Word: co
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Dates: during 1950-1959
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...frosty morning in Akron last week when Toledo's Edward Lamb landed his private plane for the showdown in his fight for control of Seiberling Rubber Co. In the big ballroom of the Sheraton-Mayflower Hotel, where the Seiberling proxies were to be counted, Lamb's reception was even frostier. He was ignored by President J. P. Seiberling, who pointedly opened the meeting with a brief announcement that the old management had kept control. Thus Lamb learned that he had lost his fight to add the family-controlled company to his 30 other enterprises...
FILTER-TIP SALES are puffing ahead at such a rate that R. J. Reynolds Tobacco Co. (Camels, Winstons) will bring out "Salems," a king-sized filter-tip with mentholated tobacco...
SULPHUR HUNTERS Lawrence, William and Ashton Brady, who discovered the huge deposits under Mexico's Isthmus of Tehauntepec (TIME, Feb. 21, 1955), are selling their biggest mine in the area for some $16 million. Buyer: Manhattan Investment Bankers Bear, Stearns & Co. and Houston's Hudson Engineering Co...
Through the marshes of southern Louisiana 14 months ago, an oil-drilling rig was towed into position and a 20-in. drill casing firmly planted in the muck. Fort Worth Oil Drillers Sid Richardson and Perry Bass, in a joint project with Freeport Sulphur Co. and Houston Oilman John W. Mecom, started drilling with high hopes of tapping a new field near Louisiana's rich Lake Washington field. But as the drill bit downward-to 5,000 feet, 10,000 feet, 15,000 feet-their hopes sank as fast as their costs rose. Drillers had to battle hole temperatures...
...they kept going, pushed the pipe down more than four miles to 22,570 ft., and thereby made Louisiana Land and Exploration Co. Well 1-L the world's deepest well.* Last week, after the three partners had spent a total of $2,450,000 on it, 1-L came in, was flowing about 200 bbl. a day. If it leads to a big new discovery on the 10,000 acres they have under option, the partners can consider their big stakes well invested. But by itself, 1-L is no big profitmaker. After paying royalties to the landowner...