Word: millions
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Dates: during 1960-1969
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...Gimbel merged with Horace Saks in 1924, Adam Gimbel took over the Fifth Avenue store and opted for opulence and expansion, opening 29 more branches across the U.S. until today Saks Fifth Avenue is the nation's largest specialty chain, accounting for 40% of Gimbel Brothers' $600 million annual sales...
...companies bid for the right to explore for oil along a 140-mile coastal stretch of state-owned land. When the bidding ended, Alaska was richer by $862,297,961.05-more than has been mined in yellow gold in the past 80 years, almost 120 times the $7.2 million that Secretary of State William Seward paid for the territory in 1867, and the equivalent of $3,000 for every one of the state's 285,000 men, women and children...
Then the results were announced. For the first six tracts, a combine of Gulf Oil, British Petroleum and its Alaskan subsidiary bid $97 million. Another tract, just southwest of Prudhoe Bay, brought the highest single bid of the day, submitted jointly by Amerada Hess and Getty Oil: $72,277,133. A rival consortium of Phillips, Mobil and Standard Oil of California had bid a scant $164,133 less. Having underestimated on one tract, the same group decidedly overestimated on another, making a bid of $18,130,000. The next highest bid was a nominal...
...Alaska held a down payment of $180 million; the rest is due in ten days. To cash the checks through ordinary bank channels would have required four days, and cost the state $180,000 in lost interest. But this was no ordinary transaction. The Bank of America chartered a jet (for $23,000) to carry the checks east to be cashed in time to be invested in Treasury bills the next morning...
...long run, the winning companies are now committed to develop their tracts, at costs running up to $4,000,000 per well. This will constitute a radical infusion of money into Alaska's economy, which up to now has been largely dependent on federal aid. A $900 million pipeline is planned to bring the oil to the port of Valdez for shipment by tanker to West Coast markets in the 1970s, just when Texas, Louisiana and California fields are expected to go into decline...