Word: murchisons
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...York Central proposition was just the kind Murchison likes. He and Richardson did not have to put up a cent of their own money, but borrowed the entire $20 million needed to buy 800,000 shares of Central stock from the Chesapeake & Ohio Railway, which until February was controlled by Young. They got more than half the money from Young's own Alleghany Corp. and his business associate, Allan Kirby. With it, they got an option to sell 50% of the stock back to Alleghany at the $25 price they paid (current market value: about...
...month ago, Murchison predicted: "We'll get 90% of the proxies." Richardson, who loves to josh his wheeling-dealing friend, picked him up: "Bet you $10 million we don't." Said Murchison: "Well, if we don't get 90%, we'll get 55%, and that's enough...
...matter what happens in the Central deal, Murchison is busy on a bigger transaction. Last week, in Canada, the Alberta government, by okaying a gas-export permit, in effect gave the go-ahead to Trans-Canada Pipe Lines, Ltd. to build a 2,240-mile pipeline from Eastern Alberta to Toronto and Montreal, with a planned spur to Minneapolis-St. Paul. The $3 million Trans-Canada pipeline, which will be half owned by Murchison's Canadian Delhi Oil, Ltd., will be nearly half again as long as the Big Inch. Murchison and his Canadian partners still have to raise...
...Rich. One big reason Murchison is able to swing such varied deals is the tax bonanza enjoyed by all oilmen. This is the depletion allowance which permits them to pocket 27½% of their gross income (up to 50% of their net) before paying a cent of taxes. Such old-time Texas millionaires as Jesse Jones, who owns dozens of Houston's choicest buildings, and Publisher Amon Carter, whose Fort Worth Star-Telegram is Texas' biggest paper (circ. 241,582), were able to amass their first riches in other fields. So was Dallas' Leo Corrigan...
...K.K.K. The new Athenians, especially Murchison and Richardson, differ from their brother millionaires in that they do not dabble noisily in politics, propaganda, or welfare institutions. While they stick to business, they have their little luxuries but shun ostentation. Bachelor Richardson lives in the Fort Worth Club, has one of the finest U.S. collections of frontier paintings by Russell and Remington. Murchison shuttles between New York, Washington and a collection of city and country homes in a private DC-3, the Flying Ginny (named for his pretty second wife, Virginia, who accompanies him on many of his trips...