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446394692
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Newspaper Clippings: Business - Zapata, $6,000,000 [1965]
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446394692
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Newspaper Clippings: Business - Zapata, $6,000,000 [1965]
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25846-021
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George H. W. Bush Papers
Zapata Oil Files
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446394692
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1965-12-31
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1965
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1965-01-01
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1965
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Originally Processed With FOIA(s):
FOIA Number:
S
S
FOIA
MARKER
This is not a textual record. This is used as an
administrative marker by the George Bush Presidential
Library Staff.
Record Group/Collection: Donated Historical Materials
Collection/Office of Origin: Bush, George H.W., Collection
Series:
Personal Papers
Subseries:
Zapata Oil File, Business Alphabetical File
OA/ID Number:
25846
Folder ID Number:
25846-021
Folder Title:
Newspaper Clippings: Business - Zapata, $6,000,000 [1965]
Stack:
Row:
Section:
Shelf:
Position:
G
5
1
3
1
$6 Million
Chron
Rig Lost In
Gulf Storm
A $6 million drilling rig is
missing and feared lost off the
Mississippi River Delta, appar-
ently the major casualty in off-
shore oil operations as a result
of Hurricane Betsy:
Onshore damage to derricks
and facilities apparently was
heavy in the hurricane area,
but flood conditions and lack of
communications prevented (esti-
mates.
Crews on off-shore operations
(See RIG, Page 13)
Bush Library Photocopy
Preservation
50 Double Dresser and
Mirror. Sale $129.95
42" Double Chest
Sale
$89.95
Bush Library Photocopy
Preservation
HUGE DRILLING RIG VANISHES
Off Shore Facility Feared Hurricane Victim
Rig Vanishes In Hurricane
the Grand Isle area, but that
FROM PAGE:1
only minor damage could be ob-
served. It has 10 drilling rigs
had been evacuated in advance
and numerous platforms in the
of Betsy and there was no threat
Gulf.
to life.
The Offshore Co. said its six
The major victim of hurricane
was the Zapata Off Shore Co.
rigs seemed to have escaped
with minor damage and seemed
A company spokesman said
in good shape.
the three-legged drilling barge,
the Maverick, had vanished and
J. Ray McDermott & Co.
no trace of it can be found,
which has a number of construc-
He said: "A plane flew over
tion jobs off shore. said that lit.
the area Friday afternoon and
t'e damage is reported.
a helicopter again S a day
All the companies said men
morning and no trace can be
already had returned to work
found, There's no oil slick nor
and more will go back Sunday.
buoy, but it appears to be
All expect to be back in full
gone."
operation by Monday.
He said that the rig.was fully
insured "but we are naturally
upset by the loss.'
In Tornado Area
The rig was. off the Main
Pass of the Mississippi River in
the northeast quadrant of where
the hurricane struck and in an
area where tornadoes had been
reported.
Three other Zapata rigs sus-
tained little or no damage.
Gulf Oil Corp. had received
no report yet as to damage but
other firms with operations in
the Gulf said loss appeared
comparatively light.
J. C. Postgate, Humble Oil
and Refining Co. vice president
for producton, and two other
officers flew over the offshore
area for two hours Friday af-
ternoon and found little dam-
age.
Onshore Hard Hit
Shore facilities were a dif-
ferent story.
"It looks as if we lost three
derricks, knocked over in the
West Delta area," Postgate
said. "An oil derrick used as a
radar tower on the Grand: Isle
base was blown over and fell
on the office building, cutting it
in two. Other buildings appeared
damaged somewhat
Men Going Back
Continental Oil officials said
there was no report yet from
Bush Library Photocopy
Preservation
AFFORD
"WADDELL'S
COLONIAL
SHOPS
e your mattress month"
these
de
sheets by: nation Two P rca 1.e pillowcases by
"UTICA" "Fitted "Utica. Smartly tallored cases
pluse 108"x90" with small stitched design on,
sell, for $14.58 ends. Sold locally for $2.18 per
pair
URS AT NO ADDITIONAL COST
E BEDDING
world famous BACK SUPPORTER Mattress
-
Best
I
KING SIZE BACK SUPPORTER
S
ENSEMBLE IN 100% LATEX RUBBER
AD INNERSPRING
995 Innerspring
or Rubber
dine as can be made. Your
spring at isame price.
BG F. Goodrich Your choice
DIC. at same price In both
e "Karr Unit" that provides
ilder-to-knee area where two
Whit's 'guaranteed 20 years
damask cover Quilted
on
G-SIZE BLANKET
0
TWO
"AND TWO PERCALE
CASES
MAIN
5421
Shop
OX 2-4428
Bush Library Preservation Photocopy
THE HOUSTON POST
SECTION 4, PAGE 7
Rehearing Denied
TUESDAY, OCTOBER 5, 1965
On Permian Ruling
By CHARLES CULHANE, Post Washington Bureau
WASHINGTON - The Federal Power Commis-
sion, denied Monday the 31 applications for rehear-
ing of its Aug 5 opinion in the milestone Permian
Basin area rate case but modified some of the quality
standards which were established and also clarified
some of the findings which it made.
The unanimous opinion was
signed by Chairman Josep
would lead it to doubt the
C. Swidler, who also wrote the
correctness of its conclusions
Aug 5 opinion. He was joined
there. The views expressed in
by Commissioners Charles R.
that opinion are equally ap-
Ross, David, S. Black a n d
plicable to the attempt, "be-
Lawrence J. O'Connor, Jr,
latedly and retroactively," to
who concurred with a sepa-
disqualify the chairman, the
rate statement. Commission-
FPC said.
7
er Carl E. Bagge, who did
THE COMMISSION made
not participate in the Aug 5
three changes and clarifica-
opinion, did not join in Mon-
tions in the quality stand-
day's opinion.
ards, relating to pressure,
The FPC's Aug 5 opinion es-
BTU adjustments; and carbon
tablished for the first time a
dioxide adjustments.
permanent system of gas pro-
Although the commission
ducer regulation by fixing a
denied all requests for a
structure of uniform ceiling
stay, itindicated that it
prices applicable to gas pro-
would not take any action to
CHECK FOR BETSY
duced in the Permian Basin
require refunds to be made at
area of Southeastern Ne W
least until after decision by
George Bush, left, board chairman of the Zapata
Mexico and Southwestrn
the court of appeals which
Off-Shore Company, accepted a check for $5.7 mil-
Texas.
reviews its Aug 5 opinion.
lion from M. E. Gormly Jr, vice president of Johnson
THE COMMISSION adopt-
The FPC said the prompt
& Higgins, Inc, of Louisiana in the former's office
ed the area approach as a
effectuation of just and rea-
here. The check was accepted in settlement of an
new concept in rate-making
sonable rates for the future
insurance claim resulting from the loss of the drill-
and prescribed a price
is of primary importance and
ing barge Maverick during Hurricane Betsy. This is
system - a higher price for
deferral of refunds will pro-
believed to be the largest single settlement for loss
new gas-well-gas and a low-
vide additional assurance that
of a drilling rig. The insurance was placed through
er price for all other gas in-
its order cannot result in ir-
the Southern Marine & Aviation Underwriters, Inc,
cluding residue and casing-
reparable injury to the pro-
by Johnson & Higgins with Lloyds Underwriters and
head. New gas-well-gas was
ducers
English insurance companies.Post Photo
priced at a ceiling of 16.5
cents per thousand cubic feet
and the ceiling, price for all'
Hearing Called
other gas: was set at 14.5
cents.
Ollana GAS
On Gas Refunds
The commission rejected.
WASHINGTON - (P) The
contentions by two of the
Power- Commission ordered
parties that participation of
Monday that, Texas, Eastern
Chairman Swidler and Com-
Mitchell Raps Puerto Rico
Transmission Corp, Houston,
missioner Black was improp-
appear, at a hearing to deter-
er because they had dem-
Plan as 'Political Giveaway'
mine whether it is entitled to
onstrated bias and prejudge-
retain any of more than $8
ment on the issue of compe-
million due to be refunded to
tition among producers.
CORPUS
CHRISTI
-
(Sp)
that will benefit only Phil-
it by natural gas suppliers.
The commission noted that
A Houston independent oil-
lips
A spokesman said this was
nothing has happened since
the first such hearing ever
man said here Monday that
MORE IMPORTANTLY
he
release of an opinion last Jan-
ordered by the Commission.
the economic balance of the
uary, in which it rejected
said, "this would result in the
No date was set.
earlier motions to disqualify
domestic petroleum industry
destriction of the economic
"In view of the apparent
Commissioner Black, which
is at stake in the controversy
balance of our oil industry at
excess in revenues otherwise
over a petrochemical project
enjoyed by Tex a S Eastern
the expen5se of the entire in-
during the years to which
Tenneco Acquires
for Puerto Rico.
dustry.
these refunds apply, a sub-
Leonard Oil Leases
Johnny Mitchell, president
Should the Phillips-
stantial question arises as to
of the Jade Oil Co and for-
Rico "deal" goes through,
the pipeline's legal and equit-
Acquisition of the properties
mer president of the Texas
of the Leonard Oil Co, Ros-
Mitchell said, Interior Secre-
able claims to such refunds;"
Independent Producers &
the commission said
well, NM, 'W as announced
tary Stewart Udall or the
Royalty Owners Association,
Monday by Tenneco Oil Co.
stressed this point in a speech
White House "must explain
The properties include 42
before the Corpus Christi As-
why our government will
CLOSEOUT!
producing leases on 23,000
sociation of Petroleum Land-
award a contract in a com-
net acres, primarily in the
men.
STEEL
New Mexico counties of Lee,
petitive industry
to only
MITCHELL referred to
Eddy and Chaves. Also in-
one company, for the benefit
plans of the Phillips Petro-
SHELVING
cluded are undeveloped leases,
of this company only
leum Co to build a petrochem-
approximating 50,000 acres in
Mitchell went on to say
PRICES BELOW
ical complex, on the island
New Mexico, Texas, Wyoming
that he could not understand
DEALER COST
commonwealth and Phillips'
the Administration's determ-
Us Quote You
Bush Library Photocopy
Preservation
and Utan.
pursuit of an imports quota
ination in its supposed effort
The purchase price was not
of 50,000 barrels daily in for-
to help the economic condi-
UNISTRUT GULF, Inc.
announced.
eign feedstocks.
tions of Puerto Rico at the
10 North Milby
Tenneco is a subsidiary of
If Phillips obtains the quota,
expense of an already sick
CA 2-7301
The Tennessee Gas Transmis-
Mitchell said, "it will appear
domestic oil and gas industry.
sion Co.
to be a political giveaway
COMMODITIES
CHICAGO (AP)-Futures trading on the
Chicago Mercantllo Exchange:
NEW YORK METALS
NEW YORK Silver futures closed
Open High Low Close Previous Close
unchanged tracts. to 5 higher. Sales TO con-
HELL EGGS
High
Low
ct 27.60 27.80 27.10- 27.25-10 27.85-95 October
Close
BIG_SAVINGS
lov
128.85 128.85 728.85
30.10 30.15 29.60 29.80-70 30.00-10
November
fec 31.45 60b
129.20 129.20 129.20b
31.40-45
December
129.55
129.55
on 31.50. 30.90 31.00
139.55
31:25-30
March
ROZEN WHOLE EGGS
130.05 130.05 130,05b
April
130.45 130.45 130.40b
ct 25.75 25.80 25.55 25.57-60b 25.67-70
Copper futures closed 40 to 55 higher,
lov 26.25 26.25 25.90 25.95
126.05
Sales 587 contracts
lec 26.50 26.22 26.30
26:40
High
Low
Close
ROZEN TOM TURKEYS
October
59.95
57.45
57.75
on
32:40n
32.40n
December
56.30 55.86 56.10-15
ROZEN HEN, TURKEY
January
54.25 53.85 54.08-10
ct
34.10n
34.10
March
52.44
52.05
52.25b
fov
35.25n
35.25n
May
50.80 50.50 50.70
ROZEN SHRIMP
July
49.31
49.20
49.20n
(cf
980n
.980
September
47.95
47.95
47.80n
IVE BEEF CATTLE
October
46.95
46.85
46.75n
ct
25.90
26.00
25.85
26.00
26.00
Zinc futures closed unchanged. Sales
ec
25.20 25.30 25.15 25.25
25.35
one contract.
eb 24.80 24.80 24.75 24.77x 24.80
High
Low
Close
pr
24:85 24.85 24.80 24.85
24.85n
January
15.00
15.00
15.00b
un
25.00n
25.00
Tin futures closed quiet, no sales.
RESSED BEEF
Lead futures closed quiet, no sales.
41.45n
41.45n
Aluminum futures closed quiet. No soles.
ov
41.00n
41.00n
ROZEN PORK BELLIES
CHICAGO POTATOES
eb 36.80 37 36.80 36.77-67
CHICAGO (AP) - (USDA). - Potato
for 36.80 37.60 36.80 37:55-60 36.75-70
arrivals 96; on track 187; total U.S. ship.
lay 37:10 37.80 36.97 37.65-80 36.92-85
ments for Friday 232; Saturday 1371 Sun-
un
37.00b
36.70n
day 4; supplies light: demand moderate;
01 37.10 37.95 37.10 37.80-90 37.10-05X
market for russets slightly stronger, for
Ug 36.85 37.65 36.85 37.40 36.75b
round reds, steady; carlot track sales:
[Open Interest: February 4,738; March
Washington russets 3 50-3.65 Minnesota
189; May 2,658; June 11; July 1,391;
North Dakota Red River, Valley round
ugust
531.
reds 3:45-3.50; Wisconsin round reds 3.15-
B-bid, x-offered, n-nominol.
3.25.
Spot Commodity Prices (Wholesale)
TEXAS POULTRY
Prev.
Year
AUSTIN -17)- Poultry: South, steady.
Today Day Ago
Supplies adequate for fair demand. Move-
luminum, lb. N.Y.
.24 1/2 .24½ .24
ment light, weather hampering operations.
ntimony, American
3-31/2 lbs 14.00.
lb.
N.Y
4575 .4575 4575
East, steady, Supplies adequate, de-
opper, Electrolytic,
mond, fair. Movement normal. Prices
lb.
N.
".36
.36
.34
ranged 13.50-13,80.
oreign Sllver
(Troy oz. N.Y.
1:293
1.293
1.293
COCOA FUTURES
ead, lb. E.St.Louis 1580 1580 .1380
NEW YORK-IN Cocoa futures closed
ead, lb. N.Y.
16
.16
.14
10 to 24 higher. Sales 982 contracts
la Iron, f.o.b. Esn.
High
Low
Close
Pd., gross ton
63.50
63.50
63.50
December
16.35
16.05
16.30
latinum, Troy oz, N.Y.
March
16.95
16.66
-16.90
97.00-100.00 00-100 88.50 May
17.33
17.10
17.30
ulcksilver, flask N.Y. 630.00 630.00 335.00 July
17:71
17.48
17.71.
feel. Scrap, gross ton,
September
18.09 17.80 18.07
Phila Pitts. 29.83 29.83 36.83 December
18.63 18.37 18,54
In, lb. N.Y
1:90 1.88% 1.96%
March
18.90
18.90
19.02
Inc, lb. E. St.Louis .14½ .14½ .14
Spot Accra 171/4 nominal.
NEW YORK EGGS; BUTTER
SUGAR FUTURES
10: offerings ample. Demand fair Mon-
NEW YORK (A) Domestic sugar fu-
tures No 7. closed unchanged to Phower:
Wholesale selling prices based on ex-
Sales 43 contracts.
@
lange and other volume sales.)
High Low Close
New York spot quotations follow:
November
6.84 6.84 6.84
You may save up to 20%
Standards: 33/2-34V2; checks 26-28.
March
6.79
6.79
6.79
Whites: Extra fancy heavy weight (47
Row sugar spot 6.85.
0
S min) 391/2-42; fancy medium (41 lbs
World sugar No 8 closed to 5 higher.
6
verage) 341/2-35 1/2; fancy. heavy weight
Sales 1,375 contracts.
with Quincy Mutual
7 lbs min) 39-41; medium (40 lbs over-
High
Low
Close
@
ie) 341/2-35; smalls (36 lbs average)
November
2.35
2.32
2.34
IV2-26.
March
2.80
2.75
2.80
@
Browns: Extra fancy heavy weight (47
May
2.93
2.89
2.93
Our policy holders have received big savings for
is min) 441/2-46; fancy medium (41 lbs
July
3.00
2.96
@
(erage)* 35-36; fancy heavy weight (47
September
3.05
3.01*
3.03
over 100 years. Call your nearest Quincy Mutual
S min) 42½ smalls (36 lbs average)
October
3.12'
3.09
3.11
-26:
November
3.17
3.17
3.15
@
Agent about Homeowners Coverage, Business Insur-
Butter offerings adequate. Demand fair.
Wholesale prices on bulk cartons (fresh):
RICE FUTURES
6
ance, and Multi Peril Policies:
teamery, 93 score (AA) 63V2-64 cents:
NEW YORK (A) - Rice futures long
Iscore (A) 631/2-633/4
grain closed quiet. No sales
0
Cheese offerings adequate, Demand fair
Medium grain closed quiet. No sales.
good. Wholesale sales, American
a
eese (whole milk). Single dalsies fresh
RUBBER FUTURES
a
1/2-45 cents; single dolsies aged 47-53;
its aged 50-54V2: processed American
NEW YORK-IR)-Rubber standard fu-
tures closed unchanged. Sales 2 contracts.
0
BAYTOWN
isteurized 5.-lbs 40-42V2; domestic Swiss "B"
T. C. Lindemann Agency
locks) grade "A" 49V2-541/2; grade
High Low Close
Rayborn Johnson
/2-52V2; grade BCW 46V2-481/2:
March
24.85 24.85 24.75
Johnson-Perrin:& Brown
Spot No 1 ribbed smoked sheets 241/4
@
HOUSTON
Knox Insurance Agency
COTTONSEED OIL
nominal.
Richard Bouley
Dan Muske Ins. Service
NEW YORK (AP) Bleachable Cotton-
BUTTER AND EGGS
T. J. Burnett & Son
ed oll futures closed 4 to 7 lower. Sales
03
Northwest Ins. Agency
contracts.
CHICAGO (AP) - (USDA) Butter:
Herb Forgason Insurance
Frank Parmer Insurance
High Low: Close
wholesale selling prices 1/2- higher 93
0
Gulf Gate Ins. Agcy.
IC
12.01 11.97 11.97B
score AA and 92 A unquoted; 90 B 621/2.
W. C. Pleasant Insurance Agency
for
12.10 112.09 12.05B
Eggs: prices paid delivered to Chicago
Hampton Ins. Agcy.
Protective Ins. Agcy.
ay
12.13 12.10 12.10B
unchanged to 2 lower; 60 per cent or
12.12
12.11
Hodell & Company
12.11B
better grade A whites 36½-37; large
Joe Reiss Ins. Agcy.
Closing Blds: Oct 12.31, Sep 12.00.
mixed 361/2-37; medium mixed extras 33 1/2
T. R. Hopkins Ins: Serv.
Lee Russell Ins. Agcy
B-Bid.
347 standards 28-301/2: checks 20-22.
Houston Underwriters
Westbury Insurance Agency
Lawrence lifrey & Co.
Real Estate Loans
SL
$
COMMERCIAL AND INDUSTRIAL
FHA AND CONVENTIONAL RESIDENTIAL
FARM AND RANCH
QUINCY MUTUAL
HELPING BUILD
MORTGAGE LOAN REPRESENTATIVES
THE SOUTHWEST
FRED MILLER, JR.
JAMES D. YATES
SINCE 1903
1209 SOUTHWEST TOWER, 707 McKINNEY
FIRE INSURANCE COMPANY
CA.2-0291, HOUSTON
FOUNDED 1851
Southwestern Life
INSURANCE
Quincy 69. Massachusetts
COMPANY
HOME OFFICE, DALLAS
Bush Library Photocopy
Preservation
and
V8
CODEXO
G&O
156
Lond
0%
0%
Gulf Sulphur
11
111/a
Noramco
14
2½
ToddShp 1.40
251/4
25
Cdn. For 25c
23
25
111/4
Nor Cdn Olls
336+1-16
Tonka Cp
.50
201/8
201/s
Cdn. Homestd
Gulton Indus
31
23V2
23
231/4
Noeast Airl
35
191/o
18%
Ve
v/Tower. Cred
20
Cdn Jovelin
NinPS Df4.25
x10
TCA
40
CdnMarc 13g
H
Novo Ind 50
12%
TransLux 60
11%
1149
Cdn Properts
NRM Co 80
14
Transinv.
071
Cont Sup Onl
10
HB Amer 25
8
436
4V4
Nuclear Am.
17/a
TWA Wt
70
Can Williston
Roll Lamp
Nvtronics
35
7%
Ve
Trl Cont wt
Cornaton
Handlemn
16%
Trian CC
:50b
Caro PL pf5
105
Horn Cp
0
Triangle
Carpenter 50
1146
Harnisch 1.60
32
311/22
TropGos 80c
Carrer B 05g
HarlfidSt 06f
5%
OokElect 60
14
26%
26
True Tem
70
CarterJW .20
51/a
HartfdEl 2.20
57
57
Ogden Cp
60
43
141/2
141/a
Tubos A .48
Castle :40
HorvRad 10g
16
4½
4½
Okla Cement
10
12%
Catalin 15e
Harv Strs 24
5%
Old Town
16V2
U
CCI Corp
223
Hastings 40a
Ooklep 14.66g z550 T13
CenCharg 40
Hazel Bish
87/a
OSullivn 20g
10
Unexcell Ch
6 18% 177/a 181/4 +
CenMe pf3.50
z30
Head Ski
17½
1736
OverhdDr .50
111/4
UGasCon .70
Cen/Sec 1.85g
HebrNot
OxfordFin Co
UStkOm 1:20
Sec pfB1.40
z125
Heinicke
$131/4
Ozon Prods
97/a
Unit AirProd
+
CenturyE .60
HelenaR
Unit Asbest
342 13-1
Century Geo
Heller of
TOT
P
Unit Can OG
Centryin 18h
HendPak .40b
15%
24 2 13-16 2 13-16 2 13-16
Champ H
143/4
1436
Herc
Gal
21f
1076
101/4
Pac Asbestos
10
2½
UnFoods 20b
ChartOll .02r
38
Highway Tra
Chelseain 48
Pcc Clay
28
Unit Imp Inv
4%
HiltonHot WT
Po cCoast
14½
UnitindCo wt
ChemEnt .28
Chenongo
3
Hoe & Co
Cst 5pfl.25
x250
22
UnPleceD .40
HoernerB
55
PaciCst Prop
us AirCd
ChRiver 1.20a
Hoffman Intl
PGE
Chief C Mng
opf
USCeram
Hofm Indust
USConsPd
50
to
Christian OII
Hollinger
241/4
241/4
PGE
5pf.
US Filter
Chromal 40.
(olly Corp
13-16
13-16+1
Leasing
Cinerama
Holophon 2.40
501/4
501/4
Not Gos
11Ve
Circuit Foll
HomeOIIA 35
161/2
Un Am 62wf
55
lityGsFla 50
Hormel
40a
32Vz
PG
Univ Auf Ind
Clark Coble
Horn&Hd
60
147/a
1434
Pac
Contain
Clarostot
Indus
Horn&H
5
z10
951/2
PacLto
z20
96
UnControl
50
Clary Corp:
HrnH: 5.50
230
1041/4
104
1041/4
PacLtg
220
1/4
Univ Mar
3
13%
13%
Clopay Corp
House Fabric
43/4
CoburnCr 30
24
Pac Nor Air)
UrisBidg wt
10
10
HowEIM
41/4
41/4
41/4
PacNw
217/a
Utah IdS
.60
12½
12½
121/2
Cohu EI 100
HubbellB
29
Pac
Pet
Colemon Co.
31%
Hud&Mon
381/2
PacP&L
of
100
ColonSd 30b
HudsnNat
70
936
40
RackSup
Coml Met
Hughes Hat
20%
ComwUn 24p
1/4
Padding
Valspor 25g
6Ve
61/s
61/a
Hunt Ch .35
20
PallCp
Commun Dis
Husky OII
Pancoast
Pet
Valve Corp
2236
221/4
Compo Shoe
Hycon Mfg'
1134
Vernitron
Pantasof
27
CompuDyne
Victoreen Ins
71/2
Comput Apol
23%.23
Hydrometal
PapertKL
40
10
HygradeFd
18½
181/2
181/2
Viewlex
Computs .12
ParkElec 35f
ValronCC
50
10%
101/2
101/2
Poto Con 10g.
CompulSe wi
Vita Food
60
131/2
Condec Corp
I
Peel Elder
VogtMfg
80b
6
191/8
19
191/8
+
Penrose Ind
Conductron
Pentron
Con Mng 1.80
IMC Magnet
7
31/4
31/4
3V4
Vs
PepBtLi, 50
W
ConNiShA .80
Con ON Gas
ImpChm 11g
663-16 63 63-16+3-16
Perfect Photo
IndpisPI pf4 z100 85 85 85
Peru: OllsM
Wakefleld 150
33
17
167/a
ConRoval
.50/
1/4
Industri- Plywd
236
2%
PhilbRsch
25
CtConn A
30
137/a
West Ch 80
LgD 26d
Westab 1.40b
Con fMater
Int Brewer
Cont Tel
40
Internall Ind
10%
1056
10%
Philips Elect
Va
327a
Westates Pet
CookPtV
int OIL, Gas
Phill Eck 20
Westby Fash
10
Phoenix Stl
16%
Wo Equities
146
15
1436
Coop Jor
40b
int Products
Coro Inc
IntStrich 20b
76
13V2
121/4:
131/4
+11/8
Plerce Gov
WnNuclr 20:
Interphoto 40
PionrAero 20
WnStkin 01g
Coronet 68
CountRit
Intex OII,
10
PlonPlast .60
101/2
10
Wheelab .65g
17
Creole 2.60a
Inv Property
Rallways
White Eggle
35
Crestmont
Inv. Roy W.140
41/4
41/a
Rian Resrch
White Stag
Plant Ind
Wieb Stores
PlumeAt 40b
101/8
Wmhouse
Pneu Dyn
60
291/4
+1
Williams
Bro
29,
Polared El
55
WmMcW
Poloren Pd A
Wilshire OII
Polycast Co
Wilson Bros
FABLES FOR THE VERY RICH
Polvchm 19f
WISPL pf4.50 96
Polymer 32f
WolveAl- 28b
Potter Inst
WoodNM 60
13%
131/4
Prairie OII
2
Woodsind 64
(and those who would like to be)
PrentHall 60
12
35%
Wool Ltd 07g
Preston 14g
Work Wr.
:40
12%
ProctorS 20g
Wright Horg
11-16
%+1-1
rog Mfg 60
177/a
177/a
ProvGas .64
11
137/a
13%
133/4
X
PSColo Df4.25 x100 871/4
PRIc Tel. 1.80
711/2
THE MOOSE AND
PuritFash :40
97
2673
267/3
90
Xtra Inc
11 2734 27Vs 271/a - %
Pvle Not .60
8
53%
531/4
53%
HIS MUSCLE
Y
Q
A burly Moose,
YonkerR 10e
5 5% -5% 57/8 + 14
Qual Imp 40
13
13
13
challenged by the club
Quebec Lith
3
3½ 3% 3%-1-16
Z
showoff, stepped up to
R
Zale Corp
.56
6
237/a
237/8
237/a
the tee, swung lazily
ZopOffSh 86f
33
167/a
15%
16%
Radiotn 38t
18
17%
173/2
17½
1/4
and drove his ball 400
Zayre Corp n
23
30
29%
30
Ramerin 05d
4/8
4Vs
yards arrow-straight
Ramo Inc.
3%
37/a
3%
SALES
Rapid Amer
48
11%
111/2
111/2
Va
Approx total stock sales
1,970,000
down the fairway.
Rath Pack
87/a
87/8
Stock sales year 000
1,537,605
MI concede said the
Realinv 1.20c
14
21%
211/2
211/2
Approx total bond sales
$240,000
RegityE 25a
101/4
10%
Bond sales year ago
5503,000
showoff. But how are
your putts?" "Putts?"
echoed the Moose.
That was a putt!"
TREASURY SECURITIES
NEW YORK (AP) - Closing over the 31/45 85
counter U.S. Government Treasury bonds, 85-75
MORAL: it's wise to prepare for the unexpected
bid, asked, net change and yield
for
31/25
90
87.16
Monday
4 /45 92-87
98.24
33/45 66
99.22
99.24
4.17
4S
93-88
95.12
95.20
4.27
Nowhere Is that truer than in the field of investing
66
99.4
99.6
401
94-89
96.28
97.4
4.30
37as 66
99.4
4.19
95
82.26
83.2
3.98
Which is why we've published a. fact-packed booklet
67-62
97.15
97.17
4.02
3V25
98
86.4
86.12
+.4
4.27
3455 67
98.22
98.24
4.25 Prices quoted in dollars and 30 seconds.
"10 COMMON MISTAKES IN INVESTING: And with it,
98.29
98.31
4.29
included "10 SUCCESSFUL RULES FOR INVESTING.'
98.15
4,30
NEW YORK (AP) Closing U.S. Treas-
Nov
98.26
ury Notes bld and asked prices In dollars
Together, these 20 practical pointers could go a, long
68-63
4.10
and thirty seconds and approximate y8eld
4.30 to maturity for., Monday
way toward keeping your investment dollars on the
Jun
94.14
4.14
Nov
1965
99.29
99.31
3.74
fairway. Like a copy?
69
Oct
Nov 1965
99.31
100.1
2/25 69-64 Dec
93.21
Feb
99.24
99.26
4,13
70
98.23
Feb
1966
99.26
99.28'
Stop in at our office. Or write:
21/25 70-65
10
Apr 1966
98.29
3.66
4s 70 Aug
98.22
98.24
Moy
1966
99.26
21/25 71-66
92
Aug
1966
4s
10
11/2
1966
97.30
3.52
37/as
97:14
Nov
1966
99.21 99.23 4.26
98
1967
4.26
,"
FRANCIS 1. duPONT & CO.
72-67 Jun
Aug
1967
3.64:,
21/29 72-67 Sep
4.24
HUMBLE BLDG., HOUSTON, TEL: CA 5-0203
Dec
Oct
1967
95.28
4.67
43
97:20
Apr
1968
94.20 94.24 3.73
MEMBERS NEW YORK STOCK EXCHANGE, PRINCIPAL SECURITY ARD
41/e3
Oct
1968
93.20 93.24 3.75
COMMODITY EXCHANGES OVER 100 OFFICES NATIONWIDE AND ABROAD
4Ves
Apr
1969
92.10 92.14 3.84
MAIN OFFICE: ONE WALL STREET, NEW YORK, N.Y. DIEBY 4-2000
41/43
Oct
1969
91.10
91.14
3.83
37/as 74
96.12
Apr
1970
90.20
3.79
43 80
Oct,
11/2
1970
89.16
90
80
90.24
Subject to Federal taxes but not to
86.16
4.33
State Income taxes.
Bush Library Photocopy
Preservation
AMERICAN EXCHANGE QUOTATIONS
NEW YORK (AP) Following Is com-
-plete list, of transactions on the American
Net
Stock Exchange. Monday.
Sales High/Low Last Chg
Soles High Low Last Chg Net
CrnC Pet
Sales High Low Last
25
13%
A
13%
Crown Drug
pco Hosp
36
9"
23
221/4
23
Realty E wt
IrvingAir 791
11.
5V4
10. 123/4 121/4
5Va
12/4
5Ve
+
Cublc Corp
RedaPum 60
221/2
221/a
221/a
Sales
Net
Cutter A 28
15
181/8
18
181/8
J
REDM Corp
5V4
(hds.) High Low Lost Chg.
Redman :40
19
AbbevRnt 20
131/p.
13
13Vs
1/a
D
JacksnMk 20:
8%
8%
Reeves Brd
AberPet 05g
E Plastics
Reeves Ind
Acme Hamil
Daltch CD 24
Jeann Glass
Relignin
1.32
30Vs
Acme Miss
Daryl Indus
Jeff LPet 30
Remcoin 20f
Acme Prec
Data Cont
Jeff LP wf
Rem Ar 30g
AeroFlow 10
Davidson
Jefronic Ind
33
RepFall
40a
AeroletG .50a
34%
Day Min
20e
Johns Brg 10
Republnd
.40
Aeronca Mf
Daylin Cp
Jupiter Cp
Rep Tran
In
2%
Aerosol Tech
2234
DCTronA
80
Alleen Inc
Defiance
K
Resistfix: 40b
111/4
12g
Restaur As
AirpPkA 30a
177/2
Deltona / Corp
Airwork .10d
DeltownF
Kalser
Ind
8%
Retail Center
AlaxMag 10r
DennMfg
Kaltman
RevcoDS :40b
Alan Wd 40
Desllu Prodn
Kane Miller
Revdav Ind
37%
Alaska Airl
Det MHD
10p
Kaneb
RIC Group
AllAmEn 46f
Devon POILS
KatzDrg
Riegel Tex
42
A *StoProp
Dielectric
Koweck Ch
RiegelTex WI's
21
AllegAirl .05g
91/2
Dixilyn Corp
Keitec Indust
RioAlgom
171/2
171/2
AllegCorp wt
DixilynA 30e
Ketchum
60
RioAlgom wt
7-16
Allied An
Dome Petrol
Kidde 65f
RioG VG
AlliedCon
Domtor
90
Kilembe
90g
Ritt FinB
Allied Pop
DorrOlly
60
Riviona 1b
AllovsUn 12d
191/4
DorrOllv of
Kingst
Alsco
A
Dorsey 10e
Pet
Robin Tech
5%
Driver Horr
KissellA
RochG a
AltamliCp 20
83%
Alter Foods
431/4
Vu
Rogers 1.01+
DrugFoir 33f
24
+
Alcoa D13.75
z200
DunlopR
KleinDSt
10V2
Rollinsinc
12g
372/a
Amco Indust
Co
Kleinerf
RollsRoy
Duraley
Am Beverag
DurTest
5b
KroppFg
RoosRoc .60g
AmBiltrit
50
DuvalCo
Kysor 40a
18
18
Rosenau
Ross Prod
A Book
T.80a
Dynalectrn
40
ABusines
1/8
L
RowldPd 20a
Am Cred 60a
Roxbury Cpt
-
Am Electron
E
Lafay Radio
6%
6%
6%
Royal Amer
LAlgion App
Roy School
10:
Am Int Al
Schelb 64
Lake Shore
Rudy Mfg
40
A-Israell 2g
7Vs
19
Am MARC
East
Air.
Dev
4½
LaMaur 13d
Rusco Ind
AmPetro
15
Co
2200
Lomb Indust
Russeks Inc
Am Real
LamSess
33%
RyanC Pet
STO
LeaseP Int
RyerHay 20
A SafeEq
21
Eastn
+
AMK Cp .381
EdzorExp
Lee
Filter
ANelex Corp
EckerdDg
Lee Notl
Cp
S
AncPost .80b
Ecuodorin
Leo Mot A
Andrea
Edo Corp
LeeceNev
StJohnTrk 80
181/4
18
18
Ehrenrch
LehighPrs
1248
StLowCp
Andy Gd
AngLou 85g.
CO
Cp
Lenox
nc.
Salem Bros
AngWup 400
LestleF
SanCarlo 13h
Savoy Indust
Ansul Co 1b
AccCd
10g
Apache 10g
lbFob 1.46f.
Saxon Pa
30f
Assist
API Inst :30
Comm
20
Ann Cp
Sayre Fisher
lect. Missile
Lynn 50
Scope Indust
APL Corp
Lithlum Am
Screen G
Apollo Indust
lectron .32
Aqua Chem
24
-Tronics
Lithonia 24
15
Scurry Rain
Argus Inc
107
Emenee Corp
Lockwo KB
Sbd Plywood
ArkLGas 1.36
Endevco Cp
LodgeSh .05g
W Airlin
Season
Arrow Elect
EpkoShee
Loehmn 37g
Arwood 20a
EquityCp
Louis Sherry
Seeman Bros
15f
Asamera OII
84
Forge
La Land 1:40
517/a
Selas Cp
AssdBaby 50
111/21
ErieFor 6pf
Lynch Corp
Latz 80c
elRexCp
Assd Laund
to Mfg
2036
AssdOll & G
M
Servo Corp
Esquire 40
Seton Leg
z100
AssdProd 40
Rod&El
18Ve
Astrex Inc
20
Essex Ch 12f
Mack
Trkewt
11 1/a
IIVe
hoer Sh
Astrodata:
Ets-Hokin Cp
Macke
ShatDen
Afco Chem
Exquis Form
Mackey
Siboney Corp
Atico Fin 30
Macoldy
ignalOllA
At <Research
F
Magell
Pet
gOll, of 2.40
Ation Thrift
Magna OII
Icon Tron
MePbSv 1.08
Ivray Lt
AtlasMin 13d
AtlasCorp wt
Falcon Sbd
13-16
61/4
6½
Mollory Ran
ImPrec 15c
10
Audio De .22f
191/40
183/8
FamRecd
60
MamMrt
ImmonBd of
2100
Aurora PI
50
Fam Art
MangelS
Impsons
Automat Rod
Fanny F1 1:60
MansfTR
.40
Incl
Ven
3a
AutoStIPd .50
Forgo, Olls
Marlene
:50
IngerLt.
kyHom
VIAvien Inc.
FedResrc
TO
Marrud
909
Avis and
.20
4
Purch
Martin
M
wt
STICK Corp
127/a
FelmfOll
5e
MaryCarPt
Solltron
B
FleldsPlo
MaryCorPt
Sonotone
Fllmway .10d
Masco
Cp
5095 Mfg
Gen 40b
Massey
South Coast
Bakerind 60
2
11%
11%
FirstNtt Real
MaulBro
150
orgpt
z300
Bold Mont
4,32pf
00
BaldMont off
FischPor
891
MaxsonEl
4:24pf 1.06
Bold Sec 09g
Sou Guif
Fishman
Banff OII
FlaCop 38g
McCull'O
Spector
1965
Flying Tiger
McWood Cp
SpeedOP
32f
Banner Indus
23%
Ford Can
1331/2
134
MeadJohn
SpeedryCh
Barnes Eng
Forest Cit .20
Medco
penSho 10g
Barnwell
and
Fotochrome
1
Melnor
Sperry
Barry
Wr
18f
Fresnillo 60b
Menasco
Sports Arena:
BartellM
Friend Frost
MerchRef
90
20
dBdPnt
Bartons 08d
14
137/8
Merrill:
fdDredg
Baruch Fost
123
MichSug 10g
12
timetals
+
Bell Electron
Mich Sg pf.24
StdMot A
Benrus 30
G
Microdot
Inc
Prod 60
+
BergenDg
34
Microwave
fdPrudent
A'
BerkeyP 66f
Garanin
10g.
15%
15%
15%
Midwest Fin.
Thomson
BerkshEr 56
GarindKn
Milgo Elect
fanley Avia
-
Beth Cp 10g
GateSport
32
Wohl
Stanrock Ur
Binney
GCA Corp
Onvx
1/a
Indial
Birdsboro
Cp
Gearhart 18b
SforSmk
Blacksin
GenAccep wt
MokanTex
Statham
BloomBd .12r
GenAlloy .05g
Mohawk Airl
feelCan
800
Bloss Hv :15g
GenBatC 39f
Malybd Con
iteinHall
20b
BohackHC
Build
Molybden
367/a
+
Stelma
28f
Bohck of
220
Cinem n.44
Monog
Ind
StepanC 1:25t
Bonanza
Gen Devel
Mon
P
Df4.40
ter] Prec
Botany Ind
GenFoam
30
MontWd
top Shop
60
Bowling Corp
Interior
Morse
W
18V.
I
Bownier Inst
Gen Plywood
Mott
Sup
BrodFoot
Gen Stores
28
Electr
Brodford 50a
SupMkt
Movielab Inc
Sunsettnt
Brandv
Genisco
30b
MPO VideoA
Supercrf .02e
Broz Trac 60
Genungs
MunizTV
SupMDis 200
Breeze Corp
Pw
5pf
MuskPRo
SupmktOp 20
Brentwd Fin
GcPw
Muter
5Ve
Supronics Cp
Br Amol
27%
Glanninic
Syntex 30e
1171/a
rAmT
18g
N
Systron Donn
104
18
GlantY
60g
Glibert
Nopco Indust
4%
4%
T
BrownCo
GlenGery
Alfalfa
Talley Indust
25
77/a
4
BrownEn
.20
GlenDisB
NotBell Hess
75/a
+
BrownFB
lobeSec
48
NCtedning 60
TastyBkA
72
17%
BrownF 01.40
GlorayKn
National Co
Tech Measur
Bruce EL
NEIWeld 70a
Technic Open
39
BSF Co.
Goldfield
Gen WT
Technic Tope
Buell Indust
Goodway
Petrol
Technicol 75
Bunk Ramo
GordJiyA
NotPresto
Sign
Burma Mines
Gorham
Realty
Telectro Ind
Burn JP
3V.
Gray Mfg
Roll Mill
Telepromi
ButlersSh
14V47:14
14
Am: Indus
1/2
V2
NatUrEl
Telev Ind
Bos Pet
NotVideo
354-81
Tenney Eng
C
fLak Chem
Needham
TermHud El
Green Hydra
NelivDon
Texstor
Coldor Inc
Grlesed
NestleLe
Textrnine
Colcomp
Grow.
Thomp Star
ComeoA 07g
Corp
ThompS pf.70
+
Compbi Chib
66
Guard Ch
ThorofMkts
CompMch 40
Guerdon Ind
NewPark Mn
126
Thrift A 1.20
Can SonPeta
48 2 1-16,115-16
Gulf Am Ld
266
1.50
287/a
28%
287/a
Tillie Lew
50
Bush Library Photocopy
Preservation
Tuesday, September 14, 1965 The Ballas Morning News
7 B
No Trace Found of Offshore Rig
HOUSTON, Texas (AP) = Offi- sippi delta when the hurricane
cials of a Houston firm said Mon-
hit.
day they have found no trace, of
We have nothing new to re-
a missing $6,000,000 mobile drill-
ing rig which disappeared during
port, a Zapata spokesman said.
Hurricane Betsy last week
We must presume it is missing
The rig, the "Maverick, be
in action.
longing to Zapata Offshore Co.
The Zapata spokesman said the
was in the Main Pass and in the crew of the rig had been evacu-
northeast quadrant of the Missis ated before the hurricane hit
Bush Library Photocopy
Preservation
Stocks Advan
In Heavy
Tr.
of
NEW YORK (AP)-The stock market rise but there were pl
ran its daily winning streak to eight
it
seemed likely that
straight in heavy trading Monday.
soon cause the list to
Bush Library Photocopy
Preservation
Drillinq
INTERNATIONAL
MAGAZINE
ASSOCIATED PUBLISHERS, INC.
MITCH MAYBORN
3636 LEMMON AVENUE
MANAGING EDITOR
DALLAS 19, TEXAS
PHONE LAKESIDE 1-3128
Bush Library Photocopy
Preservation
THE FUTURE OF THE
In the late 40's there were two mobile barges. By 1956;
there were, twelve mobile rigs. The offshore contracting
business had arrived.
A LOOK AT THE MORE RECENT HISTORY
In 1956 there were nine companies in the mobile drill-
ing rig business. These were the early, risk takers. They
owned twelve mobile barges. There is a, wealth of data
by George H. W. Bush
available on the number of rigs operating in those days
Chairman of The Board,
but from here on in I would like to concentrate principally
Zapata Off-Shore Company
on the mobile barges, for here again is where the risks
were taken.
Here, the contractor had to design or be responsible
for the design; here he had to innovate and correct; here,
if he failed, he stood to: take some substantial losses.
What's happened to the business
:
the
normal
eco-
nomic law would dictate that as the risks are lowered the
F IRST, I'D LIKE TO compare some of the history of the
costs should come down and the business in all likelihood
should become more profitable, but that isn't exactly
offshore drilling business to the present situation offshore,
what had happened in our end of the drilling business.
and then take a look at where we go from here.
True, we have enjoyed a substantial growth in numbers
In the late 40's, several pioneering oil companies tack-
of pieces of equipment:
led the offshore area. They took all the risks, they ex-
In 1956, there were six barges capable of drilling in
perimented and they made mistakes. Only the big and
35 ft of water or less; three for 35-80 ft; and three for
the strong could play. Only the courageous would dare
over 80 ft. Today, the comparison is most interesting.
Only the risk taker belonged.
There are seventeen for 35 ft or less; twelve for 35-80 ft;
When it came to drilling equipment, there were no set
and twenty-eight for over 100 ft.
standards, but gradually after some trial and error the
This means in part that the contractors' quests for con-
fixed platform and the tender emerged as the norm for
formity, the stage where he mass produces an item and
the business.
then puts into effect savings through having several items
It was not until the early 50's that the contracting
of the same design néver came. Why?--because he has
business offshore began to emerge as an important factor.
had to continue to innovate. The leaders have had to try
The companies, having done the early experimentation,
new ideas, and they have had to go, to deeper and deeper
began to gêt spread out widely spread out
on
water to keep up with the trade.
their lease holdings, and as they did so, they began to
We are in the service business and we must tailor our
turn more and more to drilling contractors. The offshore
our equipment to fit the demand of the major oil com-
business followed the pättern. set by the land business
panies. The only difference; however is that in the early
10 or 15 years earlier. In the early 40's many companies
days of drilling offshore, the majors took the risks--
owned their own tools but as operations spread out, and
first with tenders and platforms and then to some degree
as costs increased and the fringe benefit requirement went
by underwriting contractors to build mobile barges with
up, the majors shifted to drilling contractors. In the 50's
long-term contracts.
the same thing happened offshore.
Today the contractor has taken the step from the shal-
Many established contracting companies decided to go
low water to the deep. He has taken the risk and not
offshore and many new companies started. Some went the
always with a term contract of any. duration to back
conventional tender platform route, the way here having
him up.
been paved by the majors. Some. went the route of merely
bidding to put a rig on a company-owned-platform, but
NOW A LOOK AT SOME OF THE OTHER FACTORS
the real innovation occurred in the area of the mobile
AFFECTING THE BUSINESS
barge. The fully self-contained barge able:to drill and then
move to the next location was developed largely by the
As mentioned before, when you build additional similar
drilling contractors. Many companies had active roles in
items of equipment you would expect the constructions
this development, but the bulk of the innovation has been
cost to go down, but for some odd reason the reverse has
done by contractors.
been true in our business.
The first development was in the 30' of water sub-
In 1956, it cost about $3 Million to build a jack-up
mersible, then in the 80' of water jackup or submersible,
barge for 80 ft of water or less. Today, the same setup
with the final breakthrough coming in the area of floating
costs in excess of $4.5 Million.
drilling, semi-submerged units, and the big jack-up rigs
In a 30 ft of water submersible, you could build one for
capable of operating in 300 feet of water.
$2.5 Million, whereas today you'd shell out $3.5 Million
46
Drilling November, 1965
Bush Library Photocopy
Preservation
Model L3230
to 564.hp @ 1200 rpm
(high compression ratio)
KING SIZE
THAT LOVES TO WORK FOR THE OIL INDUSTRY!
Power to fit the job - from 200 to 680 maximum horsepower in 7 models
designed for your specific fuel. Natural gas. Butane. Propane. Gasoline.
Roiline engines, have a reputation for making "duck soup" out of
severe operating conditions. That's why you see more and more Roiline
engines and complete power units working at SO many jobs in the oil
ROILINE
industry. From drilling to distribution!
Better engineering, better materials mean less maintenance, less down-
time. And should repairs be necessary, parts and service are available
anywhere and at any time through strategically located Roiline franchised
distributors: Write for bulletins, specifications or engineering consultation.
WAUKESHA MOTOR COMPANY, WAUKESHA, WIS.
New York
Tulsa
Huntington Park, Calif.
Factories: Waukesha, Wisconsin; Clinton, lowa; and Houston, Texas
593-R
SEE YOUR ROILINE ENGINE DISTRIBUTOR
ARIZONA, Casa Grande, Engine Service Company
MISSISSIPPI, Jackson, Southern Engine & Pump Co.
TEXAS, Houston, Beaumont, Corpus Christi, Dallas,
CALIFORNIA, Southgate and Bakersfield
Kilgore, and San Antonio
NEW JERSEY, Kenilworth, Callahan Equipment Company
Southern Engine & Pump Co.
Engine & Equipment Co.
NEW YORK, Syracuse, Albany, Schenectady
Lubbock, Farmers Supply
COLORADO, Denver, Emrick & Hill Engine & Equipt. Co.
J.C. Georg Corporation
Odessa, General Machine & Supply, Inc.
Wichita Falls and Pampa
KANSAS, Garden City and Great Bond
Industrial Engine and Equipment Company
OHIO, Columbus, Cantwell Machinery Co.
Nortex Engine & Equipment Co.
DEALERS:
LOUISIANA, New Orleans and Shreveport
OKLAHOMA, Oklahoma City and Tulsa
Abilene, Oil: Field Service & Equipt. Co.
Southern Engine & Pump Co.
Undrey Engine & Pump Co.
Panhandle, Universal Motor & Equipt. Co.
Perryton, Panhandle Implement Co.
MINNESOTA, Minneapolis, Central Equipment Co.
PENNSYLVANIA, Pittsburgh, P.C. McKenzie Co.
WYOMING, Casper, Emrick & Hill Engine & Equipt. Co.
Drilling
November, 1965
45
Bush Library Photocopy
Preservation
OFFSHORE DRILLING INDUSTRY
for the same item. Construction costs and drilling rig
costs have gone up over ten years, but much of the in-
crease is due to modifications dictated by practical experi-
ence. The sea is a great teacher.
Just as construction costs are up tremendously, so are
operating costs. In 1956; some operating costs were as
follows:
Insurance 1.7 percent or $51,000 per year on a $3
I'D SMILE TOO!
Million barge.
Labor use a driller for example $2.81 per hour.
Supplies $500 per day.
Today, the costs are up 100 percent for insurance up
22 percent for labor; up 32 percent for supplies; and up
50 percent on construction.
Perhaps then in the face of these rising costs one would
expect that these costs have been passed along to the
customer-the major oil company-not so, I fear, not SO.
In 1956, we entered into a contract on an 80 ft of water
rig for $6800 per day. This figure today for a rig of this
capability would be between $5500 and $6000.
But there is a valid economic reason for this. There
is a valid reason why Zapata or any other company is
willing to undertake the design and construction in spite
of the fact that we have to build at higher costs and
operate at lower day rates and that reason is "risk."
PRESENT DAY RISKS AND RISKS OF THE
FUTURE
Risk, as it relates to the likelihood of keeping our rigs
busy and risk as it relates to the likelihood of the rigs
operating effectively from a technological standpoint.
On the last point, I think it is sufficient to say that over
the last ten years we've made mistakes, but in SO doing
we've learned a lot.
For example, you couldn't get us to anchor a floating
drilling barge off the Coatzequalcos area in Mexico
during Norther season. we tried it once and
the barge is still there-a monument to our bad luck,
but also perhaps to our folly, for I think we and others
have learned that this isn't the place to drill with the
method we were then using at that time of the year.
A check for $5.7 million, believed to be the largest
As the risk of mechanical or operation failure declines,
single settlement for any, drilling rig, has been pre-
sented to George Bush, right, board chairman and
your bankers' confidence factor goes up, and as this goes
up, the money flows, and as the money flows, we all
chief executive officer of Zapata Off-Shore Company
charge in and borrow and we all settle for longer
for loss of the drilling barge, Maverick, during Hur-
ricane Betsy.
payouts.
Oh, we grumble and say, "Heck, I'm holding out for
The insurance was placed through Southern Ma-
rine & Aviation Underwriters Inc. by Johnson &
a three-year contract at $8600 per day, but when the
Higgins Inc., both of New Orleans, with Lloyds Un-
vice president in charge of contract or the wily super-
derwriters and English insurance companies.
intendent gets through with us we build a rig costing $6
to $61/2 million for a 1 or 1½ year contract--or, in
The check was presented in person to Bush by Lee
M. Stentz, vice president of Southern Marine &
several cases, for no contract at all. But this is not
sheer folly for the risks of design and operation are
Aviation Underwriters Inc., and M. E. Gormly Jr.,
vice president of Johnson & Higgins Inc.
lower and also the future risk of staying busy is lower.
In 1956, there were 2300 square miles under lease
Bush expressed pleasure at the wonderful, prompt
service on a claim of this magnitude.'
domestically. and very little under lease in foreign waters.
The Maverick; one of the largest drilling rigs ing
Today, there are approximately. 10,000 square miles of
the world, was lost Sept. 10 at the peak of Hurri-
(Continued on Next Page)
cane Betsy's fury off the southern coast of Louisiana.
Drilling
November, 1965
47
Bush Library Photocopy
Preservation
THE FUTURE OF THE
that the growth of domestic offshore drilling will not be
without its ups and downs, but the curve will be upward
over the years
OFFSHORE DRILLING INDUSTRY
There will be an increase in platform, rigs as many
of the companies go this route for their deep water
development work. There will be an increase in subsea
completions as this technology is brought along in this
field to reduce risks and bring the costs down.
There will be an exciting future in the area of subsea
(Continued from Preceding Page)
development
men in the sea, underwater storage and
leases in our waters and 260,000 square miles of ex-
transportation and someday an entire drilling operation
cellent to fair prospective areas abroad. What a tremen-
conducted below the sea. These are not just idle dreams.
dous growth potential! Add to this the increase in Gulf
Several of the great space companies are already turning
Coast production, up 1000 percent from 1956.
their diverse talents and some of their tremendous
Add to the the fact that there are many offsets that
resources towards innovating in offshore oil.
need to be drilled.
On the foreing side, offshore drilling is in its infancy.
Add to this the offshore success ratio.
One immediate factor of concern is the North Sea.
Add to this the entry into the field of new and smaller
Twenty-one units have been contracted for in the North
Sea. Add to this the recent activity in Norway and the
oil companies.
forthcoming Dutch work and as many as twenty-seven
And then stir in the world-wide search for oil, and it
units could be available soon for North Sea work. If
can be seen that the contractor is not as stupid as he
the North Sea hits, this won't be enough rigs.
might seem, to make his asking price a little lower. We
If it is dry, however, we'll have a problem, for these
are in risk-taking business and the risks are fewer
units will need to be re-located around the world. Many
today than they were in 1956.
of them will not be able to come back into the U. S.
One serious problem, however, comes to mind as we
because of their foreign flag registry SO they will have to
discuss this risk situation and that is at some point the
seek out markets in other parts of the world
but
the
offshore drilling business riskwise must compete for
exciting thing is that these markets are apt to be there.
capital with other. businesses
and
SO
we
must
watch
It is positively exhilarating to take a look at a world
these risks carefully.
map and see the places in the world where offshore drill-
When a chance to build a rig comes along, we run a
ing is underway or is planned, and I mean planned
rate of return on it. We throw in the risk factors" I
immediately. From the North Sea, go south to the French
have mentioned, and we have been concluding that
Coast and on around to the French Mediterranean and
capital should be attracted to the offshore drilling business
the Adriatic Sea, and across into North Africa-its
at these rates and for these terms, and at these operating
Atlantic Coast-and then to Tunisia, Libya, Turkey,
costs-but, as the construction costs go up, and as the
Israel-down through the Red Sea, Egypt, Ethiopia, over
operating costs increase, and even in spite of löwer risks
to the Persian Gulf-many countries there-then Austra-
on. the long-term demand side and on the technical or
lia, Borneo, the East of Africa, South America-many
operating side, we and others are beginning to conclude
places there. The surface has just been scratched.
that things should not go much further or the business will
In some of these areas innovations to reduce costs are
not be able to attract the necessary capital. Capital dollars
going to be essential since the nature of the production
will flee the offshore business and go into the building
in some places could not possibly support the rates as-
business, or into the boat business, or into the tanker
sociated today with offshore drilling, but generally there
business, or into some other business with maybe less
is a feeling of optimism in the exploration end of the oil
operational risk and the same profit picture; or perhaps,
industry that seems to say most of these places are pros-
for the more speculatively inclined, go into a business
pective even considering the higher cost of foreign oper-
with a little more operation risk but a vastly more attrac-
ations and the existing costs for going offshore.
tive profit picture.
Technologically, I think we will see a continuance
towards the deep water and this means newer develop-
WITH THESE POINTS LET'S LOOK AT THE
ments in the area of semi-submerged drilling, floating
FUTURE
drilling, and eventually in-sea drilling.
And SO as I contemplate what we should be doing
In the area of future demand, I am optimistic. A look
next to keep abreast of the rapid technological change
at the domestic picture indicates that there will be many
in our business, it is comforting to be able to look at a
more places to drill in the U.S.A. Gulf of Mexico.
broadening demand for offshore contract drilling services.
The gas picture will turn in a few years, and when
A lot of the time we worry-we feel caught in a bit
-does, there will be a good deal of development drilling
of squeeze as we reduce our sights on the kind of payout
to be done.
we feel we should get to build a new rig, or as we pay
New pipeline projects (the ambitious red snapper
more for our supplies, or labor or insurance; or as we
among them) will come along and give economic en-
adjust our depreciation schedules to reflect lower tech-
couragement to companies to get on with their develop-
nological obsolescence; but when we look at our business
ment work.
as a whole, when we contemplate the challenge of the
future and the ever-expanding worldwide demand, the
The long-term demand figures for doméstic crude are
problems don't seem SO bad
I think we offshore
encouraging. Dr., Jones of Humble gave a great speech.
contractors can cautiously say we've got our worries, but
last Spring in which he laid to rest many of the fears
if the demand develops as predicted, "What's the prob-
that have circulated in our business about solar energy,
lem?"
nuclear energe, etc. He didn't say "forget it", but he did
say that the demand for crude would be around and
Adapted especially for Drilling magazine from a paper
increasing for a long, long time.
presented to the October meeting of the Houston Chapter,
On the domestic side, would say, parenthetically
API.
48
Drilling
November, 1965
Bush Library Photocopy
Preservation
POST 10-6-45
OIL and GAS
Zapata Chief Tells API
Driller's Path Bright
Offshore drilling contractors
in some of these areas inno-
have a bright future ahead of
vations to reduce costs are go-
them at home and abroad, a
ing to be essential since the
leader in the marine drilling
nature of the production in
industry declared here Tues
some places could not possibly
day night.
support the rates associated
George H. W: Bush board
today with offshore drilling
chairman of Zapata Off Shore
Bush envisioned an excit-
Co, told the Houston, chapter
ing future in the areas of sub-
of the American Petroleum In
stitute
seas development. An entire
A LOOK AT the domestic
drilling operation will one day
picture indicates that there be conducted below. the sea,
will be many more places to: he forecast
drill in the U.S.A.-G ulf of
The Zapata chairman was
Mexico
the featured speaker at the
Overseas where offshore
Houston API chapter's Octo-
drilling is in its infancy, Bush
ber meeting at the Houston
pointed to the nearing avail-
Club
ability of 27 drilling units for
the North Sea, alone.
If the North Sea hits, this
won't be enough rigs, he pre-
dicted
Bush said the surface has
just been scratched in the off
shore petroleum hunt off Afri
ca, Australia and South Amer
ica.
HOWEVER, HE stressed
Bush Library Photocopy
Preservation
STOCK EXCHANGE
950
NDUSTRIAL AVERAGE
945
940
935
930
925
920
915
910
905
900
895
MTWTF
890
1
8
885
OCT
Bush Library Photocopy
Preservation
respondentive
3
CURTIS PUBLISHING CO.
INDICAD
Li lignature THE total # THE JATOTIO
Plan)
Gee,
we wish
we 7 said
that.
ekeeping
Who
Good Housekeeping-
getsthe
drunstick
First in Newsstand Sales
1st over McCall's, The Journal, Life, Look & The Post.
Largest selling 50c magazine on the stands.
ABC Publisher Statements 6 mos, ending June 30, 1965
Bush Library Photocopy
Preservation
Firms' Overseas Spending
Bankers Group Warns
Connor Opposes Mandatory Curbs;
Of Substantial Deficit
Sees Tightened Voluntary Restraint
In Payments Balance
ABA Seeks Stiffer Restraints
By RICHARD F. JANSSEN
they felt worthwhile. If a tax had been pro-
posed and enacted, companies: would have
On Larger U.S. Corporations,
Staff Reporter of THE WALL STREET JOURNAL
WASHINGTON-Commerce Secretary Con
paid it and damned the U.S. Government for
Outlays for Facilities Overseas
nor said that he definitely plans to avoid
-as on so many other occasions setting up an
mandatory Federal curbs on corporate invest
obstacle" between business and a beneficial
ment abroad, but that he does expect some
goal, he asserted. Direct investment has many
By a WALL STREET JOURNAL Staff Reporter,
'tightening soon in the present voluntary
benefits for the country, Mr Connor said,
CHICAGO The American Bankers Asso
effort:that began last March
because profits of foreign subsidiaries, ven-
ciation warned that 'another substantial defi-
[In Chicago, pressure for tougher treat
tually produce an inflow of dollars and be-
cit'' in the nation's balance of payments is in
ment of corporations came from the con-
cause they are the best customers" for U.S.
ventioning American Bankers Association
exports
prospect this year and called for stiffer curbs
which cited indications of increased cor
The prospective increase in the U.S. dollar
in the Administration's voluntar restraints
porate abroad this year, but
drain this year through direct investment
program on foreign investment by larger in-
it didn't talk of new taxes or outright Gov.
abroad may not be as great as his depart
dustrial corporations with facilities abroad
ernment control. Rather its recommenda.
ment's survey shows, the Secretary suggested
Although the program only asks corpora
tions appeared to parallel those the John-
In past years about 60% of such outlays
son Administration is actively considering,
typically have been dollars, he said but
tions this year to show ai 15% to 20% improve
officials then weren't actively encouraging
ment in their own individual payments. bal
such, as more precise guidelines and im.
proved reporting by corporations
greater use of foreign currencies, and he's
ances, it sets strict guidelines to limit foreign
not certain the dollar proportion will be that
Mr Connor, in an interview, said emphatic-
lending by U.S. banks in 1965 to no more than
high this year.
5% over the level at the end:of 1964, The Fed
ally "I don think there will be mandatory
controls He appears confident his keen op-
Most Firms fon Target'
eral Reserve System, administers the part
position to them will prevail in the Johnson
Mr Connor said that as of midyear most
the program that affects banks and other
companies were on target' toward their
nancial concerns; the Commerce Departmen
Administration.
over all improvement goals He added, how-
looks after the corporate picture
Basically, Mr Connor's point is that the
voluntary program shouldn't be scrapped on
ever, that he has 'never expected that they
Since the program's start: U.S. bank
the basis of plans made in part before the
would in the aggregate achieve the 15% to
through August reduced their foreign loans b
program began, and that anyway, the evidence
20% improvement asked of them The small
$500 million, but direct investment abroad b
SO far is that the campaign is working
payments surplus in the second quarter, Mr.
U.S. business SO far this year has continue
What he wants, he said: is for the Adminis
Connor asserted, is also evidence the corpo-
to rise. The increase in the first six month
tration to next February; when of
rate program is effective.
of 1965 was $2 billion, against a rise of $2
ficials can study statistics on the corporate
The department's figures show, he said,
billion in all 1964. The ABA' proposal
and other sectors of the U.S. balance of pay
that direct investment abroad by the 380
corporations' foreign investing, presented
ments for all of 1965. When the full year's
major U.S. companies cooperating in the drive
part of its discussion of the nation balance
figures are available, he asserted "They will
dropped almost 30% in the second quarter
of payments problems, didn't suggest how th
from the first while their exports and other
tighter policing might be brought about:
show, a successful program
earnings from abroad rose 11% The invest
The view has been expressed, howeve
Sees Willing Sacrifice
ment limits also are meeting their objective
that explicit guidelines should apply to corp
He said businessmen already are showing
of reducing most sharply the dollar flow to
rations as well as to the banks.
they are willing to sacrifice profits to cooperate
the wealthiest industrialized countries while
with the effort that aims to prevent further
The proposal was one of a dozen resolution
leaving other areas largely. untouched. West
big deficits in the U.S. balance of payments;
adopted by the concluding session of the AB
ern Europe, he said was down to about two.
convention. In other statements, the bankin
a deficit results when foreigners acquire more
fifths of the total direct U.S. investment in the
dollars than they return to the U.S. in all
organization urged, as it, did last year, th
second quarter from half in the first quarter
the Federal Reserve System maintain a som
transactions,
and from almost three-fifths in all 1964. But, as
Due largely to a recent Commerce Depart-
officials intended, such investments continued
ment report that U.S. companies plan. $1.3
to increase in Latin America and Australia.
billion, or 20% increase in such direct invest
ment abroad this year, some Administration
Mr Connor said he is optimistic that busi
men have been openly uneasy about whether
nesses will be: able to increase their exports
businessmen are ignoring the voluntary
more in the second half this year because the
straint pleas made last February Treasury
earlier impediments of the dock and mari
Secretary Fowler's remarks last week, that*a
time strikes are out of the way
top-level review is getting under way to de
The American Bankers comment, fit ap-
termine if additional steps are necessary
pears, will only widen the rift between Mr
sharply increased speculation that tough con
Connor and those in the Administration and
trols may be in the offing
on the Federal Reserve Board who have been
The present program calls for corporations
lavish in their praise of banks response and
to improve their over all contribution to the
guarded in their comments on the corporate
payments balance by 15% to 20% this year
results. Even before the statement from
from last leaving it up. to each one to de-
Chicago appeared, Mr: Connor said, it 'isn't
cide on its own mix of steps, such as increas
fair to give all the credit to banks and ignore
ing exports, bringing home more profits and
what companies are doing The banks prob-
reducing investment abroad. One possibility
ably, aren't finding it very difficult to stay
under official discussion is to have more pre.
within their voluntary limit of a 5% increase
cise guidelines that perhaps; would set
in foreign loans this year, he said, because
targets for each such activity rather thansonly
they have unusually strong demand for, funds
for total performance. Even more likely, of
from domestic customers The bank guideline;
ficials-said, is that the Administration will re
he complained, lets them add further to a net
quest "better' information than companies
dollar outflow while the corporations are
currently provide in their quarterly reports to
asked to achieve a larger dollar inflow than
the Commerce Department.
they did last year
But, Mr Connor said, he strongly against
Initially officials talked of keeping the vol-
the idea of reviving the initial feature that
untary corporate program in effect for per-
Bush Library Photocopy
Preservation
THE WALL STREET JOURNAL,
3
Thursday, October 7, 1965
what tighter rein on credit to help ward off
Commercial Credit Co.
omestic inflationary pressures and narrow
pany said Calvine had U.S. sales of about $25
he international payments deficit.
The U.S. payments deficit in the first half
Acquires U.S. Assets
million. Calvine has a printing and finishing
plant at Swainsboro, Ga.; a cotton mill at
otaled $661 million, or about $1.3 billion at
Of Calvine Mills, Inc.
Troy, N.C.; and a textile mill at Charlotte;
in annual rate. This was a marked improve
N.C.
Commercial Credit also announced that
ment from a deficit of $4.3 billion, at annual
rates, in the 1964 second half. The deficit for
By JOURNAL Staff Reporter
Howard H. Shalen, who had been Calvine'
NEW YORK-Commercial Credit Co., Balti-
president, will become president of Troy Tex
all 1964 was about $3 billion.
more, announced it acquired the U.S. assets
tiles.
Although the payments balance for this
year's second quarter showed a surplus of
of Calvine Mills, Inc a textile company sell
nearly. $120 million, seasonally adjusted, it's
ing to the apparel and home furnishings field
TONY HARRISON
anticipated that in the second half and the
Commercial Credit will. operate Calvine
AND HIS ALL STARS PLAYING NIGHTLY
year as a whole it will again be in the red
through a newly formed subsidiary, Troy Tex
(No Cover Charge Except Weekends)
The 1965 deficit, however, will probably be
tiles, Inc.
PURPLE ORCHID
narrower than 1964's.
Commercial Credit said it acquired Calvine
DANCING
Even with more effective application of
by assuming all its debt; it. declined to dis-
2016 COMMERCE DALLAS, TEXAS
RI 8-3542
voluntary restraints to corporate investing
close the amount The large sales finance com
abroad, the ABA emphasized that the restraint
program as a whole and the interest equaliza
tion tax, imposed in 1963 as another gold
ing measure, should be retained only tempo:
rarily until more lasting measures can be put
HELP!
HELP!!
into effect.
Among these, measures, the convention
called on the Government to make intensified
Have we got troubles?
efforts' to trim U.S. foreign military spending
and to tighten the tying of U.S. exports to
Don't ask!
Government loans abroad.
There we were, minding our
business and tending to our little
America's Greatest Value
distillery in our own quiet way.
in SLEEP
SUDDENLY THE ROOF FALLS IN
L'SIPPIN' WHISKEY!
Overnight, everybody discovers
WABA
our rare old Sippin' Whiskey
We're a hit! We're also way
RODEWAY
INNS
SOLID
BROOKS
behind in our orders.
The trouble is Ezra Brooks is so
COMFORT
sippin' good, you buy it
faster than we can deliver it.
Old Fashioned Rates
So if your liquor store is out of
Ezra Brooks, take heart. More is on the way.
Are you taking advantage
of the FREE RESERVATION
Keep asking for it. Or play it safe and leave your order. Today
It's worth waiting for
SERVICE at the many con-
venient Rodeway Inn Motor
Hotels?
KENTUCKY STRAIGHT BOURBON WHISKEY PROOF EZRA BROOKS INC., LAWRENCEBURG
gains and losses in the newsstand
circulation of a magazine have a special
significance for advertising men. They reflect
the real worth of that magazine to readers
and advertisers alike."
McCALL'S
'The most significant sales figure a magazine
can point to is its own newsstand record.
No other figure or results' story tells you so
much about how a magazine is read and
Bush Library Photocopy
Preservation
of such ventures ahead of time without legal
some FARM years be yond that, or, as long as U.S.
power to stop them, and he complained such
foreign aid and military outlays abroad cause
reports could breach the confidential nature
sizable dollar outflows.
of mergers and major construction plans: They
'smack of capital movement licensing
The
said, adding that Government officials Garen
smart enough Ato recommend that com
Zapata Gets $5 7, Million
pany go ahead with one project and an
other "We probably won't go" back to this
In Insurance for the'I OSS
feature, he concluded
The Secretary said that proposing manda
tory controls early this year, as some officials
Of Offshore Drilling Rig
wanted, would have had a 'disastrous'' effect
on the balance of payments, and he suggested
the same would be true if they were to be pro-
By, a WALL STREET JOURNAL Staff Reporter
posed now Had the President asked Congress
HOUSTON Zapata Off Shore Oil Co said
for a "high punitive tax' of 10% to 20% on
it received. a $5, million insurance payment
dollar capital to be invested in overseas sub-
for the loss of its offshore drilling rig, Mayer
sidiaries Mr: Connor said, corporations would
ick, Sept 9. during Hurricane Betsy
have sharply increased-such investments while
Payment was made by Underwriters at
Congress depated the request, The alternative
Lloyd's, London through Southern Marine &
mandatory approach of seeking authority to
Aviation Underwriters, Inc., agent/for Lloyds,
directly approve or deny requests to invest
and Johnson & Higgins Inc agent for Zapata
abroad, he said would also cause a 'bitter leg.
Zapata said the amounts represented the origi-
islative fight" that would allow months for
nal cost of the rig largest in the Gulf of
companies to rush out capital
Mexico.
Even after a punitive tax were enacted,
Zapata is building two larger rigs, Maverick
Mr Connor said, he strongly doubts it would
II and Maverick III, valued at a total of $12.5
do any good. I've talked to literally hundreds
million, which should be-ready around next
of businessmen he said: They would pay
March. Zapata operates. a number of other off
the tax" and proceed with any investment
shore and land based drilling rigs.
Old grad came in Monday
with a ruddy flush on his face.
Why, he demanded, does one
see so few Society Brand sport
coats in the Yale Bowl late in
the season?
We couldn't imagine.
Because of all the Society
Brand outercoats, he brayed
triumphantly.
01965 SOCIETY/BRAND
Bush Library Pho
Preservatio
PAGE
SECTION
THE HOUSTON POST
SUNDAY, SEPTEMBER 12, 1965
$6 Million Loss
Oil Drilling Unit
Missing in Storm
By BILLY-THOMPSON
areas was tragic and iter
Post oil Editor
rific:
A Houston company $6 mil
The Humble Oil & Refining
lion mobile drilling unit dis
Company' offshore base camp
appeared in the waves and
at Grand Isle was damaged
winds of Hurricane Betsy
heavily by wind and tide.
Otherwise, the multi-billion
derrick used as a radar tower
dollar offshore petroleum in
was toppled, severing Hum-
dustry came through the V1
ble's office building there
a
cious storm that hit Louisiana
company spokesman said,
and Florida Friday in far
HUMBLE EVACUATED the
better shape than drilling con:
h un dre d or SO families at
tractors and operating com-
Grand Isle far in advance of
panies could have hoped
the hurricane
THIS WAS THE appraisal of
Three drilling derricks on
scores of oil company execu-
Humble platforms in West Del
tives after hasty aerial recon-
ta Block 73 appeared to have
naissance of the hurricane
been blown down by the storm
area. Friday. afternoon and
The Offshore Co found its
Saturday
four submersible barge and
This missing drilling unit is
platform drilling units in the
the Maverick, owned and oper-
Vermilion, Bay M a C h a d,
ated by Zapata Off Shore: Co.
Timbalier and out h Marsh
A Zapata official said two
Island areas we r in good
searches for the unit, which
shape on the basis of aerial
had been on location in Main
checks
Pass; Block 300, failed to turn
CARNES WEAVER, presi-
up any signs:
dent of World-Over Drilling
"We must presume it is
Inc Houston, said $ an aerial
missing in action, he said.
survey team from his organi-
THE MAVERICK was on a
zation found flots of drilling
drilling location about 20 miles
tenders beached in the Mis
from nearest land and had
sippi River, where they had
been operating in about 200
been towed for safety.
feet of water It was in a very
Another Houston contractor
exposed spot" on Betsy's path,
Reading & Bates Offshore
the Zapata spokesman said
Drilling Co, reported five drill-
Drilli crews had been
ing units in the South Marsh
evacuated from the Maverick,
Island Eugene Island, Ship
as well as nearly 100 drilling
Shoal and South Timbalier
platforms and barges off Loui-
areas "went through the storm
siana, long before Hurricane
real well." A spokesman for
Betsy became a threat
a Reading & Bates aerial sur-
No loss of life in the army
vey team said, "We saw no
of workers who hunt for and
real damage.'
produce oil and gas in Louisi
The team, however noted
ana offshore petroleum prov.
that Kerr-McGee's Rig 47 and
ince had been reported Satur
Penrod Drilling Company's
day
Rig 51, two giant submersible
TWO SISTER units of the
barge drilling units, had shift-
Maverick Zapata's Vinegar
ed slightly off locations in
roon and Scorpion-rode out
the South Timbalier area
the hurricane in good shape
SEVERAL companies began
They are located in Main Pass
moving crews back to off
Block 63 and the East Cam-
shore drilling sites Saturday
eron area
The return of men and equip
The Maverick is fully in
ment to the storm path areas,
sured, a Zapata executive said.
however, is likely to be slow.
A survey team for the CATC
A number of tenders have been
Group, found no: major dam-
beached and access channels
ages in their wide sweep over
closed by silt and sand that
the offshore storm area. How-
came with high tides.
ever, a CATC official, as did
The early appraisal indi-
spokesmen for other operators,
cated that damage to the off
pointed out that inspections
shore oil industry would fall
must be made on and under
far under the $200 million in
platforms and drilling barges
losses that were sustained in
before an accurate estimate of
last October's Hurricane Hilda
damages can be made
Some evidence of broken oil
lines was visible from the air,
one survey team reported.
"THERE WERE A few oil
slicks, but we saw not signs
of blowouts or fires a team
member related.
While aerial survey teams
found "far less damage off
shore than we expected," the
toll in, low-lying coastal land
Bush Library Photocopy
Preservation
THE HOUSTON POST
SECTION
I
PAGE 3
SUNDAY SEPTEMBER 12,
More at Sears
Course!
ct from Sears
DAY ONLY!
MORE
ASHER
NO MONEY DOWN
Sears Easy Payment Plan
rice and Quality make Kenmore Ameri
asher
out-selling all other brands,
n or have owned Kenmore canetestify as
ful service wask your neighbor
she
Extra simple to operate
onday
it's
Bush Library Photocopy
Preservation
an axiom that in bull markets, investors
e inclined to ignore bearish news and this
BANK OF SOUTHWEST BLDG.
GRUNTAL & CO.
rtainly was the case last week.
In
Established 1880
e opinion of Amott, Baker & Co., "as long as
e, Dow-Jones industrial average stays above
MEMPHIS'
Members New York Stock Exchange
6, we should consider the intermediate trend
70 SOUTH:FRONT STREET
American Stock Exchange
be up.
Bache & Co. would be
50 BROADWAY, NEW YORK, N.Y. 10004
any period of market consolidation as an ex
Tel: (212) HA.2-5220
ALBUQUERQUE
llent period for new commitments in quality
And Newton D. Zinder of E. F
OF NEW MEXICO BLDG.
sues.
utton & Co. says, "A" pause for consolidation
overdue."
However, William R: White
CARLSBAD
Hornblower & Weeks-Hemphill, Noyes be.
124.NORTH.CANYON STREET
ves, Vit is fair to say chances of a serious
TU 7-1111
tback in the next couple of months have
International
minished noticeably
Sidney B. Lurie
SANTA FE
SHOE COMPANY
Josephthal & Co., comments, "This re
LaFONDA-HOTEL
arding summer rise points; up the fact that
e key to profitmaking opportunities rests
th a minority view. In the opinion of
218TH
eslie E. Fourton of C. B. Richard & Co.
Assuming the newest Asian problem does not
CONSECUTIVE DIVIDEND
terlorate excessively, the stock market over
Common Stock
e next few months appears headed toward
THE OVER-THE-COUNTER MARKET
historic high between 950 and 1000 in the
Birthplace of tomorrow's blue chips
A quarterly dividend of 304 per
ow-Jones industrial average
ANALYSIS: Ball, Burge & Kraus, Cleve-
DEWEY, JOHNSON & CO.
share has beendeclared, payable
October 5,1965 to stockholders of
nd, has reports on Addressograph Multi
Specializing in Quality O-T-C Issues
record of the close of business
raph, Diamond Alkali, Glidden, TRU, White
Free list sent on request
120 Wall Street, New York 5 HAnover
September 17,1965.
otor and Western Reserve Life Assurance.
Allentown Boston . Providence
Robert W. Baird & Co., Milwaukee, has
NORFLEET H. RAND
scussed Manpower, and made briefer. com
Vice-President and Treasurer
ent-on Mortgage Guaranty Insurance, Briggs
New York Stocks
September 7, 1965
Stratton, Consolidated Papers, Nekoosa Ed
St. Louis, Missouri
ards, Paper, First Wisconsin Bankshares
Continued From Page 24
id Cutler Hammer Eldon A. Grimm of
1965
Sales in
Net
alston & Co. reports on Borg-Warner, Am-
High
Low
Stocks Div 100s Open High Low Close Chg.
241/2
20%
WisePSvc
86
2 214
211/3
211/2
ed Industries and Controls Co. of America
211/8
37% 28% WitcoChem
1
33
32½
331/8
321/2
Isard, Robertson, Easson Co., Toronto, on
33% 25% WolvShoe 40
16
32½
32½
321/2
33
31 Wometco 50
51
31
31
30%
eitch Gold Mines
P. W. Brooks & Co. on
331/2. 291/2 WoodwIr 1.60
303/4
308/1.
30%
irst Connecticut Small Business Investment
33% 257/8 Woolworth 253 29 2916 28% 28½
Paine, Webber, Jackson & Curtis on Texas
33 28 Worthingtn 58. 33 33 32½ 321/2-
13% 95/8 Wyand Worst' 131/2 13
131/4
astern Transmission
New
York
Han
atic on Citizens Utilities.
180 947/8 Xerox Cp 70 208 1791/2 183% 1793/8 183%
117th dividend
471/4 381/6 YngstSht 1.80 98 401/8 40% 40 40%
Common Stock
39% 32% YngSDr 1,40a 361/3- 361/3, 361/3 361/8
rt in Fiscal 65 Results
Z
Dividends at the rate of 35c a share
93% 623 Zenith 1.40 193 94% 93 94% 21/2
inicash and 5% in common stock have
ibsidiary in Italy is beginning to make per-
Sales in full.
anent-press pants and is otherwise expand-
Unless otherwise noted, rates of dividends in the fore.
been declared by the board of
going table are annual disbursements based on the last
directors on the outstanding common
g its product line.
quarterly or semi-annual declaration. Special or extra
dividends or payments not designated as regular are
stock of the company; payable
The executive said, Puritan's capital out-
identified in the following footnotes.
October 15, 1965 to stockholders of
ys currently are running at about $700,000
a-Also extra or extras. Annual rate plus stock
inually, but observed that when the acquisi-
dividend. c-Liquidating dividend. d-Declared or paid in
record on September 24, 1965:
on of Colonial Corp. is completed later this
1965 plus stock dividend: Paid last year, -Payable in
stock during 1965, estimated cash value on ex-dividend
I. L. Finch; Secretary
ar this figure should be doubled. Colonial
or x-distribution date. -Declared or paid so far this
akes apparel, utility fabrics, curtains, dra-
year. h-Declared or paid after stock, dividend or
split up. k-Declared or paid year, an accumulative
eries-and bedspreads
issue with dividends in arrears. New issue. Paid
Last month the boards of both Colonial and
this year, dividend omitted, deferred or no action taken at
last dividend meeting. -Declared or paid in 1964 plus
DUNCAN
uritan approved the merger in principle; the
stock dividend. t-Paid in stock during 1964, estimated
cash yalue on ex-dividend or ex-distribution date.
PARKING METER CORPORATION
an is still subject to shareholders votes ex
cld Called.. Ex dividend. dividend and sales
cted in November
REGULAR QUARTERLY DIVIDEND
in x-dis Ex distribution rights. XW Without
The combined companies, Mr. Rosen said,
warrants. With warrants. When distributed.
A regular cash dividend of cents per share
WI- When issued. nd-Next/day delivery
will be paid September 30, 1965 to stock.
ould have sales of around $180 million this
vivj-In bankruptcy or receivership or being reorganized
holders of record at the close of business
ar, and more than $200 million next year
under the Bankruptcy Act, or securities assumed by
September-17 1965.
such companies. Foreign issue subject to interest
835 North Wood St., Chicago 22, Illinois
added that if the merger is completed
equalization tax.
lonial's product line will be expanded to in-
Year's high and low range does not include changes
in latest day's trading.
ude higher priced items
Where a split or stock dividend amounting to 25
per cent or more has been paid the year's high-low
Odd-Lot Trading
range and dividend are shown for the new stock only
NEW YORK Carlisle & Jacquelin and De Coppet
h Profit Followed Loss
Doremus reported handling the following odd-lot trans
actions on the New York Stock Exchange (in shares):
Canal-Randolph
Customer Short Other Total
RANDOLPH CORP reports: for the quarter
Purchases Sales Sales Sales
The official declined to predict results for
ended July
September 10, 1965 446,877 3,837 483,002 486,839
current fiscal year except to say
1965
1964
WASHINGTON-Weekly odd trading. statistics, as
Earned per share
$.26
$.22
reported by the Securities and Exchange Commission,
oks pretty bright He-noted that the com-
Revenues
4,829,992
4,757,151
compare as follows:
Net bef inco taxes
761,702
712,284
CUSTOMERS' ORDERS TO BUY
thy has three half-hour network shows in
Income taxes
368,700
374,641
Week ended:
Shares
Values
Net income
393;002
337,643
Aug. 27.
1,760,328
$89,364,019
e new season against one last season, and
Capital shares
1,530,055
1,520,921
Aug. 20
1,692,928
85,152,241
offering color videotape programs especial-
Nine months ended July 31:
CUSTOMERS' ORDERS TO SELL.
Earned per share
made for syndication These include a half-
$.82
$.73
Aug. 27
12,003,054
$100,447,747
Revenues
14,762,947
14,726,971
Aug. 20
1,810,252
89,938,900
ur daily game shows that local stations
Net bef inco taxes
2,498,299
2,441,283
DEALER ROUND LOT TRANSACTIONS (shares)
Income taxes
1,250,000
1,329,000
Purchases
Sales
gan carrying Aug. 30, he said, and hour-long
Net Income
1,248,299
1,112,283
Aug. 27
442,500
677,240
usical specials expected in several major
a-Restated by company to include results United
Aug. 20
455,630
567,210
arkets within a month
Stockyards Corp., which was merged with Canal-Ran.
For the week ended Aug. 27, short sales by cus-
dolph on Nov. 1, 1965.
tomers were 15,559
Bush Library Photocopy
Preservation
THE WALL STREET JOURNAL, Tuesday, September 14, 1965
25
the Market
Please send me PROSPECTUS and CURRENT REPORT
IVER J. GINGOLD
MARKET DIARY
EATON & HOWARD
Mon Fri. Thur Wed. Tues. Frl:
Issues traded
1,386 1,392 1,395 1,390 1,391 1,377
Advances
645 605 651 589 *659 745
STOCK FUND
BALANCED FUND
Declines
486 523 484 538 481 363
Unchanged
255 264 260 263 251 269
103 64 88 *69 76 70
For possible growth of principal and income.
For current income and possible growth
New highs, 1965
New lows, 1965
18
11
13
10
14
5
Name:
DOW-JONES CLOSING AVERAGES
Street
MONDAY
1965
Changes 1964 Changes
City
State
Industrials
920.92 1.97 +0.21% 865.24 - 0.89 -0.10%
WA
EATON HOWARD, INC., 24 FEDERAL STREET, BOSTON, MASS. 02110
Railroads
215.77 -0:44 0.20% 214.43
Utilities
158.33 +0.55 +0.35% 151.92 0.13%
Composite
320.38 +0.39 +0.12% 306.40 -0.36
able to agree with Duval on an equitable ex
change ratio or price. We are still negotiating
Most likely the plan won't involve cash, al
though we aren't closing the door to any pos
sibility
Muntz was the most active issue on the
American Exchange and rose 1 to 61/4. The
company said sales of color TV sets in the
fourth fiscal quarter, ended Aug. 31, were up
sharply from a year ago.
Zapata Off Shore fell 2% to 19. This fol-
lowed news. that the company's $5.7 million
offshore drilling rig, Maverick, disappeared
during hurricane Betsy; it is insured.
Heard on the Street-
Ecuadorian Corp., Ltd., has been assigned
the symbol ECL for inauguration of its trad-
ing on the American Stock Exchange this
morning.
Walter J. Bergman, chairman
of Lily Tulip Cup, says, "There are no nego-
tiations in progress or pending between the
company and Hercules Powder We cannot
imagine how these rumors persist other than
Z
the, fact we have an exclusive license for
e
foam cups and other products from the Haveg
Industries subsidiary) of Hercules. As a re-
ESTABLISHED
sult, our people have occasion to meet with
for
d
representatives of both Haveg and Hercules
MARKET
from time to time and we suppose this is
the origin of such rumors.
Rothmans
TRENDS
of Pall Mall Canada (Toronto and Montreal)
will boost capital spending in the year end
CA3-4941
ing next June 30 to approximately $2,500
Houston
from $2,060,000 in fiscal 1965, John H. Devlin,
president, says. Fiscal 1965 sales jumped to
UNDERWOOD, NEUHAUS & Co.
$134,804,105 from $119,063,946 in fiscal 1964 and
Incorporated
net rose to $3,653,118, or $2.81 a share, from
MEMBER NEW YORK STOCK EXCHANGE
$2,220,862, or $1.71 a share, in the prior year
Mr. Devlin notes, however, that utilization of
S
the balance of prior years unclaimed tax
losses reduced the fiscal 1965 tax provision
of $1,644,21 by $1,195,000, and he cautions
that fiscal 1966 taxes will absorb a greater
&
CO.
OPTION
portion of earnings The cigaret maker will
complete the purchase of Rock City Tobacco
WRITERS
S with a final payment of $3,100,000 Dec. 31,
MEMBERS
he says, addingsthat the total cost of $7,365,
NEW YORK STOCK EXCHANGE
Receive Free of Charge
000 will be financed entirely out of earnings.
n
Southwestern Offices
W. Ashley Gray, Jr., president of Gen
Carl C. Icahn's
eral Steel Industries, the stock of which was
AUSTIN
weak in active trading late last week says
e-g there no foundation whatsoever" to Street
CAPITAL NATIONAL BANK BLOG.
MIDWEEK
it rumors that the company would issue a re
GR 7-6321
OPTION REPORT
vised earnings report for the first half The
r
company doesn't intend to change its 30-cent
DALLAS
d quarterly dividend rate, he adds.
600 VAUGHN BUILDING - 7-8901
Listing -
SOUTHLAND LIF BLDG
Stocks that appear to be in most demand
di Market Views-
or
OPINION Kenneth Ward of Hayden, Stone
ARE 6111
by option buyers. during the current week,
Premiums offered for options on these stocks
of & Co counsels: Hold some cash in reserve
FORT'WORTH
Our ratings of those premiums.
e for another attractive buying opportunity later
604 FORT WORT CLUB BLDG.
We also invite you to inquire about the many
on this month. Says Leslie M. Pollack
services Mr. Icahn and his staff offer to option
ED:2-7031
e of Reynolds & Co. Fundamentally, serious
sellers.
10 a situation as the India Pakistan conflict was
HOUSTON
Phone or write Department C.
by
Bush Library Photocopy
Preservation
140
391/2, off %on the day
Color TV Makers Gain
Daily Volume
Magnavox, sixth most active, jumped to a
1965 high of 55% and closed at 55% for a net
gain of 2½ This followed news that the com-
pany profit spurted 72% in the first eight
10
months of 1965. Other color TV producers also
gained. Radio Corp. of America, fifth most ac
9
=9
tive, advanced 1/4 to 40, a year high. Zenith
rose 2½ to 94% after trading at a 1965 high of
8
8
94%
7
7
Pan American Sulphur, second most active
on turnover of 150,400 shares, gained 1½ to
6'
20%. The company late yesterday said "there
obviously are expressions of interest" from
5
other companies on acquiring the concern But
35
it added that there aren't any "formal nego-
4
tiations in progress Among companies
mentioned yesterday in Wall Street rumors,
3
Freeport Sulphur and American Smelting &
Refining denied plans to make any tender
MILLIONS
2
MILLIONS
offer. At an Aug. 19 meeting, Pan American
Sulphur's directors took "no definite action"
on an offer from United Nuclear Corp to ac
quire the company's assets
Louisville & Nashville fell 1 to The rail
road said hurricane damage to its lines in the
Following are the Dow-Jones averages of industrials, railroads and utility stocks with
the total sales of each group for the period indicated
New Orleans area is "comparable to the dis
aster the line suffered in 1947 and the cost of
Time
Shares
Date
Open
11
12
Close
Change
High
X-Low
Sold
repairs may approach the 1947 figure of close
30 INDUSTRIALS
to $3 million
Sept. 13
920.10
921.69
921:80
921.31
920.65
920.81
920.92
1.97
0.21
927.62
913,41
583,300
Sept. 10
918.07
919.33
918.29
917.91
917.41
916.97
918.95
1.48
0.16
924.00
911.65
534,500
Pan American World Airways was third
Sept.
9
915.60
916.48
918.07
917.69
918.78
918.23
917.47
3.79
0.41
923.12
911.81
642,800
Sept.
911.49
912.20
-913.68
most active on volume of 145,400 shares. This
8
910.55
911.49
910.83
911.65
3.57
*0.39
918.45
905.67
590,000
Sept.
7
909.84
909.29
909.51
910.66
910.28
909.89
910.11
2:14
0.24
915.22
904.30
547,200
included one block of shares at 33. The
20
RAILROADS
Sept. 13
216.41
216.41
216.36
216.13
216.21
215.93
215.77
0.44
0.20
217.37
214.89
75,500
issue finished at 33%, up 1% on the day
Sept! 10.
216.79
216.92
216.79
216.51
216.43
216.33
216.21
0.86
0.40
217.55
215.39
68,700
On the American Exchange, Duval dropped
Sept.
9
216.26
216.05
216:21
216.41
217.37
217.12
217.07
0.74
0.34
218:26
215.22*
$101,200
Sept.
8
217.22
217.53
216.71
216.74
216.74
216:51
216:33
0.92
0.42
217.91
215.55
94,600
9½ to 86% R. U. Haslanger; executive vice
Sept.
7
217.75
217.60
217.15
217.17
217.35
217.35
217.25
0.50
0:23
218.62
216.21
91,900
president of United Gas Corp. which owns
15 UTILITIES
Sept. 13
158.03
158:09
158.36
158.66
158.39
158.51
158.33
0.55
0.35
159.42
157.18
63,100
76% of Duval and has said it plans to acquire
Sept.
10
157.87
158.09
157.78
157.72
157.93
157.90
157.78
0.03
0.02
158,81
157.00
58,200
the remainder, asserted "People" have been
Sept.
9
157:39
157.39
157.60
157.81
157,72
157.81
157.75
0.63
0.40
158.81
156:56
71,800
Sept.
8
157.30
157.18
157.27
157.18
157.27
157.33
157.12
0.12
0,08
157.93
156.36
52,400
getting excited because they expected an an-
Sept.
156.87
156.78
157.00
157.18
157.09
157.15
157.24
0.58
0.37
158.00
156.06
48,700
nouncement by this time. Frankly we also had
65
STOCKS
COMPOSITE
AVERAGE:
Sept. 13
320.38
320.70
320.80
320.71
320.52
320.48
320.38
0.39
0.12
322.70
318.17
721,900
expected that by this time some plan would
Sept. 10
320.09
320.46
320.10
319.89
319.84
319.70
319.99
0.06
- 0,02
321.87
317.98
661,400
have been announced; but we just haven't been
Sept.
9
319.23
319.32
317.76
319.84
320.42
320.24
320.05
1.25
0.39
321.89
317.82
815,800
Sept.
8
318.63
318,90
318.47
318.60
318.60
318.66
318.80
0.26
0.08
320.65
316.68
737,000
Sept.
7
318.57
318.37
318.30
318.59
318.56
318.51
318.54
0.40
0.13
320.34
316.59
687,800
Averages are compiled daily by using the following
Averages of the highs and lows reached at any time
divisors: Industrials, 2.278; Rails, 4.924; Utilities, 4,125,
during the day by the individual stocks.
Puritan Fashions Sees Sp
65 Stocks, 11:903
TOTAL.STOCK TRANSACTIONS
Puritan Fashions (American) expects to
Monday
Friday
Thursday
New 965 Highs, Lows
10:00 to 11:00
1,770,000
1,780,000
1,820,000
report sharply increased sales and earnings
11:00 to 12:00
1,260,000
1,280,000
1,320,000
12500 to 1:00
1,020,000
1,000,000
1,290,000
On N.Y Stock Exchange
for both the nine months ended Aug 28 and
1:00 to 2:00
850,000
730,000
910,000
the year ending Nov 27.
2:00 to 3:00
1,140,000
960,000
$150,000
3:00 to 3:30
980,000
900,000
870,000
Monday, September 13, 1965
Carl Rosen, president, told The Wall Street
Total
7,020,000
6,650,000
7,360,000
Journal that nine month profit climbed to about
New highs (103)
Adams Ex
Ex Cell o
Motorola
$1.60 a share from $1,037,000, or 83 cents a
Berkey Photo Buys Maker
Admiral Cp
Fair Cam
Nat Airlines
share, a year before. Helestimated that volume
Air Reduct
Fairch Hillr
Nwst Airlin
Alleg Lud
Fluor
Perkin Elm
in the period rose to $61,000,000 from $41,339,
Of Animated Cartoon Gear
A Air Filter
FMC Corp
Pet Milk
000
Amer Can
Fore Dair
Pfaud Per
Am Hospit
Foxboro
&Philip Mor
The official predicted that the clothing con-
a NEW YORK Berkey Photo, Inc said
Am Tobacco
Gen Cable
Plough
cern will earn $1.85 a share in all fiscal 1965
it acquired Oxberry Corp., Mamaroneck,
Anaconda
Gen Elec
Quak Oats
Assd D Gds
Gen Finan
RCA
on sales of $85,000,000, up from $1,404,400, or
N.Y., a; maker of equipment used to make
Atl Refin
Gen Prec
Rand: House
$1.25 a share, on sales of $58,569,71 in fiscal
animated cartoons and television commercials
Auto Cant
Prec pf
Repub Av
1964.
Avnet Inc
Gen Tire
Schering
Berkey said it paid 20,000 shares of Berkey
Beckman
Gulf WhInd
Sinclair
Mr. Rosen ascribed the improved earnings
common stock plus warrants to purchase an
Beech Airc
Hertz
Std Kolls
Bendix
Holiday, Inn
Std Oil Cal
partly to increased sales of youth items and
additional 52,000 shares at $32 a share Ber-
Bobbie Brks
Howrd John
(St Oil. Cal pf
dresses and to an "explosive" volume gain in
key also agreed to put more than $600,000
Boeing Co
Int BusMch
Std Oil Ohio
Bucy Erie
Int Resist
double knits. He also noted that Puritan's
Stevens JP
of working capital into the Oxberry operation.
Burndy
Int Shoe
Sun/Oil
Cessna Airc
IntT Ti pf
Super Oll
At current market prices, 20,000 shares of
Chemetn
Joy Mfg
Swingline
Berkey would be valued at, slightly less. than
City Prod
Kroehler
Tobin Pack
Cluett Pea
Lear Sieg
Un Oil Cal
Four Star TV Says 12-Mo
$500,000
Collins Rad
Litton Ind
Unit Airl in
Colt Indust
Benjamin Berkey president of Berkey said
Litton CV pf
Unit Airc
Four Star Television (over the counter)
Comb En
Magnavox
UAr 56pf cld
estimates it earned'a little more than 50 cents
that we look for this acquisition to add close
Cont Can
Mallory
United Carr
to $2 million to Berkey's 1966 sales Berkey
Cromptn Kn
Manh Shirt
Univ Leaf
a share in the year ended June 26, after a
Delta Air
Maryld Cup
Vendo Co
officials have predicted the company S- 1965
fiscal 1964 loss of $941,551, George A. Elber,
East Air L
McCrory
Vornado Inc
sales will reach about $60 million
Edgertn GG
McCro pf A
WstPt Pep:
executive vice president, told this newspaper
Ekco Pd
McCro pf C
Xerox Corp
Mr. Elber said fiscal 1965 revenue of the
Emerson El
Minn Pw Lt,
Zenith R
EmersEl pf
producer of TV shows rose to more than $18,
Franklin Stores Sales
New lows (18)
000,000 from $11,383,374 a year earlier
Armst Rub
Day PL pf C
Panh EPL
FRANKLIN STORES CORP reports net sales (ex
AtlCityEl pf
Insur NoAm
Four Star, which began to report quarterly
RepubCp pf
cluding leased department sales)
Beat Fds pf
KanCity PL
SuCrest n
only this calendar year, earned $236,448, or 36
1965'
1964
Changes
%
Coml- Cr pf
Nat Bisc
Unit EngFd
August
cents a share, in the nine months ended March
$5,733,194
$5,620,140
$113,054
2:0
Corning G
Nat: Gyps pf
Wall Mur pf
Two months
11,063,847
10,149,334
914,513
9.0.
Corning
of
NiaM 3,90pf
Wometco A
27; on revenue of $14,185,690.
Bush Library Photocopy
Preservation
The Dow-Jones Averages
HIGH
CLOSE
Abreast of
LOW
EDITED BY 0
INDUSTRIALS
The stock market moved ahead again ye,
terday for. the eighth consecutive session
a
JUNE
JULY
AUG
SEPT
trading volume:rose above 7 million shares
4
11
18
25
2
9
16
23
30
6
13
20
27
3,
10
17
Brokers ascribed the gain to continued ger
eral optimism about the economics outlool
based on predictions business expansion Wi
continue through 1966. Another big plus facto
920
920
they said, was news last Friday that 10 na
tions, including the U.S. had agreed on ne
arrangements" to aid the British pound, lesser
ing previous fears it would be devalued.
900
-900
After gaining 1.26 points near the start, th
Dow -Jones industrial average continued to ris
until late morning, when it was ahead 2
points It backtracked somewhat during th
880
880
afternoon and closed at 920.92 up 1.97
0.21%
The railroad average, which fell last wee
advanced during the morning but finished
860
860
215.77, with a decline of 0.44, or 0.20% TI
utility average gained 0.55, or 0.35% to 158:3
Stocks that finished higher on the Ne
840
840
York Stock Exchange overshadowed declin
by 645 to 486, and 255 were unchanged.
bumper crop of 103 issues reached 1965 high
and 18 touched lows.
820
820
Big Board turnover expanded to 7,020,0
shares from 6,650,000 Friday
RAILROADS
Trading also accelerated on the Americ
Stock Exchange, to 1,800,000 shares from
630,000 Friday. More stocks fell than ros
Over the counter, U.S. Government boi
-
220
220
prices, edged up
Leaders in Advance
Airline auto, copper, electronic and oil
sues were in the van of the stock-price a
215
215
vance, which also included some chemic
computer," tobacco and movie issues Buildi
stocks generally moved lower along with son
rubber, steel, drug and machinery issues
210
210
V
Fairchild Hiller topped the most active 1
on sizable volume. of 232,200 shares a)
climbed 1% to a 1965 high of, 11½ Broke
noted that the concern has some military a
205
:205
aerospace programs. Some thought the sto
might have benefited from the Army a
nouncement of plans to expand its helicopt
forces, although Fairchild Hiller wasn't me
200
200
tioned in the news reports yesterday of CG
-
cerns getting further helicopter orders.
The rise in Fairchild Hiller stock benefit
195
195
Republic Aviation shares, which gained 7/8
a year's high of 19% Republic shareholde
are to receive one-half share of Fairchild Hi
er for each Republic share as part of the pt
190
190
chase price for acquisition of Republic'
sets. Stockholders of both concerns will
on the acquisition Sept. 29. In addition to
share in $44.4 million to be paid for Republi
185
185
assets, including the Fairchild Hiller stoc
Republic shareholders will have an equity
undisclosed value in Republic's holdings
Fokker Aircraft of Holland and two fore
180
#180
subsidiaries of Republic.
The stock of Boeing, which produces
UTILITIES
type of helicopter being used in Vietnam
a year's high of 95% and ended at 931/4 up
on the day. The company also is a conteno
for a huge contract expected to be award
soon for the big C-5A transport plane. In ad
155
155
tion, Pacific Air Lines yesterday said it agre
to buy four 737 fiet transports from Boeing
$14 million and to lease two 727 jets Stock
Douglas Aircraft, another contender for
150
150
C-5A contract, climbed 2 to 51%
General Dynamics was fourth most act
on turnover of 120,100 shares, including
trade.nf 80000 shares at39rthe stockended
Bush Library Photocopy
Preservation
Bush Library Photocopy
Preservation
erment today than Joseph C. Swidler.
POST
3-7-65
SHORT SWABS
Henry G. Corey, Houston, has been promoted to manager of
the Continental Oil Company's co-ordinating and planning de-
partment. He was formerly director of the department's eco-
nomic division
M. E. Powell has been advanced to man-
ager of quality control at the Continental Carbon Co, Hous-
ton. He was formerly a research and development technician
Edward W. Keffer, a former Houston resident, has been
named director of accounting for the Cabot Corp's Western
Region, with headquarters at Pampa
W. B. Morgan, man-
ager of marketing for the Warren Petroleum Corp, Tulsa, has
been-named manager of sales of all Warren natural gas liquids,
including natural gasoline
R.L. McGannon, formerly su-
pervising engineer proration for the Standard Oil Co of Texas
at Houston, has been promoted. to district superintendent of
Standard Oil Co of California's Northern Division at Elk Hills,
Calif. In Houston, McGannon has been succeeded by P.W. Hull,
formerly staff geological engineer special projects
Frederic
A. Bush, president of the Sinclair International Oil Co, has been
elected a director of the Sinclair Oil Corp
George H. W.
Bush, board chairman of the Zapata Off Shore Co, Houston,
has just returned from a five weeks' around-the-world busi-
ness trip, visiting in England, Holland, France, Italy, Greece,
Egypt, Lebanon, Iran and Japan in Zapata's interest. The
company. is currently conducting offshore drilling operations
in the Middle East.
Corey
Keffer
Giezentanner
Prokop
Robert B. Giezentanner, assistant manager of materials for
the Humble Pipe Line Co, Houston, has-been named manager
of that activity, succeeding F. R. Ball, who has retired after
almost 38 years with the company. Giezentanner has been
with Humble Pipe Line and predecessor companies since 1941
James Y. Sexton of Bunkie, La, gauging foreman for
Humble Pipe Line, retired March 1 after more than 43 years
of service with the company Charles Prokop of Esso Pro-
duction Research, Houston, has been named vice chairman of
the Texas Gulf Coast district of the American Petroleum In-
stitute's Division of Production Other 1965 district vice chair-
men include: J. F. Whitley Jr, Union Producing Co, Agua
Dulce, South Texas; Charles D. Schutz, San Antonio, Southwest
Texas; R. G. Denyer, Sun Oil Co, Delmita, Rio Grande Val-
ley, and G. E. Wilson, Johnston Testers, Victoria, South Cen-
tral Texas. The division's Southern District meeting in 1966
will be held in Houston in early March
George M. Chea-
tham, Tulsa oil consultant has been elected executive vice
president and a director of Struthers Thermo-Flood Corp. Wil-
liam H. Morris, president of the Great Yellowstone Corp,
Tulsa, has also been elected to the Struthers board
A.H.
Hutto has been elected vice president and co-ordinator of traf-
fic and sales for Coastal Transport Co, Inc, Houston.
Bush Library Photocopy
Preservation
Corvair 500, Chevelle 300, Chevrolet Biscayne. All 2-door models.
rms up quickly,
d high efficiency
and a highly
discover the
nted Turbo-Air
and traction for
about water or
difference
Check the great
W payments on
CHEVROLET
me
was
know how prac-
ure won show
ur Chevrolet dealer's
Corvette
HP---3-7
ROLET, INC.
JIMMIE GREEN CHEVROLET
ASTEX FREEWAY
2611 SOUTH SHEPHERD JA 9-4911
BOB ROBERTSON INC.
5800 GULF FREEWAY WA 1-7134
/ROLET
In Pasadena
CA 8-4311
BOYD MULLEN CHEVROLET. INC.
616 W. STERLING GR 3-7401
Bush Library Preservation Photocopy
bill
Ial-
big
No
ans
hroni-
on-
iall
Continental Oil Co. has promoted Henry G. Corey to manager
res of of the coordinating and planning department. He was formerly
in the economics division. H. F. (Blackle) Clark has or-
ru-
ganized the Clark Corp. for emergency oil well control ser-
a
vice. It is headquartered on Westheimer Rd. just over the Harris
a
County line in Fort Bend County
James Y. Sexton of
re-
or
Bunkie, La., gauging foreman for Humble Pipe Line Co. in
that area, has retired after 43 years service.
W.B.
non
Morgan of Tulsa, manager of marketing for Warren Petroleum
In- Corp., has assumed responsibility for sales of all natural gas
al-
liquids, including natural gasoline.
J. Robert Krupps has
im- been named assistant controller of Sinclair Oil & Gas with
headquarters in Tulsa
Wilson Supply Co. has named
led
Walton Moore fishing tool manager at Morgan City, La
vi-
an
Robert K. Franklin, president of Rolo Manufacturing Co., ad-
of dressed Brigham Young University seniors and honor students
S
in Provo, Utah, Thursday
Robert Tesoro was named man-
nd
ager, manufacturing planning and coordination for Jefferson
gu-
Chemical Co., Inc., here. He was formerly manager of engineer-
for ing services at the company plant in Port Neches
Milton
d
of P. Machemehl was named area manager of stores here for the
p
the
Oilwell Division, U.S. Steel Corp
at
ro-
all George W. Bush, chairman of the board of Zapata Off-Shore
D
DCF
Co., has returned from a five week trip during which he visited
m
Europe and the Middle East. Zapata has drilling operations in
he the Middle East through its affiliate, Seacat-Zapata Off-Shore
ild
Co.
Walter L. Pullin joined Pipe Distributor's, Inc., as an
int inside sales representative.
Petroleum Information Corp.'s
Lockwood Center has moved from the M.&M. Bldg. to the South
of
TO
ir
Coast Bldg
M: E. (Gene) Powell was promoted to manager
of quality control for Continental Carbon Co. here.
Eli Zinn
La
DE
was promoted to technical superintendent and Blackburn Loch-
Bl
re
ridge to superintendent of compunding in the plastics division
e.
at the Deer Park plant of Diamond Alkali Co. Zinn's predeces-
SS
sor; Lawrence E. Ice, was named polyvinyl plant manager at To
Delaware City, Del.
ert
WI
Frank E. McGonagill Jr., vice president and manager of the spe
in
oil and gas department of the Bank of the Southwest, and Henry Do
of
J. Gruy, president of H. J. Gruy & Associates, Inc., Dallas, are Cal
n-
authors of a paper on the importance of oil company finan- for
al
cial statements which McGonagill delivered before the Sym- cal
posium on Petroleum Economics and Evaluation in Dallas
vic
er R. L. McGannon, supervising engineer-proration for Standard Co
le Oil Co. of Texas here. was promoted to district superintendent age
in for the northern division, Standard of California, in Elk Hills, ing
Cal. His successor here is P. W: Hull, staff geological engineer. ser
W B Baylor, president of The Baylor Co., announced sign- COI
CHRONICLE
3-7-65
Bush Library Photocopy
Preservation
many a small business, his suffered from un
As he saw his problem, with $10,000 he coul
parts and get them at better prices which was
Now, $10,000 isn't a very big business loai
size are routine. We make them every day We
this one.
But in this young man, we saw a rare talent
born salesman.
We were concerned though, that he was spr
was his company's chief engineer and manager
and personnel director and treasurer and SO for
After studying his operation, our specialists
you should be out selling. Why don't you get
supplier? Let him buy the parts and assemble
the product Let him worry about all those det
centrate on selling." He said: "I have had tha
TEXAS/C
TEXAS NATIONAL BANK OF COMMERCE/MAIN, TRA
Bush Library Photocopy
Preservation
Port
Seawall Clipped
Fronathin the
By Towering Rig
(Pictures on Page 7)
by a stiff wind from the south.
The Maverick, a towering
For a seemingly endless
drilling rig owned by the Zapa-
length of time, as hundreds of
ta Offshore Drilling company of
interested spectators gathered
Houston, inched through the up-
in the vicinity, the huge bulk
raised spans of Pleasure Pier
rested against the seawall be-
bridge Monday about 3:30 p. m.
(See RIG, Page 2)
in one of the infrequent pass-
ages of such structures.
Towed by two tugs and shoved
by two, the 180-foot wide rig
took fully an hour to squeeze
between the 200-feet-apart bridge
piers. Only expert piloting by
Capts. Bert Jackson and G. C.
Rees of the Sabino Bar pilots,
assisted by several tugs, pro-
vented a catastrophe as the on-
tire passage was accompanied
Bush
Rig--
Miss
(Continued from Page 1)
Never
twoen the city slip and the
bridge. At 0 n e time, the rig
We
struck the wall hard enough to
nick a chunk from it.
Finally Capt. Jackson, stand-
ing on the wide overlapping
bridge of the rig, had the front
tugs, the Gulf Prince and the
El Buey Grando, where he
wanted them, nearly at the
south bank of the canal. T h 0
rear tugs, the Gulf Miss and
the Hermes, pushed and the
giant rlg twisted between the
spans to the seaward side.
Pressed Into Service
The Sabine Towing company's
Hormes had been pressed into
service when one of the Gulf-
Mississippi Towing company's
tugs became disabled.
The three steel caissons of the
Maverick loomed a reported 275
feet Into the air, more than two
and a half times the height of
the drawbridge spans and about
twice the height of the 138-foot
high fixed span bridge soon to
be built across the canal here.
The rig 18 reportedly en route
to an offshore location 180 miles
from the Louisiana coast where
its three caissons will be sunk
to the bottom of the Gulf. She
had been at the Levingston yard
In Orange for repairs since
about May 29, It was reported.
The rig is said to be valued by
its owners at $7 million.
City Engineer Bob Bowers,
who was at the scene of the
rig's passage, said the city's
Bush Library Photocopy
accident-prone bridge remained
Preservation
utouched by the structure. He
said as yet no estimate had
been made of the seawall dam-
age.
Bush Library Photocopy
Preservation
TALL DRILLING RIG NEARS BRIDGE-Hundreds of spectators gathered at Pleasure Pier
bridge Monday to watch one of the rare passages of a drilling rig between the spans. The
Maverick, owned by the Zapata Offshure Drilling company. lifts its steel caissons a re-
paried 275 feet in the air and measures a wide 180 fec: across. With a stiff south wind, it
took all the skill of two Sabine Bar pilots and four tug skippers to ease through the bridge.
(Crist photo)
+
SEAWALL CLIPPED-Port Arthur's vulnerable seawall re-
ceives another blow as the Maverick, a massive drilling rig,
glances off it Monday in its transit to the sea. The 180-foot
wide rig, caught by a stiff wind as it prepared to go through
the spans of Pleasure Pier bridge, nicked the wall. No esti-
mate of the damage has been made, city officials say.
Bush Library Photocopy
Preservation