Word: gulf
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Dates: during 1960-1969
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Both moves are laudable. President Johnson has gone far beyond the intent of the 89th Congress, which passed the Gulf of Tonkin resolution in 1964 to back him after U.S. ships exchanged fire with North Vietnamese gunboats. Although the Tonkin resolution authorized the President to "take all necessary measures" to "prevent further aggression," Johnson gave no indication until after the 1964 elections that he intended to embark on a policy of sharp escalation...
Such a bond can cost a man a stiff $400-$500 a year - if he can get it. Op erating with an $85,000 grant from the Department of Health, Education and Welfare, Bonabond provides such bonds cheaply and is a potent force in narrow ing the gulf between employers and men with prison records. Bonabond lists 355 vouched-for employables in its files, and in the past two months has placed people in 98 jobs, ranging from porter to police-community relations aide for the Urban League...
...problems. The closing of the Suez Canal not only forces tankers to sail 4,700 miles farther around the Cape of Good Hope to European markets but has also caused such a price-boosting scramble to charter additional ships that the cost of hauling crude oil from the Persian Gulf to Rotterdam has jumped from $2.90 to $18.60 a ton. Salvage experts figure that the handful of scuttled ships blocking the waterway could be cleared away in a month, but silting from its sandy banks may require fresh dredging. Oilmen glumly predict that Egypt's Nasser will keep...
...conglomerate companies like Gulf & Western Industries, such mergers have had spectacular results. Under Chairman Charles Bluhdorn, Gulf & Western, which a decade ago was an ailing Houston auto-parts company, has gobbled up one company after another (among them: Paramount Pictures, New Jersey Zinc) to balloon into a $1 bil-lion-a-year operation. A pioneer in the conglomerate-building field, Los Angeles' Litton Industries, which was started almost from scratch by Chairman Charles B. ("Tex") Thornton (TIME cover, Oct. 4, 1963) and President Roy Ash in 1953, is still building. Last week, Litton (1966 sales: $1.2 billion) arranged...
...computer and research services and risking money on projects they might not undertake on their own. Diversification has obvious benefits for the conglomerates, buffering them against bad weather within a single industry. To Andrew Carnegie's dictum to "put all your eggs in one basket and watch them," Gulf & Western's Bluhdorn replies: "If you have all your eggs in one basket, then you're stuck with those eggs...