BIG OIL MERGER

Sun (Auckland), Volume I, Issue 300, 10 March 1928, Page 9

BIG OIL MERGER

ASSETS OF £100,000,000 INQUIRY IN AMERICA By Cable.—Press Association. — Copyright. NEW YORK, Thursday. The “New York World” says witnesses who appeared to-day before the Oil Committee of the Senate alleged that Liberty Bonds from the defunct Continental Trading Company were passed on to the Republican Party’s treasury. They also asserted that a group of prominent millionaires, including the Secretary of the Treasury, Mr. A, W. Mellon, and oil magnates, underwrote a scheme for advertising widely on behalf of the late Mr. Harding and Mr. Coolidge, in New York papers printed in foreign languages. The paper says efforts are now being made to create a giant oil corporation, with total assets of £100,000,000, in which all the Sinclair interests will be merged. If the deal goes through, Mr. Sinclair’s name will disappear from the list of the various corporations in which he is now interested, but he will continue to own many millions of shares. , The Sinclair Consolidated Oil Corporation and Maryland Oil Company will be the principal factors in themerger, which, because of its huge extent, will possibly meet with action on the part of the Federal Trade Commission along the lines which, more than ten years ago, broke up the vast Standard Oil interests into constituent parts.—A. and N.Z.