Salt Lake Tribune | 1919-05-22 | Page 11 | Huge Oil Merger Reported in Making

HUGE OIL MERGER REPORTED IN MAKING NEW YORK, May 21. The formation of a mammoth oil company, to be built around the major corporations in the Sinclair system, and probably to include others, it was learned today, Is in contemplation con-templation by prominent banking interests. inter-ests. The proposed company, It was said, will he known as the Sholan Oil corporation, corpora-tion, and while plans for its creation are still somewhat obscure, it is believed the capitalization will be in the neighborhood neighbor-hood of $4 0,000,000, to be made up of 1,000,000 shares of $40 each. A report current in financial circles today to-day hod it that the bankers would be the "Murgan group." At the offices of J. P. Morgan & Co. no one could be found who knew anything any-thing about the suggested merger. However, How-ever, it was learned elsewhere that bank-iM-y who on occasion have acted with the "Morgnn group" are Interested in the new corporation.