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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - August 13, 1970, Lethbridge, Alberta 30 THE 1ETHBRIDGE HERALD Wodnesdny, August 12, 1970. Retirement Does Not Come Easy For Oil Magnate McMahon By DENNIS BELL VANCOUVER (CF) Re- tirement doesn't come easy for Francis Murray (Frank) McMahon afler. 45 phenome- nally successful years of high finance, wildcat race- horses and intermittent politi- cal bear-bailing. Mr. McMahon, 68, stepped down as chairman of the board of Wcstcoast Transmis- sion Ltd. last October and tliis spring retired from the board of directors, intent on becom- ing a gentleman of leisure in the Bahamas. "I thought about it but abandoned the said the FRANK McMAHON Cinderella Story stocky, grey-haired oil mag- nate. "There was some talk that I was going to settle in the Bahamas but I'm not." Instead, he maintains an ex- ecutive office and a private secretary on the 15th floor of the Westcoast Transmission Building in Vancouver's West End, and intends to stay on the payroll "for life." He's in and out of the office a dozen times a day, always in conference and difficult to reach in person or by tele- phone. When Mr. McMahon sits still long enough for an in- terview he raps his knuckles nervously on the mahogany desk and chain-smokes men- thol cigarettes. NO BONDS TO CLIP "I just don't have all these millions that people talk said the man who launched British Columbia's petroleum industry virtually by himself. "Maybe I have million or million, I don't know. "But I've never had any money in the bank. I like to use ii, to plow it back in. I'm Bot clipping any a matter of fact I haven't any to clip." Given to two-button tweed suits, he's hardly the stereo- type of the western oil mil- lionaire and eschews hats, ci- gars, grey suits and starched shirt collars. "That's one thing I don't billionaire and de- scriptions of that he said. "I've made some money, and I've w'orked hard." Mr. McMahon seems consti- tutionally incapable of roost- ing in any one spot. His afflic- tion is nervous energy and he finds it impossible to rest on his laurels. The son of a miner, Mr. McMahon was born in Moyie, B.C., in 1902. After three years of university he trav- elled to San Francisco where he worked as a diamond driller for a day. STRUCK IT RICH He spent the next few years working for drilling firms in Canada, the United "states and Mexico, including an oil and gas well drilling venture along the U.S.-Canadian border south of Vancouver. Finding nothing of commer- cial value, Mr. McMahon moved east to Alberta's Turner Valley, where he and his younger brothers George and John started a small com- pany called Wast Turner Pe- troleums. For four years West Turner brought in nothing but dirt. Then, in 1939. using his last in cash to obtain a land option and borrowing S20.000 more, Mr. McMahon resumed drilling and struck it rich. Ho bought two small com- panies, merged them with West Turner and formed a holding company, Pacific Pe- troleums. Pacific's first op- portunity came in 1947 afler the historic Imperial Oil strike at Lcduc, Alta. One of the first men in on the land boom that followed, Mr. McMahon began drilling in the same area. The first two wells came in normally but the third, Atlantic Three, was a rogue. OIL FIRE PAID OFF Tlic oil spewed out under such tremendous pressure that the drill crew was unable to control it. Then an oilrig into the soft mass of oil and earth. As it fell, bro- ken electrical wires emitted a shower of sparks that ignited the cil. Soon the whole lake of oil was a mass of flame and smoke, the most spectacular well fire in Canadian history. It took 56 hours to bring the spouting well under control. Tire well-publicized blaze was a stroke of luck for Mr. proved he had oil. Investors poured money into Pacific Pete and the com- pany hit the bigtime in 1948. In addition to the world of high finance, Mr. McMahon has also plunged periodically into the perpetually choppy waters of B.C.'s political life. He caused a stir in 1900 when he told the electorate Westcoast would drop million in development work if any other government than Social Credit won at the polls in the election that year. Social Credit stayed in and so did Mr. McMahon. "I meant it. Unless Social Credit was returned, I believed we couldn't build gas and oil pipelines and we wouldn't have been able to raise funds in the U.S." In addition to honeycombing B.C. and Alberta with pipe- lines and wells, Mr. McMahon has also been busy in other organized Al- berta's Phoenix Tube and Pipe Co., founded Alberta Dis- tillers and was at time a director of at least 15 differ- ent companies. He's almost as well known for his activities in sports as he is in the business commun- ity. Mr. McMahon helped bankroll the Calgary Stam- pcders of the Canadian Foot- ball League and built them a million-dollar stadium that bears his name. In horse-racing, he set a record in 19C7 when he paid for a yearling thor- oughbred in Kentucky. The horse, Majestic Prince, won the Kentucky Derby and the Preakness but flunked his try for the 1 e g e n d a r y Triple Crown at Bclmont. Mr. McMahon topped tlie figure paid for Majestic Prince when, on July 20 this year, he paid for a full brother of Majestic Prince. The big project he talks of now is a million natural gas Mountain Pacific Pipeline tending from Prudhoe Bay in Alaska to Kingsgate on hte B.C.-U.S. border, about miles. Two Medical Groups Barred SINGAPORE The Commonwealth Medical As- sociation has expelled South Af- rica and Rhodesia for practicing apartheid in medicine. In a statement on the expulsion Sun- day, CMA President Dr. Gwee Ah Long of Singapore said the medical associations of the two countries refuse to mix blood from blacks and whiles in trans- fusions and maintain separate hospitals and medical schools for the races. FATOKITQ vJFN O CK-TOSC H OO U Teens You Can Win A Cassette Autograph The "Graffiti" Pole IN The IN-Dividual Shop Yes teeners .you could possibly win a cassette laps outfit with one blank cassette by aufoqraoh- mg the "Graffiti" pole on the In-Dividual Shop on the main floor. Beginning Thursday, August 13th Eaton's starts you on a Brand New Fashion Life at our brand new IN-dividual Shop! The scene for girls' sizes 5 to 17 to find futuristic fashions... minis, maxis, mix and match mates. New superlooks a multiple fashion experience! Come in and create your own total, IN-dividual look! Teen Wear Skirts 4 styles to choose from. Button front with two patch pockets, assorted wool plaids, A-line, assorted bonded plaids, front button with side pleats, wool twill flannel. Colours: cornel, blue and green, stitched pleat front, grey C QQ diagonal, gold and green. Sizes: 8, 10, 12, 14, 14x. SPECIAL...... O.OW Jumpers 4 styles to choose from. V-neck, 2 high pockets, gored panel, rust, blue, green. V-neck, single spaced buttons, wool plaid, grey or camel. V-neck, cut out armholes, flap pockets, grey. navy. V-neck, high waist pleat skirt, "7 QQ grey, green, gold. Sizes: 8, 10, 12, 14, 14x. SPECIAL............ I Flair Pants Bonded acrylic in grey, navy and green. Plaid in came! and grey, twill in green, blue and rust Sizes: 8, 10, 12, 14 and 14x. "7 QQ SPECIAL I Blouses 4 styles shirt style, long sleeve style, shaped collar style and body shirt style. Colours: white, brown, red, gold, beige, Jt QQ Sizes: 10, 12, 14, 14x. SPECIAL.............................. Flare Jeans Navy denim with top stitching. Sizes 10, 12, 14, 14x. SPECIAL 4.99 HERE'S WHAT IT'S AtL ABOUT. On the "Graffiti" pole Is a hidden spot. You autograph the pole with your num. ond number. The name written directly over the spot or closest to the spot will be declared the winner. Judges' decision will be flnal' The contest starts Thursday, August 13th, through Satur- day, August 22nd. Winner to be presented with prize during intermission of Children's Fashion Show to be held on the main floor on Friday evening, August 28th. Contest is open girls and boys, aged 13 to 17. Come join in the fun autograph the "Graffiti" pole and you may win (ha cassette tape outfit. Sweaters Acrylic knits, three styles. Short sleeves and long sleevei. Colouri; ivory, navy, red, blood brown, purple, pine green, camel. AQ Sizes: small, medium and large. SPECIAL...................... w Mini Half Slips Anti static in white ontron with lace trim in mint, lilac and melon. QQ Sizes: 9, 11, 13. SPECIAL.................................... I i33 Bikini Briefs Assorted styles and colours. Sizes: small, medium and large. 4 QQ SPECIAL.......................................... W for I .3JJ The IN-Dividual Shop, Main Floor Manufacturer's Clearance Early Fall Co-Ordinates For Back-to-School Wear Our "buyers" were Johnny-on-the-spot when a prominent manufacturer was clearing out a grand group of early Fall co-ordinates for back-to-school w ear and we are passing on the saving to you. 70% trevira and 30% wool and all wool In eluded are slims, skirts, tops, shells, pullovers, V-neck cardigans and V-neck weskits. Eye-catching fall colou rs of fire red, new grape, chocolate and palm green. Sizes 10 to 18. Straight leg Pants 70% trevira and 30% wool, rl f% Special................. J' Pleated Skirts. 20" length 70% trevira and 30% wool, Special................. Sleeveless Belted Cardigans Ribbed, v-neck. 100% wool. 4 QQ Special................. Long Sleeve Belted Cardigan Ribbed, v-neck. 100% wool, tS QQ Sleeveless Fine Knit Shells Mock turtle neck, zipper at back. QQ 100% wool. Special f Long Sleeve Fine Knit Pullover Mock turtle neck. Zippered. A QQ 100% wool. Special 32" Stripe or Plain Top Long sleeves. 100% wool. it Q QQ Special............ Sleeveless Tunic Striped. 100% wool. Special............ Sportswear, Main Floor 19 Women's Cardigans Just what you wont to In your back-to-college ward- robe. Fancy knit cordigani with long sleeves, priced 'way low for quick clearance. Orion and Acrilan. Colours: pink, aqua, green and gold. SizeS small, medium and large. Special, each -M Sportswear, Main Floor Girls' Jackets Regular 3.99 you save 1.33. Dandy iaclcets for litlle girls 4 to 6x. Fashioned with the popu- lar Nehru collar and zip- per front. Colours: green, oranqe and aqua. Cff Cotton poplin. JtVV SPECIAL b Girls' Wear, Main Floor Girls' T" Shirts Regular 2.99 save T.OO. 100% nylon stretch pullover "T" shirts for girls 8 to 14. An ex- cellent wearable for back-to- school. Assorted stripes, crew nock, long sleeves, machine washable. Colours: ,4 QQ navy, green, red or T brown. SPECIAL ___ I Girls' Wear, Main Floor Buy Line 328-8811 For Advertised Goods. Shop Eaton's Thursday and Friday From 9 'Til 9. ;