Word: oil
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Dates: during 1950-1959
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...last week sent to Caracas a mission of top-drawer experts: Thomas C. Mann, Assistant Secretary of State for Economic Affairs; Matthew V. Carson Jr., the Texas-lawyer-turned-naval-captain, who runs the voluntary restriction program; Ernest Thompson, chairman of the powerful Texas Railroad Commission, which controls oil production in the state that produces nearly half of U.S. oil; and Willis C. Armstrong, director of the State Department's Office of International Resources. Because Canada is also affected by U.S. restrictions, Canada's Ambassador to Venezuela joined the talks. Some of the facts...
Aircraft (down 24%), auto (down 18%), oil, railroad, heavy-machine stocks took a bad licking last year as investors switched into defensive issues such as utilities, food, tobacco and finance companies. Yet, when the selling was heaviest, many a coolheaded investor decided that the news was not that bad and started buying again. Since then, the market has seesawed cautiously higher: stocks on the Dow-Jones average ranged between 438 and 451 in January; 436 and 458 in February, closed at 453.04 last week, 33.25 points above the October...
...SOUTH hears more talk than it sees critical signs of recession. Some Southern towns have their share of auto, steel-and oil-industry layoffs, and many textile mills are on a two-day week. Tennessee's troubled coal industry is 50% laid off. Yet unemployment, percentagewise, is less than in the North. Texas unemployment is up to 5.7% of the labor force, yet retail sales are running 2% ahead of last year, and the University of Texas' index of business activity is 1% ahead of 1957. Department-store sales are down slightly, mainly because of bad weather...
...wartime purpose to discourage use of scarce material and transportation, are certain to be slashed. Likely targets: the manufacturers' auto excise tax, which adds $150-$200 to the cost of an auto (manufacturers say they will pass on the savings); the 3% freight transportation tax; the coal and oil transportation tax; retail taxes on such "luxury" items as leather, cosmetics. Government loss: $1 billion...
...never fathom what grown men see in women, tells the rest of the story; his insights and outlook are highly reminiscent of Huck Finn. He contributes many a stomach-turning episode, notably his pouring a brew of poisonous Indian medicine down ailing father McPheeters' throat through an oil funnel: "He spit the first dose straight up ... like a geyser, but the medicine soon took the fight out of him." The trouble is that much of Author Taylor's carefully researched Western history is too grim to blend with comedy. But much of the book is engaging and bouncy...