Salt Lake Tribune | 1918-03-31 | Page 30 | Many Big Fortunes Derived Form Oil

MM BIG FORTIES I DERIVEDJFRDM OIL Wealth of Rockefeller, Gates, Sinclair, Doheny, Cosden Due to Petroleum. I The richest man in the world made, his money out of oil, says the, Mining and Industrial Age. The name John D. Rockefeller is synonymous with 1 great wealth. This wonderful man conceived great things. To him is due more credit for the tremendous strides made by the petroleum industry than to any other individual. The great riches which he has accumulated as a result of his gains from oil have beeD ; duplicated on a smaller scalo by numerous nu-merous other individuals. Among the most remarkable of these men was John W. Gates. Before embarking em-barking in the oil business, Mr. Gates had a varied career in steel and mining. min-ing. His name is principally identified with the Texas company, with which he became associated in 190H. From al) accounts, he disposed of all his other interests at that time and devoted de-voted his attention to the upbuilding of that company. The story of the Texas Company is practically a narrative nar-rative of his rising fortunes. In 1900 the Texas Company had an authorized capitalization of $3,000,000. Yet it thrived to such an extent on the foundations which Gates built that at the end qf the last fiscal vear, June 30, 191 7. its capital and surplus amounted amount-ed to $113,000,000. Gates' died a very rich man. and most of his wealth was derived from his activities in the oil industry. His principal asset at the time of his death was his Texas Company Com-pany stock.- H. F. Sinclair is another man who has acquired a great fortune throutrh his oil activities. When the Mid-Continent field was in its infancy Sinclair Sin-clair recognized its latent possibilities as an oil-producing center. He acquired a large acreage scattered throughout the field, which afterward formed the nucleus of a company which was organized or-ganized in .April, 1916, known as the Sinclair Oil & Refining corporation. This company has an authorized capitalization capi-talization of 1,500.000 shares, without par value, or, in other words, of SloO,-t'00,000. SloO,-t'00,000. It is safe to assume that Sinclair Sin-clair is the largest stockholder in the Sinclair Oil & Eefining corporation, which is another way of saying that he is a notable addition to the rapidly, growing group of millionaires in this J country. j Sinclair is so great a believer in the j vast possibilities of the oil industry ; that, he has since organized the Sinclair Gulf corporation, which has, a capital of 1,000,000 shares without par value, or $100,000,000. Edward L. Doheny has made a large fortune in oil. Previous to his becoming becom-ing connected with the industry, Doheny Dohe-ny 's business activities were confined , to mining in the southwest, particular ly in Arizona. It was w-hile engaged in the. mining business that he realized that oil was to become one of the greatest sources of wealth in the country. coun-try. He selected California as a field for his oil activities and in due course or time was tne possessor or considerable consider-able acreage in that state, as well as in Mexico. Systematic drilling work on these properties resulted in the development devel-opment of a large production. In 1907 he formed the Mexican Petroleum com-panv com-panv which has now an authorized capitalization of $30,000,000. This company com-pany has a potential production of aboin 400.000 barls of oil per day. and is recognized as the leading oil operating company in Mexico. In February, Feb-ruary, 1916. Doheny was the leading spirit m the organization of the Pan-American Pan-American Petroleum - Transport .' company, with a capitalization of $150,- 000.000." He is reputed to be many times' a millionaire. J. S. Cosden has made large profits in the oil business. In 1911 Cosden was thy owner of a small refinery at Big Heart, Okla., which he hail established a short time before. He was quick' to perceive The latent opportunities and began to accumulate a large acreage iu the Mid-Continent field. His re-linery re-linery and acreage subsequently lormed the nucleus of what is known as Cosden & Co.. with a capitalization of about $6,000,000. Later on he forme. 1 the Cosden Oil Gas company, with a capitalization of $12,000,000. In 1917 thin company was absorbed by Cosden it Co., and the authorized capital increased in-creased to $32,000,OT)0. If, as Emerson Emer-son says, "an institution is but the lengthened shadow of a man." the organization or-ganization of the new Cosden & Co. reprcseLts the oil career and present wealth of J. S. Cosden.