Word: sinclairism
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Poker-faced Harry Ford Sinclair likes to bet on horses, cards, anything at all. But best of all the jowly oilman likes to bet on oil. Last week he was up to his old tricks. First he stood up before the annual meeting of Sinclair Oil Corp. stockholders in Manhattan. He had good news. In the first three months of this year, Sinclair Oil Corp. earnings before taxes were double those of the same period last year. So President Sinclair (whose friends call him "Sinco") recommended that dividends be increased...
...corporation in the next three years at a fixed price of $13.25, some 50? above the market price. Many a stockholder howled, protested that Sinco was getting something for nothing. But the deal was put through by a vote of 7,648,244 to 835,959 shares. In effect, Sinclair bet that the stock would sell above $13.25 in the next three years -and stay there. He did not have long to wait. When the news of the dividend increase hit Wall Street, Sinclair stock promptly...
Till then, Sinco had been riding high in the oil business. Starting from scratch, he had gambled in oil leases and wells until he got together $100,000. In twelve years, he parlayed this into the $4,739,370 Sinclair Oil & Refining Co., was on his way to becoming one of the U.S.'s biggest oil tycoons when the storm broke. For five years, Sinco sweated through Senate hearings, investigations and trials. He was acquitted on the major charge: conspiracy to bribe the late Secretary of the Interior Albert B. Fall. But he went to jail for six months...
...Back. The scandal was enough to send other oilmen creeping into private life. But not Sinco. He thrust out Iris jaw belligerently, and started to come back. Overnight he made $3,000,000 in a pool in Sinclair stock. He built an 800-mile pipeline from Drumright, Okla. to Chicago, and netted a company profit of $28,000,000 by selling it to his archrival, Standard Oil of Indiana. Shortly after, he made a deal with John D. Rockefeller Jr., who had fired Standard's Colonel Robert Stewart for his part in the Dome scandal, to merge his fast...
...London Sir Archibald Sinclair, Secretary of State for Air, reported that during the war 26,000 German and Italian planes had been shot down in combat, not counting the Russian front. In the very week of Sir Archibald's report, the western Allies flew an estimated 30,000 sorties over Europe; on the lightest day of that week, 3.600 U.S. and British planes were...