Business: Troubles in Texas

Sharp, frequent and dramatic have been the family fights within Texas Corp., biggest independent oil company in the U. S. But nothing ever emerged for public inspection from Texaco's battle-torn board room until last autumn when Ralph Clinton Holmes, ousted as the company's chairman, gave Texaco's stockholders a flashback of internal tussles (TIME, Oct. 2). Mr. Holmes's heaviest fire was directed at John H. ("Jack") Lapham, chairman of the executive committee and one of three representatives of the Lapham family, whose meddling, said Mr. Holmes, always brought on unhappy boardroom scenes. The...

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