Word: oilman
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Dates: during 1950-1959
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...some cases even make money. Texas oilmen and other mineral producers can donate part of their future production to charity, deduct both the expected income and the total value of the gift (since reserves are also being depleted) from their taxes. This "double deduction'' enables a Texas oilman with a taxable income of $100,000 to give away $30,000 annually while keeping $43,900 of his income after taxes. His net income if he gave nothing away: only...
Into the Armco Steel Corp. plant at Houston this week rolled three carloads of iron smelted by a radical new process. Developed by a Hungarian-born inventor, Julius Madaras, and financed by Oilman Clint Murchison and others, the process eliminates the blast furnace and promises to smelt iron cheaper and faster...
...Florida realty tycoon, $450 million. No. 3: Ford Motor Co.'s President Henry Ford II, 39, $400 million. Tied for No. 4: Sun Oil Co.'s publicity-shy Board Chairman Joseph Newton Pew Jr., 70, and Avia-tionabob Howard Hughes, 51, $350 million each. No. 5: Texas Oilman Clint ("After the first hundred million, what the heck?") Murchison, 62, $300 million. Tied for No. 6: Pittsburgh's far-visioned Banking Heir Paul Mellon, 49, St. Louis's fun-loving Brewer (Budweiser) August A. ("Gussie") Busch. Jr., 58, and money-pouring Philanthropist John Davison Rockefeller...
...century Hollywood's most eligible (estimate: $200 million) catch, was snared at last. The winner: sometime Cinemactress Jean (It Happens Every Spring) Peters, 30, for ten years a close friend of Hughes's, not counting a year's marital fling in the interim with a Texas oilman...
Sugar Candy. Oilman Getty, 64, is one of the least known among the world's oil giants, usually breaks into the press only with news of his marriages and divorces (five of each). An expatriate, he lives in hotel rooms from Europe to the Levant, has little social life, usually eats alone and frugally, wears out-at-the-elbow sweaters. A notorious penny pincher, he passes out tips sparingly, constantly grumbles about the high cost of everything from restaurant food to taxi fares. But he freely pays thousands for such hobbies as his private art museum (Rubens, Titian, Gainsborough...