Word: olaya
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Dates: during 1930-1939
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Back in New York Senor Olaya, now behind the back of an innocent Press, took up the real purpose of his visit?a loan. He dropped into J. P. Morgan & Co. But Mr. Lament seemed chilly. He dropped into National City Co. to see Victor Schoepperle, who had visited Colombia. But Vice President Schoepperle did not think a loan could be arranged unless Colombia adopted a "businesslike" administration. Weary of shopping about Wall Street for cash, President-elect Olaya consented to these terms, and sailed for Colombia with the promise of $20,000.000 in short term bank credits from National...
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...
...final $4,000.000 in Colombia's bank credit was unaccountably held up in New 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...
...taxes to be refunded to Aluminum Co. and Gulf Oil, "thousands" of dollars to himself. The Treasury literally labels his concerns "Mellon companies." He used his official position to have the Barco oil concession in Colombia restored by that Government to Gulf Oil, following personal conversation with President-elect Olaya Herrera...
...also assessed an additional $209,000. making a net tax loss of $118,000. A bumptious Treasury employe once labeled papers relating to Aluminum Corp.: "This is a Mellon company." Superior officers immediately ordered off the label. Mr. Mellon never mentioned the Barco concession to President-elect Olaya...