Standard Oil Absorbs

Joint statements of Kenneth R. Kingsbury, President of the Standard Oil Co. of California, and Henry W. De Forest, Chairman of the Pacific Oil Co., revealed that the two companies had been merged. The total assets of the new company approximate $447,000,000. From an operating standpoint, the new company will be second only to the Standard Oil Co. of New Jersey.

If any special significance is to be attached to this one of many recent consolidations in all branches of industry, it is that the Standard Oil Companies have of recent years taken an increasing interest in production of oil. Time was when Standard was content to let independents produce, provided Standard could refine all the oil used. But the development of independent producers into independent refiners and distributors has apparently caused Standard to extend its control of production.