Word: petroleum
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When International Petroleum Co., a subsidiary of Standard Oil (N.J.), agreed to turn over its La Brea y Pariñas oilfields to the Peruvian government two months ago, it appeared to be assuaging one of the deepest grievances of Peru's nationalists. As things turned out, the deal did not go nearly far enough for the country's military leaders, who used it as the prime pretext for overthrowing President Fernando Belaúnde Terry (TIME, Oct. 11). Last week, having peremptorily canceled Belaunde's agreement with IPC, Peru s new junta took a different approach...
...stunningly generous by Peruvian standards. It was shown that a navy troopship had made no less than four trips smuggling in contraband. Then came the affair that caused the coup against him by the disgruntled armed forces. Belaúnde had rashly promised to expropriate the U.S.-owned International Petroleum Co. "the very day I am inaugurated." He did not, primarily because he did not want to antagonize Standard Oil (New Jersey), of which IPC is a subsidiary, the U.S. Government and potential foreign investors. But finally, this year, hopeful of improving his shaky political position, he did take over...
Remaining at the top of the 200 are the joint British-Dutch companies, Royal Dutch/Shell ($8.4 billion in sales) and Unilever ($5.6 billion). British Petroleum ($3 billion) stayed in third place. Hit by a slump in domestic sales, Volkswagenwerk of Germany went from fourth to seventh place, giving up the No. 4 spot to Britain's Imperial Chemical Industries (sales: $2.69 billion v. Volkswagenwerk...
...before being well turned again for a new generation of voters. F.D.R.'s "New Deal" was Prime Minister David Lloyd George's campaign slogan of 1919, and Robert La Follette used it in 1924. But both usages were antedated in writings by Carl Schurz in 1871 and Petroleum V. Nasby in 1866. Otherwise the phrase is probably as old as card games...
...almost middle age for a rookie. The son of a flamboyant carnival tycoon who made more than $1,000,000 building amusement parks in Europe and Australia, Reddin was born in New York City. The family moved to Holdenville, Okla., when his father scented more money in petroleum than suckers-and suckered himself into penury. "While Indians were discovering oil under just about every campfire pit," observes Reddin, "Dad managed to drill more dry holes than anyone else in the history of Oklahoma." When Reddin was eight, the family traveled on to Denver, where he stayed through high school, racked...