Mergers

Rumored, incomplete, the following mergers last week made news.

Oil. As it must to all combinations in restraint of trade, divorce came, in 1911, to 33 units of the great Standard Oil trust. Since then, various units have reputedly flirted and dickered, one with another. But there have been no remarriages, strictly forbidden by U. S. Supreme Court decree.

Last week, rumor linked two old Standard Oil units in a $1,000,000,000 merger. Oldest (1866) of existing oil companies, Vacuum Oil Co. was reported ready and anxious to unite with Standard Oil Co. of New York. As Vacuum makes lubricants (Gargoyle Mobiloil) and Standard of New York makes fuel (Socony gasoline), the two companies do not compete. Hence, the Department of Justice may approve their reunion.*

Utilities. Two leading western utility companies will be joined when legal arrangements are completed for the control of Southern California Gas Corp. by Pacific Lighting Corp. Combined assets will be $192,000,000.

Money. Amadeo Peter Giannini of San Francisco (TIME, March 5, 1928) controls through his Trans-America Corp. the 117-year-old Bank of America National Assn., resources $416,000,000. Active, persistent is the rumor that it is to be acquired by the 52-year-old Chase National Bank, resources $1,430,000,000. The merged institution would be the peer, in size, of the National City Bank of New York, although not of the new Guaranty Trust Co.-National Bank of Commerce combination.

Aviation. Newly formed Aviation Corp. (TIME, March 18) is said to have obtained control of Fokker Aircraft Corp. of America and Fairchild Aviation Corp., two well-known manufacturing companies, and to hold a "substantial interest" in Universal Aviation Corp., important in the transportation field.

*Of interest to all businessmen, of vital im portance to oilmen, was President Hoover's an nounced decision, last week, to allow no further private development of U. S. -owned oil lands (see p. 16).