California Oil

Oil Lawyers Felix T. Smith and Renato Capocelli, and W. F. Hillman, last week traveled from San Francisco to Delaware, laid down $75,100 as an incorporation tax, and came away with a new billion-and-a-half charter for the Standard Oil Co. of California. This re-formation of the California company is considered only the prelude to enormous Coast oil activities. On Feb. 26 the stockholders of the Pacific Oil Co. will meet to consider proposals on reducing that concern's capital stock of $92,000,000 to $1,750,000. The directors will also suggest a merger with the Standard Oil Co. of California into a new company which will acquire the assets of both. Stock of the new company will be exchanged share for share for stock of the Pacific Oil Co.

The Standard Oil Co. of California is a complete cycle in the oil industry. It is the largest individual producer of crude oil in the U. S. and dominates the marketing of petroleum products along the west coast of both Americas. It is carrying on oil exploration work in Alaska, Venezuela, Mexico, Colombia, Ecuador and Argentina. It was originally incorporated in 1879 under the name of the Pacific Coast Oil Co.; changed its name to that of the Standard Oil Co. in 1906. All its stock the Standard Oil Co. of New Jersey owned until 1911, when the Government forced the disintegration of that corporation. Its directors last year were K. R. Kingsbury, R. J. Hanna, F. H. Hillman, H. M. Storey, R. C. Warner, A. B. Brooks, H. T. Harper, W. H. Berry, H. D. Collier and R. W. Hanna, all of San Francisco.

Directors of the Pacific Oil Co. were Henry W. de Forest, E. P. Swenson, Charles H. Seger, Mortimer L. Schiff, James S. Alexander, Gordon M. Buck and Charles A. Peabody, all of Manhattan; Samuel Rea of Philadelphia and Paul Shoup 28 of San Francisco. It was incorporated in 1920 and now works extensive fields in California and in the Southwest.