Word: sulphurously
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...problems of capital and conscience that plague some of the nation's businessmen. The issue of conflict of interest is as old as business, yet it has never been quite so urgent or confusing. It was brought to a boil by the still continuing Texas Gulf Sulphur case, involving stock purchases by company officers who had confidential information of a Canadian mineral strike, and by last month's charge by the Securities and Exchange Commission that 14 executives and salesmen of Merrill Lynch had illegally fed "inside" information to mutual funds and other institutional investors. The two cases...
JOHN V. POTTER JR. White Sulphur Springs, Mont...
Houston's Gulf Sulphur Corp. until a year ago was a $10.7 million-a-year operation that depended entirely on sulphur production in Mexico. Then President Robert H. Allen, 40, a lanky (6 ft. 4 in.) onetime Texas A. & M. distance runner, long-strided his way into the merger derby. Today, renamed Gulf Resources & Chemical Corp., Allen's company is a broadly based natural-resources producer with an annual sales rate of over $100 million. Explains Allen: "We did not want to be a com pany with a single mineral...
Price of Popularity. For Gulf Resources, profits of any amount are a relatively recent phenomenon. Founded in 1956 and armed with a concession for mining sulphur in the Mexican state of Veracruz, the company produced too little and borrowed too much, found itself deep in debt. When Allen, a former certified public accountant who had joined the company soon after its founding, became its president in 1960, he paid off the debts with company stock, brought in a new production man to raise sulphur output above the breakeven point. Within a year, the company showed its first profit...
Allen's impatience with a single product does not mean that sulphur is unprofitable. On the contrary, a phenomenal growth in demand-with nearly half of total U.S. production going into fertilizers-has sent sulphur prices soaring. But sulphur's very popularity threatens to deplete low-cost minable deposits. By diversifying into other minerals, Gulf Resources has also been minimizing its dependence on foreign-based facilities. As a result of its mergers, 80% of the company's assets are now located...