Texas History Littered by `Frittered-Away' Fortunes

By Kennety N. Gilpin, N. Y. T. N. S. | THE JOURNAL RECORD, September 3, 1986 | Go to article overview

Texas History Littered by `Frittered-Away' Fortunes


Kennety N. Gilpin, N. Y. T. N. S., THE JOURNAL RECORD


NEW YORK - The Hunt family's financial slide, though spectacular, is by no means unique in the history of American business .

Indeed, right now the state of Texas is littered with families who have seen their fortunes frittered away by capricious spending, greed or bad luck.

Aside from the Hunts, most prominent among these fallen angels are the Murchisons, whose patriarch, Clint Murchison, amassed a vast fortune in oil and real estate.

Earlier this year, Murchison's son, Clint Murchison Jr., ended a yearlong battle with creditors and filed for bankruptcy protection. Murchison, whose far-flung empire was once worth at least $350 million, now has a net worth of no more than $3 million.

The steep slide in oil prices has also played havoc with the fortunes of two oilmen, John W. Mecom Jr. of Houston, who owns the New Orleans Saints football team, and Eddie Chiles of Fort Worth,who recently sold a majority stake in the Texas Rangers baseball team to Edward L. Gaylord of Oklahoma City, president and publisher of The Daily Oklahoman.

""Everybody's in a pinch in Texas,'' said John Train, a private investment counselor and author of ""Famous Financial Fiascos,'' which chronicles 20 of history's most famous financial debacles.

""The problem there is that the state has traditionally been regarded as having a three-legged economy: oil, agriculture and real estate. …

The rest of this article is only available to active members of Questia

Sign up now for a free, 1-day trial and receive full access to:

  • Questia's entire collection
  • Automatic bibliography creation
  • More helpful research tools like notes, citations, and highlights
  • Ad-free environment

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items

Items saved from this article

This article has been saved
Highlights (0)
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

Citations (0)
Some of your citations are legacy items.

Any citation created before July 30, 2012 will labeled as a “Cited page.” New citations will be saved as cited passages, pages or articles.

We also added the ability to view new citations from your projects or the book or article where you created them.

Notes (0)
Bookmarks (0)

You have no saved items from this article

Project items include:
  • Saved book/article
  • Highlights
  • Quotes/citations
  • Notes
  • Bookmarks
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited article

Texas History Littered by `Frittered-Away' Fortunes
Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Full screen

matching results for page

Cited passage

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited passage

Welcome to the new Questia Reader

The Questia Reader has been updated to provide you with an even better online reading experience.  It is now 100% Responsive, which means you can read our books and articles on any sized device you wish.  All of your favorite tools like notes, highlights, and citations are still here, but the way you select text has been updated to be easier to use, especially on touchscreen devices.  Here's how:

1. Click or tap the first word you want to select.
2. Click or tap the last word you want to select.

OK, got it!

Thanks for trying Questia!

Please continue trying out our research tools, but please note, full functionality is available only to our active members.

Your work will be lost once you leave this Web page.

For full access in an ad-free environment, sign up now for a FREE, 1-day trial.

Already a member? Log in now.