Word: houstons
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Dates: during 1980-1989
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Walter G. Hibbs, 42, whose oilfield tool companies in Houston earn him more han $100,000 a year, protects part of his ncome through a second business venture that leases air compressors to oil-well operators. The oilfield equipment benefits from complex tax credit carry-forwards and depreciation, thus accumulating losses that are used to offset his leasing-company profits. Says Hibbs proudly: 'We've never paid a dime in taxes on those profits...
...white-collar workers have become an outright majority (51%). Fourteen of the 20 biggest U.S. cities, traditional Democratic strongholds, lost population during the 1970s, some drastically, as residents moved to the largely Republican suburbs. The cities that did gain in population tended to be in the Republican-dominated Sunbelt?Houston, Phoenix and San Jose, for example...
...million annually), won a staggering $1.8 billion in damages from a federal court in Chicago after charging that A T & T had conspired to block its entry into the long-distance telephone market. Now MCI is selling its phone service in such leading markets as New York City, Houston and San Diego. The company's brashly imitative advertising campaign tells customers to "reach out and touch someone. But do it for half of what Bell charges." Meanwhile, ITT, Western Union and even the parent corporation of the Southern Pacific railroad have started up similar operations...
...rigs. On one mission, a helicopter crashed, killing 13. For all the warnings, a few stubborn Texans refused to move from the path of the oncoming storm. "It's been 19 years since a hurricane crossed the coast," said Cecil Palmer of the National Weather Service's Houston office. "We have many newcomers who don't know what a hurricane is all about and many oldtimers who feel, 'Well, I rode it out before and I can do it again...
Merszei, who acquires the title of vice chairman, is to move to Houston to run the company's troubled Hooker Chemical Corp., which has been suffering from a profits-squeeze; while Hooker accounts for about a fifth of Occidental's $9.6 billion revenues, it contributed less than $10 million to the company's $561.6 million profits last year. Hooker is also under legal attack for having dumped industrial wastes in the Love Canal outside Buffalo, an episode that occurred before Occidental acquired the firm. Merszei did not try to disguise his wounded feelings about his ouster...