Word: blausteins
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...Jacob Blaustein, 56, a multimillionaire who lives at Pikesville, Md. Blaustein built a fortune in Texas and Pan American oil, is now president of the American Trading & Production Corp. A friend of Franklin Roosevelt, he made surveys of D.P.s in Germany, was vice-chairman of the Petroleum Administration for War Marketing Committee. He is now president...
...Louis Blaustein was a genius in oil. His tank wagon business grew into American Oil Co. (Amoco). By 1922 its stations on the Atlantic seaboard were important competitors of Standard of New Jersey stations. The Blausteins worried about their source of supply, because Amoco was strictly a marketing company, depended chiefly on competing Standard of New Jersey for its gasoline and oil. Smart merchandisers, the Blausteins saw a way out, in 1923 sold half the stock of Amoco to Pan American (then controlled by Edward L. Doheny), congratulated themselves that finally they had an integrated setup. For Pan American, with...
Wealthier grew the Blausteins, fatter grew Pan Am. Pan Am acquired famed Lago Petroleum on Venezuela's Lake Maracaibo, built the great Aruba island refinery in the Dutch West Indies. For 1932, Amoco and subsidiaries turned in a net profit of $4,149,200, up 1,075% from the year the Pan Am deal was made. But meanwhile Louis Blaustein awakened one morning to find his worst fears confirmed: Standard of Indiana, after quietly buying up Pan Am stock, was in control of the production and refining end of his business...
...Louis Blaustein protested, and there was a compromise. Pan American Petroleum & Transport was reorganized, combined with Amoco. The Blausteins traded their holdings for a 28% interest in Pan Am, and Louis Blaustein became its president. Standard of Indiana, in control with 70%, promised to see to it that Pan Am got new production and refining facilities of its own. But in 1937, Louis Blaustein resigned from Pan Am's presidency, Jacob gave up the chair of executive vice president; they sued as minority stockholders...
...Blaustein claim: that Standard of Indiana, with the connivance of Standard of New Jersey, had prevented development of Pan Am as an integrated com pany, had caused Pan Am to lose millions of dollars...