Word: petroleum
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Dates: during 1950-1959
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When he was called before a Senate Banking subcommittee last month to defend a $10.1 million loan authorization to Texmass Petroleum Co., RFC Chairman Harley Hise assured the committee that this was "the first loan RFC has ever made to the oil industry." Last week RFC Director Harvey Gunderson corrected his boss. RFC has been in the oil business since 1940, Gunderson told the subcommittee. In that time it has made 82 loans amounting to $18.9 million for oil development. Some 13 oil loans were still outstanding and three more besides Texmass' had been authorized...
...William J. Fulbright has been gathering evidence for a full-scale investigation of RFC by his Senate banking subcommittee. Last week, as his committee began hearings, it looked as though he had struck pay dirt at the first swing of his pick. The case was that of the Texmass Petroleum Co., an oil outfit which got authorization for a $10,100,000 loan from RFC in 1949. The money has not yet been paid out and Senator Fulbright hoped he could prevent its ever being drawn...
...want RFC money? The subcommittee learned that in 1945 a group headed by Dallas Oil Promoter Homer W. Snowden persuaded 350 wealthy Bostonians to invest more than $8,000,000 in separate oil projects, managed by Snowden and his associates. Later they formed the Texmass Petroleum Co. to take over the oil & gas properties in Texas. In the spring of 1947 Texmass borrowed $4,000,000 from Massachusetts Mutual Life Insurance Co. and $3,500,000 from John Hancock Mutual Life Insurance Co. Later, the 350 Bostonians put up another $1,000,000 to protect their original investments...
...recipient of the award will be chosen by the University, Socony-Vacuum fellows are not restricted as to future employment or publication of the results of their investigations and are free to study subjects not connected with the petroleum industry...
...independents. Even the then Commissioner Leland Olds, a zealot for regulation, approved FPC's stand that it would not "assert such jurisdiction." Less than a year later, Olds and the commission changed their minds. In October 1948 they started proceedings against the natural gas 'affiliate of Phillips Petroleum Co., which has the biggest gas reserves of any independent gas producer, to test their power to fix the price of gas in the field...