OIL: A Raise for Harry?

Poker-faced Harry Ford Sinclair likes to bet on horses, cards, anything at all. But best of all the jowly oilman likes to bet on oil. Last week he was up to his old tricks. First he stood up before the annual meeting of Sinclair Oil Corp. stockholders in Manhattan. He had good news. In the first three months of this year, Sinclair Oil Corp. earnings before taxes were double those of the same period last year. So President Sinclair (whose friends call him "Sinco") recommended that dividends be increased.

Then Sinco discreetly left the room while the stockholders heard another proposition:...