Word: corpe
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Dates: during 1950-1959
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Bright Future. Sinclair Oil Corp. is also experimenting, trying a method of drilling holes into shale beds, fracturing the strata by driving in high-pressure water, then using fuel-oil fires to distill out the shale oil. Though the oil recovery may not be high, the Sinclair idea would save mining machinery, possibly produce lighter oil for the pipelines. In Denver, the Oil Shale Corp. has a small new pilot plant designed to test the Swedish Aspeco retort process; this distills out the oil by whirling crushed shale mixed with superheated porcelain and aluminum balls in a rotating drum, also...
...International Business Machines Corp. offered its stockholders 10, 046 new shares at $100 v. the market price of $122.75. The company grew so fast that a stockholder who held on to a single 1925 share through IBM's many stock dividends and splits now would own about 65 shares worth $20,109. Last week, floating its first new stock issue in 32 years, IBM again gave stockholders a bargain. IBM offered 1,050,223 additional common shares to its 34,000 holders at the rate of one share for each ten held. Price: $220 a share...
There were many reasons for the successful sale. IBM's revenues have zoomed 400% in the past ten years, accelerating faster than the sales of its top competitors, Burroughs Corp. and National Cash Register Co. Sales and rentals for the first quarter of 1957 hit $215.7 million v. $155.5 million in January-March of 1956. Wall Street brokers expect IBM's gross income to jump 25% a year for the next five years, as U.S. industry steps up automation, notably in the office, where clerical workers are becoming scarce and more costly...
...banks-by subpoena if necessary. But it has no sure way of determining what part anonymous Swiss bank clients play in American proxy battles, therefore does not know when the law is broken. In a recent proxy battle for control of Fairbanks, Morse & Co. by Penn-Texas Corp. involving stocks purchased through Swiss banks, Armstrong admitted that the SEC was powerless to get information that would have been easily available through U.S. banks. Armstrong's concern for the reluctance of beneficial owners to identify themselves only served to point up another complaint against Swiss banks: an Internal Revenue Service...
...Frederick Marcus Farwell, 50, resigned as president and chief executive officer of ailing (first-quarter deficit: $624,978) typewriter-maker Underwood Corp., moved on to a new job as an executive vice president of International Telephone & Telegraph Corp. Chicago-born, Yale-educated ('28) Farwell was an executive at International Business Machines and waxmaker S. C. Johnson & Son before taking over Underwood's presidency in 1955 with the job of reorganizing the company from top to bottom. When the company continued to lose money and Underwood's board of directors turned down a proposed merger with National Cash...