Big Spring

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, a two-million dollar home at Palm Beach, a stud farm in Virginia. It was at the Cosden home, "The Cedars," at Port Washington, L. I., that on the morning of Sept. 10, 1924, after the master and his guests had returned from an entertainment for the Prince of Wales, a thief slipped into the Cosden's bedroom and took from Mrs. Cosden's dressing table her diamond bracelet, black pearl ring, pink pearl ring, and pigeon blood rubies (aggregate value: $100,000), slipped into a nearby room and took $42,000 worth of jewels lying on a tray near Lady Mountbatten's bed.

Mr. 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.

The 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.

Not so. His 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 placed his new company in the Suttles Pool where oil was found at three levels. He built a large refinery at Big Spring and a pipe line to it. He bought acreage in Willbarger County--and sold a small part of it for what the whole had cost. From Texas he sprang back into Oklahoma. By 1929 he had sprung back into the boots of a 15-million-dollar man.

The 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 in the Cosden refinery at Big Spring, George N. Moorse, receiver, faced a meager crowd of 200 to auction off Cosden Oil Co. By court order he was forbidden to take less than $500,000--for a company that had been valued at $40,000,000 in 1929. Joshua Cosden was in the crowd, his attorney and personal friends around him. He had little more to lose if the company passed into other hands though some of his friends would be wiped out. The auctioneer asked for bids. There was silence. Then Josh Cosden said, quietly: "$501,000."

"Any other bids?" asked the receiver, knowing well there would be none. Then he knocked down the sale.

The crowd cheered, shouted, applauded. Cosden raised his hat at arm's length over his head and smiled at their enthusiasm.

"All I have to say," he remarked to his friends, "is that if anyone has $501,000 in cash they can have the thing."

But the loyal crowd did not hear. They thought they saw Josh Cosden taking off --with them and Cosden Oil--for another mighty spring.

This file is automatically generated by a robot program, so reader's discretion is required.