Magazine content is available exclusively for TIME subscribers.Oil Merger
The largest consolidation in the history of the petroleum industry occurred when Edward L. Doheny, pioneer Mexican oil producer, sold control of the Pan American Petroleum and Transport Co. to a syndicate composed of the Standard Oil Co. of Indiana, the bankers Blair & Co., the Chase Securities Corporation and certain British interests represented by Lord Iverforth. Just what Mr. Doheny received for his 501,000 shares (out of a total of 1,001,556 voting shares) is not known, but, based on recent market prices, the con- sideration...
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