Word: petroleum
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Dates: during 1920-1929
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...Arrangements were virtually completed last week for the Texas Corp. to acquire the California Petroleum Corp. through an exchange of stocks. The Texas Corp. is the largest "independent" oil company in the U. S., has total assets of $432,000,000 including 2,400,000 acres of oil lands in the U. S. and Mexico. The California Petroleum Corp., with assets of $98,000,000, has 70,000 opulent acres in California. Reason for the merger: to expand the Texas Corp.'s operations in the Far East in order to compete more effectively against the Standard...
...Standard Oil Company of New York has the largest interests in China of any petroleum firm whatsoever. President Calvin Coolidge has despatched U. S. Marines "to protect U. S. interests in China" (TIME, March 7, 1927). The commander-in-chief of these Marines is Brigadier General Smedley Darlington Butler, famed "fighting hell-devil Marine." Last week General Butler personally directed U. S. Marines who fought for more than 24 hours and finally extinguished a fire which threatened the $25,000,000 petroleum stores of the Standard Oil Company of New York, at Tientsin (near Peking...
...appeal suit brought by the Mexican Petroleum Co. (a subsidiary of the Pan-American Petroleum and Transport Co., controlled by the Standard Oil Co. of Indiana) to restrain the Mexican Ministry of Industry, Commerce and Labor from canceling the oil drilling permits of the company (which the ministry had already done), the Supreme Court of Mexico passed judgment in favor of the U. S. concern...
...court condemned as unconstitutional article XIV of the new Mexican Petroleum Law, which turns all oil leases acquired before 1917 into fifty-year concessions, and article XV, which forfeits all titles where no confirmatory concessions were applied for before...
This means that, in the opinion of the court, the government was not within its rights in canceling the Mexican Petroleum Co.'s title because that company ignored the law, preferring instead to seek legal redress against a law which is regarded as confiscatory. Moreover, according to the court, the government is not within its constitutional rights in substituting 50-year leases for outright oil titles...