The Connecticut labor news., 1923-02-16
SINCLAIR TEAPOT PROFITS PROTECTED AGAINST ACTION BY U. 5. GOVERNMENT Mammoth Oil Shares Traded For Control of In-
 dustry, With Standard Oil Interests

By International Labor News Service Washington, D. C., Feb. 16-Watch Sinclair, the pirate chief" of the oil fields,N and learn how wealth Is accumu- lated at the expense of the U. s. gov ernment and the people Rockefeller has been eclpsed and Standard Oil goes along with Sinclair's promotions >on a fifty-hfty basis, except that Harry F. Sinclair keeps the plums to himself.
 : The biggest plum the public knows anything about is the Teapot Dome oil deal. Financial aspects of interest have been developed by Senator LaFollette and his Committee on Manufacture A separate investigation of the govern ment's interests in that deal whereby Secretary Fall, before resigning from the cabinet, turned over the governments oil reserves to Sinclair for exploitation, will be made by another Senate commit tee. Senator LaFollette's investigation has, however, revealed how to make tract before any oil Is taken out of the ground.
 RAPID FIRE FINANCING.
 Te put over the Teapot Dome deal Sinclair organized the Mammoth Oil Company, paper corporation. All that was behind it was Sinclair's personal guarantee When the deal went over the stock, all held by Sinclair, was worth $100,000,000, according to conservative estimates. Sinclair used this. stock for trading purposes. The testimony re- yeals that he has already made $8,0O0,- 900 by trading.
 This kind of high finance is like the business of transferring marbles from one pocket to another so that teacher won't find them Sinclair admitted that if he hadn't done this his income tax would be very heavy. To help out his juggling Sinclair has created many pockets in addition to the Sinclair Con- solidated Oil Corporation. Besides Mammoth Oil, there is the Hyva Cor poration, strictly family arrangement. HE WINS EITHER WAY.
 To understand the exchanges one must remember that the Sinclair Consolidated Oil Corporation is a holding company controlling many corporations in mich many other stockholders have an interest. Four million out of 5,505, ,000 shares are outstanding Sinclair's interest in this corporation is the largest, but he has not full control. He Is, therefore, trying to trade some of Mammoth Oil stock for some Ot the un-1SSued stock of S1ncla1r Consolidated. He will share in the profits from Mammoth either way and he will always retain control of Nam moth, but if he can by trading get con- trol of other oil companies in which he has not now controlling interest 1t is obvious that he has everything to gain and nothing to lose.
 Later, should the government cancel the Teapot Dome lease, Sinclair will have made fortune and will have dis tributed his losses to other stockholders. For instance, Sinclair exchanged about one fourth of his shares of the stock of the Sinclair Consolidated Oil Corpora ton, whose market value now Is SS,OOO,- 0O0 The intricacies of other stock transfers are as intricate as the efforts of individuals to maintain a bank balance on air by means of ''kiting' checks, all ways an interesting problem in high finance if you don't get caught