Word: finaglin
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Died. Clint Murchison Sr., 74, epitome of the Texas wheeler-dealer and one of the world's wealthiest men; of a heart attack; in Athens, Texas. Murchison went into wildcat drilling in his 20s, borrowing and trading for new wells ("financing by finaglin'," he called it), and soon was bringing in wells at a rate of 40 a year. By 1925, at age 30, he was worth $5,000,000, and he had hardly started. Leaping from venture to venture, merging and consolidating, he expanded into railroads, buslines and publishing until at one point he was said...
Then Murchison made the decision that made him rich: he started drilling. Through a system of "financin' by finaglin'," i-e-, getting money in exchange for a share of one lease, a rig in exchange for a share of another, he formed a new partnership, started drilling wildcat wells at the rate of 50 or 60 a year. Murchison always put aside a few shares for himself. He struck it lucky and his income soared to $30,000 a month. In 1925 he sold his oil interests for some $5.000,000, retired to San Antonio...
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