Word: co
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Dates: during 1950-1959
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Died. Robert James Woods, 52, chunky co-founder (in 1935) with the late Lawrence D. Bell (TIME. Oct. 29) of Bell Aircraft Corp., who designed the X-1 jet, the first plane to fly faster than sound (at Muroc, Calif., in 1947), of a heart attack; in Grand Island...
...faced onetime Kansas pharmacist who parlayed $5,000 in insurance money (awarded after he shot off a toe while rabbit-hunting) into a successful string of wildcat oil wells, lost a wad (1914-15) trying to establish a third major baseball league, by 1916 founded the Sinclair Oil & Refining Co., bought a string of racehorses (his Zev won the 1923 Kentucky Derby), in 1922 leased the Navy's Teapot Dome oil reserve in Wyoming from Interior Secretary Albert B. Fall; in Pasadena, Calif. Buoyant Harry Sinclair survived when Teapot Dome blew up in a scandal (he was acquitted...
...Trans-Arabian Pipe Line Co. (100% U.S. owned), which pumps 350,000 bbls. daily from Arabian-American Oil Co. fields to the Mediterranean, is still operating. But last week the Saudi Arabian government ordered Aramco to suspend all shipments to Britain and France, thus depriving them of some 35,000 bbls. daily by way of the pipeline, another 110,000 bbls. daily loaded on tankers in the Persian Gulf...
PAPER MERGER of Long-Bell lumber empire with huge International Paper Co. is being challenged by Federal Trade Commission. FTC complains International is already world's biggest papermaker (1955 sales: almost $800 million), would lessen competition, tend to monopoly in Western states by adding Long-Bell, which is second largest lumber producer in Pacific-Northwest, one of top U.S. plywood producers. But deal, with International paying $117 million in stock for Long-Bell, can be halted only if FTC hearing next February produces stop order...
...deadly Falcon air-to-air guided missile, Hughes Aircraft Co. has squeezed a guidance system equal to five TV sets into a space 6 in. by 10 in. World War II's 200-lb. automatic pilot is obsolete; a new model weighs only 75 Ibs. and performs six times as many functions. One item on the way: a small automatic pilot for helicopters, which are so difficult to fly that pilots sometimes pray for an extra hand. U.S. Time Corp., which makes 400, liny gyroscopes a month for guided missiles, is working on a plan to combine them with...