Session: 1234567891011121314151617         Page 375376377378379380381382383384385386387388389390391392393394395396397398399400401402403404405406407408409410411412413414415416417418419420421422423424425426427428429430431 of 824

amount of--hundreds of thousands of tons of chips that are needed to feed the mill, and we would have had to go two hundred miles to get them instead of five miles, and that makes a great difference. And also, if you had another big paper mill right there in East Texas, it would raise the price of all the chips.

So there was a real defensive aspect to this acquisition?

Oh, yes. Very much so, very much so. That was never--I don't think that was ever sufficiently understood among people in the company or elsewhere.

Okay. Let's go on to a discussion of how the merger worked, and then take it on through Inland. In other words, keep on with the forest products.

Well, the merger worked pretty well. We had great trouble getting Mike Buckley to retire: he was a very powerful, athletic fellow who--I think he stayed until he was 72, and at 72 he could probably still outrun anybody twenty-five years his junior. And then--but anyway, he finally did retire, and Arthur became Chairman for a short period. And then his deputy, Joe Denman, D-e-n-m-a-n, took over, but in fact, Arthur Temple ran it then; and even though Clifford Grum is now chairman of Temple Inland--which no longer belongs to Time Inc.--Arthur Temple, I suspect, decides the major issues.