Royal Dutch Invasion of Vene-
Treasury Not Bound to zuelan Oil Fields Buy Silver at $1
Now York, June 26, Washington, June 26.
'The Colon Cit Corporation, formed by the Royal Dutch Shell' Group and. the Carib Syndicate, will take over the entire capital and stock '66 the Colon Development Ca.
The new corporation will Iny a 100-mile pipe-line with a daily capacity of 20,000 barrels from the Tara Field, in Venezuela, to Lake Maracaibo.
'The Supreme Court has rejected an application by the American Silver Producers' Association to compel the United States Treasury. to purchase 14,590,000 -ounces of silver at one dollar an ounce, which would cost the Government nearly {$7,000,000 as the market price of silver yesterday was 57 cents an Thirty wells have been completed on. the property but have had to be capped owing to lack of transport, $10,000,000 worth of convertible dlubentures are to be issued to provide funds for the development of the property and will be offered shortly.
The Royal Dutch Shell Group will own a majority of the 2,200,000 shares, and the Batavian Petroleum Ca, will manage the properties, on which $12,000,000 has already been spent—Reuter.
The application by the Association was based on the interpretation of the Pittman Act—Reuter,
Text read from the printed page and cleaned; old type leaves the occasional error.