Entries - Entry Category: Business and Economics - Starting with U

Sidney (Sid) Albert Umsted, known as the “Father of the Smackover Oil Field,” drilled the first well in the Smackover (Union County) area, introducing Arkansas’s largest oil discovery. In 1925, the Smackover field produced over 77 million barrels of oil and was the largest oil field in the nation at that time. Sid Umsted was born on November 22, 1876, in Houston County, Texas, to Caroline Pearson and Albert “Newt” Umsted, who had moved there from Chidester (Ouachita County). Umsted’s father abandoned the family while Sid was a child, and his mother moved back to Chidester to be near family members. When Umsted was eight, his mother married Harrison Bratton, and the family settled on a farm near Bernice, Louisiana. …

The Union Saw Mill company, based in Huttig (Union County), was the creation of experienced timbermen in St. Louis, Missouri, and Lufkin, Texas. The stockholders of the company first met in December 1902 in Little Rock (Pulaski County). Clarence Dean Johnson (1866–1940) of St. Louis was elected president and general manager, and Edwin Ambrose Frost (1869–1950) of Lufkin was elected vice president. The name of the company probably derived from the location of most of the timber: Union County, Arkansas, and Union Parish, Louisiana. Union Saw Mill’s first pine mill began operating in 1904. The year before, the company had also begun construction on a town next to the mill site. The town was named after C. H. Huttig, one …

The United Mine Workers of America (UMWA) was at one time the most powerful union in the United States. The union, which remains active in the twenty-first century, encouraged the development of the Arkansas State Federation of Labor. The UMWA was formed in 1890 in Columbus, Ohio, when Knights of Labor Trade Assembly No. 135 merged with the National Progressive Union of Miners and Mine Laborers. This combined union banned discrimination against any members based on race, national origin, or religion. By 1898, the UMWA had achieved improvements in wages and hours per week with mine operators in Pennsylvania, Ohio, Indiana, and Illinois. In 1898, the UMWA began organizing miners in western Arkansas. Arkansas became a part of District 21, and …

Established in May 1980, the University of Arkansas Press (UA Press) serves as the publishing house of the University of Arkansas (UA) in Fayetteville (Washington County) for scholars in history, sciences, and creative writing. Over the years, the press has garnered a reputation for publishing the poetry of former U.S. poet laureate Billy Collins, as well as several books by former president Jimmy Carter. In December 1980, in an effort to provide a venue for scholars to publish their work, the press formally opened its doors at the renovated McIlroy House on the edge of campus; a stylized depiction of this house became the press’s logo. Founded by renowned Arkansas poet Miller Williams, along with noted historian and former UA …

The concept of usury (defined as the lending of money with an interest charge—usually an exorbitant one) and its application to the lending function have generated significant head scratching and hand wringing over the years, especially in Arkansas. In fact, for much of recorded history, the lending of money at interest has simply not been considered a wholesome activity. In some early Jewish and Christian communities, it was considered immoral to take advantage of a needy neighbor by adding interest at any rate to his already burdensome debts. To this day, some majority-Muslim countries observing the law of Sharia, as set forth in the Koran and the Sunna, prohibit lending at interest at any rate, based on the same rationale. …