Sinclair, Harry F.

Founded Sinclair Oil Company 1916, convicted in “Teapot Dome” scandal

Price: $50.00

Description:
(1876-1956) American oil industrialist. Grew up in Independence, Kansas, was a pharmacist in 1901 when he became an oil field lease broker and acquired an interest in White Oil Co. Formed Sinclair Oil 1916 from assets of 11 small petroleum companies. By end of the 20s, Sinclair Oil refineries had a production capacity of 80,000 barrels/day and built almost 900 miles of oil pipelines; holdings included a 12,000 acre coal mine property. Helped organize State Bank of Commerce, later acquired by First National Bank of Independence, of which Sinclair served as a directors. One of main financers of baseball's Federal League, principal owner of its Indianapolis franchise. Following 1914 season, purchased remainder of the team, moved them to Newark, NJ, where they became the Newark Pepper. After the season, the League cut a deal with 2 other leagues and Sinclair reportedly made $2 million on his investment. Acquired Rancocas Stable in Jobstown, NJ from estate of Pierre Lorillard IV. One of most successful stables in late 19th century, Sinclair's stable won a Kentucky Derby and 3 Belmont Stakes. In April 1922 the Wall Street Journal reported that Interior Secretary Albert B. Fall had granted an oil lease to Sinclair Oil, without competitive bidding, for government land in Wyoming created as a US Navy emergency reserve. The “Teapot Dome” scandal ultimately led to Senate Committee on Public Lands and Surveys hearings into circumstances surrounding the lease. The result was a finding of fraud and corruption that led to civil lawsuits and criminal charges against Sinclair and others. In 1927 the Supreme Court declared the Sinclair lease had been corruptly obtained and ordered it canceled. Sinclair's Oct. 1927 trial was abruptly ended when the judge declared a mistrial following evidence that Sinclair had hired detectives to shadow members of the jury. He was charged with contempt of court and on June 3, 1929 the Supreme Court upheld Sinclair's conviction. He was fined and sentenced to 6 months in prison; Secretary Fall was found guilty of bribery, fined $100,000 and sentenced to a year in prison. After serving his term, Sinclair returned to his successful business and died a wealthy man. 2 ˝ x 4 ˝ card signed “H. F. Sinclair”, 4” dark signature; uncommon signature.

Condition: Very good, upper right corner bend, glue mount stain verso
Type:Signed Card






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