Word: leaching
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Dates: during 1950-1959
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Among the biggest spenders is the oil industry. With 1955 earnings of $262 million (up $36 million over 1954), Texas Co. Chairman J. S. Leach announced that his company would spend $325 million this year for new petrochemical plants, refineries and research centers. Close behind, Gulf Oil, Standard of Ohio...
...Leach envisions inevitable expansion for his project, but he must first find permanent financial backing for the program. Grants from foundations are usually offered for short terms, with the expectation that the projects will be able to find other backers once established. But after Leach recruits some "angels," he plans to develop the program into a field with continuity. He eventually wants related courses of study offered in the College, starting with the junior year. These courses would lead to a series of seminars and graduate courses...
...Leach knows he will never be able to place his students directly in the Defense Department and that the Department will probably never establish an official connection with the program. But this does not discourage him. He wants not an evolution toward emphasis on defense programs throughout the country, but an immediate breakthrough...
...With the increasing defense demands of this nation," Leach emphatically states, "comes an immediate obligation for the universities to assume responsibility and provide academic links which are so necessary to successful defense planning. The imperative nature of defense demands makes an immediate course of action a necessity...
...increasing importance of the Cold War, as well as the interest developing in universities throughout the country, is beginning to prove Leach was correct in anticipating the magnitude and importance of his pilot project...