Word: amerada
(lookup in dictionary)
(lookup stats)
Dates: during 1950-1959
Sort By: most recent first
(reverse)
Slowpoke. What set off the wondering was a series of jolts which took as much as six points off Denver & Rio Grande and Amerada Petroleum, knocked the Dow-Jones industrial average down more than six points to 265.74, within a whisker of its 1953 low of 262.88 in June. But even more worrisome was the fact that railroad stocks, which had been leading the market until recently, actually broke through their year's low. To the dwindling band of Wall Street theorists who still follow the so-called Dow Theory, that was an alarm signal. If the industrial index...
...week TIME receives dozens of requests for permission to reprint articles or to quote from them. One of the most unusual came recently from Dr. Lenox D. Baker, of the Duke University School of Medicine. He wanted permission to reproduce the cover picture of Oilman Alfred Jacobsen, president of Amerada Petroleum Corp. (Dec. i). Dr. Baker also wanted permission to quote the cover caption in a paper on Marie-Strumpell arthritis that he was to deliver at a meeting of the American Academy of Orthopedic
Jacobsen took over Amerada's presidency in 1929, when De Golyer stepped up to chairman.† He quickly made a series of shrewd deals (e.g., he bought 160 acres in California's Kettleman Hills for $200,000, sat by while others drilled, sold an undivided half interest in his lease for $8,600,000 after another company found oil), built up the cash Amerada needed to expand its oil hunting...
Thus, when the Depression hit, Amerada had an additional $9,000,000 in cash in its treasury, was able to start exploration and drilling in a number of new areas while others pulled in their drills. With so big a stake to bet, Jacobsen was able to take bigger & bigger risks, and, as he says, "We were lucky." But other companies that had the benefit of the same geophysical methods found little but dry holes. Amerada's greatest luck seemed to be the fact that it had Jacobsen. Amerada's net profit rose from...
...when the British government took over the shares to pay for arms purchases, the Cowdray family held 17%. For this, the British government paid $5,000,000 in its own bonds at Amerada's then market price. The same shares were worth $100 million at this year's peak price, and Britain recently began selling them in the U.S. (Phelps Dodge Corp., copper producers, bought $19 million worth, thus got a 3% interest in Amerada...