Business & Finance: Socony-Vacuum Corp.

First proposed in 1928, the merger of Standard Oil Co. of New York with Vacuum Oil Co. of New York was consummated last week by an overwhelming vote of the companies' stockholders. The law's delays had held up the merger. Only last month did the Government give up its attempt to prevent this union of two oldtime Standard Oil units (TIME, June 15). Socony has $720,305,000 assets, earned $40,246,000 last year; Vacuum has $240,545,000 assets, earned $20,393,000 last year. United, they form a company which ranks third (after Shell and New Jersey Standard)...