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Appendix B History of the Markey Trust
Pages 78-82

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From page 78...
... Under typical oil lease arrangements, the lessor -- in this case Gulf Oil Company -- paid all costs and received seven-eighths of the proceeds, while the property owner received oneeighth. In 1925, Gulf Oil leased the Waddell Ranch for 50 years, an unusual arrangement as most oil leases were for perpetuity or for as long as the 1The History of the Markey Trust is largely a duplicate of the same section that appeared in Funding Biomedical Research Programs: Contributions of the Markey Trust.
From page 79...
... Markey asked Louis Hector, her attorney, to explore whether something more specific could be identified to guide the work of the charity. Hector visited the Robert Wood Johnson Foundation, which was established in 1972 as a national philanthropy devoted to improving the health and health care of allAmericans, and the Rockefeller University, which focuses on medical research, to learn more of their activities.
From page 80...
... . She subsequently gave a number of gifts totaling $5.25 million to the Ephraim McDowell Research Foundation to build a cancer center at the University of Kentucky.
From page 81...
... Kaiser Family Foundation and dean of the University of Colorado Medical School and Stanford University School of Medicine. The structure and the function of the Markey Trust were guided from its inception by Louis Hector's vision of supporting and encouraging basic medical research.
From page 82...
... In 1984, the Trust held a series of three "think tank" meetings with distinguished biomedical researchers in California, New York, and London. These sessions produced a number of recommendations, the most important of which was the idea of long-term financial support for postdoctoral fellows and young faculty members.

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