In a small bowl, combine 3/4 cup of lukewarm water with yeast and 3/4 cup of flour. This will make a 'sponge', let it rise about 30 minutes in a warm place. In a large bowl, combine oil, sugar, salt and cold water. Add yeast sponge to sugar mixture beating vigorously. Beat in flour gradually. Put on a floured surface and knead about 15 minutes. Place in a bowl. Cover with a cloth. Let stand 1 to 1 1/2 hours. Dough should be double its size. Press down. Let stand 15 minutes longer. Separate dough evenly into two pieces. Shape each dough piece into a long tapered loaf. Place loaves on 2 greased baking pans. Let stand 1 hour. Dough should double in size. Coat tops with egg white. Cut 1 inch long slits every 2 inches on each loaf top. Bake at 350° for 45 to 50 minutes until brown. Egg coating may be repeated during baking. Use a toothpick to check for doneness. Remove pans to racks. Let stand 5 to 10 minutes. Invert loaves onto a bread board or platter. Let cool before slicing. Yields 2 loaves.