Edgar B. Davis : wildcatter extraordinary

Abstract

Edgar B. Davis entered the Texas wildcatting phase of his life in 1919 after successful business careers in New England shoe manufacturing and in the United States rubber industry. At age forty-six he took up exploration for oil as a temporary measure, caught the oil fever, and wildcatted for the next thirty-two years with mixed results. Davis brought in the Luling Field in August, 1922, a discovery of great importance to the oil industry. He developed his oil properties and sold his holdings, representing sixty percent of the field, to Magnolia Petroleum Company in 1926 for {dollar}12,100,000, the largest oil transaction in Texas up to that time, Davis's profit-sharing made him a legend. Based on a ratio of years of service, he shared nearly {dollar}2,000,000 with those in his employ at the date of the sale. He established the Luling Foundation, a {dollar}1,000,000 demonstration farm, and he built separate club and park facilities for the white and black citizens of Luling. In Brockton, Massachusetts, Davis's hometown, he set up the {dollar}1,000,000 Pilgrim Foundation to provide charity for needy children, and he constructed two swimming pools to serve the entire community. In addition to civic philanthropy, Davis contributed to the arts. He spent over {dollar}1,000,000 as angel of the New York production The Ladder, known as "the biggest flop on Broadway." His thousands of dollars in prize money offered from 1926 to 1929 for the best paintings of Texas landscapes not only set records for such monetary awards but also encouraged artists to capture Texas scenes on canvas. For a brief period, Davis financially backed publication of the North American Review, the nation's oldest magazine and one of its most revered publications. During three seasons, 1926-1929, he furnished free Easter music in San Antonio and Brockton, arranging expensive operatic talent to sing in both cities. Such extreme generosity, even though sincere and well-meaning, labeled Davis as an eccentric, and this distinguishing quality of character has remained his best known trait down to the present day...