PETROLEUM: One of Two Things

Lumbering into the annual stockholders meeting of his substantial ($362,000,000) Consolidated Oil Corp., Oilman Harry Ford Sinclair last week declared: "Either one of two things must happen. The price of finished products must go up or the price of raw material go down. I do not believe that this industry can continue to sell its finished products below the cost of raw materials."

Immediate reason for Harry Sinclair's pronunciamento was a small loss on Consolidated's operations in the first quarter (figures not made public). Since last year when the Government convicted a batch of the major oil companies under the...

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