Word: sinclairism
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Bate'sKeats culminates twenty-five years of loving scholarship, beginning with his undergraduate thesis at Harvard. It represents a classic synthesis of the two major styles of modern biography. With few exceptions, scholarly biography in the twentieth century has been characterized either by massive detail (what Sinclair Lewis, for example, had for breakfast) or by brisk, selective interpretation (Andrew Turnbull's fine F. Scott Fitzgerald). In reconciling the two extremes, Professor Bate has not only produced a great biography, he has also--more importantly--provided a new definition, by example, of the profounder uses of scholarship...
...Sinclair Oil President Edward L. Steiniger, 60, became chief executive of the nation's ninth largest oil company two years ago because he has a talent for finding oil. Supervising Venezuelan operations earlier in his 38-year career with Sinclair. Steiniger brought in 105 wells in 108 attempts during a three-year period, and located the Barinas Field that is one of the company's prime properties. Sinclair needs oil badly because it is in the uncomfortable position of owning far more refining capacity (470,000 bbl. daily) than production capacity (201,000 bbl.). Buying crude to keep...
Last week Steiniger, who also has an incisive way of sizing up balance sheets, announced that Sinclair had found oil in quite another manner. For about $252 million, it agreed to buy Houston's Texas Gulf Producing Co., Sinclair's third acquisition this year. If stockholders and the Government approve, Sinclair will get added supplies of 33,500 bbl. daily from Texas Gulf fields in nine states as well as in Libya and Peru. On the lookout for still more, Steiniger will spend $80 million this year for Sinclair explorations from Canada to Somalia...
Dedicated Driver. Sinclair is less sensitive to possible depletion allowance cuts since it markets oil besides producing it. Steiniger, however, has other serious worries common to the big, integrated oil companies. U.S. gasoline price wars since 1957 have chopped incomes of the majors like Sinclair, whose own crude supplies are short. But under Steiniger, Sinclair is recouping on overseas sales and petrochemicals. This year's first half earnings jumped 71% to $32 million...
Steiniger helps Sinclair's gasoline sales in even little ways: after a quarter-mile swim before breakfast at his home in Norwalk, Conn., he shuns commuter trains to ride all the way in a chauffeur-driven car to his Fifth Avenue office...