Word: texan
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Dates: during 1950-1959
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...Senate Majority Leader Lyndon Baines Johnson took a hard look at this session's Senate accomplishments, found that "by the standard of achievement, I think my colleagues on both sides of the aisle are entitled to congratulations." Passed, reported Texan Johnson, were "26 more important bills," including the Middle East resolution and establishment of the International Atomic Energy Agency as well as price supports for long staple cotton and a poultry-inspection law. (Probable losses: school aid, statehood for Hawaii and Alaska, a postal increase and U.S. membership in the world-trade fostering Organization for Trade Cooperation.) "Of course...
...five original companies backing the line, headed by Texan Clint Murchison, invested some $15 million in stock at the insiders' price of $8 a share. These holdings are now worth $43 a share, or $82 million. Influential speculators got big chunks of the $37.5 million public issue, which is now worth $161 million. Fantastic speculative profits were also made in three companies set up to gather or distribute the gas Trans-Canada will bring. Vancouver Oilman Ralph K. Farris, son of a Liberal Senator and founder of the Northern Ontario Natural Gas Co., paid $300 for stock now worth...
With that, Senate Majority Leader Lyndon Johnson and Texas' Junior Senator Ralph Yarborough swung into action on Capitol Hill, asked Congress to help in curbing "uncontrolled" oil imports. Said Texan Yarborough: "The situation for our independent producers has become a one-way street leading to oblivion." Johnson announced that he had word that President Eisenhower himself would intervene in the case to curb oil imports "threatening national security...
...even approved the President's request for an economic-development fund of indefinite duration, thus setting a new pattern for economic development funds (TIME, June 3). When the measure reached the Senate, both Minority Leader William Fife Knowland and Majority Leader Lyndon Baines Johnson quickly endorsed it. Said Texan Johnson: "This is the kind of philosophy that will get other nations off their backs-and off our taxpayers' backs...
WILDCATTER Glenn McCarthy agreed to sell his last major oil and gas property, a 970,000-acre concession in Bolivian hinterlands, to Tennessee Gas Transmission Co., Union Oil & Gas Corp. of La., Murphy Corp. and Monsanto's Lion Oil division. Texan McCarthy lost heavily on Bolivian wildcatting, did not have enough funds to market oil after he found it. He will be lucky to break even on deal to give him $1,500,000 outright, another $1,500,000 if group can market...