Word: petroleum
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Dates: during 1930-1939
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...Chicago Journal of Commerce last week appeared a matter-of-fact little item reporting the formation and election of officers of an organization called the Grand Knights of the Hose. Its status was apparently that of a fun division of the big, serious-minded National Association of Petroleum Retailers, trade body for the nation's filling stations. Spontaneously organized...
...good for a touch. But rare is the touchee available to more than one sect. Thus last week the richest man in Bartlesville, Okla. (pop. 14,763) made news by paying off the debts of the town's five principal churches. He, President Frank Phillips of Phillips Petroleum Corp., a Methodist, had last Christmas directed the town's leading banker to investigate local church finances. Last week, while other Oklahomans were debating whether Judas hanged himself on a redbud tree, Oilman Phillips quietly sent checks totaling $63,000 to the First Methodist Church, the First Presbyterian Church...
Back in the 1920s when the tourist camp was burgeoning into a national eyesore, Pierce Petroleum Corp. launched in the Midwest a chain of pleasant-looking roadside hotels complete with Renaissance restrooms and Colonial halls hung with $20,000 worth of genuine Currier & Ives prints. Attractive though these small hotels were, they turned out to be a great financial flop, and in 1930 along with the rest of Pierce Petroleum's assets, were sold to what is now Harry Ford Sinclair's Consolidated Oil Corp. For its hotels, refineries, pipelines, filling stations, Pierce Petroleum received among other things...
...York Stock Exchange the ticker symbol for Pierce Petroleum is PPX. One day last week PPX started to appear on the tape in blocks of 20,000 and 30,000 shares, and by the close was the most active issue on the Big Board with a total volume of 180,000 shares for the day. At $1.50 per share it was up 25?, a 20% rise in one session...
Consulting some Pierce Petroleum officials, it learned that the liquidating value of PPX "based on the present price of Consolidated Oil Corp. stock ($17) in all probability could not exceed $1 per share . . . and might be materially less." Forthwith the Governors ordered PPX suspended from trading. In subsequent over-the-country trading PPX promptly plummeted to 37? per share. It was one of the few times in the history of the Exchange that the Governors on their own initiative had stricken a stock from trading to save suckers from their own folly...