In 1932 they replaced these rectangular Socony signs with the Mobilgas sign with Pegasus. I would surmise since these were only a year old (31), the station owner may have gotten approval from Socony-Vacuum to make this sign look similar to the new sign with their recently adopted Pegasus logo and not have to replace it. While it's neat to see the ghost of what they did to this sign, I personally don't feel the remaining artwork is strong enough to warrant keeping it as a "survivor" example. I'd probably strip it and enjoy a cleaner looking Socony sign. Other option is to strip the one side and leave the other side as is with the stronger Pegasus ghost. I don't think it would make any difference to the value of the sign, it's all personal preference and aesthetics in this case, IMO.