Word: petroleum
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Dates: during 1950-1959
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...week's end, and pushed the Dow-Jones industrial average up to another alltime high of 394.94, a solid 4.86 points above the week before. Among the leaders were Douglas Aircraft, up 5⅛ one day, and 9 the next, to 113; Houston Oil and Mid-Continent Petroleum each rose more than 7 points. The market was also given a big boost as steel production climbed to 82.1% of capacity, a 1954 peak. Bethlehem went up 9⅜ points for the week, to 104⅛; U.S. Steel rose...
When President Carlos Castillo Armas booted out Guatemala's Communist-line government last June, one of the many burdens he inherited was a set of leftist petroleum laws admirably designed to keep the country's oil in the ground by frightening investors and prospectors away. Last week, in a temporary decree. Castillo Armas opened the entire national territory to surface or air exploration by reputable Guatemalan or foreign oilmen. Details of concessions for future development were left for a permanent oil law, now being prepared with the help of Venezuelan technicians...
TEXAS OILMEN Clint Murchison and Sid Richardson, who own 80% of Kirby Petroleum Co. (120 wells, three plants in seven states), are negotiating to sell the company to Continental Oil Co. Conoco, which operates in 26 states and Canada, has offered $26 million for the company, would pay $10.20 a share plus all accrued dividends for 500,000 preferred shares, $34 a share for 593,000 shares of common stock...
Through Seoul's dusty streets, Syngman Rhee hustled from meeting to meeting in his big, blue-black Lincoln. The car was almost the only civilian vehicle moving in South Korea. As the U.S. ban on petroleum supplies took effect (TIME, Nov. 15), buses halted, fishing boats lay idle, politicians bicycled to work. Rice piled up on the farms for lack of trucks, while in town 25,000 factory workers were unemployed and hungry. In Seoul's tearooms the word went round: "The old man is beaten...
INDIAN OIL REFINERY, the biggest single U.S. investment in India, was opened in Bombay last week by Standard-Vacuum Oil Co. Costing $32 million, the new refinery will produce some 25,000 bbls. a day, about one-third of India's petroleum needs...