Word: oils
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Dates: during 1940-1949
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...sudden, theoretician's conclusion. Big Jim had come up through the brawling competition of the wildcat oilfields; his roots were deep in Pennsylvania history. One of his ancestors was a member of William Penn's Council. His grandfather was one of the first to strike oil in western Pennsylvania...
...Presbyterian minister, he went to Princeton (class of '04), studied law at the Universities of Pennsylvania and Pittsburgh. After he had hung out his shingle in Pittsburgh, he scraped up $5,000 for an oil driller's rig and took a lease on some property not five miles from home. With beginner's luck, he struck. Since then he has followed the wildcatters from western Pennsylvania to the Gulf Coast of Mexico. He made a fortune, lost most of it in the 1929 crash, returned to the law practice he had never quite abandoned...
...inflated U.S. economy, Wall Streeters consider stocks generally deflated, feel that the Big Board is selling the U.S. short. Item: Standard Oil (N.J.), with indicated 1948 earnings of $16 a share, is now selling at $84-only a bit more than five times earnings. Many another stock, with years of steady dividends behind it, is paying anywhere from 7% to 11% a year in dividends (most bonds are paying only 3 to 4%). Samples: Westinghouse Air Brake, Standard Brands, Underwood Corp., American Safety Razor Corp., Cluett, Peabody...
After that, restless William knew what he wanted. When the Mellons picked up some more leases, he got his chance. He helped organize Gulf Oil Corp in 1907, became its president two years later. By 1929, Gulf under William Mellon had netted an average of $25 million a year for nearly a decade. Since then it has grown into the world's fourth largest oil producer (total assets: $839 million), with holdings scattered from Venezuela to the Middle East. For the first quarter of this year, the company reported a whopping profit...
...Mellon-trained man who has worked for the family since 1919. Into the presidency went Vice President Sidney A. Swensrud, 47, an oilman right after old Bill Mellon's heart. An honor graduate of Harvard's business school, he left a teaching job there to join Standard Oil Co. (of Ohio) in 1928, was vice president in charge of production when Bill Mellon hired him a year ago. With Swensrud as chief administrative officer, Gulf is certain to continue on its big-spending Mellon way. As a starter, it will spend up to $20 million3 on development...