Word: oiling
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Dates: during 1930-1939
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...week, notably that of Continental Can Co. whose $20,000,000 of preferred stock, offered at $100 a share, went at a premium of $102, to the vast delight of Goldman, Sachs & Co. Similarly, a new firm named Lane-Wells Co. (which owns a unique process of "blowing in" oil wells with something called a "gun-perforator") successfully sold 40,000 shares at $15 each in its first public financing to the joy of Hartley Rogers & Co. But Continental Can is unusually strong and Lane-Wells enjoys unusual earnings. Other companies, less well fattened, have an understandable reluctance to enter...
...from denying such charges, oilmen plaintively asserted that this was merely what they had been directed to do by the New Deal and NRA. Best summary yet of the situation from the oilman's point of view was the remark of one executive: "The oil industry feels like a small boy spanked by mamma for doing something papa told him to do. ..." Last week, when trial finally got under way on the second floor of Madison's eight-year-old Federal building, it was obvious that this would be the major line of defense...
...Roosevelt, but Secretary Ickes is not likely to get off so easily, for he committed his ideas to writing in a letter to none other than the man the prosecution last week accused of being the "master mind" of the combine- Vice President Charles E. Arnott of Socony-Vacuum Oil...
According to Prosecutor Chaffetz, white-crested Mr. Arnott arranged that the indicted group of companies, which already controlled about 85% of the oil business in ten Middle Western States, should raise and fix the whole price level in the area by buying gasoline at artificially high prices from specified independent refiners who came to be called "dancing partners." But Secretary Ickes in 1934, month after he urged oilmen to undertake pool buying under NRA, wrote as follows to Mr. Arnott: "It has been brought to my attention that the market for gasoline and other petroleum products has recently been disturbed...
...issue, for the plan must be registered with the SEC to get approval for sale. This caused little trouble so long as stock prices were going up. Since prices have been falling there has been utmost confusion. Perfect example was an issue of $44,000,000 offered by Pure Oil Co. and underwritten by 42 firms headed by Edward B. Smith & Co. The new $100 preferred stock was made convertible into four and one-half shares of authorized common, thus evaluating the common at $22.22 per share. But while the prospectus was brewing, Pure Oil tumbled from...