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Engineers Are Expected In East Chicago and Hammond in Few DaysThe probability of a sixth.oi! refinery in the Calumet district became apparent this morning with the disclosure from an authoritative source that a company of some national importance will soon start a canvass of industrial sites in the Hammond-East Chicago area with a view toward locating here if suitable property is available.For the time being- the name of this company cannot be revealed, other than that it Isas heretofore operated principally in the south, is independent as far as alliances with the large corporations already hero arc concerned, but has been attracted by the advantages of this district has they have already been developed by five other refineries.EXGI3VEERS EXPECTEDEngineers of the concern are expected here within the comparatively near future to view the prospect of lands available, and purchasing agents also will collect data relative to land costs, taxes and other material which will determine the selection of a. location. Gestures of a friendly nature are already being-made toward this company, and definite moves toward decision relative' to the selection of a plant site may be made within the next couple of months. ,Location of this refinery here would he the sixth in North township, and would mark a narrowing of the margin between the steel and oil industry for dominance in. importance in Lake county. Oil production at present is second only to steel production here, approximately 10,000 men being employed in the refineries of tho Standard, Sinclair, Shell, Empire and Bartles-McGuire at the present.PROSPECTS PROMISINGIncidentally, tho prospects in the oil industry in the Hammond-Whiting-East Chicago district has never been more promising. The Standard Oil refinery at Whiting is reported to be operating practicality at. capacity and lias a number of minor improvements and expansions under way. The Sinclair refinery is maintaining tho largest force in its history now, largely because of previously announced expansions in its facilities. The new Empire Refining company plant is nearing completion, and will be placed in full operation this spring, while Shell, concerning which reports of contemplated expansions have long been prevalent, is operating at its usual high level.At tho annual meeting of the stockholders of the Standard Oil of Indiana, which will bo held at Whiting on March 6th, a vote will be taken on a plan approved by tho board of directors to increase the authorized capital stock from $450,-000,000 to $500,000,000 by raising the present number of shares from 18,-000,000 to 20,000,000. The additional funds will he used to acquire additional property, and allow necessary expansions and developments in the future, according to President Edward G. Seubert.Tho Standard Oil stockholders will ‘also elect a new board of directors and will vote on a proposal to change the date of the annual meeting from the first Thursday in March to the first Thursday in May.The directors yesterday declared the regular quarterly dividend of 621- cents a share payable on March 15th to stockholders of record on February 15 th.
Newspaper Details
Whiting Evening Times
Whiting, Indiana, US
Tue, Feb 04, 1930
Page 1
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Anonymous
IN, USA 05 Oct 2016
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Whiting Evening Times
