OIL: Negotiations in Iran

When Iran's ailing Premier Mohammed Mossadegh was in the U.S. last year, he met W. (for William) Alton Jones, president of Cities Service Co., the twelfth-biggest U.S. oil company. Three weeks ago, on Mossadegh's personal invitation, "Pete" Jones hustled to Iran, looked over the Abadan refinery, nosed around the oilfields. What was Jones up to? Last week Jones would say only: "My job isn't yet finished."

Jones is an old hand at rescue work in the sort of expropriation trouble afflicting Britain's giant Anglo-Iranian Oil Co. When the Mexican government expropriated U.S. oil properties in 1938, Cities Service's holdings, all...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!