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TEXAS CO. is planning a billion-dollar expansion program over the next five years to keep pace with steadily increasing world oil consumption. In 1954 alone, Texaco will spend a record $275 million to look for new oil to boost its oil reserves (currently 2 billion bbls.) and increase production...
...tobacco companies, for instance, have long known that studies on the connection between cigarettes and cancer were being made. But they waited until the results were publicized and sales started to fall before getting together to make their own tests. The steel companies are another example. Every boost in the price of steel since the war has been followed by a hue & cry, even though the price has risen only 86% since 1939, compared with a 120% rise in all commodities in the same time. But the steel industry did little to take its case to the public...
...Carl Byoir took over the Libbey-Owens-Ford plate-glass account, he got architects to plug for more glass in houses, had a book written on glass, encouraged automen to stress the safety features of more visibility (and more glass). By increasing the overall use of glass, Byoir helped boost sales of his client...
...will have to raise a total of $10 to $12 billion in new money. Last week, with 1954's big volume of financing less than one-third completed, an old problem returned to haunt the Treasury Department. Last year, when Congress brusquely turned down an Administration request to boost the $275 billion debt limit to $290 billion, the Treasury managed to scrimp along under the old limit. Now, because of heavy tax receipts in March, the national debt is down to $271 billion. But it is expected to rise when corporate tax receipts fall sharply by year...
...Club. In Florence, Ariz., Ted O. Mullen, acting warden of the state penitentiary, resigned when his request for a $2,400 salary boost was turned down despite a petition from 500 convicts who offered to pay the increase out of their recreation fund...