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Among the spokes in Murchison's golden wheel today are 23 wholly-owned companies, including three chemical companies, four taxi and bus companies in Texas, and Chicago's Martha Washington candy company. He controls, in addition to American Mail Line, Delhi and Holt, Ohio's Diebold office-equipment company (60%), Chicago's Consumers construction-materials company (85%), a water company in Indianapolis and six Texas banks (including 100% control of Athens First National). Through Delhi, he has a big interest in Taylor Oil & Gas, and with Sid Richardson, he controls Kirby Petroleum in Houston. Other interests: a restaurant in California, a club building in Denver, a small newspaper in Texas, a Tennessee motel, Easy Washing Machine of Syracuse, a curb-service grocery chain in Dallas, a Mexican silver factory, and a big chunk of Missouri Pacific bonds.
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."
Starting Again. One reason why Texas oil millionaires have taken to politics is that they want to protect their oil interests, e.g., tidelands oil and the depletion allowance. Last, week in Washington, as a congressional committee started hearings on tax-free foundations, there were rumblings against H. L. Hunt's depletion-fed foundation, Facts Forum. Republican Senators, Delaware's John Williams and Vermont's George Aiken, are out to cut the allowance to 15%.
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.
If the depletion allowance were cut to 15%, consumers might have to pay a little more for their oil and gas, but the Government would pick up an estimated $300 million in additional revenue each year. Says Senator Williams: "As long as there is oil, people will be looking for it, depletion allowance or no."
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 one."