GC: You will have before you the body and the enquiring mind
of [
270], of Room ..., Chicago, Ill., with the information as
was given in a letter written as a circular to the
shareholders of The Telegraph Oil Company, dated Nov. 21,
1927, [See
4905-70, Par. 30], and you will answer the
questions that I shall ask you regarding [
270]'s association
with this corporation. [See
3817-1 volunteered here before
EC started with Mr. [
270].]
EC: Yes, we have the body, the enquiring mind, [
270] - this
we have had before; also that information as respecting
contemplated operations by those interested in Telegraph or
Telegram Oil Company. Ready for questions.
(Q) Shall I support financially the Third Oil Well which is
to be drilled on an 80 acre lease held by M. B. Wyrick and
his associates in Crockett County, Texas? [See
4905-70,
Par. 30.]
(A) This, we find, will be a successful operation, with the
expenditure of little compared to the returns that may be had
from same. The actual cost of drilling will be less than $10
per foot, and the depth will be less than 1200 feet, and the
quantity in production will be above 10,000 barrels per day
on flush, and reducing in 30 days - provided too much is not
cut off to not less than 5,000 per day for at least 20 to 30
days, reducing again on the sliding scale, dependent upon
other operations and the care with which the production is
cared for. Hence we would say, we would invest in this
undertaking.
(Q) What returns may I expect from this undertaking?
(A) Good. First class. High.
(Q) Will this enterprise be directed by capable, efficient
hands, entirely free from ultra-motive or irregularities?
(A) These that are at present engaged in the conducting of
the undertaking, exceptional in this manner. Only well that
the purpose and the policies be kept the same when production
is in hand; for each must fulfil that purpose as set - else -
(After pause) That is all the questions.
Much may be said as respecting the conditions of handling the
operations and production in this field; for, as seen, the
condition in the oil supply, or production and the
consumption of same, these conditions will resume nearer the
normal near the time that this operation should be completed.
While the general trend of many operators has been, and is,
that production is safer, more secure in its natural
storehouse than on top the ground then do not be misled by
attempting to hold that being produced for prices other than
current with the run, for once open and the field being
exploited, necessary that this be kept on the move and not
attempt to curtail production once opened - and necessary to
be opened, else the field may be DRAINED, see? by production
coming nearer and nearer.
We are through for the present.
BACKGROUND
He previously obtained Physical and Business Rdgs.
11/21/27 He submitted questions in re advisability of
supporting shareholders in drilling a third oil well. See
4905-70, Par. 30.
REPORTS
12/23/27 He wrote: "Your report on the Crockett County
matter received today and is very acceptable."
1/24/28 See
270-13, Par. 3-A advising still that the well
operations are to be successful.
3/30/28 He wrote: "Mr. Wyrick left for Texas last evening in
response to a wire that things looked very favorable.
Naturally I am very much concerned about this project and its
ultimate outcome. I would like to know about it before the
April meeting since I an desirous of having what I can do for
the institution pretty well fixed in my mind at that time.
Of course I would like to be present when the reading is
taken but I see no such likelihood now. So my thought is
that you work the questions in next week if such a request is
not unreasonable, and I sincerely hope it won't be, since my
status in the realm of things seems to be at least partly
clear." [Since Life Rdg.
270-15]
4/05/28 See
270-16, Par. 4-A advising still that the oil
operations would be successful.
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