Word: petroleum
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Dates: during 1930-1939
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...file with SEC or awaiting issuance are four sizable issues proposed for sale in September: Youngstown Sheet & Tube, $30,000,000; Phillips Petroleum, $25,000,000; Atlantic Refining Co., $25,000,000; Gulf States Utilities $10,000,000. Only about half of these four borrowings are for working capital-hence industrial companies, if not utilities, are floating loans for new money. Another plain fact is that generally only top-notch companies thus far have tried to raise money and they have offered mostly senior issues. Many economists hold that there can be no noteworthy recovery in the capital market until...
...years later, the possibility of Cuba's harboring a great oil reservoir is again under investigation. Geologists are examining cores from thousands of feet below the surface; radio seismograph crews are sounding in Cuba's hills. Designed to bolster the island's limited revenues, the new petroleum law passed by the legislature all but forces activity on concessions by requiring each concessionaire to drill within five years at least one well to 4,000 feet unless oil is struck at lesser depth; the alternative to such exploitation is Government confiscation...
...Utilities Commonwealth & Southern 8,122,997 5,576,287 Consolidated Edison 7,831,954 9,487,423 Food & Drink General Foods 6,868,823 6,193,578 Standard Brands 5,721,352 4,266,261 National Distillers 2,792,938 2,766,353 Petroleum Union Oil Co. of California. 5,200,000 4,950,000 Tide Water Associated. . . 7,696,701 5,992,705 Shell Union 8,480,927 5,830,437 Aircraft Douglas 525,822 1.093,149 Martin 526,307 1,372,600 Cinema Paramount 4,290,000 1,225,811 Twentieth Century-Fox (26 weeks...
Employes of Phillips Petroleum Co. refer to it as "Phillips Pete." Sharp-eyed Founder Frank Phillips, now chairman, is called "Uncle Frank." Heavy-set President K. S. Adams has been titled "Boots" ever since he went wading in a Kansas City flood. Slight, bespectacled President Thomas B. Hudson of The Polymerization Process Corp., Phillips Pete's favorite offspring, answers to "Tubby." This nicknamed outfit last week registered $25,000,000 in debentures with SEC. Wall Street was sure they would have an easy sale-for in polymerization, Phillips Pete is fathering the latest technique in gasoline manufacture...
...next by "cracking," finally by hydrogenation. Cracking, of which hydrogenation is a continuation, consists of breaking down the molecular structure of heavy crude oil into a number of lighter, more salable derivatives such as kerosene and gasoline. Polymerization is the reverse; it takes the very lightweight, gaseous fractions of petroleum, which were formerly wasted or used only in restricted ways,* and through pressure, heat and catalytic agents builds them into heavier molecules for high-test (antiknock) gasoline...