Newspapers: A Deal Done In

When Oilman John Mecom bought the Houston Chronicle six months ago in a package deal that included other, more valuable properties, his friends revived the old joke that his wife had simply asked him to pick up a paper on the way home. Mecom has that kind of reputation. Right up with H. L. Hunt and J. Paul Getty among Texas' biggest independent oil producers, Mecom has added to his rich oil empire by picking up fish-meal plants, a drugstore, ranches, and other assorted enterprises from here and there. He had never tried...