Word: oiling
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Dates: during 1930-1939
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Approved last September by two-thirds of the bondholders and creditors and last week by long-suffering Federal Judge William Parry James in Los Angeles District Court, the reorganization provides for a new company, Richfield Oil Corp., to which Rio Grande will contribute assets of between $15,000,000 and $20,000,000. Underwritten by Rio Grande, by Consolidated Oil and by Cities Service will be an issue of $10,000,000 in debentures, available to Richfield and Pan American bondholders and creditors through subscription certificates given them along with shares of stock in the new company. Underwritten by Kuhn...
...board of directors. Expostulating gently, the re-organization committee hastened to assure Mr. Hurley that it very much wanted Mr. Sinclair on the board. Other board members will be President F. R. Coates and Vice President W. Alton ("Pete") Jones of Cities Service, President H. R. Gallagher of Consolidated Oil, President Charles S. Jones of Rio Grande Oil, Richfield's longtime Receiver McDuffie and representatives of banking and creditor interests, including Cinemagnate Joseph Michael Schenck...
...final gesture was also Harry Sinclair's. When Judge James last week found it beyond his lawful power to grant Richfield's reorganization committee more than $160,000 of its $381,000 five-year expense account, Attorney Hurley rose again, announced that Rio Grande Oil would gladly put up the difference...
Among Mayflower's "hazardous ventures" was to put up $300,000 to further the seismic explorations of F. Julius Fohs, an oil geologist. Eventually Geologist Fohs discovered the English Bayou Oil Pool in Louisiana and Mayflower stock-holders received stock in Fohs Oil Co. now worth $2,500,000. Another venture was a $4,000,000 investment in Rhodesian copper properties, a commitment which was long thought to have been fabulously profitable. Actually, Mayflower lost...
...practical mining experience was on a steam shovel on a copper property at $4 per day. Even in high school, however, he was taking long shots on penny mining stocks with notable success. In 1921 he went East to unload a big stock of gasoline owned by a pinched oil company, stayed to form his own New York Stock Exchange firm two years later. About him he gathered a group of people mostly oldtime mining men, who also liked long shots. They promoted the centrifugal method of making cast iron pipe, a process which revolutionized that ancient art. They...