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106 extensive development in California, opening up two big properties there, the Bell Ranch of ten thousand acres and the Ojai Ranch of eight thousand acres.

While the Mexican Petroleum Company has $12,000,000 non-cumulative eight per cent preferred stock, about $40,000,000 of common stock, and about $4,000,000 of bonded indebtedness, the Pan-American Petroleum & Transport Company is organized with a large outline for expansion as occasion warrants.

It has outstanding $10,500,000 seven per cent preferred stock, convertible into common at the rate of $115 par value for $100 par value of common stock, but the amount of authorized preferred stock is $25,000,000. It has an authorized common stock (par $50) of $125,000,000, but at present there is outstanding only $30,494,750.

The Pan-American Company is the part of the enterprise expanding by ocean transportation, California development, etc., and has in its treasury seventy-five per cent of the eight per cent preferred stock of the Mexican Petroleum Company and forty-five per cent of the Mexican Petroleum Company's common stock.