"During 1936 your company was confronted with a serious obstacle in the form of increased severance taxes in both Louisiana and Texas," wrote Freeport Sulphur Co.'s young President Langbourne M. Williams Jr. in his report to stockholders last week. Those two States account for 99% of all sulphur mined in the U. S.. and nearly all of it is produced by two companies, Texas Gulf Sulphur and President Williams' Freeport. Both companies are making money in spite of the fact that Louisiana upped the sulphur tax from 27¢ per ton to 60¢ in 1934,...
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