Word: oil
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Dates: during 1930-1939
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...sleight of hand with Germany's foreign trade. With gold in the Reichsbank dwindling toward zero, Germany, since the rise of raw-material prices in 1935, has had to export finished goods at uneconomical prices in order to get currency to buy abroad such raw materials-copper, tin, oil-as she cannot manufacture synthetically...
...Pure. In a scientific industry, Pure Oil Co. has long distinguished itself for the success of its geologists. When the first commercial oil well was drilled in Michigan twelve years ago, Pure Oil men conferred with engineers of Dow Chemical Co. (TIME, Dec. 28), drew maps from salt well records showing probable oil structures near Mt. Pleasant. After buying leases on 500,000 Michigan acres the company proceeded to open up one of the big fields which have since made oil Michigan's third most important industry...
...Pure Oil Co., oil sources in Illinois have the same advantage as those in Michigan: nearness to the company's biggest retail market. They are also valuable for another reason. Pure Oil's principal field is the Van Field in East Texas, 80% of which it owns. Last year when Texas production seemed excessive the Texas Railroad Commission ordered a reduction in the allowable for the Van Field, compelling Pure Oil to buy 11,000,000 barrels from other producers-twice as much as the year before. As a result Pure Oil's profit...
...rebuild its refineries, to reduce its fixed charges by paying off bank loans of $28,000,000 and retiring $8,000,000 in 8% preferred stock, to provide working capital, and to pay for the development of its new producing properties. Pure Oil Co. last week filed with the Securities & Exchange Commission an amended registration statement for $44,244,000 worth of new preferred, dividend rate still undetermined, to be offered first to holders of the company's 3,981,990 shares of outstanding common at the rate of one to nine...
...Pure Oil Co.'s president since 1924 has been Henry May Dawes, solemn brother of Charles and Rufus, and its chairman is genial, stout Brother Beman. Least known of the Dawes boys, Beman is a great vacationist in Florida and Canada, leaves active direction of the company to hardworking Brother Henry. At his desk on the 22nd floor of Chicago's Pure Oil building every morning promptly at nine, President Dawes rarely gets away for golf except on weekends. An amateur of Civil War history and photography, he is a great friend of Cartoonist John McCutcheon and Illinois...