Word: cosden
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...next leap landed him in Texas with $3,000,000 in cash provided by the friends of his past prosperity in the form of subscriptions to the preferred stock of Cosden Oil Co. Joshua who had no money to put in was guaranteed 50% of the common. He shopped around in the oil field for months-looking for cheap oil lands. In 1927 he brought in a little well in Ector County, opening the Ector pool, and promptly sold a half interest to Texas Co. for $250,000 and two free wells. He bought a lease in Howard County that...
...next time he did not spring-he was pushed by the Depression. Cosden stock which sold for $135 in 1929 sold under $2 in November 1930. Reason: receivership-not insolvency but shortage of cash to meet liabilities. Down went Josh Cosden. How much mauling could the man stand...
Last week at Big Spring, Tex., one of the springiest men in oil performed another of his remarkable saltations. With his first spring 23 years ago Joshua S. Cosden leaped out of a drugstore in Baltimore and landed in the boots of 50-million-dollar oilman in Tulsa. His second spring took him from the boots of Tulsa nouveau riche and landed him in the patent leather pumps of one of Manhattan's 400; with a $600,000 string of pearls for his wife (the second Mrs. Cosden by that time), with a million-dollar estate on Long Island...
...Cosden's next spring landed him, unshod and unshirted, a lamb in Wall Street. "The Cedars" went to Vincent Astor for a substantial consideration, the Palm Beach house to Mrs. Horace Dodge...
...Prince of Wales went to England and Cosden & Co. went to those who got control of it-went to them and became Mid-Continent Petroleum Corp. It looked as if Josh Cosden's leaping was done...