Word: golyer
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Gleam. Texas Eastern had begun as a gleam in the eyes of E. Holley Poe, an Oklahoma-born gas consultant; Everette Lee De Golyer, Texas' famed oil geologist ; Charles I. Francis, a Houston lawyer, and Houston's shipyard-building brothers, George and Herman Brown (TIME, Feb. 24). They advanced some $250,000 (later repaid by the company) in the early stages of engineering, planning and bidding. When down payments totaling $5,100,000 had to be made to the War Assets Administration, Dillon, Read's help was sought. Dillon, Read & Co., with the Browns, et al, lent...
...investment in Texas Eastern stock. The Brown brothers had made $2,800,000 in paper profits on their initial investment for stock of $42,750. They would net another $500,000 or so in profits, at cost plus, in constructing 21 compressor stations along the Inches. Geologist De Golyer's paper net was $1,000,000 on a $15,000 investment, Holley Poe's was $712,000 on $10,000. As for the eleven partners of Dillon, Read & Co., their $18,750 investment had grown into $1.2 paper millions. They would also net about $380,000 in underwriting...
...last week in Washington when WAA publicly read the 16 pipeline bids, it was clear the kidding was at an end. The Big Inch Natural Gas Transmission Co offered $85 million in spot cash. A group headed by big-time gas men E. Holley Poe and Dr. Everette De Golyer topped the $146 million cost of the lines by offering $260 million for a 40-year lease...
...Necessary? "I hold no brief," said De Golyer frankly, "for the Government's Arabian pipeline [but] until some satisfactory substitute is found ... I am for the line. The oilfields of the Middle East are practically certain to be of paramount importance as a source of the world's oil supplies for a generation to come. . . . The fact that the Iraq Petroleum Co.* is even now asking for steel with which to build a line of substantially the same size ... is sufficient answer as to whether additional petroleum is needed in the Eastern Mediterranean...
...submit," concluded De Golyer, "that whether or not objections to the present enterprise, its initiation, or method of handling are valid, it was conceived, as one editor put it, 'in the interest of national security and for no other purpose...