Word: petroleum
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Dates: during 1950-1959
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Sinclair, announced Spencer, will open the facilities of its huge Harvey, Ill. research laboratory to any U.S. inventor with a promising idea in the field of petroleum. The company will test such ideas free of charge, and if the results justify it, provide the technicians and money for research to push them to completion. In return, the inventor will be required to let Sinclair use the process royalty-free, but since the inventor holds the patent, he may also sell it to anybody else. The news was hardly out before scores of ideas began flooding Sinclair's Manhattan offices...
...whose rosy first-quarter profits gave proof that the oil industry has felt none of the slackening demand that has piled up inventories in many another industry. Another bullish factor: British oil trouble in Iran (see FOREIGN NEWS). Up to new highs scooted Continental Oil, Cities Service and Amerada Petroleum; in three days Jersey Standard jumped seven points to 115¾, a new alltime peak...
...Sinclair on a five-year $250 million expansion, picked up some 2,000,000 acres of unproved oil leases, started a big drilling program. To make its 13,500-mile pipeline network even bigger, he put the company to work this year on a new 700-mile, 22-in. petroleum line between Oklahoma and East Chicago...
...PHILLIPS PETROLEUM : Paul Endacott, 49, a rangy Kansan, was an All-America basketball player (University of Kansas '23), was snagged by Phillips' famed Oilers team. He worked in the oilfields as an engineer, caught top management's eye by persuading Chrysler Corp. to be the first to convert a big plant's heating system to liquefied petroleum gases (e.g., butane), rose to head of sales research in 1934 (Phillips' 1950 gross: $534 million) and vice president...
When it becomes effective May 28, the new system will cover radios, television sets, refrigerators, washing machines, ranges, furniture, many building materials, many processed foods, hardware, tires, chemicals, paper products and some textiles. It will not cover autos, petroleum products or other lines already under special industry regulations...