Word: oiling
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Dates: during 1920-1929
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When, last fortnight, J. P. Morgan & Co. announced a merger of three potent New York State power companies (TIME, June 24), only New York Staters were deeply interested. When, last week, final approval of the long-pending merger of Continental Oil and Marland Oil companies was interpreted as first step in a national Morgan oil corporation, public interest was wider but still quiescent. But also announced last week was a Morgan-managed merger of Fleischmann Co., Royal Baking Powder Co., and E. W. Gillett, Ltd.* At that the country sat up and took sharp notice...
...Dato. Last week the E. R. M. Trust announced a new financing of eleven million dollars in five year 6% gold notes, "unconditionally guaranteed as to payment of principal and interest by Edith Rockefeller McCormick." The notes are secured by Edith Rockefeller McCormick's holdings in Standard Oil Companies of New Jersey...
...oil...
Separating crude oil into its several constituents is the function of the oil refinery. The crude oil is put into a still and heated. The molecularly lighter substances are given off, beginning with petroleum ether. Then comes natural gasoline, then the naphthas (from which come motor gasolines), then kerosene, then fuel oil, then gas oil, finally lubricating oil. Coke or asphalt are left as a residue.* Efficiency of the process, of course, depends upon the physical fact that the substances mixed in the crude oil come out separately in the distillation. Before the arrival of the automobile, the distillation process...
...Gates fortune was making a hurly-burly in the Gatesian town of St. Charles, Ill. There a new post-office is to be built. Mrs. Delora Angell Norris, niece of the late Mr. Gates, who received most of the Gates estate and controls some $80,000,000 (Texas Oil Co.) wants it built on the East bank of the Fox River, where she owns a community house, a cinema theatre. But E. J. Baker, brother-in-law of the late Mr. Gates, who inherited several other millions of the Gates estate, owns another community house, another theatre and a skyscraper...