Word: sinclairism
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Dates: during 1930-1939
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...there was a report that Harry Sinclair had been elected board chairman of a West Texas Company called Rio Grande Oil, which had a branch in California. Rio Grande soon slid to the brink of receivership and Oilman Sinclair denied that he had anything to do with the company. Just ten months later, however, Harry Sinclair's new Consolidated Oil Corp. acquired control of Rio Grande with the help of Elisha Walker's Interstate Equities Corp. in a deal which has since aroused the curiosity of the Securities & Exchange Commission. Thus, at about the time Richfield was succumbing...
About this time Harry Sinclair borrowed a Fokker from his new Rio Grande company, flew to California for an oilmen's dinner in his honor. "Gentlemen," said he, looking brawny President Kenneth Raleigh Kingsbury of Standard Oil of California in the eye, "I am in California and I am in to stay." Richfield's next half-dozen abortive reorganization plans came alternately from Standard Oil's Kingsbury and Consolidated's Sinclair. As soon as the prospects seemed good for selling out to one company the other company would raise the bid. Sinclair's last offer...
Standard Oil of California nevertheless remained in the running until May 1935. when Oilman Sinclair cagily deprived Standard of its big incentive for buying Richfield by buying out Richfield's Eastern subsidiary. Richfield Oil Co. of New York. There followed a period in which the Doherty-Sinclair understanding awaited better days in the oil business and Richfield's able Receiver William Chester McDuffie continued to cut down annual losses in the face of excessive depreciation and depletion charges. Last spring, when Richfield was coming back to black ink for the first time since 1930, Harry Sinclair and Harry...
Last month when the motion of a Sinclair triumph was pervading the final hearings on the plan, Harry Sinclair made one of his stage gestures. In court rose his attorney, onetime Secretary of War Patrick Jay Hurley, to say that since some of the creditors appeared to think that Mr. Sinclair wanted to dominate the new company, Mr. Sinclair was willing to withdraw from rehabilitated Richfield's 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...
...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...