Word: petroleum
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Dates: during 1930-1939
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Pounding a table with his clawlike left hand he thundered denunciations against "Tyrant" and "Traitor" Leguia, accused him of selling the country's petroleum reserves to foreign capitalists, raising the national debt from 80 to 600 million soles (i sole?4Oj/). Bluntly he referred to the President's Civil Guards as "Jackals" and "Terroristic Instruments...
...Merger. Consolidation in the oil industry continued last week with the announcement that Phillips Petroleum Co. and Independent Oil & Gas Co. will merge. Phillips, large natural gas producer, has some 3,000 wells. Independent has over 800. Assets of the merged companies will come to $316,000,000. Chairman of Phillips Petroleum is wealthy Frank Phillips; chairman of Independent Oil is his brother, Waite Phillips...
Profits? How much curtailment of production and unsettled price structure (July index of petroleum product prices: 61 against 73.3 last year) is hurting earnings was shown by these developments last week...
Shell Union Oil Corp. passed its dividend for the first time since organization in 1922. Especially hard hit by this are The Royal Dutch Company for the working of petroleum wells in the Netherlands Indies, 43%-owner of Shell Union, and Shell Trading & Transport, 29% owner. President John C. van Ech's explanation was that there is no indication that the unsettlement will soon be removed, that cash must be reserved for expansion. The company was stated to be "on a profitable basis...
Lago. A pyramid was simplified last week when Pan-American Petroleum & Transport, 83%-owned by Standard Oil Co. of Indiana, voted to absorb the 3% of Lago Oil & Transport Corp. which is not already in Pan-American's coffers...