Word: mobilize
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After five years of waiting, the U.S. oil industry finally got a lower court verdict on suits brought against three of its big gest companies by the Government. The defendants: Jersey Standard, Socony-Mobil, Caltex (owned jointly by the Texas Co. and Standard of California) and six subsidiaries. The charge: price-gouging to the tune of $111.5 million on Middle East oil supplied to Europe under Marshall Plan financing. Between 1949 and 1952, the Government charged, the companies sold oil to the Economic Cooperation Administration...
...read the luncheon menu at one of Manhattan's newest and biggest restaurants last week. Price of the meal: 97?. Owner of the restaurant: Socony Mobil Oil Co., which installed a cafeteria and seven dining rooms in its Manhattan headquarters to give 2,400 employees bargain food at a sizable loss to itself every month. Operated by the Brass Rail Restaurant (on a cost-plus fee basis), the dining rooms are graded according to rank, with white-collar workers in one room, various executive echelons in the others. All rooms are air-conditioned, have piped-in music...
TURKISH OIL REFINERY with 65,000-bbl.-a-day capacity will be built for $48 million by U.S.-British-Dutch combine. With existing Turkish state plant, it will supply nation's entire oil needs. Mobil Overseas Oil Co. will have 37% interest, California Texas Corp. 34%, Royal Dutch Shell group 18%, British Petroleum...
Some profit pictures were much brighter. Oil-industry earnings were pushed up by heavy demand arising from the Suez crisis. Sinclair's net shot up 13% to a record $91 million in 1956. Socony Mobil estimated earnings at $250 million, up from $208 million in 1955. Shell Oil hit $135.8 million, for an advance of $10.3 million...
...bars, and delicatessens sprawl in an incongruous line between the luxury of Fifth Avenue and the tinsel of Broadway. But last week Sixth Avenue made an appointment for a beauty treatment. Real Estate Men Peter B. Ruffin and John Galbreath, who built Manhattan's 45-story new Socony Mobil Building (TIME, Oct. 1), announced plans for a 60-story, $50 million to $60 million stainless-steel-sheathed skyscraper, with the most floor space of any postwar U.S. office building...