Word: oilman
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Dates: during 1950-1959
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MUTUAL BROADCASTING, in the past a money-losing system, is being taken over from RKO Teleradio Pictures, Inc., a General Tire & Rubber Co. subsidiary, by a syndicate headed by Oilman Armand Hammer, who will become chairman, and Los Angeles Radio Executive Paul Roberts, who will become president. Group paid about $750,000 for network's good will and advertising contracts with 480 U.S., Canadian stations...
...treasures-is Frank M. McMahon, 54, chairman of Pacific Petroleums Ltd. and president of Westcoast Transmission, whose new 650-mile pipeline will start carrying gas this fall from the Peace River area to Vancouver and the U.S. border. The Canadian-born son of a wandering hard-rock miner, Oilman McMahon quit college to become a prospector himself, bounced from drilling rig to drilling rig until the 1940s, when he moved into the Peace River area above Edmonton in search of gas and oil. When the provincial government lifted leasehold restrictions on Peace River lands in 1947, McMahon snapped...
...Mills report blunted the politicking efforts by Senate Finance Committee Democrats-especially Oklahoma's Democratic Oilman-Senator Robert S. Kerr-to brand the tight-money policy as a national calamity. In questioning Treasury Secretary George M. Humphrey on Capitol Hill last week, Kerr nagged and niggled for three days without denting Humphrey's basic defense. The Secretary admitted that tight money had pained some borrowers and would-be borrowers. He also admitted that high interest rates had upped the cost of carrying the national debt. But he would not be swerved from his (and the Mills reports...
...holdings are now worth $43 a share, or $82 million. Influential speculators got big chunks of the $37.5 million public issue, which is now worth $161 million. Fantastic speculative profits were also made in three companies set up to gather or distribute the gas Trans-Canada will bring. Vancouver Oilman Ralph K. Farris, son of a Liberal Senator and founder of the Northern Ontario Natural Gas Co., paid $300 for stock now worth $750,000. Two insiders invested $12,012 in stock now priced at $3,200,000. Quebec Natural Gas Co., another distributor, made $32.2 million in paper profits...
...Angeles area PRESBYTERIANS are operating two retreat houses. "Sky Forest" is a large redwood lodge in the San Bernardino Mountains, built for his private use by the late oilman and philanthropist Herbert C. Wylie and donated to the Presbyterians. The lodge sleeps 32 people and is used 46 times a year for retreats from Friday evening through Sunday noon which emphasize "reflection periods" and Bible study. "Mar Casa" is a white-shingled, two-story building on Balboa Island, built for the Pasadena Presbyterian Church in World War I for Christian education work, but now used for retreats...