Tulsa daily world. [volume] (Tulsa, Indian Territory [Okla.]) 1905-1919, 1916-04-29
G. A. MIX EEVERo

TIVE above men will direct the des-
L TIMES of the Sinclair Oil & Re-
inning Co. the new s7O.000.OOO pro-
ducing. refining and marketing COM
pany Just organized by II. T.. Sin
clair of Tulsa. The organization OF
the company was perfected and the
OFFICERS elected at "A meeting held in
New York city yesterday. Two Tulsa
men appear as directors. and two an.
pears as officers, indicating that con-
troll of the company will probably be
in this city.
To date this new company has ac-
quired five refining plants with a
total capacity of seventeen thousand
barrels day and another large re-
finery will probably be announced in
few days. as a strong rumor is to
the effect that the Muskogee Refin-
ing company Is to be included in tho
new company. However. nothing def
lnite has been announced as to that
yet
10000 Barrels Per Day.
The company now has daily pro-
duction of about twenty thousand
pending which will run this daily pro-
duction above the twenty-five thous-
ana barrel day mark.
1t is reported from good authority
and not denied that the Sinclair OH
Refining company has purchased the
liealdton properties of Gunsberg x
the Southwestern Petroleum company
with daily production of 400 bar
rels.
lnH
duction amounting to 100 barrels u
day was announced yesterday when
1t became known that representatives
of the Sinclair Oil 4 Refining cor
poration had closed deal with A. T.
McGhec for his stock in the CRYSTAL
Oil company Of Ardmore. The Crys-
tai OIL company as "A daily produce
ton of $500 barrels and Mr.. McGhee
owns 2S per cent of the stock. The
price paid him was not announced.
Holds First Meet
The new company held its first
meeting yesterday in its offices in the
Equitable building in New York city.
II was announced that one million
shares of stock would be issued with
no par value. The directors voted to
issue S20000,000 in bonds and this
has been oversubscrbed
three and half times by banks in
New York city.
1t is supposed also that the Toxo-
way OIL company (Roger Kemp will
also put its production In the new
company and. although nothing defin-
ite can be learned here. this report is
generally credited with being true.
Other Properties Added
Several other properties have been
priced to the buyers for the Sinclair
corporation. but as yet the deals have
not been closed, but the rumor that
Sinclair will eventually take over the
big Shaffer properties with a produc-
ton of about ten thousand barrels
day and two refineries will not down
and may prove to be true before very
long.
Big Deal Closed.
Another deal involving $500 900
was closed yesterday when final pa
pers Were signed in the sale Of the
f. b. Ufer stone Bluff properties to
the new corporation. These proper
ties consist of 475 acres in the Stone
Bluff field with daily production of
three thousand barrels.
Although this deal has been ru-
mored for some time 1t was not def
niteiy closed until yesterday. Mr.. TIER,
however. will continue in the produc-
ton game as he has many other prop
critics throughout the state.
Wrong Impression.
In the story a few days ago an
nouncing the report of the sale of
the Ufer properties an impression was
left that was neither fair to Mr.. Ufer
nor to his former partner in part OF
the Stone Bluff stuff, III. IL. Gal
braith.
Mr. Galbraith formerly owned
halfinterest in the south so acres OF
the Russell Davia farm in section D.
1915. but sold this out last March to
Mr.. Ufer. realizing something like
S275,000 from oil sold and the price
paid for the property.