Word: murchison
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Tecon (pronounced tay-con, because the company's motto is "We take on anything") is headed by Clint Murchison Jr., 30-year-old son of the multimillionaire Texas wheeler-dealer (TIME, May 24). Eager for the worldwide attention that the job will create, up-and-coming Tecon agreed to move soft shale from the hill at $1.06 a cu. yd., rock at $1.46, and to finish the job in 15 months. Nobody knew exactly how much shale and how much rock would have to be removed to make the canal safe, but official estimates ran as high...
...Take Over." Young, meanwhile, carefully marked and folded his ballot (representing his holdings and proxies turned in to him) and turned it over to the voting tellers at the front of the hall. Another 800,000 shares were voted for Young by Don Carter, representing Texas Oilmen Clint Murchison and Sid Richardson. Shortly after, Young announced to the meeting: "You have won today . . . We have made history . . . The Young-Kirby-Alleghany group has cast a ballot representing a majority of all the outstanding stock . . . On the basis of an 85% to 90% vote, we will have a majority...
Like other Texas oilmen, Clint Murchison has also wet his feet in politics. An early Eisenhower supporter, he financed a pro-Ike campaign paper in Texas with Richardson. He has also been a vocal and financial supporter (for about $40,000) of Senator McCarthy, and has entertained him at his Mexican ranch. Murchison once said: "I like Joe McCarthy. He's done the greatest possible service to his country." Recently, he has cooled somewhat: "I was for him and still am, but with more reservations...
Oilmen argue that without the depletion allowance nobody would take the risks needed to find new oil reserves. In the last three years Sid Richardson claims to have spent $15 million looking for oil without bringing in a well. And Murchison's Delhi Oil ran up a $690,000 deficit last year because almost half the 56 wells it drilled were dry. Only the depletion allowance, they say, keeps them hunting and keeps oil prices from soaring...
...Clint Murchison is the kind of wheeler-dealer who tends to prove that statement. Though he is now turning over many of his properties to his sons, that does not mean he is retiring from combat: "I guess you could say that I am starting all over again." Could it be uranium? Murchison's face lights up at the word; he has already equipped some of his oilfield crews with detecting devices, just in case. Murchison has no doubts about which of his many deals gives him the most pleasure. Says he: "The next...