Word: sinco
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Dates: during 1940-1949
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...Their Knees. Some of them had a pretty exciting time. The crew of the Sinclair Refining Co.'s 17,229-ton tanker Sinco spent three wild days keeping their vessel afloat after sea water accidentally flooded her hull and stopped her engines off the stormy Carolina capes. A tug finally towed the foundering vessel safely into Charleston, S.C., where the crew knelt thankfully on her deck-and shot craps until the cook got a hot meal together...
Last week, shrewd, poker-faced Harry Ford ("Sinco") Sinclair, 69, President of Sinclair Oil Corp., grabbed it. From Haile Selassie he got a 50-year concession giving him exclusive rights to all the oil he can find in all of Ethiopia's 350,000 square miles...
Actually, the deal was very much an if, as & when proposition. No oil has ever been discovered in Ethiopia, although oil men have a strong feeling that important pools may exist there. But for jowly Sinco, who loves to bet on anything, it was a good gamble. By putting up small stakes, he stands to collect handsomely if Ethiopia has oil. In any case, oilmen guessed that Sinco has his eyes on Ethiopia's potentially oil-rich neighbor, Eritrea, which Haile Selassie covets...
Headache to Come? Wall Streeters viewed Sinco's latest fast financial footwork as a slick scheme to get a big raise in salary, while avoiding the enormous top-bracket taxes. By the stock deal he can increase his long-term capital gains, which are taxable at only 25%. Right off, he will net a profit of more than $30,000 in dividends (at the present rate), above the 3% interest he will pay the corporation on the unbought amount...
...laugh would be on Sinco, if the price of Sinclair stock should fall drastically. (Two years ago it sold for $5.) But with Sinclair Corp. booming, there seemed little chance of that. At week's end Sinclair stock was up to $13.75. Thus, in three days Harry Sinclair had made a paper profit of $75,000-taxable up to only 25% if held for six months...