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.