Word: mobil
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...funds: Venture Fund, Fund of Funds, International Investment Trust (IIT) and Transglobal Growth Fund. Between April and October of this year, the SEC says, Vesco and friends sold out of the funds' holdings nearly a quarter of a billion dollars worth of stocks, including Chase Manhattan, General Motors, Mobil Oil, A T & T and IBM, and used the cash to further "their personal interests and pursuits...
...sellers will be nine of the world's largest oil companies, including British Petroleum, Jersey Standard, Gulf, Texaco, Royal Dutch/Shell and Mobil. The various Arab governments will pay each firm the book value of its real estate and equipment (which was often understated for tax purposes), and add something extra to compensate for the loss of future profits because of the transfer of ownership. The price will run to billions of dollars. But the oil-producing countries will be able to squeeze it all out of the oil companies, for the firms agreed to buy back each country...
...worth an estimated $500 million, Bakr & Co. endangered the bulk of their future revenues. Now the government must produce and market oil in the face of legal threats from one of the world's most powerful consortiums, IPC, which is owned by Standard Oil (New Jersey), Mobil, Royal Dutch/Shell, British Petroleum, Compagnie Franchise des Petroles and minority investors. The four senior partners are influential enough to block sales of Iraqi crude to other major oil companies. IPC also stands ready to act under international law to sequester cargoes of "stolen" Iraqi oil. British Petroleum has already seized tankers carrying...
Quite a few businessmen are in favor of controls but annoyed by bureaucratic confusion in applying them. Both Rawleigh Warner Jr., chairman of Mobil Oil, and John Watlington, president of Winston-Salem's Wachovia Bank, say that the Price Commission has accused their companies of not filing required profit reports, although in fact they did. At the Price Commission, says Warner, "the right hand does not know what the left hand is doing." The quickening upturn in business the last few months has allayed many executives' doubts about Nixon, but others still worry that the domestic economic difficulties...
More to the point, it is easy to find stocks in heavy industry in general or oil in particular which offer better combinations of risk and return than does Gulf. For example, Gulf's competitor Mobil Oil has shown a far greater earnings growth than Gulf (since 1968, Gulf's earnings have actually declined), better price performance and a comparable dividend yield (Mobil's dividends have increased). Whatever the precise balance of merits between Gulf and similar, but "good" capitalists, it is safe to say that in this case a solid argument can be made for divestment on economic grounds...