Business: Sedalia Sequel

Before he died insolvent in London in 1927, Jonathan Ogden Armour sold to his wife for $1,500,000 a few stock certificates in an unknown company called Universal Oil Products. The Chicago meat packer had backed the little company because it controlled an oil-cracking process developed by that appropriately-named inventor, Carbon Petroleum Dubbs. After her husband's death Lolita Sheldon Armour offered her 400 shares of Universal Oil to the Armour creditors, who scorned them. Four years later the Widow Armour, Carbon Petroleum Dubbs and a handful of other stockholders sold out to a group...

Want the full story?

Subscribe Now


Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!