Wylie Resignation

Standard Oil evidently prefers to train its executives rather than acquire them through mergers. Last spring, Standard of Indiana acquired the Pan-American Petroleum and Transport Co. from Edward L. Doheny (TIME, Apr. 13). Potent in Pan-American was Herbert G. Wylie, long an able Doheny lieutenant. Shortly after the merger, Mr. Wylie found his occupation gone. Pan-American was now a subsidiary, and no longer an independent. Decisions were made by the Standard of Indiana heads, and the Presidency of "Pan Pete" became a sinecure job, without responsibilities or possibilities for individual initiative. This development little suited an oil pioneer like Mr. Wylie, who has now announced his resignation. When Wall Street heard the news, "Pan Pete" stock experienced a sharp decline--a sincere tribute to Mr. Wylie's executive ability.