Word: freeporters
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...southern end of the Mississippi Delta, in swampland that is four feet under water at high tide, Freeport Sulphur Co. has struck the biggest sulphur bed discovered in the past 20 years. From these new deposits at Garden Island Bay, La. (see map), Freeport expects to mine 500,000 tons of brimstone (pure sulphur) a year by 1953. The effect of this announcement last week was electric. Overnight, Freeport's stock shot up as much as 19 points, to 120, the highest price in the company's history...
...biggest news in Freeport's strike was the fact that it will soon put the U.S., supplier of 50% of the world's sulphur, in a position to whip one of the world's most critical shortages. Sulphur, vital to the production of everything from explosives and steel to newsprint and rayon, is as essential to industry as salt is to food. While the U.S. is now producing 6,000,000 tons a year, the world demand is now running 1,000,000 tons a year ahead of the total world supply of 11,700,000 tons...
...Whitney, 47, capitalist, Yaleman, sportsman (polo and racing), soldier (Air Forces colonel), connoisseur of modern art (TIME, Aug. 27), philanthropist, Broadway angel (Life With Father), public servant (president of New York Hospital), and husband of one of the famed Cushing sisters (Betsy, ex-wife of James Roosevelt). Whitney is Freeport Sulphur's chairman and biggest stockholder. Along with Freeport's President Langbourne M. Williams Jr., 48, he got control of Freeport when both of them were still in their twenties...
Ever since Texas Gulf Sulphur Co. developed its first producing well in a Gulf Coast salt dome 33 years ago, Walter Hull Aldridge has been its boss. Under Aldridge, Texas Gulf became the world's biggest producer of sulphur (second: Freeport Sulphur Co.) and the largest source of the cheap, pure sulphur (i.e., brimstone) needed by thousands of industries. Last week Walter Aldridge, 83, resigned as president of Texas Gulf and stepped up to be board chairman...
...chief producers in the U.S., Texas Gulf Sulphur Co. and Freeport Sulphur Co., have cut their domestic deliveries 15% to 20%. The National Production Authority pared exports down to two-thirds of last year's 1,200,000 tons. As a result, Britain, which buys 40% of the total U.S. export, faces big cuts in her chemical industry, has already cut back rayon production 20% and may soon be forced to reduce it another...