Word: sinco
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Dates: during 1940-1949
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...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...
...Then Sinco discreetly left the room while the stockholders heard another proposition: Sinco offered to buy 150,000 shares of stock from the 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...
Incentive Pay? A pertinent financial question: why was the corporation so anxious to sell its president the stock? Officials blandly explained that Sinco is now 68, and is eligible to retire on an annual pension of $37,000. Therefore, something more than his $155,000-a-year salary was needed as an incentive to keep him running the corporation. But few oilmen believed that there was any danger of Sinco quitting. He had never been a quitter, not even during the ill-famed Teapot Dome scandal...
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...