NB 8, pa Sul An edition of 100 of which this is No. LY Presented to This volume is a combination of a series of booklets published by the First National Bank at Pittsburgh, in exposition of our city’s progress in business and culture. It is fitting that this record be dedicated to the memory of the late beloved president of the First National Bank, Mr. Lawrence E. Sands, whose vision and work has made a very deep impression upon the general welfare of this community. May we hope that this volume will be worthy of a place in your library, not only for your own pleasure and information, but also for any inspiration it may furnish for a future generation to maintain and enhance the fine traditions of the City of Pittsburgh, Pennsylvania. Tue First NATIONAL BANK AT PITTSBURGH, PirrssurcH, Pa. pp wa wow " The Story of PITTSBURGH Volume One Number Eleven PETROLEUM AND NATURAL GAS Part Two First National Bank at Pittsburgh December, 1924 The Story of Pittsburgh Petroleum and Natural Gas PART TWO _— —— JE first part of this story of Pittsburgh, devoted to Petroleum and Natural Gas, dealt with the early history of the discovery of these important products, and gave statistics of their production and manufacture, together with details of many of the companies interested in the business. This issue, continuing the subject, adds to the informa- jon given in the first part, and gives particulars of addi- tional firms and corporations engaged in the oil and gas husiness. At a recent meeting of the Pennsylvania Grade Crude Dil Associations, held in Pittsburgh, an important address was delivered by John P. Herrick, of Olean, N. Y., who is chairman of the board of directors of the New York State Oil Producers Association, who gave some striking informa- ‘ion on the petroleum business. “Of the 120,000 oil wells in the Appalachian field, which smbraces Pennsylvania, New York, West Virginia and Eastern Ohio,” said Mr. Herrick, “75,000 are located in Pennsylvania, and the large majority are owned by individual companies. The South Penn Oil Company, of Pittsburgh, the largest in the field. owns but 8%, of the wells yf the field. “The quality of Pennsylvania grade crude oils is recog- nized everywhere but in its immediate vicinity, but this is aot unusual. Notwithstanding the fact that the entire pro- duction of the Appalachian field could be consumed in the Pittsburgh area. the largest market is in California, 2500 miles away. Eighty per cent of the crude oil is refined in the Pittsburgh area, $330,000,000 is invested in property, and 15.000 men are employed in the local field.” It is estimated, according to a recent article in the Oil and Gas Journal, that 200,000 homes, including apartment houses and other buildings used for housing, such as hos- pitals, burned oil for heat last winter, and that in the coming winter probably 250,000 houses will be burning oil. This circumstance is not of great importance in Pittsburgh and surrounding territory, where natural gas is largely used for fuel, but to the petroleum industry this use of oil is of great importance. Figuring 3,000 gallons as the average quantity of oil used by these homes over the winter, the next season’s requirements will total some 750,000,000 gallons. Present tank installation with oil burning equipment is recognized as being, on the average, too small. For private dwellings the average tank is probably no more than 150 gallons capacity, while some of the larger homes have tanks of 500 to 1000 gallons capacity. These larger receptacles city dwellings would find it difficult to obtain space for, while in suburbs thev could be easily installed. The advantages of natural gas are enjoyed by the people of 23 States, but its use on a large scale is limited to only 10, namely: Pennsylvania, Ohio, West Virginia, Okla- homa, Texas, California, Louisiana, Kentucky, Arkansas and Wyoming. Out of a total of more than 3,000,000 con- sumers of natural gas, more than 1,500,000 live in two States —Pennsylvania and Ohio. The consumption of natural gas is the largest in our own State, while Ohio has the largest aumber of consumers. The United States Geological Survey says that Pennsylvania consumes 130,733,000,000 cubic feet of natural gas in a year, while Ohio consumes 116,127,000,- 000 cubic feet. The number of consumers in our State is approximately 550,000, but much gas is used in industrial and manufacturing plants. Ohio has almost 1,000,000 natural gas consumers. Our own State produces 101,276,- 000,000 cubic feet of natural gas a year, and Ohio produces 51,481,000,000 cubic feet. West Virginia is the State which produces the largest quantity of gas, its annual output being 195,288,000,000 cubic feet, and its consumption 80,000,000,000 cubic feet, the surplus being exported to other States, the Pittsburgh area taking the most of it. Oklahoma produces 140,631,000,000 cubic feet of gas, and uses 111,681,000,000 cubic feet. California produces 84,580,000,000 cubic feet and uses it all. The total pro- duction of natural gas per year is approximately 762.546.- 000.000 cubic feet. THE HAZARDS OF OIL In his talk on “The Hazards of Finding and Producing Dil,” at the St. Louis meeting of the American Petroleum [nstitute in December, 1923, E. W. Marland stated that “In times of overproduction such as now, we are inclined to consider lightly the estimates made two years ago by the United States Geological Survey that the remaining oil con- tent of the United States is approximately 9,000,000,000 bbls.” Mr. Marland also pointed out that if no new wells were drilled for 60 days the decline of the present wells would eliminate the entire overproduction. Furthermore, that to maintain our production on the same basis as in 1928 enough new wells must be drilled in 1924 to produce at least 1.000.000 bbls. a dav. On June 1, 1923, the daily production of crude oil in the United States was rapidly increasing. On December 1, it was decreasing with equal rapidity. During the six months from June 1 to December 1, the average daily pro- duction of crude was approximately 2,220,000 bbls. per day. The rapid decline in production stopped about January 1 and since that date production has averaged about 1,900,000 bbls. per day. This decline in production (about 15 per cent rom the peak of last summer) has made no shortage of sil—we still have an oversupply. particularly in California. THE FUTURE OF OIL ] Regarding the future of petroleum, the Standard Oil Company has recently issued an official bulletin which is 1883 2800 Wells $3 000,000 1903 EN O00 O00 18400 1023 $515,704.000 24.438 §515,704.000 IS EXPENDED ANNUALLY IN OIL WELL DRILI.ING OPERATIONS In one year, 1928, the petroleum industry completed in the United States 24,438 wells at an estimated cost of 515,704,000. Oil wells today are drilled to an average depth of 8,000 feet. The ordinary well costs the oil operator conservatively $25,000 to drill. Six years ago drilling for oil as deep as 3,000 feet was a rarity and was considered an expensive and hazardous adventure, Today the drill pipe and the bit are penetrating the earth 5,000 feet as a common oeccur- rence. The cost of drilling these deep wells runs from $50.000 to $125,000 each. Twenty years ago oil was struck at an average depth of 1,500 feet and the average cost of drilling a well was $2,500. Forty years ago a well could be drilled for a few hundred dollars, the cost rarely exceeding $1.000.—0il & Gas Journal ALL OTHER COUNTRIES 100,000,000 hls 649 U. S. RUSSIA. MEXICO 7.200,000,000 2000000000 1000,000,000 bbls. bbls. bbls. 1000,000,000 bbls. — 2000,000000 bbls. —~— 3000.000.000 bbls. 5000.000,000 bbls. 1857-1896 1897 -1903 1904-1913 1914 -1923 1857-1923 11.200.000.000 bbls. UNITED STATES HAS PRODUCED 64% OF TOTAL WORLD PETROLEUM OUTPUT Since the first recorded petroleum production, over 11.000,000,000 barrels of petroleum aave been taken from the earth. The United States has produced by far the greatest quantity, a total of over 7,000,000,000 oarrels, or 64 per cent of the total. Russia ranks second with 2,000,000,000 barrels, or 18 per tent and Mexico third with 1,000,000,000 barrels, or 9 per cent. The three countries combined account for 91 ner cent af the entire world’s nrodnetion.—Nil & Gas Journal really encouraging to the oil trade, and to holders of stocks in petroleum concerns. The Standard Oil Company of Cali- fornia is quite sure that the period of over-production of oil is passing, and says that “we seem to be on the threshold of another phase. Production is falling. Shipments to the Atlantic coast and elsewhere are about half what they were last July. The demand for petroleum is good, consumption great, and the large daily surplus production of crude oil that existed less than a year ago has disappeared. Supply and demand are approximately in balance. Barring the discovery of prolific new fields, therefore, the industry in California must again draw on its reserve stocks.”" Pointing out that the oil business is one of feast and famine, and of great transitions and changes, differing in these respects from most other industries, the bulletin of the company emphasizes the additional fact that the source of supply of crude oil is constantly shifting. “Fields of oil are found, are developed,” it says, “the volume of production ascends and then dwindles. New fields, in other States, even in other countries, take the place of the old. There is no certainty about it at all, either as to the location of new fields or as to the volume of the oil. Each time a new field is found, the industry must build, quickly, facilities for handling the new oil—new pipe lines, new tanks and reservoirs, often new refineries, at the new points of output. This has happened over and over again in the history of oil. To meet these situations and emer- gencies requires great resources by way of organized per- sonnel. and lots of readv monev *’ In July, 1928, the surplus over the normal demand of California refineries for petroleum reached the remarkable total of 401,000 barrels a day. Of this, 207,000 barrels were shipped to the Atlantic Coast, and elsewhere, through the Panama Canal, and 194,000 barrels a day were put into storage in California. This continued into the present year, until the tanks of California now hold about 97,000,000 barrels of oil. THE FUTURE OF NATURAL GAS Not long ago the Natural Gas Association of America held an annual convention in Cleveland, and in his speech, President H. A. Wallace made some very interesting re- marks on the future of natural gas. from which the following yuotations are made: { have already remarked on the fact, known to you all, that the natural gas industry is entering upon an era, not of decline, but of transition. There should be nothing surpris- ing or alarming to us in the fact that the reserves of natural gas in the United States were bound to have a limit, no mat- ter how remote that limit might at one time have seemed to he And depletion of those reserves, however steadily it may be progressing, has by no means gone so far that there is not ample time available for those natural gas companies which rave used adequate prudence and foresight in the manage- ment of their properties to take the steps which. it is already ~lear. the situation will require. First of those steps, in my opinion, is the education of the public in all communities which we serve, to a realization of the facts of the situation as they are known to us. I have al- ready alluded to the splendid work of the Publicity Com- mittee, but this is a task which can not be too thoroughly performed, and it is also a task that in a sense, in any public utility such as ours, is never completed. We cannot hope to pass successfully through the period of transition without public support, and public support can only be gained and aeld by thorough education of our communities on the in- evitable increase in the cost of service which changing condi- -1ons will entail. We must remember that the lack of public appreciation of -he value of natural gas was responsible for the great waste n the past which brought about the early depletion of many once valuable fields. It is doubtful if, even today, any great proportion of the lay public appreciates the true cost of nat- ural gas service, involving such elements as the necessary provision of sufficient reserve acreage for the protection of any field against competitive withdrawals and the mainte- nance of production on the scale necessary today for any large community. We must keep constantly in mind for ourselves, and we must be unwearying in our efforts to bring it home to the public, that true conservation of this great natural resource does not consist merely in hoarding our dwindling supply, but in its economical and efficient use in the manner best suited to secure to the greatest number, for the longest pos- sible period, the fullest measure of benefit. It is my belief that the natural gas industry, by these means—means already well understood, and in many local- ities well on the way to adoption—will be able not only to bold its present position, but even to expand largely to wider horizons of usefulness than we now realize; to post- pone indefinitely the ultimate exhaustion of America’s gas fields; and to secure to the communities we serve the bene- fits of the use of natural gas, for may years to come. In that belief we can face the future with confidence TRANSCONTINENTAL OIL COMPANY The Transcontinental Oil Company was chartered under the laws of the State of Delaware on June 28, 1919, “to pro- duce, refine, transport, sell and distribute petroleum and its products.” The charter is perpetual and the company began active operations August 1, 1919. The authorized capitaliza- tion is 4,000,000 shares common stock, no par, and 250,000 shares 7%, preferred stock $100 par; 3,000,000 shares common and 157,000 shares preferred now outstanding. The Company is a complete unit in the oil business, being in all branches of the petroleum industry. from the well to the consumer The leaseholds of the Company now held in the United States and foreign countries total 1,500,000 acres. The area of the leases held in the United States is approximately 100,000 acres distributed among the following oil and gas producing states: Qhio. West Virginia, Texas. Louisiana. Arkansas, Oklahoma, Kansas, Wyoming, Montana, and Col- orado, and 1,100,000 acres in the following foreign fields: Mexico. Colombia, South America and Roumania. The Company owns 254 producing oil wells and 18 gas wells with a daily oil production of 6,500 barrels. This Com- pany, jointly with the Texas Company, by the recent com- pletion of a 5,000 barrel well, in Moffat County, Colorado, has, from all indications, opened up the most prolific pool of high grade oil yet found in the Rocky Mountain Region. It owns three refineries located at Bristow and Boynton, Okla- homa, and at Ft. Worth, Texas, with a daily capacity of 16,000 barrels of refined products, all of which is marketed ander the Company's copyrighted trade brand “Marathon Products.” It owns over 400 miles of pipe lines and 1,500,000 barrels of steel storage in the States of Oklahoma, Texas and Arkansas. The combined capacity of these pipe lines is over 20,000 barrels a day. It owns and has under lease 1,400 tank sars. Tt owns and operates 18 Gasoline Extraction Plants and 7 Blending Plants, also, two Finishing and Barreling Plants for Marathon Lubricating Oils. It owns and maintains 28 Distributing Stations, but the bulk of its refined products 1s marketed through wholesale and retail distributors, of which t has 480 exclusive agencies in this country and abroad. The Company owns and operates the following Sub- sidiary Companies: Transcontinental Oil Company of Kan- sas; Transcontinental Oil Company of Illinois; Transconti- nental Oil Company of Colorado; Transcontinental Oil Com- pany of Colombia, S. A.; United Producers Pipe Line Com- pany; Mid-Colombia Oil & Development Company, S.A. Carpathian Oil Company, (Roumania); Transark Oil & Gas Company, (14 interest); Latin-America Petroleum Corpora- tion, (S.A.) (229%, int.). The Executive Offices of the Company are in the Bene- dum-Trees Building, Pittsburgh, Pa., with Division Offices at New York City, Chicago, Des Moines, Tulsa, Fort Worth, Sioux City, Denver. Atlanta, and Pittsburgh. The Officers are: M. L. Benedum, Chairman of Board, EF. B. Parriott. President. J. S. Sidwell, O. D. Robinson, provision of sufficient reserve acreage for the protection of any field against competitive withdrawals and the mainte- nance of production on the scale necessary today for any large community. We must keep constantly in mind for ourselves, and we must be unwearying in our efforts to bring it home to the public, that true conservation of this great natural resource does not consist merely in hoarding our dwindling supply, but in its economical and efficient use in the manner best suited to secure to the greatest number, for the longest pos- sible period. the fullest measure of henefit. It is my belief that the natural gas industry, by these means—means already well understood, and in many local- ities well on the way to adoption—will be able not only to bold its present position, but even to expand largely to wider horizons of usefulness than we now realize; to post- pone indefinitely the ultimate exhaustion of America’s gas fields; and to secure to the communities we serve the bene- fits of the use of natural gas, for may years to come. In that helief we can face the future with confidence TRANSCONTINENTAL OIL COMPANY The Transcontinental Oil Company was chartered under the laws of the State of Delaware on June 28, 1919, “to pro- duce, refine, transport, sell and distribute petroleum and its products.” The charter is perpetual and the company began active operations August 1, 1919. The authorized capitaliza- tion is 4,000,000 shares common stock, no par, and 250,000 shares 7%, preferred stock $100 par; 8,000,000 shares common and 157,000 shares preferred now outstanding. The Company is a complete unit in the oil business, being in all branches of the petroleum industry, from the well to the consumer The leaseholds of the Company now held in the United States and foreign countries total 1,500,000 acres. The area of the leases held in the United States is approximately £00,000 acres distributed among the following oil and gas producing states: Ohio. West Vircinia. Texas. Louisiana. Arkansas, Oklahoma, Kansas, Wyoming, Montana, and Col- orado, and 1,100,000 acres in the following foreign fields: Mexico. Colombia. South America and Roumania. The Company owns 254 producing oil wells and 18 gas wells with a daily oil production of 6,500 barrels. This Com- pany, jointly with the Texas Company, by the recent com- pletion of a 5,000 barrel well, in Moffat County, Colorado, has, from all indications, opened up the most prolific pool of high grade oil yet found in the Rocky Mountain Region. It owns three refineries located at Bristow and Boynton, Okla- homa, and at Ft. Worth, Texas, with a daily capacity of 16,000 barrels of refined products, all of which is marketed ander the Company’s copyrighted trade brand “Marathon Products.” It owns over 400 miles of pipe lines and 1,500,000 barrels of steel storage in the States of Oklahoma, Texas and Arkansas. The combined capacity of these pipe lines is over 20,000 barrels a day. It owns and has under lease 1,400 tank sars. Tt owns and operates 18 Gasoline Extraction Plants and 7 Blending Plants, also, two Finishing and Barreling Plants for Marathon Lubricating Oils. It owns and maintains 28 Distributing Stations, but the bulk of its refined products is marketed through wholesale and retail distributors, of which it has 480 exclusive agencies in this country and abroad. The Company owns and operates the following Sub- sidiary Companies: Transcontinental Oil Company of Kan- sas; Transcontinental Oil Company of Illinois; Transconti- rental Oil Company of Colorado; Transcontinental Oil Com- pany of Colombia, S. A.; United Producers Pipe Line Com- pany; Mid-Colombia Oil & Development Company, S.A; Carpathian Oil Company, (Roumania); Transark Oil & Gas Company, (V4 interest); Latin-America Petroleum Corpora- tion, (8.A.) (22% int.). The Executive Offices of the Company are in the Bene- dum-Trees Building, Pittsburgh, Pa., with Division Offices at New York City, Chicago, Des Moines, Tulsa, Fort Worth, Sioux City, Denver, Atlanta, and Pittsburgh. The Officers are: M. L. Benedum, Chairman of Board, F. B. Parriott. President. J. S. Sidwell, O. D. Robinson, were paid in Liberty Bonds; the dividend rate on the present outstanding stock was established by the declaration of 1Y4%, payable April 14, 1923, at which time there was also paid an extra dividend of 19, payable in Liberty Bonds. An annual rate of 99, was set up for the new capitalization by the payment of a quarterly dividend of 214%, in July,1923. Jan., 1924, annual rate was raised to 109, by payment of a quarterly dividend of 2149. In July, 1910, there was paid a special dividend of 509 in 69; debenture bonds, amounting to $6,114,900; registered as to principal and interest; dated July 1, 1910; due March 1, 1927; tax free; interest checks payable on the 15th of Jan., April, July and October. {Bonds all retired January 1, 1917). In December, 1922, a corporation named Ohio Fuel Gas Co. was organized to take over all the gas properties in Ohio. It was capitalized at $25,000,000, all of which capital is owned and held by the Ohio Fuel Supply Co. The Ohio Fuel Supply Co., also owns the Northwestern Ohio Nat. Gas Co., and the Pt. Pleasant Nat. Gas Co. Company also owns 499%, of the United Fuel Gas Co., which operates in W. Va., the other 51%, being owned by the Columbia Gas and Electric Co. Officers and directors of the company follow: Officers, Pres’t., George W. Crawford; Vice-Prest’s., F. W. Crawford, L. B. Denning, J. M.. Garard; Treas. and Sec’y., J. B. Wikoff; Ass’t Secy’s and Ass’t Treasurers, F. I. Falk and P. A. Balliet. Directors, M. C. Treat, George W. Crawford, F.W. Crawford, J. M. Garard, J. W. McMahon, H. H. Dreibelbis, W. H. Thompson, L. B. Denning, J. B. Crawford, I.. E. Mallory. UNION NATURAL GAS CORPORATION The Union Natural Gas Corporation, with offices in the Union Bank Building, Pittsburgh, was incorporated under the laws of Delaware, May 24, 1902. Its authorized capital stock is $20,000,000. Of this $17,220,000 is outstanding at present. The corporation was formed with-an authorized capital of $6,000,000, and acquired all of the stock of the Athens Gas Light and Electric Co., Buckeye Gas Co., Logan Natural Gas and Fuel Co., Manufacturers Gas Co., Newark Natural Gas and Fuel Co., and Warren and Chautauqua Gas Co. In September, 1902, the stock was increased to $8,000,- 000 and one-half of the stock of the Reserve Gas Co. and the Connecting Gas Co. was secured. The addition of $1,000,000 to the capital in June, 1903. was used for the acquisition of the Citizens Gas Light and Coke Co., Fremont Gas, Electric Light and Power Co., Marion Gas Co., Athens Oil and Gas Co., and the Newark Gas Light and Coke Co. The Athens Oil and Gas Co. was merged with the Athens Gas Light and Electric Co., and the Newark Gas Light & Coke was merged into the Neward Natural Gas and Fuel Co., in 1916. The Warren & Chautauqua Gas Co., was merged with the Mfrs. Gas Co., in April, 1922. The Athens Gas Light and Electric Co., Bellevue Gas Co., Buckeye Gas Co., Citi- zens Gas and Electric Co., Citizens Gas Light and Coke Co., Fremont Gas, Electric Light and Power Co., The Logan Nat. Gas and Fuel Co., Marion Gas Co., and the Newark Natural Gas and Fuel Co., were merged into a corporation under the name of The Logan Gas Co. which also owns and operates the Preston Oil Co., Columbus. Ohio. On November 28, 1922, the capital was increased to $20,000,000 and the par value changed from $100 to $25. A stock dividend of 759, was paid in December, 1922. Gross sarnings of the corporation in 1923 were $8,876,051, and net sarnings were $4.250.635. The stock pays 89 per annum. The report of the corporation for 1923 said: Since the last annual report your company, through its underlying com- panies, has acquired 250,973.11 acres of new oil and gas leases and surrendered 935,053.00 acres that have proven unpro- ductive, and now holds 1,035,258.45 acres. In addition to the above, your company owns a one-half interest in 55,456.96 acres in West Virginia, through its ownership of stock in the Reserve Gas Company. During the year your company drilled 155 deep wells, of which 12 were oil wells, 97 were gas wells, and 46 were unproductive; 27 shallow wells, of which 7 were oil wells, 16 were gas wells, and 4 were unproductive. ETT mere endear GRATER rt mE ty a rm pe meri am ——— Tr I a a tM Nl SIN, 0 Ae EET A A Soames Sm i em pee Gr Ammer rs Sattp momen CEIE TA Eee IAs Ln mp ae en LE A Group of Well Located Pure Oil Service Stations in Pittsburgh Partial View of Boynton Refinery Showing Run Down Tanks, Pump House, Wax House, etc. Transcontinental Oil Co.. Boynton, Okla. TE rs Am “me BE = View of the Santa Fe Springs Field in California Courtesy of the Oil and Caz Jornal. Pure Oil Pipe Line Station at Pine Grove. W. Va. This Remarkable Train of 89 Tank Cars of Fuel Oil Making a Ret ‘0 Lorain, Ohio. A Striking Illustration of the Man tun of 461 Miles in 82 Hours and 45 Minutes from Bristow, Oklahoma ' Which a Taree Producer and Refiner Markets Fuel Oil EN ww} 01 Fort Worth Refinery, Transcon¥” il Company, Fort Worth, Texas RET fh. = ————, Ra aaa . A Rn re rer muon . . ET A TT me © REBAR En 4 SE ov Lg La is ot EI Dl RS me rege ve ves Pure Oil Dock on Delaware River at Marcus Hook, Pa. During the Period of Its Greatest Flush Production Nourtesy of the 01] and Gaz Journal TERT EL TS a Sn IRR Le I TH nm LER oS 3 od Ae 8 Em rn nes ma oe Tree Loa Te we a Mp LY Teoma. Le ee Gasoline Filling Station. Transcontinental Oil Company, Long Island City, New York Your company now has a total of 252 oil wells in Ohio, 1179 gas wells in Ohio and Pennsylvania, and, through its owner- ship of stock in the Reserve Gas Company, a one-half interest in 703 gas wells and 15 oil wells in West Virginia. There were laid in main and field lines 64.48 miles; in extensions in cities and towns 10.91 miles; a total of 75.34 miles of pipe. Officers and directors are as follows: President and Gen- eral Manager, E. P. Whitcomb; Vice-President, S. Y. Ram- age; Secretary, David E. Mitchell; Treasurer, Hartman Steh- ley; Assistant Treasurer and Assistant Secretary, C. D. Dorn- ing; Comptroller, A. J. Newman; Assistant General Manager and Purchasing Agent, A. A. Armstrong. Directors, E. P. Whitcomb, P. W. Lupher, A. A. Armstrong, Jos. Seep, S. Y. Ramage, H. McSweeney, W. W. Splane, T. W. Phillips, Jr., David E. Mitchell. THE PURE OIL CO. Prodigious growth has marked the progress of the Pure Dil Company from its very beginning. Within one decade the company has developed from an obscure public utility until it is today one of the outstanding leaders in the independent oil industry. The tiny rivulet of 850 barrels of crude oil, which represented the company’s daily production in 1914, has steadily increased in volume until it now averages £5.000 barrels a day. At the time of its entrance into the oil industry, in 1914, the company was engaged in the distribution of natural gas to the cities of Columbus, Springfield and Dayton, Ohio. These gas properties were sold in February, 1924, so that the company is now devoted exclusively to the production, re- ning, transporting and marketing of oil. Some conception of the development that has taken place within ten years may be gained by drawing a few compari- sons. In 1914 the assets of the company were less than $14,000,000. At the end of the fiscal year, March 81, 1924, they amounted to $211,000,000. When the company began its oil operations in 1914 it had 3,200 stockholders. Today they number 88,000. Then it had but 500 employees. Ten years have added. 7,000 to the payroll. Ten years ago the company did not own a single refinery. Last January the ninth Pure Oil Refinery was put into oper- ation, bringing the company’s daily refining capacity up to 15,000 barrels. Its few miles of pipe lines have grown and branched out until they now extend 2,675 miles. It was quite natural that Pennsylvania, “the cradle of the oil ndustry,” should be selected by the Pure Oil Company as he location for some of its most important operations. The Marcus Hook Refinery, located on a 62 acre tract sixteen miles south of Philadelphia, has a daily capacity of 3,500 barrels. The bulk of the company’s export business is handled from this point owing to the advantageous loading facilities and deep water frontage. A tank storage farm with a capacity of one million barrels is operated in conjunction with the refinery. This is the terminus of the pipe line of the Pure Oil Pipe Line Company. The six inch main extends from Morgantown, West Virginia, almost the entire length of Pennsylvania. Another pipe line crosses the state from Warren and connects with the main line in southwestern Pennsvlvania. There are 48 pumping stations located in Pennsylvania in connection with this pipe line system. More than eleven hundred miles of main and gathering lines complete the net- work that gathers oil from Eastern Ohio, Northern West Virginia and Western Pennsylvania. Headquarters of the Pure Oil Pipe Line Company are established in the First National Bank Building, Pittsburgh, nm charge of Mr. L.. S. Devol. Export offices of the company are located in the Lafayette Building, Philadelphia. Warren, Pennsylvania, has been the scene of refining activities since 1888, when the Cornplanter Refining Company began oper- ations there. This 2,000 barrel daily capacity refinery was taken over by Pure Oil Company in 1917. As a distributor of oil products in Pennsylvania, Pure iI Company has bulk distributing plants at Parsons, Pitts- WP ton, Nanticoke, Bethlehem, Allentown, East Stroudsburg, A ckermanville, Chester and Pittsburgh. Eight drive-in serv- ice stations are operated in Pittsburgh and two in Chester. Operations of the Pure Oil Company now extend into 26 states besides Canada, Europe and South America. It owns 86 bulk distributing plants and nearly three hundred drive-in service stations. Its tank storage capacity aggregates ‘hirteen million barrels. The company controls 18.24 per cent of the entire output of Pennsylvania grade crude, which is considerably in excess of the amount controlled by any other refining company. Pure Oil Company was a pioneer in the establishment of service stations. It was first to recognize the advantage of attractive service stations as marketing units. The prompt acceptance of this idea by other companies and the immense sums of money today being expended in this direction indi- cate its soundness. Besides its two Pennsylvania refineries, the company has in West Virginia, 1 refinery; Minnesota, 1; Ohio, 1; Oklahoma, 2; and Texas, 2. Company-owned rail- road tank cars totaling 2,661 in addition to 255 leased cars are engaged in the transportation of Pure Oil products. Operations are further facilitated by the ownership of three ocean tank steamers. These, which are engaged in coastwise and export trade, each have a capacity of 75,000 barrels. General offices occupy the Pure Oil Building, a modern, eight-story structure, in the downtown business district of Columbus, Ohio. Officers of the company are: B. G. Dawes, President; W. E. Hutton, R. W. Mcllvain, N. H. Weber, H. N. Cole, C. C. Burr, Vice Presidents; F. S. Heath, Secretary-Treasurer, C. E. Mason and C. M. Hinman, Asst. Secretary-Treasurer, C. H. Jay, Comptroller. OHIO FUEL OIL COMPANY The Ohio Fuel Oil Co. was incorporated under the laws of West Virginia, in September, 1909. Its main office is in the Farmers Bank Building, Pittsburgh. Its capital is $500,000, of which $320,000 is outstanding, and par is $1. Gross earnings in 1923 were $1,602,314, and net earnings were $490,619. Dividends of 1009, or $1 per share, were paid July, 1912, Feb., May and Sept., 1918, and Jan., 1914. June and Nov., 1914, and April, Oct. and Dec., 1915, and April, Aug. and Dec., 1916, and June, Oct. and Dec., 1917 and May and Dec., 1918, and Jan., 1923, and June. 1923, paid 509, or 50c¢ per share. After the United Fuel Gas Co. purchased the gas property of the United States Gas Co. the Ohio Fuel Oil Co. acquired all of the oil property and oil rights in leases owned by the United Fuel Gas Co. The shares of the Ohio Fuel Oil Co. in October, 1909, were distributed to stockholders of the Ohio Fuel Supply Co., share for share, as a special dividend, re- quiring the issuing of 820,000 shares, leaving 180,000 shares in the treasury. Officers and directors follow: Pres’t., Geo. W. Crawford : Vice-Prest’s., F. W. Crawford, L. B. Denning; Sec’y and Treas., J. B. Wikoff; Ass’t Sec’y and Ass’t Treas., F. I. Falk and P. A. Balliet. Directors, J. B. Crawford, L. B. Denning, M. C. Treat, T. B. Gregory, Geo. W. Crawford, F. W. Crawford, L. E. Mallory, Jr. ARKANSAS NATURAL GAS COMPANY The general offices of the Arkansas Natural Gas Company are in the Benedum-Trees Building, Pittsburgh. The com- pany owns and operates property in Arkansas, Kansas, Ken- tucky, Illinois, Louisiana, Texas, New Mexico, Oklahoma, West Virginia, Ohio, Montana and Wyoming, as well as in Pennsylvania. The company also owns a joint interest with the Transcontinental Oil Company, in 629.221 acres in the southern part of Louisiana. The annual report for 1923, contained these statements: The drilling campaign for the year of 1923 conducted by your Company and its subsidiary, the Arkansas Fuel Oil Com- pany, resulted in 110 wells drilled to completion, of which number 48 were productive of oil, 38 productive of gas. and 24 non-productive. During the same period there were 17 oil wells and 8 gas wells abandoned, leaving the Company, at the close of the year, interested in 574 producing oil wells and 104 producing gas wells; 247 oil wells and 87 gas wells owned sutright by the Company and the balance owned jointly with sther companies. The total acreage under lease at the close of the year was 239,807.73 acres of which 28,367.77 were operated and 211,439.96, unoperated. 14.46 miles of gas transportation, distribution, and field pipe lines of various sizes and 18.31 miles of oil pipe line were laid during the year and 9.82 miles of gas pipe line were reclaimed. During the year your Company erected an additional gas- oline plant in the Eastland, Texas, district known as the Downtain Plant which increased the daily capacity by 8,000 gallons. The combined sales from the four gasoline plants now owned and operated amounted to 3,012,648 gallons in 1023 Your Company served 26,392 domestic consumers with ratural gas in the month of December, 1928, an increase of '.490 over the same month of 1922. The combined gross earnings and miscellaneous income for the year was $3,903,420.53 and the combined operating expenses, taxes, and other deductions was $3,232,157.75, leaving a balance of $671,262.77. Considering the depressed condition of the oil and gasoline business during 1928 your Board feels gratified with the result of the year’s operations. Your Board deemed it advisable to separate the oil and gasoline business of the Company, to the extent practicable, from its natural gas business, for the reason that the natural gas business of the company is strictly a public utility and subject to commission regulation as to rates. The separation was accomplished by increasing the capital stock of Arkansas Fuel Oil Company, (all of which was owned by your Com- pany), from $25,000.00 to $8,200,000.00 and issuing the in- crease up to $8,143,450.00 for the oil and gasoline business and properties of the Company, thereby accomplishing a sep- aration of the two classes of the business into two separate entities, yet preserving to the stockholders their entire in- terest in both properties. While the oil and gasoline business had been conducted as a separate department of the Company previous to this separation, it is now conducted by a separate corporation whose capital stock is all owned by your Company. The following are officers: J. C. Trees, Chairman of Board; J. R. Munce, President; George H. Flinn, Vice Presi- dent; A. B. Dally, Jr., Vice President; E. J. Cole, Vice Presi- dent; W. J. Diehl, Secretary and Treasurer; H. Alexander Dean, Assistant Secretary and Assistant Treasurer; J. R. Munce, General Manager, Pittsburgh, Pa.; E. J. Cole, Comp- troller, Pittsburgh, Pa.; C. A. Floto, Purchasing Agent, Pittsburgh, Pa. GULF OIL CORPORATION The Gulf Oil Corporation of Pennsylvania was incor- porated August 9, 1922. Its authorized capital stock is $120,000,000, of a par value of $25, of which $108,720,400 is outstanding, that amount being issued to acquire all the sutstanding stock of the Gulf Oil Corporation of New Jersey, which was originally formed February 13, 1907, with a cap- tal of $15,000,000. In March, 1913, that capital was in- ~reased to $60,000,000. Of this increase, $22,416,400 was sold to stockholders at par ($100) each holder having the right to subscribe for twice the amount of his holdings. On April 15, 1913, a stock dividend of 1009, was paid on the $11,208,200 stock outstanding. The regular dividends are 597, annually. Subsidiaries of the Gulf Oil Corporation are the Gulf Refining Co., Gulf Pipe Line Co., Gulf Pipe Line Company of Oklahoma, Gulf Production Co., Gulf Refining Company of Louisiana, Gypsy Oil Company, Mexican Gulf Oil Co.. and the Gulf Coonerage Co Operating revenues of the Gulf Oil Corporation in the year 1923 were $159,057.367, and operating profits were $60,864,027. The main offices are in the Frick Building Annex, Pitts- burgh. W. L. Mellon is president, George S. Davison, vice president; J. E. Nelson, treasurer; W. J. Guthrie, secretary. BARNSDALL CORPORATION The history of this Corporation dates back almost to the year 1859, when Col. Drake drilled his first oil well on Oil Creek, near Titusville, Penn. Theodore N. Barnsdall worked on his first oil well in the year 1867, and continuously since that time the Barnsdall [nterests have been active in the production of oil and gas in nearly all the fields in the United States and Canada. Mr. Barnsdall moved his General Offices from Bradford, Pa. to Pittsburgh, Pa. about 1900, although he had conducted a large amount of his business in Pittsburgh previous to that date, and from that time until his death in 1917 he was one of the most important factors in the development and oper- ation of the oil and gas business. A large number of the most successful of the Natural Gas Companies in business to-day were organized by Mr. Barnsdall in Pittsburgh. Barnsdall Corporation was incorporated in 1916 under ‘he name of Pittsburgh Investment Company, the title being changed to Barnsdall Corporation in 1919, at which time a number of other Barnsdall Companies were consolidated and merged. This resulted in the consolidation under the name of Barnsdall Corporation of all the properties theretofore owned and operated by Theodore N. Barnsdall during his lifetime through the various subsidiary companies organized vy him. The Corporation, through its subsidiaries, is engaged in producing, refining and distributing petroleum and its pro- ducts; the production and distribution of natural gas; also is engaged in the mining of silver, lead, zinc and tripoli, and owns valuable gold and copper mines not being operated at oresent. The Corporation has about twelve hundred employees The most important of the subsidiaries are the following Companies: BransparL Orin Co.—Producing crude oil, operating prin- cipally in Oklahoma. PrrrsBurcE O1L & Gas Co.—Producing crude oil, oper- ating through subsidiary companies in States of Pennsyl- vania, Ohio, West Virginia, Indiana, Illinois, Texas, Okla- homa and California. Porter Gas Co.—Producing and distributing natural gas in Pennsylvania and New York States, also producing crude oil through Potter Oil Company in Oklahoma, and through Potter Oil Company of California in California. BarnsparL Rerining Company (DEL.)— Refinery at Barnsdall, Oklahoma, having maximum skimming capacity of 14,000 barrels per day, or a capacity of 8,000 barrels per day. completely refining 3,000 barrels thereof. Barnsparn Rerinmng Company (Mu.)—Distributor of refinery products. Has warehouse and office at Kansas City, Mo., and 87 Tank Stations in surrounding cities and towns of Missouri and Kansas. BarnspaLL Zine Co.—Zince mines and mills in Joplin, Mo., district. AmEericAN Tripon1 Co.—Mining and milling tripoli and marketing the various products. Located at Seneca, near Joplin, Mo. Moncron Tramways, Erectricity & Gas Co., Lrp.— Natural gas, electricity and street railways plants, located at Moncton, New Brunswick, Canada. DempseyrowN Gas Co.—Furnishes gas to refineries and mdustrial plants at Oil City, Pa. The various Subsidiary Companies have a total of 2700 producing oil wells, 500 gas wells, 285,000 acres of oil and gas rights under lease and in fee. The following products were produced in 1922: 2,516,670 barrels Crude Oil, 33,000,000 gallons Refined Products, 8,500,000,000 cu. ft. Natural Gas, 1,600,000 gallons Casinghead Gasoline, 22,000 tons Zinc Con- zentrates, 9,200 tons Tripoli Products. Capital Stock Out- standing, $16,713,400; Undivided Surplus, $7,175,673; total Consolidated Assets after deducting Depreciation and Deple- tion, $38.828.796. The Corporation handles a considerable portion of its business through Pittsburgh Banks, and maintains in Pitts- burgh an office of the Pittsburgh Oil & Gas Company, located in Farmers Bank Building. The General Offices of the Cor- poration are at 41 East 42d Street. New York City. THE FREEDOM OIL WORKS COMPANY The producing, refining, and distribution of motor and factory oils and gasoline for internal combustion engines and sther power producing machinery, is one of the nation’s most romantic industries. The spectacular increase in the num- sers of automobiles, trucks, and other such consuming ma- chines during the last few years has required serious thought on the part of the industry’s men. Their problem is to furnish the enormous amount of fuel and lubricant required—one of the largest parts of which problem is to find and to extract the crude product from the bowels of the earth in sufficient quantities to meet the ever increasing demand. This problem can be appreciated when it is remembered that a concern must “grope around” in the ground in an endeavor to locate the oil pockets where Mother Nature has stored her crude. In the main, there are two kinds of crude;—paraffin base crude and asphaltum base crude. The former, found in by ‘ar the smaller quantity, is the crude used in making oils and gasoline by The Freedom Oil Works Company, of Freedom, Pennsylvania. The wells from which this company draws its supply of crude, are located in Pennsylvania. The oil when it comes from the ground is pumped into large distributing pipes and carried directly to the company’s plant at Freedom, where the crude is refined by a process of distillation and altration. The distillation process is not unlike the boiling of water in a tea kettle. When water is boiled in this manner, steam rises and escapes out of the spout. If you would attach a hose to the spout and by means of it, lead the escaping steam under cold water, the steam would be chilled and return back into a liquid. This water is pure distilled water, such as you use in your battery or for absolutely pure drinking water. Sim- ilarly, the crude oil is placed in huge boilers, a fire placed under them, and the “lighter ends” (gasoline, kerosenes, etc.) are distilled off. Because those ingredients vaporize more readily, they pass off, while the lubricating stocks, from which lubricating oils are made, remain. During the process of refining, the paraffin is removed. The lubricating stocks are filtered through clean fullers earth to remove impurities and to produce the body and color of the motor lubricating oil desired. The theory is, that as the oil globules pass through this fullers earth, carbon and other particles of impurity are attracted to it and held by the particles of earth. The Freedom Oil Works is one of the oldest firms of its kind in the Pittsburgh district. Started in 1879, it was in- corporated under the laws of the State of Pennsylvania, on April 17, 1889, with a capitalization of $50,000. Among the men originally interested and still connected with the com- pany are August J. Minke, Vice-President, and E. J. Bischoff- berger, Manager. In 1890 Joseph W. Craig of Pittsburgh, well known in the oil and natural gas industry, purchased the zontrolling interest in the company and became its President, which position he occupied until his death, which occured in the early part of 1912. During the life of Mr. Craig the busi- ness progressed and grew until it became necessary to in- crease the capital stock in 1901 to $250,000. At the death of Joseph W. Craig, Percy L. Craig was elected to succeed him as President, which position he has occupied since that time. In 1914 the capital stock was increased to $500,000, and in 1922 to $1,500,000. The company has occupied the same site for its refinery since its inception. It also owns thirty- five distributing branches located in the principal towns and cities of Western Pennsylvania, Eastern Ohio, and North- western West Virginia. The present officers are: Percy L. Craig, President; A. J. Minke, Vice President; Earle M. Craig, Assistant to the President; C. E. McKee, Secretary and Treasurer; E. J. Bischoffberger, Manager. SOUTH PENN OIL CO. The South Penn Oil Co. was incorporated under the laws Pennsylvania on May 27, 1889, for the purpose of pro- ducing oil and gas. The company’s properties are located in Pennsylvania, West Virginia and New York, comprising 1,500,000 acres of which 300,000 acres are actually operated. The company also has a controlling interest in the Penn-Mex Fuel Co. with holdings in the gusher area of the Gulf Coast fields; the Big Creek Development Company in the Lincoln District of West Virginia; and the New Domain Oil & Gas Co., operating in the Central Texas fields. The present authorized and outstanding capital stock of ‘he company is $20,000,000, par value $100, the capital stock having been increased from time to time from 82_.500.000. The officers of the company are Joseph Seep, Chairman of the Board; L. W. Young, Jr., President; E. E. Crocker, Vice President and General Manager; W. Va. Division, P. H. Curry, Vice President and General Manager, Pennsylvania Division; S. G. Hartman, Treasurer; R. W. Cummins, Secre- sary; J. B. McFate; Purchasing Agent; Daniel Reese, Audi- tor. The Directors are E. E. Crocker, S. G. Hartman, R. W. Cummings, L. W. Young, Jr., P. H. Curry, F. J. Huffman and Joseph Seep. The general offices of the company are at 541-549 William Penn Way, Pittsburgh, Pa. PENNSYLVANIA LUBRICATING COMPANY The Pennsylvania Lubricating Company was formed in [890 and in 1895 was organized under the laws of the State of Pennsylvania, becoming a subsidiary of the Standard Oil Company of New Jersey for the manufacture of oils and greases. The capital today is paid up $1,000,000, and the number of employees averages 200. The plant occupies three city blocks from 83d to 35th Streets, while the General Office is located at 34th and Smallman Streets. The Board of Directors consists of Grant McCargo, F. H. Bedford and F. H. Bedford, Jr., and the officers of the company are: Grant McCargo, President; F. H. Bedford, Jr., Vice President: J. F. Mackenzie. Secretary and Treasurer. THE FIRST NATIONAL BANK AT PITTSBURGH The First National Bank at Pittsburgh numbers among its customers many firms and corporations engaged in the petroleum, natural gas and gasoline businesses, and is excep- tionally well prepared to handle the financial end of these, and other commercial operations. These facilities are arranged to cover not only domestic needs, but also foreign requirements. No commercial point is too distant for the experts of our Foreign Exchange De- partment to reach and cover. Hence we can facilitate ex- ports and invite inquiries on anv branch of this subject. This Bank has direct financial connections in all parts of the World, and can handle promptly all documents pertaining to Foreign Commercial transactions. Exports and imports are facilitated by our knowledge of conditions in all quarters of the Earth. Drafts are issued and payments made in all commercial centers, and Trade and Bankers Acceptances are handled. In our Foreign Exchange Department all languages are spoken, and documents relating to foreign trade are trans- lated. International Banking of every variety is completely covered, and dispositions of cash are made by mail, cable or radio. This Bank’s service to its friends and customers is not limited to the foregoing. The convenience and courtesy of the Commercial and Savings Departments are supple- mented by facilities in several other lines. Practically every one owns deeds, insurance policies, and other important papers, and for their safety a box in our Armor Plate Vault is a necessity. These are available in various sizes, from small ones, costing only $5 a year, to boxes large enough for any purpose, and suiting the needs of corporations. To the man or woman who is considering the purchase of securities, our Investment Department, rich with the knowl- edge which three-quarters of a century has given it, and the service of financial experts, offers the benefit of sound advice. For the traveler, our Steamship and Tourist Depart- ments will arrange the itinerary, make reservations, buy the tickets, and generally perform all those details of preparation which would occupy his or her time and cause needless worry. The Officers of the First National Bank possess a wide experience in banking, and the directors of this institution are men engaged in a great variety of business enterprises, bringing to this bank the knowledge of a large scope of enter- prises, all of which is available to our customers. Capital. .......... Surplus. . . Undivided Profits and Reserves. Deposits. . ........ Resources .§ 5,000,000.00 5,000,000.00 2,483,251.48 64,177,628.48 332.190.565.835 OFFICERS RoBErRT WaRDROP, Chairman of the Board LAWRENCE E. Sanps. ..... Frank F. BROOKS. | Crype C. Tavior, . J. HOWARD ARTHUR. . WirLiam H. FawcerT Tuomas B. Hupson. . joun DEM. WERTS Oscar WILSON. Wu. J. FRanK. . P. W. DAHINDEN J. PauL Forp. . . President Vice-President .... Vice-President and Cashier .... Vice-President Assistant Cashier Assistant Cashier Assistant Cashier Assistant Cashier Manager Foreign Department coven... Assistant Manager Foreign Department ... Assistant Manager Foreign Department DIRECTORS Jounx A. Beck. .........President Big Four Oil & Gas Co., Pittsburgh, Pa. Frank F. BRooks. . ... .. HENRY CHALFANT. ............. President Spang, Chalfant & Co., Inc. W. L. Crause. ... .. . Chairman Pittsburgh Plate Glass Co. GEORGE W. CRAWFORD. . . ....... .... ..Retired Banker Ww. L. Curry. ....... .. Manufacturer, Pittsburgh, Pa. Jorn A. DONALDSON . ...........Vice President Pittsburgh Coal Company W D. GEORGE. . ...... vvvvvoo.... Real Estate Wu. H. HEARN... . J. H. HiLuMax, Jr. . Chair. of Board, Hillman Coal & Coke Co., Pittsburgh, Pa. A.L. HUMPHREY. .. ................. President Westinghouse Airbrake Co. B. F. Jones, 3rD. . ..........Director Jones & Laughlin Steel Corporation D. T. Layman, Jr.. ...Henry Phipps Estate F. H. Lrovyp. . . . .. President Pittsburgh Dry Goods Co. A. M. MORELAND. ..... . ....Capitalist P. W. MORGAN. .......... President First National Bank. Wilmerding, Pa. GEORGE E. PAINTER. ... Capitalist Wu. A. RENsuaw. ..............Jokn A. Renshaw & Co.. Pittsburgh, Pa. A.C. ROBINSON. ........ . President Peoples Savings & Trust Company Lawrence E. Saxps veeviio..... President [saac M. Scorr. . . President Wheeling Steel Corporation CrypE C. TayLOR. Vice President and Cashier Bensamin Taaw. Canitalist and Trustee Thaw Estate ROBERT WARDROP. . . . .......Director of Federal Reserve Bank of Cleveland and Vice President Peoples Savings & Trust Company Journ M. WiLsox. . ....... President National Supply Co.. Pittsburgh, Pa. WH FIRST NATIONAL BANK AT PITTSBURGH. PENNSYLVANIA ET ow ry FIFTH AVENUE AND WOOD STREET CONVENIENT FOR YOU CI eloereen ATH HI y 0 1 : Q : ] : => 4 i 3 . OQ = ON 0 NY) \ 2 LN ] > Nn ND fhety - 0 i —= 0 2 2 2 \) oN ) 1 .- b> ~ The main offices are in the Frick Building Annex, Pitts- burgh, W. L. Mellon is president, George S. Davison, vice president; J. E. Nelson, treasurer; W. J. Guthrie, secretary. BARNSDALL CORPORATION The history of this Corporation dates back almost to the year 1859, when Col. Drake drilled his first oil well on Oil Creek, near Titusville, Penn. Theodore N. Barnsdall worked on his first oil well in the year 1867, and continuously since that time the Barnsdall interests have been active in the production of oil and gas in nearly all the fields in the United States and Canada. Mr. Barnsdall moved his General Offices from Bradford, Pa. to Pittsburgh, Pa. about 1900, although he had conducted a large amount of his business in Pittsburgh previous to that date, and from that time until his death in 1917 he was one of the most important factors in the development and oper- ation of the oil and gas business. A large number of the most successful of the Natural Gas Companies in business to-day were organized by Mr. Barnsdall in Pittsburgh. Barnsdall Corporation was incorporated in 1916 under the name of Pittsburgh Investment Company, the title being changed to Barnsdall Corporation in 1919, at which time a number of other Barnsdall Companies were consolidated and merged. This resulted in the consolidation under the name of Barnsdall Corporation of all the properties theretofore owned and operated by Theodore N. Barnsdall during his lifetime through the various subsidiary companies organized 3y him. The Corporation, through its subsidiaries, is engaged in producing, refining and distributing petroleum and its pro- ducts; the production and distribution of natural gas; also is engaged in the mining of silver, lead, zinc and tripoli, and >wns valuable gold and copper mines not being operated at dresent. The Corporation has about twelve hundred employees. The most important of the subsidiaries are the following Companies: 0 nN ~ > B A) 2 3 om wm > [0] 0) © x£ ‘a