Word: murchison
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...CLINT MURCHISON, the Texas wheeler-dealer who helped Robert R. Young take over the New York Central in 1954 (TIME, June 21, 1954), is stepping out as a director of the railroad "because of pressure of other duties." To take his place: Dallas' Donald H. Carter, a Murchison associate and owner of 15,200 Central shares...
...giants of the oil business squared off last week for a fight to dominate Canada's natural gas industry. In one corner was Clint Murchison, the flamboyant Texas oil tycoon (TIME, May 24, 1954) who bosses an empire of companies with assets of about $400 million. Against him was Francis Murray Patrick McMahon, 53, multimillionaire Canadian who began as a $4-a-day driller and rose to be a leading operator in Western Canada's spectacular oil boom. The big stake in the contest between them: a franchise to build a $350 million pipeline to carry Western...
McMahon's challenge took Murchison by surprise. The Texan's company, Trans-Canada Pipe Lines, Ltd., has held the pipeline franchise for almost two years, and Clint Murchison once grandly declared that the building of it would be "the major achievement of my life." But Murchison had trouble financing the deal. The line had to run through an uninhabited area of northern Ontario, which called for a subsidy from the Canadian government and a measure of acquiescence on the part of competing U.S gas companies...
...Timing. While Trans-Canada grappled with its problems, Frank McMahon was a quiet bystander. He was then deep in negotiations to build a 650-mile pipeline to take gas from his companies' fields in Alberta and British Columbia through "the Rocky Mountains into the U.S. Pacific Northwest. But Murchison's delay gave McMahon time to get his Northwest project well under...
Once he decided to tackle the Murchison interests, McMahon planned a powerful offensive. While Murchison asked for Canadian government aid, McMahon offered to build and finance the entire pipeline as a private enterprise. Instead of threatening to compete against gas companies in the U.S. Midwest, McMahon offered to sell them Canadian gas, let them distribute it. Thus he eliminated many of the objections blocking Washington's approval of Murchison's import permit...