831.6363/10–2345: Telegram

The Ambassador in Venezuela ( Corrigan ) to the Secretary of State

969. Mytels 966, Oct. 22, 5 p.m., and 968, Oct. 22, 6 p.m.8a Three oil company heads, when informing colleagues results their meeting with Junta, said that desiring continue operating, they felt it wise to be realistic and talk with Betancourt, who is in driver’s seat, and with remainder group actually exercising power. They added other interests adopted same attitude since representative groups of bankers and merchants also visited Betancourt.

They received impression Junta will be realistic and that no change contemplated in oil law and concession contracts but that party in [Page 1406] power, deriving large support from labor, will have to pay off such support and that oil companies must expect to foot bill. They feel, therefore, be wiser concede everything reasonable at once instead have measures forced on them later, including collective contracts they would have opposed had things not changed.

One company head took pessimistic view responsibility, honesty provisional leaders and felt counter-revolution might take place. He found little echo of such feeling.

  1. Neither printed.