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Rh greatest copper mine, whether measured by output or by earnings. It is no longer considered sound American finance for shareholders as partners to run away from each other, especially when the partners are the managing owners.

The Mexican Petroleum Company has a bonanza in Mexico, the life of which no man can limit, but insurance of property in Mexico, and especially insurance of stability in political, social, and government conditions would carry a high premium rate.

Mr. Doheny believed the best way to attain the desired insurance for an investment future for his associated interests in Mexican Petroleum was to merge the control of the company in a new organization, which could open up a broad base of oil production in California and supply ships and shipping facilities for both California and Mexican oil around the world.

It was also in contemplation at the time the Pan-American Company was organized to make combination with other oil companies that their oil distribution might be combined. At present, however, the proposed union with the Union Oil Company, the Associated Oil Company, and other oil interests has been laid on the shelf, and the Pan-American Company has started a very