Word: findings
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Dates: during 1950-1959
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...studying what Wall Street calls the fundamentals-price-earning ratios and dividends-he judges public enthusiasm, a method that works best in volatile markets. "In my dancing I know how to judge an audience," he says. "It is instinctive. The same way with the stock market. You have to find out what the public wants and go along with it. You can't fight the tape, or the public...
...making, man-eating industry began in 1859 when Edwin L. Drake, a sickly, bearded failure of a man in a stovepipe hat, brought in the nation's first commercial oil well near Titusville, Pa. Though Discoverer Drake wound up virtually penniless and forgotten, his find opened the scramble for oil across the land...
...Within the next 30 years," says Author Knowles, "explorers would find almost 10 billion bbl. in its 70,000 square miles. There were more giant oil fields lying under this wasteland than would be found in any other single area in the U.S. . . . The 2,000,000 acres belonging to the University of Texas made it one of the richest universities in the world...
...1920s. Violence passed like a bad tornado. Scientists and statisticians grew to greater importance. Probably the most important geological breakthrough came when Geologist Everette Lee DeGolyer used a reflection seismograph on the Seminole plateau, sending man-made sounds deep into the earth and gauging the echo to find "the rock beds humped up into a little dome which might be a trap for oil." In 1930 the well blew in at 8,000 bbl. a day. "This was the most important well drilled in America since Spindletop; reflection seismograph revolutionized prospecting for oil as completely as Spindletop had done...
Modern prospecting has matured into a science, though man has yet to find a direct method of finding oil. The chances are still long. Only one wildcat field in 42 produces 1,000,000 bbl., and costs are so steep that a million-barrel field barely pays for itself. With risks growing higher and winnings less, fears have cropped up that the U.S., with only a twelve-year known reserve, will run dry of oil. Oilady Knowles disagrees: "Ever since Edwin Drake's discovery 100 years ago, there have been fears of a shortage. Each time...