Word: barco
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Once safely installed in the President's Palace at Bogota, one of Senor Olaya's jobs was to take up what was known as the Barco oil concession, valued at $300,000,000 or more. This concession, con trolled by Gulf Oil Corp. which is largely owned by Secretary Mellon & Family, had been canceled by the Colombian Government in 1926. The State Department in 1928 gently pressed for its restoration...
...York. President Olaya complained to Secretary Stimson who went in person to see the attorney of National City Co. in New York. The hankers were not urged not to be "unduly technical." Mr. Schoepperle insisted that the Colombian budget had not been balanced as agreed and as for the Barco con cession, he did not "give a damn." On June 20, 1931 the Barco concession was restored to Gulf Oil Corp., to the large satisfaction of the State Department. On June 30 Mr. Schoepperle released the final $4,000,000 installment to Colombia, again to the large satisfaction...
...Statesman Stimson, as it appeared circumstantially, played the Barco con cession against the $4,000,000 loan and thus secured a triumph of dollar diplomacy? No, was his indignant answer. The two matters, while parallel, were separate and distinct. The State Department insisted that its sole concern in these negotiations was "the fostering of friendly relations...
...Petroleum is controlled by Gulf Oil Corp. of Pennsylvania (Mellon-controlled), buyer of a 75% interest for $2,500,000 in 1926. The remaining 25% is held by Carib Syndicate, Ltd., among whose directors are Charles Hayden of Hayden. Stone & Co., Ernest Stauffen Jr. of Marine Midland Corp. The Barco Concession is in the Department of North Santander, 200 miles from the Caribbean...
...Barco Land. In 1905 the Republic of Colombia (the one just below Panama, on South America's neck) gave to able General Virgilio Barco the concession to 11,500,000 acres of what was thought to be rich oil land. In 1918 General Barco sold the rights to 1,300,000 choice acres to Colombian Petroleum Co. of the U. S. In 1926, again in 1928, Colombia declared the Barco Concession cancelled, caused many a memorandum to pass between Washington and Bogota. Last week, however, a contract was signed by Colombia giving Colombian Petroleum right to work the land...