Word: oils
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Dates: during 1940-1949
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This week, as Grandstaff headed back for Tennessee and the penitentiary, he had the cheers of Big Springers in his ears. Mayor G. W. Dabney summed it up: "Our biggest boost since we struck oil...
Before a joint committee looking into the whole field of U.S. investments, appeared Eugene Holman, president of Standard Oil Co. (N.J.). How did he think U.S. capital could be lured abroad? The net of Oilman Holman's forthright reply was that the real job could not be done by the U.S.; it had to be done by other nations. Before U.S. investors would loosen up, he said, high taxes, foreign currency restrictions and other controls would have to be eased...
Jersey Standard and its subsidiary in Britain, said Holman, are now spending $150 million to expand the refineries there. But before they started, they got an assurance from the Labor government that it did not intend to nationalize the oil industry...
...Hollywood, an oilman quipped: "When you see a group of movie people talking on the set, you don't know whether they're discussing an oil well or a movie...
...Oil was on Hollywood's mind. Moviedom's tax-bitten stars thought they had found a sure-or almost sure-way out of their troubles in the high tax brackets. If they struck oil, they could deduct 50% to 75% of the drilling expenses from their income, and later deduct 27½% of their annual gross from the well, as "depletion." Moreover, they could sell the well later and pay only a long-term capital gains (25%) tax on the profit. If the well was dry, they could write off the whole cost as a loss, thus...