Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-08-25
COSDEN RETR|EVES
BROKEN FINANCES
Oil Operator on Way to
Second Fortune After
Recent Losses.
By JOHN r. SINCLAIR.

IL Is less IMAM ~ years since y
name "Cosden' was associated with one
of the largest fortunes in America. The
Cosden Oil Co. was n Of the most
organization and prosperous.
Joshua 8. Cosden was popular, Q good
mixer and socially among the elite. Re-
puted to be worth $50. 900 900, he owned
> houses In New York and Palm Beach.
His parties were among the finest in
the land. The Prince of Wales was
one of the celebrities at his Long Island
palace.
Then something went wrong. The
company was taken over by other In
terests.
1t was a hard blow. Doubly 20, be-
cause OF his popularity and prominence
in the social world. HI Was forced to
sell his home N Long Island, one Of
the show places of the country. Next
his magnificent estate at Palm Beach
was sold.
Organized New Company.
But he had faith In himself and he
knew the oil business. He felt that
within himself he had the power Of Q
comeback. But where vas he to get
capital?
His financial condition was heralded
through the length and breadth Of the
country and this only added to his
Finally he decided to try his hand
again at the old game. In February
OF 1928, less than q year and O half
ago, the Cosden Oil Co. was Organized
M $4,000 900 of z per cent preferred
stock and $4,000 shares Of no-par com
mon stock were issued.
Friends subscribed for all Of the pre-
ferred. With the preferred was given
gratis n share Of common. The other
nall OF the common. Mr.. Cosden was to
receive for his services.
The former oil magnate agreed to 20
20 work without salary. He knew that
lew ever come back on salary His
fortune was again made. If the common
STOCK could be made valuable. It was
MS Job to make 1t so. He received
10000 shares of the common stock in
lieu OF salary. The common stock. at
mat time, had no value. In fact, for
some time after the was
formed, there was no market for It.
But. to return TO Mr.. Cosden. In
March, 1928. with the $4,000. 900 credit
10 work on, he returned to the Oil fields
where he a made his first fortune. He
plunged anew into his new eompany's
activities with undated energy. His one
desire was TO ~re-establkh his oil bust
ness and prove tn his friends he could
do it.
For months he was not seen Ia any
OF n big business centers. He moved
mere and there in the oil fields picking
up desirable properties when he could
get them at the right prices. He knew
ms OIL country for he had grown I'D in
IL. FORT worth was his h~eadquarterk
Company ProsperA
His $4,000, 900 secured from the pre.
ieffed STOCK, was enough to give him the
start he needed. Not only did he assen-
bic some Of the finest oil property Ia
n Southwest, particularly In the West
Texas fields, but he has gone ahead
putting together a well migrated or.
ganization that now includes a 6rst.
class refinery. Now the company Ia pro-
ducing about Is, 200 barrels Of crude oil
daily and is carrying en- a very agrees
Sive drilling campaign.
While Mr.. Cosden still maintains an
apartment in New York City, New York
sees him but rarely and then only to
ally stood with him. But he is aIways
eager to return to the oil fields of Texas,
where he is again carving out another
huge fortune.
MI. Cosden entered the oil business
more than rs years ago in Texas. His
old company was called Gosden e. Co.
but its name later was changed to the
NA0 ~NOit1ElcAI FcGOlSum NQfU0TaLfON.
hi was in 1925. It is understood that
he has now recovered a substantial In
terest IN thai company. Stranger things
have happened than that he again inay
gain control of the old company.
The Cosden Co.-his new one-haS
proved to be a great success, and Mr..
Cosden Is now estimated to be worth
nearly Sl2, DOC, 600. Not bad In II
months. from scratch.
co Mr. Coclap hae ooooa hoolx D,,k
he continues to work al hard as ever.
Reports from Texas say he is to be
seen early n late surrounded by der
ricks and oil machinery. No young
company is more aggressive and active
in the oil fields Of the Southwest.
Close friends AVE recently stated he
has no use for the stock market and
that he does not carry a single account
with any brokerage house. Wall Street
may look easy to some, but not to one
who, like Mr.. Cosden. knows another
business far better.
The meteoric rise again of this for.
mer Oil magnate shows anew the posi-.
bilities in America for a man who has
vision and determination.
Yes, vision and determination-and
last but by no means the leaste few
loyal friends.
Radio Securities.
The radio trade has shown notable
progress during the last year. While
no accurate estimate can be made of
total sales volume. the aggregate sum
was In all probability over $500, 0OO, 900.
Volume of sales has probably run close
to 4,000, 600 sets and estimates OF TO-
000, 900 receivers throughout the United
States are probably correct.
OF these sets probably half are the
old type of battery-operated sets.
which leaves a potential field for s.
DOC, 600 requirements plus an added DO
tential 10, 000. 900 new users. OF course,
this transformation from battery sets
to electrically operated sets will be
slow in some sections because of the
absence of electricity, nevertheless DOS
ibilitie Of extraordinary growth are still
present.
Perfection of tubes and introduction
of new and more powerful products have
created a new interest in this branch
Of the industry. The screen grid tube
has taken a major position In the new
sets. The screen grid tube L. estimated
to do the work of three OF four ordinary
hree-element tubes.
A shortage of radio tubes this Fall
is expected similar to that resulting
from the greatly increased demand for
radios q year G by the perfection of
the electrically operated radio. The
total demand for the year bids fair b
result In the distribution of close to
100, 900 900 tubes.
tCopyright, 1929. by North American News
paper. Ailiance.D