Word: petroleum
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Dates: during 1930-1939
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...imports, free-listed, were about 53,000,000 bbl. Largest importers are Standard of New Jersey, Standard of New York, Gulf, Royal Dutch Shell. When, as a conservation measure, President Hoover tried to induce U. S. oil producers to limit their output, the American Independent Petroleum Association balked. These independent producers argued that it would be futile to limit U. S. oil output so long as the four big importing companies could freely bring in oil. Decreased production, they claimed, would lead only to increased importations. Their proposed remedy was a stiff duty on crude oil to cut imports...
Merger. The union of the two companies would create a concern with assets of about $900,000,000, with earnings far above those of Standard of California, about equal to Standard of Indiana, but below Standard of New Jersey. The two companies would distribute petroleum products equal to about 9% of the total U. S. consumption. Especially potent would be the new combination in battling the Royal Dutch-Shell group which has been engaged in combat with Standard of New York both here and abroad...
Standard of New York. One of the major sections of the "Oil Trust" was Standard of New York, whose 1928 income was about $40,000,000. A distributing company itself, it controls Magnolia Petroleum Co. and General Petroleum Corp. of California, through which it operates some 221,000 acres of oil land...
Vacuum. Reputedly the oldest of oil companies in existence, Vacuum was founded in 1866, seven years after the first commercial production of petroleum, by Matthew Ewing, inventor, and Hiram B. Everest, grocer, on the basis of a vacuum distillation process which Mr. Ewing maintained could turn petroleum 100% into kerosene. This was a valuable claim because the lighter distillations, such as are used for gasoline, were in those days dumped into rivers as waste-products. When the process failed, Mr. Ewing dropped out, but Mr. Everest developed Vacuum Harness Oil, sold it in second-hand oyster cans...
This was more than an expedient; it was necessary economically and it was humane socially. As in petroleum, more was being produced than was wanted or consumed. . . . That was all-mergers are believed by Mr. George W. Gair to be secondary to a correction of fundamentals and are not in themselves corrective when basic questions of production are allowed to continue...