Word: murchisons
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...Harold S. Vanderbilt has increased his holdings from 10,000 shares to 60,000. The Young slate claimed ownership of 1,089,880 shares, or about 17%. But the big end of the Young group's holdings is the 800,000 shares listed for Texas Oilmen Clint W. Murchison and Sid W. Richardson, which the Central still refuses to transfer to the Texans in its record books (TIME, April...
...little success with legal strategy. The Central had asked the Interstate Commerce Commission to investigate some of Young's stock deals (his sale to Cyrus Eaton of control of the Chesapeake & Ohio Railway, and the C. & O.'s sale of its New York Central holdings to Murchison-Richardson). But the ICC last week turned down the request. The Central filed another petition asking whether Young's slate could be lawfully seated if elected, but chances for a favorable ruling on that seemed slim, too. From another quarter, the Central gained an ally. An Alleghany Corp. stockholder...
...Murchison said that he and Richardson had borrowed a total of $10 million from Alleghany with the option of paying off the loan with 400,000 of their 800,000 shares valued at $25 a share, the loan to be "secured by our own general credit." The rest of the $20 million, said Murchison, came from a $2,500,000 personal loan and a $7,500,000 loan, secured by the 800,000 shares, from an Ohio bank...
...Manhattan, a lawyer for Murchison corrected this story in a few details. He said that $7,500,000 came from a group of Ohio banks, headed by the Central National of Cleveland, $7,500,000 from the Alleghany Corp. and $5,000,000 as a personal loan to Sid Richardson from Young's good friend and business associate, Allan Kirby. Bob Young agreed with most of these details and added that Alleghany's loans to Murchison and Richardson were secured only by the oilmen's signatures. Said he: "Our relations with Mr. Murchison have existed for years...
...Young simply bought the Central stock himself instead of just putting up most of the money for it? His explanation was that the ICC has not officially recognized that Alleghany has divorced itself from the C. & O. But the net result of the deal was that Millionaires Murchison and Richardson are now in a position to make millions without taking a penny out of their own pockets. With the option of selling back the stock in six months at $25 a share (the price they paid for it), they cannot lose if it goes down, will get the profits...