Word: oilmen
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...temporary capital of the U. S. oil industry. In the biggest trust-busting case since the famed dissolution of Standard Oil, the Federal Government last week brought to trial in Madison 18 major U. S. oil companies, five of their subsidiaries, three oil trade journals and 57 ranking oilmen.* Under the Sherman Anti-Trust Act all stood criminally indicted for having "combined and conspired, beginning in February 1935 ... to raise and fix prices of gasoline sold in ... ten States of the Middle West...
...Clay, Marion and Richland counties. First strike in Richland was the Ohio Oil Co.'s "Arbuthnot No. 1," brought in fortnight ago with a flow of 2,561 barrels the first day, which seemed to prove a 30-mi. extension of the known producing area. Close-mouthed oilmen now predict that the first year's production from Illinois' new fields will be between 3,000,000 and 4,000,000 barrels...
...Peter's loud-mouthed neighbor, Red Scanlon (Charles Bickford), tries to break the line, buy out the land it crosses. The conflict reaches its peak in a magnificent free-for-all when, racing to put down the last three miles of line before their contract expires, the oilmen farmers are attacked by Red's gang on a rock-bluff. Aided by a carnival troupe complete with elephants, which has been summoned by Sally who knows its manager, Peter Cortlandt and his friends win their fight...
Last week George Austin got an offer he could ill afford to refuse. To a syndicate of Texas oilmen he leased the Jumbo for 35 years with an option to buy it outright within 20 years for a cool $10,000,000. Under the lease the Austins will get from 10% to 20% of gross production, depending on the grade of the ore, but in no case less than $100,000 per year. Mr, Austin also stipulated that should the option be exercised, the $10,000,000 must be paid in instalments of not less than $1,000,000 annually...
...average price of crude oil remained steady around $1.05 per bbl. Late in the year Dan Moran's Continental Oil and Edwin B. Reeser's Barnsdall Oil announced that they would open the play in 1937 with a 17? boost. This they did, but their fellow oilmen stayed out of the game, creating a dual price level in mid-continent territory. Then last week the rest of the industry decided to jack their prices not 17? but 12?, and Messrs. Moran & Reeser had to come down. Uniform posted prices prevailed once more, with the average now about...