Word: hammering
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Dates: during 1960-1969
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...When Hammer bought Occidental in 1957, the company was running just eight depleted wells. Now it pumps 4,000 bbls. daily out of 255 oil wells, produces 80 million cu. ft. of gas a day from another 112 wells. Occidental revenues have risen from under $1,000,000 in 1957 to about $190 million last year. Those shares for which Hammer paid 20? were quoted on the New York. Stock Exchange last week at $37.87. The net value of the corporation has risen from...
Explaining his business successes, Hammer says: "One thing leads to another. You see an opportunity, and everything after that falls in place." In 1944, Hammer saw a new opportunity when he learned that the American Distilling Co. was about to declare a dividend of one barrel of whisky per share. He bought 5,000 shares on margin-and to make his 5,000-bbl. dividend go up further, he mixed the whisky with alcohol made from potatoes purchased from Government sur pluses. The blend was sold to the wartime whisky-parched public and to other distillers. To produce the alcohol...
...Cattle Baron. But that wasn't all. As a byproduct, Hammer's distilleries made a mash that Hammer sold to cattle-feed manufacturers. This got Hammer interested in cattle, and he stocked his Red Bank, N.J., farm with prize Angus, including a giant champion bull named Prince Eric. "The cattle business turned out to be a bonanza," says Hammer. "In the three years remaining of his life, Prince Eric sired 2,000 calves. That one bull earned...
...Hammer moved from New York to California, where he swiftly spotted a new opportunity; it was named Occidental, a 38-year-old petroleum producer whose shares had plunged to 20?. For $60,000, Hammer got a major interest in the company, later merged it with Gene Reid Drilling, Inc. In 1963, Occidental expanded into fertilizers. Hammer now has an agreement with the Moroccan government to exploit its high-grade phosphate rock resources...
Reflecting upon his career, Dr. Armand Hammer has only one regret: he has never had time to practice medicine. "I believe I would have made a good surgeon," he says. "I have the nerve...