Word: houstonize
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...Christmas Story," by Roger Rosenblatt [NATION, Dec.30]. Every city in this country has a Sunset Park with its Mallorys, Marias, Geraldines and Mary Pauls. Reading about their lives made me take stock of myself and forced me to swallow a large dose of "shocking reality." George Harris Sr. Houston...
Nearly every stock on Wall Street had some ups and downs last week, but Pennzoil's performance gave even some poker-faced investors an acute case of the jitters. After opening at 63¼ on Tuesday, shares in the Houston-based oil company took off. By the closing bell the stock had jumped 19¾ points, to finish at 83. The next day Pennzoil climbed to 91 by 11:45 a.m. but then tumbled to 73½. The rest of the week proved less tumultuous, and Pennzoil ended Friday at 71½. As late as Nov. 18, Pennzoil was selling for just...
...Roman poet Vergil in The Aeneid called rumor "a huge and terrible monster," and Wall Streeters last week would have agreed. The intense speculation about Pennzoil was part of the high-stakes legal battle the company has been waging with Texaco. In November a Houston jury ordered Texaco to pay Pennzoil $10.53 billion in damages for snatching Getty Oil away in a 1984 takeover battle. After a Houston judge upheld the jury's decision, Pennzoil and Texaco negotiators tried to forge an out-of-court settlement...
...bogus tale originated was unclear. At the New York Stock Exchange, officials tried to pinpoint exactly when Pennzoil's shares started on their unearthly ascent. Said N.Y.S.E. Vice President Richard Torrenzano: "We noticed greater activity both in terms of price and volume by late morning on Tuesday." In Houston, Liedtke first learned of the stock spurt when he received a call in his office atop Pennzoil Place. Said he: "I could only guess that there had been some kind of leak by Texaco about the offer they were going to make." Liedtke later sent a cable to the Securities...
...accustomed to getting his way, found his power diluted by scores of boards, commissions and independent-minded elected officials. His impatience with back-room deal cutting did not help to promote his costly liberal programs in a legislature dominated by Republicans and conservative Democrats. Says Republican State Senator Les Houston: "He didn't know how to compromise, and he didn't know how to learn...