Cities Service Oil Company (Pa.) 

Gasoline sales prices are not determined as provided in Question 29. Reporting 
Company determines prices by following the prices set by the market leader 
companies in the various areas in which it operates. 

Arkansas Fuel Oil Company 

The Arkansas Fuel Oil Company maintains gasoline stocks at the following 
points for delivery into its marketing territory: 

Shreveport, Louisiana Jacksonville, Florida 

New Orleans, Louisiana Portsmouth, Virginia 

Port Neches, Texas Savannah, Georgia 

Houston, Texas Wilmington, N. C. 

Mobile, Alabama Nashville, Tennessee 
Panama City, Florida 

Prices for aU types and classes of sale, either by tank car, tank truck or tank 
wagon, are based on competitive conditions existing in the particular market in 
which the sale is being made. 

The refinery of the Arkansas Fuel Oil Company is located at Shreveport, 
Lousiana, and is connected by gasoline pipe line with terminal facilities at Port 
Neches, Texas. Stocks are maintained at Gulf and South Atlantic Ports by 
means of marine shipments from Port Neches. 

No changes have been made in the Company's method of establishing prices 
due to changes in transportation methods. ■ ' 

Cities Service Oil Company (Del.) 

See answer submitted by Empire Gas and Fuel Company on the following page. 

EMPIRE GAS AND FUEL COMPANY- — ANSWER TO QUESTION NO. 29 ON THE BASING 
POINTS USED BY THE COMPANY 

As to freight rate basing points or other bases used in determining gasoline sales 
prices. 

In respect to tank car deliveries: 

The primary price basis for deliveries in all states to which tank car shipments 
are made is f. o. b. Oklahoma Group Three freight area, (for deliveries within the 
area itself f. o. b. a specified point therein, and for deliveries to Colorado f. o. b. 
Ponca City therein). Except, the price structure for deliveries into Ohio is a 
delivered price which is state wide in application; and except that the few tank 
car sales made in Texas are ruleable and generally subject to prices f. o. b. Texas 
refinery points. However, as to shipments to distributors, this primary price 
basis f. o. b. Oklahoma Group Three is modified by a clause used in contracts in 
respect to shipments into all states in which we market (except Ohio, Texas, 
Oklahoma and Colorado), which erects a secondary price basis upon the con- 



CONCENTRATION OF ECONOMIC POWER 8^25 

tingency that the delivered cost to the purchaser computed upon the primary 
basis, fails to yield a attted "margin" below the "normal" dealer tank wagon 
price at the destination of the shipment. Whenever this clause is efifective in 
substance it created a price f. o. b. destination dependent upon the price level there 
established by comjjetitors. When the margin reahzed by distributor in relation 
to the actual dealef tank wagon price is low, voluntary price reductions are 
sometimes made, with like results. In Ohio, where the price is a delivered state 
wide price, no price basis is used other than to meet the price level established by 
competitors. See typical price clause on contracts attached to Question 28. 

In respect to tank wagon deUveries: 

No price basis is used other than to meet the price level established by com- 
petitors in the area served by the tank station fronxtvhich the tank wagon deUvery 
is made. 

In respect to Service Station Sales: 

As to the few service stations operated by this company no price basis is used 
other than to meet the price established by competitors in the local trade area. 

This company operates one refinery at Ponca City, Oklahoma, and one refinery 
at East Chicago, Indiana. Within the period of the questionnaire it operated 
refineries at Cushing and Okmulgee, Oklahoma, and Gainesville, Texas. 

The above methods of expressing or basing prices have not been modified by 
the development of more economical means of transportation of gasoline. Such 
development has been one factor contributing to the downward trend of gasoline 
prices. 

Consolidated Oil Corporation 

answer to question 29 on the basing points used bt the company and its 
subsidiaries 

Tank Wagon Delivery or Service Station Sales. 

No formula or basing point is used when determining our gasoline sales prices 
for tank wagon delivery or service station delivery, because competition at destina- 
tion is and must be the determining factor in the establishment of these prices. 

Tank Car or Transport Truck Wholesale Sales 

When making tank car sales of gasoline to customers distributing under our 
trade-marks, the price is based on our price for tank wagon deliveries to dealers as 
established by us within the area served by the customer, with the option as to 
some areas that the customer may at any time elect to buy based on our tank car 
spot sales price as estabhshed at the point designated in our contract. Likewise, 
no formula is used when determining our tank car spot sales prices for gasoline, 
but in various t-erritories we do use certain freight rate basing points as cSscussed 
below. 

For destinations in the States of Wyoming, Colorado, Utah and Idaho, we 
quote prices f . o. b. our Parco, Wyo, refinery, based on competitive quotations in 
those States. 
'In the territory bounded by the eastern Indiana state line, northwest to the 
Canadian border west as far as Colorado, and as far south as the Kansas-Oklahoma 
state hne, our tank car spot sales prices dre based on our posted established spot 
prices f. o. b. Sand Springs, Okla., with the following exceptions: 

In lower Michigan we post prices f. o. b. River Rouge, Detroit, Mich, to meet 
competition. 

For destinations in the State of Kansas and for Kansas City and St. Joseph, 
Mo., we use our posted price Sand Springs, Okla., as the f. o. b. price CoffeyviUe, 
Kans. to meet Kansas refinery competition. 

For delivery by transport trucks from our Argentine Kans. refinery to destina- 
tions in Nebraska, between Highways 77 and 83, we post prices on an f. o. b. 
Sand Springs basis with freight equalization from Group 2 or Kansas refineries. 

For delivery by transport truck into Nebraska west of Highway 83 ,we use our 
posted price Sand Springs, Okla. f. o. b. our Argentine, Kan^. refinery, which is, 
in the metropolitan environ of Kansas City, Mo. 

In the State of Ohio, we post and quote a competitive price for tank car de- 
liveries of gasoline f. o. b. destination without regard to the shipping point. In 
the territory Oklahoma, New Mexico, Texas, Arkans^ and Louisiana we quote 
our established spot price f. o. b. Fort Worth, Houston, El Paso, Texas, Sand 
Springs, Oklahoma, and Westwego, Louisiana. 

Our El Paso prices for delivery at El Paso are determined by adding to the 
North Texas f. o. b. price a differential of 1^^ per gallon. 

124491— pt 14-^A 28 



8126 CONCENTRATION OF ECONOMIC POWER 

For shipments into territories outside of El Paso, our spot prices are made by 
adding to the North Texas price the freight rate from Amarillo, Texas, to destina- 
tion, less the freight rate from El Paso to destination. 

In the territory Florida to Maine, we use our posted tank car prices f. o. b. 
Mobile, Alabama; Tampa and Jacksonville, Florida; Savannah, Georgia; Charles- 
ton, South Carolina; Wilmington, North Carolina; Portsmouth, Virginia; Panama 
City, Elorida; Tremley Point, New Jersey; Richmond, Virginia; Baltimore, 
Maryland; Marcus Hook, Pennsylvania; Cohoes and Wellsville, New York; 
Tiverton and Providence, Rhode Island; Bangor, Maine. 

In certain sections of the Southeast, such as Mississippi and Georgia, we quote 
f. o. b. Shreveport, Louisiana, to meet the competition of the Louisiana refineries, 
although we ship from Westwego, Louisiana. 

Our refineries are located at the following points: 

Parco, Wyoming East Chicago, Indiana 

Argentine, Kansas Wellsville, New York 

Coffeyville, Kansas Marcus Hook, Pennsylvania 

Sand Springs, Oklahoma Fort Worth, Texas 
Houston, Texas 

The gasoline we supply to the above described water terminals moves from our 
Houston. Tpxfls. and Marcus Hook, Pennsylvania, refineries. 

Continental Oil Company 

answer to question 29 on the basing points used by the company and its 
subsidiaries 

> This answer deals only with finished gasoline generally used as motor fuel. 
Subisidiary companies, of which there are four, are all located in areas covered 
by reporting company's direct marketing opierations, and it is the practice of these 
subsidiary companies generally to follow the prices established by the reporting 
Company. There are no affiliated marketing companies. 

Refineries operated by the reporting company are located at Baltimore, Mary- 
land; Ponca City, Oklahoma; Wichita Falls, Texas; Artesia, Albuquerque, and 
Farmington, New Mexico; Denver, Colorado; Glenrock, Wyoming, and Lewis- 
town, Mentana. These refineries supply the gasoline marketed by the reporting 
company in all areas, except in the states of Arizona, Utah, Idaho, and Washing- 
ton, in which states most of the gasoline is purchased from companies having re- 
fineries which can more economically supply this area than refineries of the report- 
ing oompaiiy. Such gasoline is manufactured to meet required specifications. 
I Approximately 32 per cent of the total gasoline sold by the reporting company 
is sold for movement in tank cars (a small proportion moves by barge from Balti- 
more);, and movfes from the most economical supply point. This gasoline moves 
to jobbers and large commercial users equipped with bulk storage and facilities 
to unload direct from a tank car. It is sold at prices which meet the general 
competitive market for gasoline of a comparable grade in the area in which the 
sale is made. The general tank car prices used by the reporting company are 
based upon the competitive tank car markets in Baltimore, Maryland; New York, 
New York; Norfolk, Virginia; and Jacksonville, Florida, on the eastern seaboard, 
Houston^ Wichita Falls, Amarillo, and El Paso, Texas, in the south, Ponca City, 
Oklahoma, in the midwest, and Los Angeles, California; Portland, Oregon, and 
Seattle, Washington, in areas west of the Rocky Mountains. In most of the areas 
full rail freight is generally added to the basing point price to determine delivered 
prices. Such delivered prices to jobbers are generally modified by granting a 
fixed marginal protection under the destination tank wagon price. On some areas 
such prices are reduced to meet competition of local refiners or distributors making 
truck transport deliveries instead of rail shipments. 

Tank wagon sales constitute approximately 68 per cent of the reporting com- 
pany's total gasoline volume. This gasoline is generally delivered from bulk 
plants established at 1,288 points. Tank wagon prices generally represent the 
price charged for deliveries from tank wagon or tank truck to dealers buying for 
resale to tne consuming public through dispensing equipment suitable for serving 
automobiles, to commercial consumers buying for industrial use, and to farmers 
buying for use in their tractors, trucks, and automobiles. 

In determining tank wagon prices, consideration is given to the relative cost 
of marketing in the densely populated sections along the eastern seaboard and the 
great midwestern area as compared with the thinly populated sections of the 



CONCENTRATION OF ECONOMIC POWER 8127 

Rocky Mountain Region where volume is small and deliveries in many cases must 
be made long distances, as well as to cost of transportation and taxes. 

For the reporting coiiipany to successfully market its gasoline, itd price must 
b© competitive with the prices charged for other well known and advertised gaso- 
line. This is ebpecially true along the Atlantic Seaboard, in the midwestern area, 
and in the states of -Arizona and Washington where its sale of gasoline is a very 
small proportion of the total gasoline consumed, and where it has not had estab- 
lished distribution ovfer as long a period of time as many of the well-established 
companies. In these areas, the reporting company's prices are generally deter- 
mined by the competition. 

In the Rocky Mountain Region, where the reporting company's products have 
long been established, the tank wagon prices used are based upon the competitive 
tank car prices to which is added state and federal taxes, an amount for marketing 
expenses, generally 3 cents a gallon, and freight (using nearest .}4 cent), also upon 
the competitive prices of a large number of scattered refining companies each 
serving a limited area. Unlike other sections of the United States, the crude 
production and refining facilities of the Rocky Mountain Region are not confined 
to one area which could act as a basing point for the rest of the region. The effect 
of such competition, together with the competition of transport haulers trucking 
gasoline into this region from other areas, has resulted in prices which are generally 
lower than prices based on mid-continent or West Coast prices. 

Los Angeles, Portland, AmariUo, and El Paso prices are used as well as Ponca 
City, Oklahoma, and Glenrock-Casper-Parco, Wyoming, as the basing points for 
the fringe territory largely supplied from areas outside the region. 

The following calculations represent typical methods of determining tank wagon 
prices. For convenience, the calculations are shown only on housebrand grade of 
gasoline. 

Oklahoma City, Oklahoma: 

Ponca Citv basing price . 5. 00^5 

Freight..-'. 1.00 

State and federal taxes 5. 00 

Margin to cover marketing cost ^. 2. 50 

Total . 13.50 

Tank wagon price which should be used 13. 50 

Price used to meet local competition 11. 00 

Lamar, Colorado: 

Ponca City basipg price 5. OOfS 

Freight 3. 17 

State and federal taxes . _• 5. 00 

Margin to cover marketing cost 3. 00 

Total . 16. 17 

Tank wagon price which should be used^ 16. 00 

Price to meet local competition . 14. 00 

Las Vegas, New Mexico: 

AmariUo basing price 5. 00^ 

Freight . 3. 37 

State and federal taxes . 7. 00 

Margin to cover marketing cost 3. 00 

Total 18.37 

Tank wagon price which should be used 18. 50 

Price used to meet local competition 17. 50 

Lordsburg, New Mexico: 

El Paso basing price 6. 00^ 

Freight.. 2. 38 

State and federal taxes 6. 00 

Margin to cover marketing cost 3. 00 

Total.- 17.38 

Tank wagon price which should be used . 17. 50 

Price used, to meet local competition 16. 00 



8128 CONCENTRATION OF ECONOMIC POWER 

Milford, Utah: 

Los Angeles basing price 7. 20f 

Freight 4.36 

State and federal taxes ^ ; 5, 00 

Margin to cover marketing cost . 3. 00 

total . 19.56 

Tank wagon price which should be used . . 19. 50 

Price used to meet local competition. _ 19. 00 

Boise, Idaho: 

Portland basing price.., 8. 00^ 

Freight 4.00 

State and federal taxes . 6. 10 

Margin to cover marketing cost. _. '_ 3. 00 ' 

Total 21. 10 

Tank wagon price which should be used 21. 10 

Price used to meet local competition 20. 10 

Missoula, Montana: 

Portland basing price 8. 00^ 

Freight 4. 22 

State and federal taxes 6. 00 

, Margin to cover marketing cost..^ 3. 00 

Total... -- .- 21.22 

Tank wagon price which should be used 21. 00 

Price used to meet local competition 19. 50 

Thermopolis, Wyoming: 

Casper basing price...,..- ..... 9. 00^ 

Freight.... . 1.35 

State and federal taxes 5. 00 

Margin to cover marketing cost , 3. 00 

Total - 18.35 

Tank wagon price i 18. 50 

The large consuming centers of the Rocky Mountain Region are Denver, Colo- 
rado, and surrounding area including Pueblo and Colorado Springs on the south 
and Fort Collins and Cheyenne, Wyoming, on the north, Salt Lake City, Utah, 
and surrounding area including Ogden and Butte, Montana. In these localities 
the tank wagon prices that are used are the competitive prices of the local refiners 
or transport haulers trucking in from adjacent areas, and are generally below any 
price that would be established by using any of the basing points mentioned, plus 
freight, taxes, and the usual allowance for marketing expense. 

The reporting company does not establish service station retail prices. It does 
not generally operate service stations. In the few isolated cases where for a short 
period of time the company operates a service station, it is the practice to use the 
generally accepted retail prices of gasoline in the community as its retail prices. 

A very small proportion of gasoline is transported by truck. From the Balti- 
more Refinery, barge transportation is used to a few points. The rest of the 
gasoline transported to its bulk plants, constituting the greater part of the gasoline 
transported, moves via rail and does not aflFect the method of basing tank wagon 
prices. 

Gulf Oil Cobporation of Pennsylvania 

▲nswxr to question » on basing points used by the company and its 
subsidiaries 

The Gulf Companies have never originated the freight rate basing points used 
in determining gasoline sales prices for tank car, tank wagon, and service station 
sales. These companies, as th^y have entered each market in the expanding of 
their marketing territory to its'present limits have in each case found it necessary 
to mete the existing competition which they encountered in the market, and Gulf 
has continued to meet this competition as a necessity if it remained in business 
in such territory. The prices reflect competitive conditions at the moment. If 
the price of gasoline is lowered in a given area by competitors. Gulf must meet 
this competition by lowering its price, irrespective of freight rate basing points, 
or other factors, or lose business. In entering a new marketing territory, these 



CONCENTRATION OF ECONOMIC POWER 8129 

companies must meet the existing competition irrespective of what bases their 
competitors may be using. 

These companies have a few contracts which refer to Group 3 as the freight 
rate basing point. This is due to the fact -that at the time these contracts were 
written this terminology was generally understood by the trade in that territory, 
due to its familiarity with the custom of thus pricing the commodity. While in 
these contracts the freight rate may remain constant, it has no great significance 
because competitive conditions cause refinery prices to fluctuate. 
, The inform&tion as to how any one or more companies arrive at prices in aiiy 
particular territory is not a matter of practical coijcern to the Gulf Companies, 
because we simply have to meet the competition as we find it. We naturally 
sell our gasoline at the same, or somewhere near the same price at which other 
gasolines are sold by competitors whose products enjoy the same, or approxi- 
mately the same publjc acceptance. It would be impossible to sell at a higher 
price, and, on the contrary, self-interest usually prevents our selling at a lower 
price. 

Answering the question as to what extent these price basing methods have been 
modified to meet the development of the more economical means of transporta- 
tion, i. e., pipe lines, tankers, motor trucks, etc., it has been our observation 
throughout a long period of years that prices to the dealer and to the consumer 
tend to reflect the lower costs of transportation as they have developed. 

Ohio Oil Company (The) 

answeb to question 29 on the basing points used bt the company and its 
subsidiaries 

The refinery at Bristow, Oklahoma, has been closed and is not operating, con- 
se(i|uently, this question is not answered with respect to that refinery. 

The refinery of the Ohio Oil Company at LoveU, Wyoming does not produce 
gasoline for sale in commercial quantities, and for that reason this question has 
not been answered with respect to said refinery. 

1. The freight rate basing points used by the Ohio Oil Company for its Fort 
Worth, Texas and its Robinson, Illinois refineries for the purpose of determining 
the sales prices of gasoline for tank car deliveries are as follows: a. Fort Worth, 
Texas refinery: This refinery uses what is commonly known as the North Texas 
price and the grbup three price for the purpose of determining the sales price of 
gasoline from the refinery in tank car quantities. The North Texas price given 
will be described as having an approximate radius of one hundred miles from Fort 
Worth, Texas. All shipments within this area a;re on a basis of the tank car price 
at the refinery, plus the actual cost of transportation to- the point of destination. 
Any shipnlents made beyond this area are on the basis of the tank car price at the 
refinery, plus the established rail rates published, by the railroads, with necessary 
equalization against other refining trade areas. Rates have been established by 
the railroads which make it possible for any refineries located within the area 
above describetl to ship outside of said area at the same transportation cost regard- 
less of their relative location to each other and the distance to destination. The 
group three price is what is commonly known as the price posted by the refineries 
in Oklahoma. These refineries h^ve also obtained the benefit of "an established 
rail freight rate by the railroad companies which makes them on an even trans- 
portation cost basis when shipping north beyond the points of Kansas City, Mis- 
souri and St. Louis, Missouri or any point on or north of the Chicago, Rock 
Island & Pacific Railroad extending between Kansas City and" St. Louis. Th s 
makes it possible for the refineries to ship their-products beyond the normal trade 
area or territory they serve into other marketing territories on an equal basi 
so far as transportation cost is concerned, regardless of the relative location of the 
refineries; that is,. a refinery in southwestern Oklahoma can ship to Kansas Cjty 
for the same price per gallon as a refinery in northeastern Oklahoma can ship tp 
Kansas City, a much lesser distance. 

b. At Robinson, Illinois the bases used in determining the price of gasoline sold 
in tank, cars is the group three price, and also what is known as the Chicago 
market when shipments are made into said area. -Since the group three price 
has been described in (a) above, it will be unnecessary to redescribe it here. The 
Chicago market is understood -to be the *rea in and around Chicago for wliich 
refineries located within the trade area of Chicago have established a price for 
that particular area. Tiis area is limited to the trade area of Chicago and sur- 
rounding communities sueh-as Hammond, Gary, "Whiting, and so forth. 



8130 CONCENTRATION OF ECONOMIC POWER 

c. In determining the price to be charged for gasoline sold in tank wagon 
deliveries or service station sales, the reporting company follows the price estab- 
lished by representative competition in the areas where it does business. 

2. a. The Ft. Worth refinery is located in the heart of the North Texas price 
area. It is also located closely enough to the group three area so that is it possible 
to ship gasoline made at this refinery into the group three area. 

b. Robinson, Illinois refinery is located about 160 miles northeast of St. Louis 
and about 220 miles south of Chicago. It is located in the northeast part of the 
area served by the group three refineries located in Oklahoma. 

3. The Ohio Oil Company does not use pipe lines, tankers and motor trucks as 
a method of transportation for its gasoline, and as a consequence, no change has 
been made in our price basing methods, taking into consideration such forms of 
transportation, except insofar as it has been necessary to sell our gasoline at a 
slightly reduced price from the group three price, plus freight to destination, in 
order to meet competition created by these factors, and will not require the sale 
of gasoline below cost. 

Phillips' Petroleum Company 

answer to question 29 on the basing points used by the company and its 
subsidiaries 

Tank Wagon and Service Station Sales 

Our tank wagon price is based on the price of oilr competitors for comparable 
products. We operate only three service stations and the service station sales 
price is determined by the same method as our tank wagon price. 

Tank Car 

Freight rates for most of our tank car sales are based on the Group Three rate. 
Other freight rate basing points are Okmulgee, Oklahoma, Borger, Texas, Wichita, 
Kansas, Judkins, Texas, and Group Two. We have four refineries, as follows: 

1. Okmulgee, Oklahoma — This refinery is located in the Group Three area. 
Shipments from this refinery into the Midwest states are based on the Group 
Three freight rate. On shipments within the state of Oklahoma the Okmulgee 
rate is used. 

2. Borger, Texas — On shipments from this refinery into the Panhandle area of 
Texas and the states of New Mexico and Colorado the Borger rate is used. On 
shipments from this refinery into the Midwest states the Group Three rate is the 
base rate. On shipments into Central and Western Kansas the Wichita, Kansas 
rate is used as the base. 

3. Kansas City, Kansas — On shipments from this refinery into the Midwest 
states the Group Three rate is used as a base. On shipments from this refinery 
into Eastern Kansas and the greater Kansas City area the Group Two rate is 
used as the base rate. 

4. Judkins, Texas — This refinery commenced operations early in 1939 and sup- 
plies the West Texas area. The Judkins rate is used as the base. 

Our price basing methods have not been modified to meet the development of the 
more economical means of transportation with the exception of shipment into the 
state of Colorado and the Central and Western areas of the state of Kansas. We 
formerly used the Group Three rate as the base rate for such shipments but due 
to transport truck movements of gasoline into these areas from Kansas refineries 
we found it necessary to use the Borger rate as the base for shipments into the 
state of Colorado. On shipments into Central and Western Kansas the Wichita 
rate is used as a base. 

The Pure OiL Company 

answer to question 29 on the basing points used by the company and its 
subsidiaries 

The Company's position in the industry is not such that it can establish selling 
prices for its products upon any fixed basis. Its prices are controlled by compe- 
tition in the area in which it seUs. 

When a more economical method of transportation is developed, it may for a 
short period result in a profit advantage, but, in the main, such method is usually 
adopted by competitora, and the price structure is reduced to reflect the resulting 
economies. 



CONCENTRATION OF ECONOMIC POWER 8131 

Shell Union Oil Corporation 
answer to question 29 ,on the basing points used by the company and its 

SUBSIDIAillES 

(A) Tank car deliveries. Jobbers under contract with Shell throughout the 
United States purchase at a price which is comparable with quotations offered by 
competitors for the same class of trade and similar grades of gasoline. In most 
cases provision is made for a maximum delivered price of from 2 to 2.50 cents per 
gallon below normal posted dealer (tank wagon) prices. Jobbers in Louisiana, 
Mississippi, Alabama, Georgia and Florida under contract with Shell are sold at 
a price 2.50 cents a gallon below Shell's normal posted dealer tank wagon price at 
destination; in the event Shell does not post a tank wagon price locally the job- 
ber's price becomes 2.50 cents below the normal dealer tank wagon price posted 
by a designated competitor. When Shell's posted tank car prices at any one of 
its terminals in Shreveport, La., Norco, La., Mobile, Ala., Port Tampa, fla., 
Port Everglades, Fla., Jacksonville, Fla., or Savannah, Ga. plus rail freight to the 
jobber's destination is less than the price determined as above, the jobber pur- 
chases at the lower price. Likewise, jobbers in Michigan, Indiana, Illinois, 
Wisconsin, Iowa, Missouri and Minnesota purchase at a price 2 cents per gallon 
below Shell's normal dealer tank wagon price at destination, or at Shell's posted 
tank car price Tulsa, Oklahoma plus rail freight to destination, whichever is 
lower. Jobbers in the state of Arkansas, who are under contract with Shell, pur- 
chase at Shell's posted tank car price El Dorado, Arkansas, plus rail freight to 
destination. As an alternative to buying at 2 or 2.50 cents below tank wagon 
price, jobbers in the Atlantic Coast States purchase at }4 cent below Shell's posted 
tank car. price at destination, and in Ohio at Shell's posted tank car price; if 
this is more favorable. 

•(B) Tank wagon delivery prices posted by Shell throughout the United States 
for tank wagon deliveries to dealers are in all cases determined by the necessities 
of competition with prices posted by competitors for comparable grades of 
gasoline. 

(C) Service station sales. The Company throughout the United States 
operates only a few service stations and prices at these stations are determined 
by the necessities of competition with prices posted by competitive companies' 
dealers for comparable grades of gasoline. 

CALCULATIONS FOR TYPICAL DESTINATIONS 

In the Mid-Continent area mentioned above, a jobber at Decatur, Illinois, 
would purchase his gasoline at. the lower of the two prices determined as follows: 

(A) Shell's posted normal dealer tank wagon price at 

Decatur ^_. 9.6 cents per gal. 

Deduct 2.0 cents per gal. 

Resulting price . 7.6 cents per gal. 

(B) Shell's posted tank car price — Tulsa 4.875 cents per gal. 

Add rail freight Tulsa-Decatur, 111 2.574 'cents per gal. 

Resulting price . 7.449 cents per gal. 

Under the above conditions, the jobber would buy at the 7.449 cent price. 
An illustration of the method of determining the price in one of the South^:n 
States mentioned above is given below for Birmingham, Alabama: 

(A) Shell's posted dealer tank wagon price at Birming- 

ham, Ala z 10.00 cents per gal. 

Deduct ^ 2.50 cents per gal. 

Resulting price 7.50 cents per gal. 

Shreveport Norce MohiU 

^ per gal. ^ per gal. . t per gal, 

(B) Shell's posted tank car price 4. 90 5. 375 6. 250 

Add rail freight to Birmingham 3. 102 L 353 1. 122 

Resulting price 8.002 6.728 7.372 

Since Shell's posted tank car price at Norco, plus rail freight is lower than any 
of the other alternatives, this becomes the jobber's purchase price. 



8132 CONCENTRATION OF ECONOMIC POWER 

Skbllt Oil Company 

answer to question 29 on th5 basing points used bt the company and itf 
subsidiaries 

1. Freight rate basing points for tank car deliveries: 

(a) Refinery, Tulsa, Group Three, for shipments to points in Missouri, Illinois, 
Indiana, Wisconsin, Michigan, Minnesota, North Dakota, South Dakota; and 
Nebraska. 

(b) Refinery, El Dorado, Kansas, for shipments to points in Kansas, Colorado, 
and Wyoming. 

(c) Refinery, point of origin, used mostly where shipments are made from sup- 
plies purchased by reporting company from other refineries in Oklahoma and 
Texas to jobbers in those states. 

2. Freight rate basing points used in determining prices for tank wagon de- 
liveries : 

Tank wagon prices are necessarily based upon competitive prices, and not 
upon freight rate basing points. 

3. Freight rate basing points used in determining prices for service station 
sales: 

Except in the case of a few company-operated stations, the reporting com- 
pany does not set service station prices; such prices, where fixed by the reporting 
company, are based on local dealer tank wagon prices. 

4. Relationship of location of refinery to freight, rate basing point: 

The reporting company has only one refinery; it is located at El Dorado, 
Kansas. 

5. Calculations for tjijical destinations, illustrating the manner in which the 
different freight basing points are applied, when the reporting company uses 
more than one basing point: 

. (a) Tank car prices are F. O. B. refinery, as explained in number 1 above. The 
reporting company does not quote tank car prices F. O. B. destination. 

(b) Tank wagon prices are based on competitive prices, and not on freight 
basing points, as explained in number 2 above. 

(c) Service station prices, where the company posts them, are based on local 
dealer tank wagon prices, as explained in number 3 above. 

6. Modification of prices to meet more economical means of transportation: 
None. The reporting company makes deliveries at the refinery in motor 

transports owned or operated by the buyer, or common or contract carrier, 
resulting in a saving to the buyer in the cost delivered at his destination, as 
compared with destination cost if shipment moved by rail. Such difference, or 
saving, to the buyer is not considered by reporting company in calculating its 
price to the buyer. 

SocoNY Vacuum Oil Co., Inc. 

ANSWER TO QUESTION 29 ON THE BASING POINTS USED BY THE COMPANY AND IT§ 
SUBSIDIARIES 

The general practice of our Company and our domestic subsidiaries in the sale 
of gasoline is to sell on the basis of our own posted price as determined and posted 
by U8. With two local exceptions, namely, in the States of Colorado and Wyo- 
niing, our forms of contract are on this basis. We estimate that at the present 
time sales on bases other than our own posted prices amount to less than 1% 
of our volume. 

Where we sell on a basis other than our own posted price the need for the 
deviation comes chiefly from the demands of the customer. 

Even in Colorado and Wyoming it will be noted from the contracts furnished 
in response to Question 28 we are not confined to the Group 3 price. It is subject 
to reduction due to market conditions. 

Our shipments to points in Colorado and Wyoming move principally from our 
refinesjes at Augusta, Kansas, and Caspar, Wyoming. 

■ The last part of this question relates to transportation economies in connection 
with price basing methods. Inasmuch as practically all of our business, as stated 
above, is done on the basis of our own posted prices, these must, in order for us 
to be competitive reflect transportation economies. As an illustration we point 
to our Eastern Operations where marine transportation is used to a large extent 
and where our price differentials between our terminals and points served b^ 
water transportation are the njarine transportation charges. As for Colorado 
and Wyoming, despite the use of Group 3 (subject to reduction as noted above), 



CONCENTRATION OF ECONOMIC POWER gjgg 

we point out that the reduction clauses in the contracts submitted in reply to 
Question 28 give the buyer the benefit of lower prices under competitive conditions 
and these are bound to be influenced by transportation economies. 

Standard Oil Company (Indiana) 

answer to question 29 on the basing points vsed by t&e company and its 
subsidiaries 

The company operates refineries at Whiting, Indiana, Wood River, Illinois, 
Sugar Creek, Missouri, Neodesha, Kansas, and Casper and Greybull, . Wyoming. 

Refineries are located with certain existing and anticipated economic factors 
definitely in mind, including transportation costs of both crude and finished 
products. During the operating life of a refinery these economic factors change 
very rapidly. During the early years of the company's existence, when competi- 
tion was not severe, its normal prices were based upon an established price at 
each supplying refinery, plus freight to point of distribution. As competition 
increased and products were marketed by others from a variety of sources, it 
became necessary for the company, in order to meet such competition and to 
keep its prices uniform and orderly, to consider each state as a separate competi- 
tive area and establish a base price at each supplying refinery for each such state, 
which would result in a competitive price in the field (see page 5). In instances 
when products were shipped from a refinery not normally supplying an area, the 
freight rate from and the base price at the refinery customarily used for supplying 
purposes was considered as the basis for price purposes. These instances or 
exceptions became vastly more numerous with the growth in competition and the 
rapid change in other economic factors surrounding each refinery. The fore- 
going method was substantially the system in use prior to the latter part of 1934. 
Prior to the 1934 change just referred to, economic factors had come into being 
to an extent and in a varietv of means not previously experienced. Vast crude 
discoveries, hot oil, the N. I. R. A., and tremendous growth of competition of 
every form. Again, and for the purpose of attempting to place the company's 
normal prices in line with such competition and to keep said prices orderly and 
uniform, the company adopted a method of establishing a base price at Group 3, 
which was composed of the average published tank car price plus a spread and 
which, when added to the freight from Group 3, would total the price previously 
determined to be necessary in the field. Group 3 was selected because freight 
from that point represented the one element that was common in the price of 
nearly all competitive gasoline, and it was these competitive gasoline prices 
that the company was obliged to meet. Subject to one modification, this is the 
current method. The modification referred to is this: When the company first 
established the Group ^ method for its normal tank wagon prices, such normal 
prices were permitted to fluctuate with the published spot tank car markets in 
Group 3. This automatic fluctuation has long since been abandoned and the 
company's current normal price basis in no respect bears any fixed relationship 
to the spot tank car market in Group 3 or elsewhere. 

Obviously, when a like product is being sold at a large number of points and 
in active competition with comparable products supplied by others, the company 
must have some orderly method of keeping its prices between adjacent localities 
approximately uniform and level, and at the same time appraximately level with 
the average competitive price. Indeed, uniformity of the company's own 
prices is required by the laws of most states. 

In lower Michigan due also to a difference in the competitive price structure, 
the company for some time and largely for experimental purposes has been 
establishing a base price at its River Rouge, Michigan, boat terminal, which, 
when added to the rail rate from said boat terminal to destination, will best 
represent the competitive price at all points located in lower Michigan. 

In the states of Montana, Colorado, Wyoming and Oklahoma, the company's 
volume is so small that no attempt is made to establish a normal price structure, 
but rather the company follows from time to time the prices-established by the 
company having the largest or most complete distribution or local competition 
established by anyone having sufficient volume to aff'ect the company's business. 

The company does not engage in the jobber business and has never, outside of 
Montana, Wyoming, and Colorado, had a type or form of jobber contract. Such 
few jobber contracts as the company has are primarily based on the company's 
own spot tank car price or a guaranteed amount below the company's prices to 
its dealers at point of delivery or both. In rare cases and upon the insistence of 



8134 CONCENTRATION OF ECONOMIC POWER 

the purchaser, the price may be based upon the Group 3 spot tank car market 
as carried in the trade journals. Not more than three or four of such contracts 
have ever been in effect. 

In the states of Montana, Wyoming and Colorado, the company's form of 
jobber contract currently in use gives the buyer the benefit of the lowest net 
cost to him, computed in any one of four methods, namely, (1) a certain amount 
below seller's price to its dealers; (2) average tank car price. Group 3, plus freight 
from Group 3, and less freight from supplying refinery; (3) seller's tank car price 
f. o. b. Portland, Oregon, plus freight from Portland, and less freight from 
supplying refinery; (4) seller's own spot tank car price. 

Company's tank car price policy to consumers employs no base point method, 
nor is it related to either the company's normal tank wagon prices or the spot 
market. Tank car prices are arrived at each day from the company's experience 
in making or attempting to make sales. The figure arrived at is what the com- 
pany has concluded it desires for its gasoline f. o. b. the supplying refinery, and 
quotations to arrive at this figure are given to the customer either on a delivered 
cost basis, f. o. b. company's supplying refinery or f. o. b. Group 3, as the customer 
chooses, the net cost to the customer and the net return to the company being the 
same in either event. Tank car prices in Chicago and Detroit are usually sHghtly 
lower than at other points in the company's marketing area, due to lower prices 
at such points, established by competition. 

With regard to the inquiry: "To what extent have these price basing methods 
been modified to meet the development of the morp economical means of trans- 
portation, i. e., pipe lines, tankers, motor trucks, etc.?", the answer is that 
economies in transportation are directly reflected in every pricing method ever 
used by the company, and have played an important part in changes that the 
company has from time to time been required to make. 

It has been noted that as each pricing method was adopted for use by the 
company, the whole and only purpose was to devise a means of establisjiing and 
maintaining a uniform and competitive scale of,prices. The goal, or rather the 
scale of prices so to be established, was in every instance dictated by competition. 
This competition was only in part from refineries located in the area. Indeed, 
the predominant sourqe of such competition for the past several years has been 
from refineries located outside of the area. As modes of transportation have 
improved and costs of transporting havfe been lowered, this has inevitably been 
reflected in the lower prices that the competitor has been and is charging for his 
merchandisle, and it is this ultimate and competitive price level that the company 
has at all times been required to meet. While it would be mathematically impos- 
sible to determine just what proportion of the reduction in gasoline prices is directly 
attributable to savings in transportation costs, it may be stated with certainty 
that such transportation savings have played an important part in such reductions 
as have occurred. It is known that the price of gasoline to the consumer at the 
service station has been reduced from about 30(4 per gallon in 1920 to about 14^ 
today, and this ddes not in any\yise take into account the vast improvement that 
has occurred in the character of the product sold. It can be asserted with equal 
knowledge that economies in transportation represent a part of this reduction. 
Tankers on the Great Lakes, river barges, gasoline pipe lines, and motor trans- 
ports have all had an important part in creating the price at which gasoline is 
sold by the competitors of this company, and the price at which gasoline is so 
sold by said competitors has and will continue to be the base upon which this 
company must of necessity premise its price structure. Any device, any mathe- 
matical method, any pricing system must, and therefore will, directly and inev- 
itably reflect such savings as have occurred by economy in transportation. 

■ Pan American Petroleum & Transport Company and Subsidiary Companies 

The American Oil Company does not use freight rate basin points as such in 
determining the sales prices for tank car deliveries and tank wagon deliveries. 
The American Oil Company makes practically no sales from service stations. Dis- 
tribution is made from ocean terminals along the Atlantic seaboard supplied by 
tankers from the refinery at Texas City, Texas. The difl'erence in transportation 
cost as between the several ocean terminals is comparatively small. 

The American Oil Company selling prices are largely based on market condi- 
tions and prevailing competition in each locality. It is, however, the company's 
policy to avoid making sales below cost, and its laid down cost at its ocean ter- 
minals, plus freight, or motor transportation, etc. to destination, are imp>ortant 
elements in determining to what extent it will meet any given competitive situa- 
tion. 



CONCENTRATION OF ECONOMIC POWER 8135 

The American Oil Company's subsidiary, Lord Baltimore Filling Stations, Inc., 
bases its service station prices, in the main, on a margin over prevailing tank wagon 
prices. The development of more economical means of transportation, i. e., pipe 
liQes, tankers, motor trucks, etc., are usually reflected in lowered delivered sales 
pric^ in the territory in which the company operates. 

Pan American Southern Corporation and Subsidiary Companies 

Pan American Petroleum Corporation does not use freight rate basin points as 
such in determining gasoline sales prices for tank car deliveries and tank wagon 
deliveries. It makes no sales from 9ervi(^ stations. A small percentage of Pan 
American Petroleum Corporation's gasoline requirements is supplied by its refinery 
at Destrehan. The balance of its requirements are purchased and delivered to 
its distributing points by barge or tank car. 

Pasn American Petroleum Corporation's sales prices are largely based on market 
conditions and prevailing competition in each locality. It is, however, th>e com- 
pany's policy to avoid making sales below cost, and its laid down cost at its dis- 
tributing points, plus freight, or motor transportation to destination, are impor- 
tant elements in determining to what extent it will meet any given competitive 
situation. 

Standard Oil Company (New Jersey) 

answer to question 29 on the basing points used by the various subsidiary 

companies 
Colonial Beacon Oil Company 

As we interpret the usual meaning of the freight rate basing point term the 
Colonial Beacon Oil Company does not use this basis to establish posted prices 
' for tank car, tank wagon and service station sales. 

Not all thje gasoline sold by the Colonial Beacon Oil Company is from its 
Everett, Mass., refinery. Most of the balance is obtained from subsidiaries or 
affiliates of the Standard Oil Company (New Jersey), but a small amount is pur- 
chased from other companies. 

The general policy of the Colonial B.eacon Oil Company is to quote and post 
prices at terminals and bulk plants. The price differences between the various 
points are determined by competitors whose prices the Colonial Beacon Oil Com- 
pany must meet. The Colonial Beacon Oil Company usually posts at bulk plants 
the same prices for each town or city; variations are made only to meet competitive 
conditions. 
Kesbec, Incorporated 

As we interpret the usual meaning of the freight rate basing point term, Kesbec, 
Incorporated, does not use this basis to establish posted prices for tank car, tank 
wagon and service station sales. 

This company has no'i refinery but buys its products from affiliated companies 
or other sources. 

The general policy of Kesbec, Incorporated, is to quote and post prices at its 
service stations and main office. The price differences between the various points 
are' determined by the competitors whose prices Kesbec, Incorporated, must meet. 
Kesbec, Incorporated, usually posts at bulk plants the same prices for each town 
or city; variations are made only to meet competitive conditions. 

Standard Oil Company of New Jersey 

As we interpret the usual meaning of the freight rate basing point term, the 
Standard Oil Company of New Jersey does not use this basis to establish posted 
prices for tank car, tank wagon and service station sales. 

Not all gasohne sold by the Standard Oil Company of New Jersey is produced 
in its own refineries, Bayonne, Bayway, Eagle, Baltimore and Charleston; much 
of it is obtained from affiliates of the Standard Oil Company (New Jersey) and 
at times some is obtained from other refiners. 

'The general policy of the Standard Oil Company of New Jersey is to quote 
and post prices at refineries, ocean terminals, barge terminals and bulk plants. 
Such prices are determined fundamentally by demand and-^pply and are de- 
pendent upon market conditions and the interplay of competitive forces. 

The ordinary basis of determining prices by this company is as follows: First, 
the basic figure is established at such refineries or ocean terminals as Bayonne, 
N. J.; Baltimore, Md.; Richmond, Va.;Sewells Point, Va.; Wilmington, N. C, 
and Charleston, S. C. This basic fi.gure is arrived at by taking into consideration 
such factors as the Gulf cargo market, transportation, terminalling handling 



8136 CONCENTRATION OF ECONOMIC POWER 

expense and a quality dififerential. Selling and general overhead costs for han- 
dling tank car business are added, and if branded goods are being quoted, an 
additional charge for advertising is included. Prices at an interior bulb plant 
are established by adding to this total figure actual transportation and car 
service charges. The addition of the terminal price and transportation and car 
service cost to the destination point results in a price which is posted as the con- 
sumer tank car price for that particular bulk plant area. Tank wagon prices 
are established by adding a differential to the tank car price to cover the esti- 
mated cost of tank wagon Selling, delivery and other expenses. Differentials 
vary between territories principally because of the differences in operating costs 
and competitive conditions. 

Tank car prices are quoted at all refineries, terminals and bulk plants. Tank 
wagon prices are quoted and posted at aU bulk plants. Generally, the same 
prices prevail for all towns served by a particular bulk plant. The pricing plan 
is basically one of a single quotation for each bulk plant. The cause for variance 
in posted tank car or tank wagon prices between towns served by the same bulk 
plant is essentially one of competition. For example, deliveries may be made 
from a bulk plant to communities which are served by competing companies 
whose bulk plants are more economically located. Under such circumstances 
the competitive concern establishes a lower tank car or tank wagon price and 
this company meets the competition. 

Originally, the transportation cost added in determining the tank car price at 
a bulk plant was rail freight from terminal. In s^ far as competition permits, 
rail freight is still the basis. Naturally the company is in business to make a 
profit and when it is possible to effect savings by employing barging or trucking 
facilities rather than the railroads, this method' of delivery to the bulk plant is 
used. This procedure requires a heavy investment in trucking equipment and 
the change to this basis of supplying products is made on the theory that part 
of the savings in trucking cost versus raU rate would accrue to the company as 
a profit on the investment. For this reason sayjngs in transportation costs are 
not immediately reflected in the level of tank 'car and tank wagon prices at 
delivery points. When, however, these less costly methods of transportation 
are widely adopted, the tendency is for competition to force tank car and tank 
wagon prices down so that they more accurately reflect the actual cost of trans- 
portation. 

Standard Oil Copipany of Louisiana 

As hereinbefore mentioned, the Standard Oil Company of Louisiana markets 
petroleum products in the states of Arkansas, Tennessee, and Louisiana. In 
general, prices for petroleum products are determined fundamentally by supply 
and demand and are dependent upon market conditions and the interplay of 
conipetitive forces. The gasoline markets for which quotations of gasoline 
prices are available and from which competing gasoline is shipped are Group 3. 
Shreveport, La., Eldorado, Ark.jj,nd East Texas. 

In establishing prices, the Standard Oil Company of Louisiana considers the 
price of competitive gasoline in Group 3, Shreveport, Eldorado, and East Texas 
and adds to these prices the freight rate from each point to the destination bulk 
plant. The lowest laid down competitive cost determines the basis for posting 
prices at each bulk plant. In setting the final prices, Standard Oil Company of 
Louisiana adds ^ quahty differential for its gasoline, seUing.and general expenses 
incident to a tank car business, the gasoline taxes paid by it, and rounds off the 
figure to the nearest quarter of a cent. Earlier, Group 3 was the principal 
source of competing gasoline, but Shreveport, Eldorado, and later East Texas 
have become the principal sources, A large portion of the gasoline which the 
company sells on the Shreveport and Eldorado bases is produced to company 
specifications in these centers, not in its Baton Rouge, La. refinery. With the 
increasing movement of competing gasoline into Tennessee from the East Texas 
area, the prices of gasoline at many Tennessee points are based upon the East 
Texas quotation. The use of additional points has been the way in which the 
price basing methods have been changed to meet the development of new sources 
of supply and new methods of transportation. 



CONCENTRATION OF ECONOMIC POWER 8I37 

Examples of Price Structure, Standard Oil Co. of Louisiana — Build-up of Posted 
Essolene Tank Car Price as of July 6, 1939. 

Fort Smith, Ark.: 

Group III 'Quotation ...^ 5. 00 

Frt— Group III to Fort Smith.. ...-. 1. 19 

Car Service .08 

Inspection — .__ .05 

Allowance for Quality Miscellaneous costs and profits 1. 00 

Total : - 7.32 

Posted T/C Price at Bulk Plant... - . 7. 25 

Bristol, Tenn.: 

East Texas Quotation 4. 625 

Frtr— East Texas to Bristol — 4. 55 

Car Service — ^- , i — 08 

Inspection ' .40 

Allowance for quality miscellaneous costs and profits . ' .50 

Total - , - 10.155 

Posted T/C Price at Bulk Plant . 10. 25 

New Orleans, La. : 

Shreveport--- -. 4. 875 

Frt — Shreveport to New Orleans. .4. _ 1. 25 

Car Service-.....- . 08 

Inspection, — ,. . 03 

Allowance for quality miscellaneous costs and profits.. .60 

Total... - •--^- ^ - 6. 735 

Posted T/C Price at Bulk Plant.. ^.. 6. 75 

Tank car prices are quoted at ^ terminals and bulk plants. Tank wagon prices 
are quoted and posted at all bulk plants. Generally, the same prices prevail for 
all towns served by a particular bulk plant. 

The transportation cost added in determining the prices at a bulk plant is rail 
freight. With the incteftsing use of water transportation up the Mississippi, the 
rf^ilroads have lowered rates by making "water compelled rates" The company 
changes its price calculations with such changes in railroad rates. 

If competition lowers prices in: a particular bulk plant area because of a lower 
than rail cost of transportation or because of supplies obtained in competitive 
markets at less than quoted prices, the Standard Oil Company of Louisiana meets 
such competition by changing posted prices accordingly. 

Incidentally, the Group 3 basing pomt pUm grew out of the practice of the rail- 
roads and not of the oil industry. The railroads some twenty years ago named a 
tariff for refined petroleum products originating in Oklahoma and southern Kansas 
and going to Chicago and other middle western points or to the southeastern 
seaboard and intermediate points. The current practice is to establish a rate 
from Tulsa to various destinations and to grant that rate to all shippers irrespective 
of whether the haul from points of origin to destination is longer or shorter than the 
haul from Tulsa to that destination. The Louisiana Company had to meet the 
competition caused by this rate structure at certain points. New means of trans- 
portation, however, have enabled some refiners at southern points to reduce costs 
below the freight rate of Group 3. This 'has tended to reduce the area of .the 
Group 3 market. The Standard Oil Company of Louisiana has met part of its 
transportation problem by establishing a large tank farm at Grand Lake, Arkansas. 

Standard Oil Company of Pennsylvania 

As we interpret the usual meaning of the freight rate basing point term, the 
Standard Oil Company of Pennsylvania does not use this basis to establish posted 
prices for tank car, tank wagon and service station sales. 

This company has no refinery but buys its products from afl&liated companies 
or other sources. 

The general policy of the Standard Oil Company of Pennsylvania is to quote and 
post prices at terminals and bulk plants. The price differences between the 
various points are determined by the competitors whose prices the Standard Oil 
Company of Pennsylvania must meet. The Pennsylvania Company usually 
posts at bulk plants the same prices for each town or city; variations arc made 
only to meet competitive conditions. 



8138 CONCENTRATION OF ECONOMIC POWER 

Standard Oil Company (Ohio) 

answer to question 29 on the basing points used by the company and its 
subsidiaries 

Sales prices on the company's gasoline are established on the basis of competition 
rather than on the basis of any arbitrary formula. There is, of course, a general 
relationship between the company's prices in Ohio and wholesale prices in the 
leading refinery markets but such relationship is too general and too subject to 
variation on account of local competition, shifting sources of supply for Ohio 
markets, changes in methods, and costs of transportation, etc., to permit the estab- 
lishment of prices on the basis of any particular basing points. 

There is no one direction, much less one refining center, from which gasoline 
comes into this area — it comes literally from every direction. To the west are the 
refineries of the Mid-Continent, St. Louis and Chicago districts operating prin- 
cipally on Mid-Continent and Illinois crudes, sending gasoline into Ohio by tank 
car, by water, and by gasoline pipe line. To the north or northwest are Michigan 
refineries, operating largely on Michigan crude and sending gasoline into Ohio by 
truck, rail and boat. To the immediate east are the Western Pennsylvania re- 
fineries, operating on Pennsylvania crude and sending gasoline into Ohio by rail 
and by truck. Farther east, on the seaboard, are the refineries of many major 
companies who move gasoline into Ohio by Pipe line, water and rail. To the 
South are the refineries of the Louisville area and elsewhere in Kentucky, sending 
gasoline into Ohio largely via the Ohio River but also by truck and rail. Finally, 
there are the local refineries within Ohio or on its immediate borders. There are 
twelve important refineries in this category, located at nine different points 
throughout the state. 

Sun Oil Company 

answer to question 29 on the basing points used by the company and its 
subsidiaries 

The Sun Oil Company does not use any basing points. 
The Texas Corporation 

answer to question 29 on the basing points used by the company and its 
subsidiaries 

The level of prices in the petroleum industry is determined by the lowest priced 
seller of importance in each market. In recognition of this, the corporation's 
operating subsidiaries determine the prices at which they sell gasoline in each local 
market on the basis of conditions existing in each local market. No central 
basing point is used for any particular marketing area. 

By virtue of the fact that the level of prices is established by the lowest priced 
seller of importance in each local marketing area, prices in each local area reflect 
cost savings including savings made by virtue of more economical means of trans- 
portation and the like. By virtue of this fact, prices in the petroleum industry 
have trended downward over the years. The downward trend of prices has often 
required marketers to effect cost savings in' order to maintain profitableness of 
operating. 

In certain sections of the United States, The Texas Company, in order to meet 
local competition existing there, has employed contracts whereby reference is made 
to a published price for spot transactions F. O. B. Group 3. 

The F. O. B. Group 3 published spot price is a price established in the spot 
market by refiners' sales to jobber and consumer purchasers. In consequence the 
F. O. B. Group 3 published spot market price is njore in the nature of a reference 
price to which is added freight from Group 3 to point of distribution in order to 
determine the laid down price to purchasers under contracts containing clauses 
refering to the spot Group 3 price. 

However, if market conditions at the point of distribution are such that the 
price thus determined is out of line with competition at the point of distribution, 
the contract price is adjusted so that it becomes locally competitive. 

The areas in which contracts of this character are employed are served by The 
Texas Company from refineries located at Lockport, Illinois, Tulsa, Oklahoma, 
West Dallas, Texas, Amarillo, Texas, Casper, Wyoming, Craig, Colorado, and by 
the Indian Refining Company from its refinery located at Lawrenceville, Illinois. 

For an example of the type of contract in which published prices in Group 3 
are employed as a reference price, see the contract forms attached as Exhibits 
to the Corporation's reply to Question 28. See particularly Exhibits 4, 5, 6, and 7. 



CONCENTRATION OF ECONOMIC POWER §139 

Tide Water Associated Oil Company 

ANSWER TO question 29 ON THE BASING POINTS USED BY THE COMPANY AND ITS 
SUBSIDIARIES 

In Northeastern marketing territory, tank car sales are made at Tide Water 
Associated Oil Company's posted tank car prices f. o. b. refinery at Bayonne, 
New Jersey, or on the basis of a margin under Tide Water Associated's dealer 
tank wagon price at destination on date of shipment, for example: 





F. 0. B. Re- 
finery Basis 


Margin under 

Tank Wagon 

Price 


Dealer Price 




$.10 


Di"5tributor Margin 




. 02375 


Freight 




.0159 








Net tank car price FOB Refinery 


$. 0625 


$. 06035 







For tank wagon deliveries, this Company has no freight rate basing point. Its 
tank wagon prices are competitive dealer prices at point of destination. 

Generally, this Company does not establish retail service station prices. Such 
prices are established by individual retail dealers or sublessees of company owned 
or leased service stations. In the few cases where stations are company-operated, 
retail prices are established to meet competition, as in the casd of dealer tank wagon 
prices. 

This Company's price basing methods have not been modified to meet any 
means of transportation more economical than rail except where modifications 
are made to meet local competitive activities. 

In the Mid-Continent marketing territory, tank car prices for Oklahoma are 
f. o. b. refinery point (Drumright) as posted by Tide Water Associated Oil Com- 
I>any. Outside of Oklahoma, tank car prices are based f. o. b. Group 3. 

In the Pacific Coast marketing territory this Company's refineries are located 
at Associated, California, and Watson, California; and plants at Seattle, Wash- 
ington, and Portland, Oregon, are used as main terminal points for reshipment of 
gasoline. However, in this territory the Cohipany has no freight rate basing 
points or any other bases for determining gasoline sales prices for tank car deliver- 
ies, tank wagon deliveries, or service station sales as it merely follows the compe- 
tition of major competitors, either upward or downward, in the establishment of 
gasoline sales prices. 

Seaside Oil Company 

Gasoline sales prices of Seaside Oil Company are determined by competition. 

Union Oil Company of California 

answer to question 29 on the basing points used by the company and its 
subsidiaries 

Gasoline sales prices are determined basically at point of manufacture, the 
Company's refineries being located at Oleum (San Francisco Bay), Wilmington 
(Los Angeles Harbor) and Maltha (Bakersfield) , California, to which is added the 
cost of transportation (tankship, tank car, truck and trailer) to point of distribu- 
tion. Exception to this prilnciple- may be found in Some instances where gasoline 
sales prices have been competitively established by reason of the highly competi- 
tive market that exists and the various sources of supply and methods of trans- 
portation. Distributing points in the central and northern areas of California 
and Nevada are generally supplied by tank car and truck and trailer from Oleum 
Refinery. Distributing stations in Washington, Oregon, and the panhandle 
of Idaho are supplied by tank car and truck and trailer from Seattle, Washington, 
and WiUbridge, Oregon; these two points receiving their gasoline principally 
from Oleum Refinery by tankship. 

Distributing stations in southern California, southern Nevada, and Arizona 
receive gasolines from Wilmington Refinery via tank car and truck and trailer, 
except ,that San Diego is served by tankship and deliveries are made therefrom 
to stations in its immediate vicinity. The Bakersfield and Fresno areas receive 
gasolines from Maltha Refinery by tank car and truck and trailer. 



8140 CONCENTRATION OF ECONOMIC POWER 

Barnsdall Refining Company 

answer to question 29 on the basing points used by the company and its 
subsidiaries 

Our Barnsdall refinery is located in what is generally known as Group 3 freight 
rate territory. This comprises generally the State of Oklahoma. 

Wichita, Kansas is located in what is generally known as Group 2 territory and 
comprises the Western two-thirds of the State of Kansas. The freight rates from 
Group 2 to what is generally recognized as Standara of Indiana territory, are 
lower than from Group 3. As an example, the freight rate from Group 3 to Des 
Moines, Iowa is 360 per cwt. From Group 2 the freight rate is 32)40 cwt. Our 
sales are based f. o. b. Group 3, except for deliveries within the State of (Kansas 
and within the State of Oklahoma. If a shipment is made from Wichita, or 
Group 2, to a point where the freight rate is less than Group 3, the freight differ- 
ential is added to the invoice, which makes the customer's cost the same as though 
the shipment moved from Group 3. Sales for delivery within the State of Okla- 
homa are made f. o. b. our Barnsdall refinery and sales for delivery within the 
State of Kansas are made f.o. b. Wichita, Kansas. The freight rates are paid 
by the customer although they may be higher or lower than from some other 
refiner located.,within that state. The freight rates within these two states are 
based on mileage. 

Houston Oil Company of Texas 

ANSWER to question 29 ON THE BASING POINTS USED BY THE COMPANY AND ITS 
SUBSIDIARIES 

No freight rate basing points are used in fixing prices. Only a topping plant is 
operated and it produces only gasoline of low octane rating (3rd grade). Gasoline 
tank car sales are confined to this product and are made exclusively in the county 
in which the topping plant is located. No contracts exist and spot sales are based 
on local retail market prices. Tank wagon and service station- prices are also 
based on competitive prices in the immediate vicinity of point of delivery. 

National Refining Company 

ANSWER to question 29 ON THE BASING POINTS USED BY THE COMPANY AND ITS 
SUBSIDIARIES 

A. Tank car and transport shipments from Coffey ville, Kans.; (1) to accounts 
in the following states: 

Illinois Missouri Indiana 

Nebraska Iowa North Dakota 

Minnesota South Dakota Michigan 

Wisconsin Wyoming 

Basing point is Tulsa Oklahoma which is located approximately 100 miles 
south of Coffey ville, Ks. Prices based on quotations in the Chicago Journal pf 
Commerce with provis6 that if delivered cost on house brand or premium gasoline 
nets account less than 2i, based on normal dealer tank wagon price of majority 
of oil companies in area, we will refund amount lacking 20 No adjustment 
on third grade gasoline or other refined products. 

Example: Coffey ville to Geneseo, Illinois 
Our Invoice — 

Base price — Average Chicago Journal of Commerce . 04938 

♦Plus freight differential, .02 cwt . 00132 

. 05070 
♦♦Customer pays railroad Coffeyville rail rate of .37 cwt . 02442 

Customer's cost delivered 07512 

Tulsa rate Is .39 cwt. 

• Our invoice Is in cents per cwt. 

•• If transported customer pays transporter or does his own banJing and rate may be less. 

(2a) Tank car and transport shipments to Northeastern Colorado f. o. b* 
Tulsa, Oklahoma, based on quotations listed in Chicago Journal of Commerce, 
Oklahoma Market. 



CONCENTRATION OF ECONOMIC POWER gl41 

Example: Coffey ville, Kans. to Sterling, Colo. 

Our invoice — 

Base price, average Chicago Journal of Commerce . 04938 

Plus freight differential .04 cwt . 00264 

. 05202 
Customer pays railroad Coffeyville rail rate of .53 cwt . 03498 

Customer's delivered cost — • 08700 

If transported, customer pays transporter or does his own hauling and rate may 

be less. 

(2b) Territory near Denver — Oklahoma mark&t price f. o. b. Ponca City, 

Oklahoma. Example: Coffeyville, Kans. to Eaton, Colorado: 

Our invoice: 

Base price, average Chicago Journal of Commerce . 04938 

*Less freight differential .03 cwt . 00198 

. 0474a 
**Customer pays railroad Coffeyville rail rate .59 cwt . 03894 

Customer's delivered cost . 08634 

• Oiir invoice is in cents per cwt. 

** If transported customer pays transporter or does his own liauling and rate may be less. 

Ponca city rate is .56 cwt. 

(3) Tank car and transport shipments to Oklahoma, Tennessee, Arkansas, 
Louisiana and Mississippi using Oklahoma Market Price shown in Chicago 
Journal of Commerce such price f. o. b. Coffeyville, Kans. Coffeyville is about 
100 miles north of Tulsa. Example: Any destination — 

Our invoice: 

Base price Average Chicago Journal of Commerce, f. o. b. Coffeyville. . 04938 
Customer pays rail or transporter's rate to destination. 
Note: Except one account in Oklahoma Ys^ off average. 

(4) On tank car and transport shipments within state of Kansas, Oklahoma 
Market price in the Chicago Journal of Commerce, f. o. b. Tulsa when shipped to 
points in the extreme southeastern part of Kansas. Example: Same as illustrated 
in#l. 

To other Kansas points the same bases except the f. o. b. point is Coffeyville 
plus or minus amounts necessary to compete with other Kansas refineries selling 
f. o. b. their refineries. Example: Coffeyville to Hamlin, Kans. 

Our invoice: 

Base price average Chicago Journal of Commerce . 04938 

Plus Ys^ diflferential .00125 

. 05063 
Customer pays freight either rail or transport. 
B. Tank car or transport shipments from points other than Coffeyville to states 
listed. 

(1) Nebraska— Colorado. Those accounts receiving gasoline at Pipe Line 
terminal Superior, Nebraska are charged the prices (f. o. b. Superior) based on 
Oklahoma Market quotations in the Chicago Journal of Commerce plus actual 
pipe line differential charged to us. Example: Superior, Nebr. to'Basseit, Nebr, 

Our invoice: 

Average Chicago Journal of Commerce . 04938 

Plus Pipe Line differential paid by us . 00594 

F. O. B. Superior . . 05532 

Customer pays transporter or does his own hauling. 
Note: One exception in Colorado where we charge differential of . 00563 and 
we are charged %<^. 

(2) Transport shipments to accounts receiving gasoline at our source of supply 
at Denver are charged Oklahoma Market price in Chicago Journal of Commerce 
plus differential of }^^ per gallon. Example: Denver to Denver, Colorado. 



124401— pt. 14-A- 



8142 CONCENTRATION OF ECONOMIC POWER 

Our invoice: 

Average Chicago Journal of Commerce . 04938 

Plus differential . 025 

. 07438 

Customer pays transporter or does his own hauling. 

(3) Sltipments from our source of supply at Eldorado, Arkansas to Tennessee, 

Arkansas, Louisiana and Mississippi — the low^ Oklahoma Market price in the 

Chicago Journal of Commerce f. o. b. Eldorado, Arkansas plus %^ per gallon. 

Example: Eldorado, Arkansas to Byhalia, Miss. 

Our invoice: 

Low of the Chicago Journal of Commerce . 04875 

Plus >^(4 per gallon. ... . 00250 

05125 
Customer pays direct to railroad rate from Eldorado to Byhalia. 

C. Tank car and transport shipments to accounts in Indiana and Michigan 
from Findlay, Ohio. 

Prices based on quotations in Chicago Journal of Commerce equalizing freight 
with Tulsa, Okla. With further proviso that if delivered cost on housebrand or 
premium gasoline nets account less than 2^ based on normal dealer tank wagon 
price of majority of oil companies in area, we will refund the amount lacking 2^. 
No adjustment on third grade gasoline or other products. Example: Findlay to 
Martinsville, Ind. 

Our invoice: 

Base price average Chicago Journal of Commerce . 04938 

*.P]us freight dififfrential .24 cwt . 01584 

. 06522 
**Customer pays railroad Findlay freight rate of .24 cwt._ . 01584 

Customers' delivered costs . 08106 

Tulsa rate is .48 cwt. 

•Our invoice is in cents per cwt. 

••If transported, customer pays transporter or does his own hauling and rate may be less. 

D. Tank car and transport shipments from Findlay, Ohio to Ohio points. 
Normal dealer tank wagon price (used by majority of Oil Companies in Ohio) less 
2^ per gallon and price is delivered. With refund on sub-normal market to a 
minimum jobber margin of V/i^ per gallon. Example: Findlay to Upper San- 
dusky, Ohio. 

Our invoice: Determined as follows 

Normal dealer tank wagon price . 09 

Deduct L . . 02 

Delivered tank car or transport price . 07 

With refunlt on sub-normal market — market subnormal }^ji we refund }i^ per 
gallon. 

E. Tank car and transport shipments to West Virginia points from our source 
of supply at Elk Creek, West Virginia. 

Standard Oil of New Jersey's posted dealer tank wagon price for destination 
town less 20 per gallon f. o. b. delivered. Example: Elk Creek to Buckhannon, 
W. Va. 

Our invoice: Determined as follows 

Normal dealer tank wagon price . 1065 

Less .02 

Delivered tank car or transport price^ . 0865 

Examples are based on current quotations and are based on our White Rose 
Gasoline 70-72 octane. 

Selling prices at service atations and from tank wagon are determined by com- 
petition of majority of oil companies which we follow. 

in any territory where customers have made their own transport arrangements, 
savings (if any) are made by the customer. We do not operate gasoline pipe 
Unes, tankers or motor transports except our own trucks for local delivery. 



CONCENTRATION OF ECONOMIC POWER 8143 

Quaker State Oil Refining Corporation 

ANSWER TO question 29 ON THE BASING POINTS USED BY THE COMPANY AND ITS 
SUBSIDIARIES 

The corporation does not have any system of basing points used in determining 
gasoline sales prices.* Spot tank car sales are made f. o. b. refinery or terminal. 
Gasoline "prices are fixed by competition. The refineries of the reporting company 
and its subsidiary are located in an area in which the consumption of gasoline 
greatly exceeds the production. Prices are, therefore, fixed by gasoline moving 
into this territory from outside sources principally from the eastern seaboard. 

Republic Oil Refining C&mpany 

ANSWER TO question 29 ON THE BASING POINTS USED BY THI COMPANY 

As a major policy in point of gallonage the large proportion of sale^ are made at 
prices f. o. b. Refinery at Texas City. Many sales are made at prices f. o. b. the 
various terminals. These prices are fixed largely by competitive conditions at 
the various terminals without any direct regard to any freight rate costs or basing 
points. Some sales are made, particularly at the Coraopolis Terminal, ai a jxed 
price below the state wide retail price, at a price not lower than 6)4 cents below 
the state wide retail price, with the limitation that the sale will not be made so as 
to give a net back price, after deducting actual transportation costs whatever they 
may be from time to time, at the Refinery in Texas City, below 4 cents per gallon. 

Richfield Oil Corporation 

ANSWER TO question 29 ON THE BASING POINTS USED BY THE COMPANY AND XTS 

subsidiaries 

The Corporation's gasoline sa.es prices throughout its domestic marketing 
territory are based upon its price at its refinery at Watson, California, with due 
regard to freight differentials and competitive conditions. 

South Penn Oil Company 

ANSWER TO QUESTION 29 ON Bj SING POINTS USED BY THE COMPANY AND 
ITS SUBSIDIARIES 

South Penn Oil Company does not uf e freight rate basing points in determining 
the sale price of gasoline. In the territory served by it the market is highly com- 
petitive and sales are made with regard to the orices prevailing at the points of 
delivery. 

As to the Pennzoil Company, the following conditions prevail, viz: 

Gasoline prices for tank car delivery to tank car buyers and distributors are 
not based on freight rates from our Oil City Refinery, or from any other point,* 
but are based on prevailing prices for such type deliveries in the "area in which 
they are made. 

Gasoline sales by tank wagon delivery are also based on the prevailing price in 
the area in which they are made. 

Generally speaking, we -do not post a price on service stat.on sales, as we do 
not operate but a very few stations. Such stations as we do operate usually post 
in accordance with the prevailing price in that particular area. 

While it is possible that pipe lines, tankers, motor trucks have influenced 
gasohne prices, in our case they have done so only where. such economy has re- 
flected a change in the prevailing prices in the area in which we operate. If our 
prices have changed, either to our advaitage or to our detriment, it is because 
we base our prices on the prevailing market. 

AH tank car sales of unbranded gasoline are made f. o. b. our refinery, based on 
the prevailing market price, and freight rates do not enter into this price. 



8144 CONCENTRATION OF ECONOMIC POWER 

Standard Oil Company (Kentucky) 

answer to question 29 on the basing points used by the company 
and its subsidiaries 

The standard Oil Company (Kentucky) is a marketing company; it operates 
no refineries nor gasoline pipe lines. It does own and operate water terminals 
along the Gulf Coast, Atlantic seaboard, and on the Mississippi and Ohio Rivers. 

A comparatively small percentage of the Company's gasoline gallonage is sold 
in tank cars. 

The Company at present is operating about six hundred and thirty five (635) 
bulk stations in the States of Kentucky, Mississippi, Alabama, Georgia, and 
Florida, from which tankwagon deliveries of gasoline and other products are 
made to dealers, consumers, and company operated service stations. 

In determining its normal prices an gasoline, delivered at points in the widely 
scattered marketihg area of the Company, it is necessary to consider, first of all, 
the Company's own delivered cosis as well as prices from competitive water 
terminals located along the Gulf Coast and Atlantic Coast and on the Mississippi 
and Ohio Rivers, also from refineries located within the Company's marketing 
area, and other refining centers which have a bearing on local markets due to 
their geographical location or freight rates. 

Current quotations on gasoline in tank cars delivered at any given point are 
determine^ bj' the Company's own cost and selling price, f. o. b. its shipping 
point plus freight to destination together with competitive prices, as best they 
can be determined, from the refinery or terminal that would bear the greatest 
influence upon the particular point of destination. 

By far the major portion of the Company's sales of gasoline is made by tank- 
wagQns operating from its bulk stations; incidentally, about eighty-one per cent 
of the Company's total tankwagon business on gasoline is on its brand "Crown 
Gasoline". 

Th^ Company determines its current normal tankwagon markets on gasoline 
at each of its bulk stations by taking into consideration its own costs and tank car 
prices at the Company's shipping point, plus freight to destination, also competi- 
tive delivered tank car prices from any source, as best they can be determined, on 
a product of approximately equal quality, and adding to the lowest of these 
delivered prices an additional amount per gallon to take care of the Company's 
investmei't, expenses, etc. incident to the sale and delivery by tankwagon, and a 
margin of profit. 

The following illustrations indicate how this plan operates as applying to 
tankwagon prices: 

Kentucky.- — The Company uses as basic points its own water terminals located 
along the Ohio jRiver at Paducah, Owensboro, Louisville, Ashland, as well as 
similar competitive facilities, also refineries located at several points in the state. 

Lexington, Ky. price is based upon Louisville, Ky. where the Company and 
several of its competitors have water terminals and where there are several 
refineries. 

The price at Pikeville, Kentucky, located in the eastern part of the state, is 
based upon the Company's own water terminal, also a refinery located at Ash- 
land, Kentucky. 

The price at Princeton, Ky., in the western part of the state, is determined by 
conditions at Paducah, Ky. 

Mississippi- — The Company's normal tankwagon prices on gasoline at its 
various bulk plants in this state are based upon its own comparative costs, compe- 
petition from refining centers in Louisiana-Arkansas-Texas. Also, its own and 
other water terminals located along the Mississippi River and the Gulf Coast, as 
well as a refinerv located at Mobile, Alabama. 

Greenville, Miss, is most influenced by Shreveport, La. On the other hand, the 
price at Biloxi, Miss, is based on Mobile, Ala. and/or New Orleans, La. 

Alabama. — In this state the Company's normal tankwagon markets on gasoline 
at its bulk plants are also based on various shipping points. 

Huntsville, Ala. is inflnenced'by refineries in Louisiana and Arkansas. 

Montgomerv, Ala. would be based upon Mobile, Ala. where the Company, and 
certain other oil companies have a terminal, and where there is located a refinery. 

Dothan, Ala. would be governed by water terminals at Panama City, Florida. 

Georgia.— The Companv's normal tankwagon prices on gasoline at its bulk 
plants in this state are determined by the Company's and competitive water 
terminals at Savannah, Ga.— Jacksonville, Fla.— Panama City, Fla.— and tank 
car shipments ffom Louisiana and Texas. 



CONCENTRATION OF ECONOMIC POWER 8145 

At Atlanta, Ga. the Company's normal tankwagon price.s are based upon 
shipments from Savannah, Ga. 

At Thomasville, Ga. the determining shipping point is Panama City, Florida. 

At Waycross, Ga. the price is based upon Jacksonville, Florida. 

Many points in the northern and western part of Georgia are based upon tank 
car shipments from Louisiana and other refining centers. 

Florida. — The Company's normal tankwagon prices on gasoline in this state 
are determined by the Company's own and competitive w^ater terminal plants 
at each such points as Panama City, Pensacola, St. Marks, Tampa. Port Tampa, 
Miami, Port Everglades, and Jacksonville, Florida. 

The Jacksonville situation determines normal price at Daytona, Florida. 

Tampa and Port Tampa terminals determine the price at Sarasota, Florida. 

The Company uses Port Everglades and Miami in arriving at price at Palm 
Beach, Florida. 

Panama City, Fla. is the determining shipping point Tor Quincy, Florida. 

There are no gasoline pipe lines in the marketing area of the Company. As 
herein explained, water terminals have a de ided bearing on the establishment of 
the Company's normal tankwagon prices o.i gasoline. Fvu-thermore, considera- 
tion is given to those cases where transportation by motor truck is sufficiently 
lower than other methods of delivery to have a decided bearing on the local 
condition. 

The Company has no retail service station prices on .gasoline except at those 
comparatively few points where the Company operates service stations in its 
own name. 

At present the Company operates service stations at forty-eight (48) points 
and these sales approximate three per cent (3%) of the Company's total gasoline 
gallonage. 

.The Company's retail service station prices depend upon its costs and com- 
petitive retail price conditions. For instance, the Company's present service 
station prices on Crown Gasoline are 3.50^ to 4|? per gallon above its tankwagon 
prices to dealers. 



BOSTON PUBLIC LIBRARY 



3 9999 06351 939 9