Word: wiseness
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Dates: during 1950-1959
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...Said the President on Oct. 31: "We believe these actions [Suez] to have been taken in error, for we do not accept the use of force as a wise or proper instrument for the settlement of international disputes. To say this, in this particular instance, is in no way to minimize our friendship." *The British Broadcasting Corp. taped his speech for later rebroadcasting to Britain...
...idea in six or seven years into millions." So said Dallas Geologist John A. Jackson last week as the biggest uncommitted natural-gas field in the U.S. was opened up by the Federal Power Commission. FPC approved the sale of 105 million cu. ft. of gas daily in the Wise County area of northern Texas to the Natural Gas Pipeline Co. of America, one of the biggest U.S. gas distributors. To get the gas from Wise County to its own main line Fritch, Texas, Natural Gas will spend $32.1 million to build a 350-mile pipeline...
Well, Well, Well. Geologist Jackson first realized the potential of Wise County in 1948 while working as a consultant for oil companies drilling there. While many of the wells did not produce oil, they had gas. But no one knew whether there was enough gas in the field to make it worthwhile to build a pipeline. Nevertheless, Jackson went to work to get the gas to market, persuaded a Wise County rancher to give him an 18-month option to drill three wells...
Jackson teamed up with Ellison Mills, a Dallas drilling contractor, got $60,000 from Wise County landowners willing to take a chance. The first well came in with an estimated reserve of more than 5 billion cu. ft. of gas, worth about $500,000. But since the drillers had no customer for the gas, banks refused to lend money to drill the other two wells. Lone Star Gas, which also had gas wells in Wise County, offered to buy the well for a mere $15,000, which Jackson refused. Discouraged, he went back to his consulting work as a geologist...
...Break. The big break came a year later. Explains Jackson: "I was in Lubbock, Texas, and got into a conversation with a lease man in the coffee shop and told him about my Wise County deal. He mentioned the deal to a Denver friend who then mentioned it in a conversation with an associate in Tulsa on the phone the next day, and the man in Tulsa got in touch with a Chicago bookie, who had put money into oil, and happened to be in Houston. It all didn't take over three days, and the bookie called...