Word: murchisons
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...deals between U.S. businessmen, few have proved more complex or mysterious than the $20 million New York Central stock deal that Texas Millionaires Clint Murchison and Sid Richardson made with Robert R. Young last year. With the help of a $7,500,000 loan from Young's Alleghany Corp., the two Texas wheeler-dealers bought 800,000 shares of Central stock, then voted them to help Young win his proxy fight to take over the railroad (TIME, June 21, 1954). Last week, in a New York Supreme Court hearing brought by disgruntled Alleghany .stockholders on a charge that...
When Texas Oilman Clint Murchison was asked last March what he considered the major achievement of his life, he replied: "I'm still trying to accomplish it in this Canadian pipeline, which I am trying to consummate to a final conclusion successfully." Last week Murchison's major achievement moved a long pipe length closer to successful consummation...
Through his Canadian Delhi Petroleum Ltd., Murchison has control of i 1trillion cu. ft. of gas underground in Alberta. In combination with other gas interests, Delhi formed the Trans-Canada Pipelines Ltd. to build a line across the dominion to supply the gas-starved east. Estimated cost of the 2,240-mile line: $350 million...
Last week Murchison answered that argument by signing up a customer for Trans-Canada. Tennessee Gas Transmission Co. contracted to buy 200 million cu. ft. of Alberta gas daily at the Manitoba-Minnesota border, and another 200 million cu. ft. a day when more gas becomes available. To supply T.G.T., Trans-Canada will build the first 670-mile leg of its line from the fields in Alberta to Winnipeg and the border. From the Minnesota border below Winnipeg, T.G.T. will build a $100 million, 1,050-mile pipeline to its trunk line at Portland, Tenn., selling Canadian...
With a big, steady customer like T.G.T. on the line, Trans-Canada should now be able to line up plenty of capital to complete its line to the east, thereby consummating the achievement of Murchison's life...