Word: carib
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...farther than the gate: suspicious of his torrent of Spanish, the bomb-conscious guards summarily ejected him through the door. Thereafter the proud Colombian refused to have any dealing with Standard Oil of New Jersey. His concession was snapped up by Promoter Carl Kendriok MacFadden for his Carib Syndicate, Ltd., which kept a minority interest, sold the rest to Henry Latham Doherty's Cities Service...
...Carib Syndicate's interest, now 21%, has furnished about the only continuity in the subsequent colorful Barco story. Promoter MacFadden has long since been out of the company. Oilman Doherty tired of jungle oil in 1926, sold out his majority interest to Andrew William Mellon's Gulf Oil Corp. Then the concession was canceled, litigated, finally granted anew. This year, with not a barrel of oil yet delivered from the fabulous concession, Mr. Mellon sold out to Texas Corp. and Socony-Vacuum for some $12,500,000 (TIME...
Texaco and Socony were ready to spend the big money that the Barco needs. A pipeline over the mountains to the sea (more than 200 miles) may cost $12,000,000. Little Carib Syndicate found itself sitting in on a game it could not afford to play, for unless it shared development expenses in proportion to its one-fifth interest, that interest would be gradually shaved down to an insignificant figure. At the Barco table on one side was Texaco's Chairman Torkild Rieber with $473,000,-000 in assets beside him, on the other Socony's President...
...than $100,000 of his personal fortune in development work, General Barco put his concession on the market. Through the intervention of a seasoned promoter named Carl Kendrick MacFadden, most of the Barco went to Henry Latham Doherty's Cities Service Co. A minority interest was taken by Carib Syndicate, then headed by Mr. MacFadden. Cities Service grew tired of the responsibilities of jungle oil and in 1926 sold it to Andrew William Mellon's Gulf Oil Corp...
...Rieber did not buy the Barco concession itself. What he bought and now shares with Socony is all of the stock in a Gulf subsidiary which in turn owns 79% of the stock in a company called Colombian Petroleum. The other 21% of Colombian Petroleum is still held by Carib Syndicate. In the highly involved concession arrangement both Colombian Petroleum and the Gulf subsidiary are the concessionaires, each being responsible for the other's obligations, which include a prescribed amount of well-drilling and, after potential production has reached about 20,000 bbl. per day, the building...