RARE 1930'S VINTAGE HUGHES TOOL COMPANY 5 OIL BITS

RARE 1930'S VINTAGE HUGHES TOOL COMPANY 5 OIL BITS (image 1/3)
RARE 1930'S VINTAGE HUGHES TOOL COMPANY 5 OIL BITS (image 2/3)
RARE 1930'S VINTAGE HUGHES TOOL COMPANY 5 OIL BITS (image 3/3)
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13 1/2" x 11" x 1" RARE & SIGNIFICANTLY HISTORIC I believe this is a corporate gift or executive wall hanging, given to significant vendors/suppliers. I am speculating as to the vintage of 1930's and assumed by the last dated bit of 1933. "HUGHES TOOL COMPANY " Depicting five metal two-dimensional oil drill bits, dated from 1909 to 1933 Hughes Tool Company was established in 1909 as Sharp-Hughes Tool Company when Howard R. Hughes, Sr. patented a roller cutter bit that dramatically improved the rotary drilling process for oil drilling rigs. He partnered with longtime business associate Walter Benona Sharp to manufacture and market the bit. Sharp's widow, Estelle Sharp, sold her 50% share in the company to Howard Hughes Sr. following her husband's death in 1912. The company was renamed Hughes Tool at this point. When Hughes Sr. died in 1924, 75% of the company was left to Howard Hughes Jr. , who at the time was a student at Rice University . According to Howard Sr.'s will, his son was to initially receive a 25% share, his wife 50%, and the remaining 25% was to be divided between various family members. Since Howard Sr.'s wife had died some years earlier, and the will had not be updated to reflect that, Howard Jr. automatically inherited his mother's shares. Resentful of his relatives' attempts to run the business, Howard Hughes read more
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