The Kimball graphic. (Kimball, Brule County, Dakota [S.D.]) 1883-1905, 1892-06-04
WILL RIVAL STANDARD OIL
London and Chicago Capitalists
Incorporate.
More Money Than tho Petroleum Monop
oily Evr Had--A Pipe Line Pro-
jected To cost Se.5OO,UO0
as Starter.

CHICAGO, June 1.-The oil fields Of
Pennsylvania, West Virginia and Ohio,
it is claimed, are not to remain in un-
disputed possession of the Standard
OIL company. Tho existence of un-
other huge corporation, composed Of
London and Chicago capitalists, is re-
ported. and, while those in possession
of the facts refuse to go into particu-
lars they assert that tho plans of
the new company are nearly matured,
that they are of purpose and extent
to make tn ,m commensurate with the
extensive operations of the Standard
Oil company, ma ing the new com
pany formidable rival to that con-
Germ, and that the financial hackers of
the venture have plenty of money in
sight.
a close corporation has been formed
by we'll known London and Chicago
capitalists, 1T is claimed, and there is
no intention Of putting any stock on
the market, Mt least ut present, though
it is limited that this may be done at
some future date. A pipe line will be
constructed from tho oil regions of
West Virginia, OHIO and Pennsylvania
to the seaboard. Two million five hun
dred thousand dollars Will be expended
in its construction the first thing, but
this sum will be but q beg nning in
comparison with the future operations
of the company. 1t is the intention to
connect with the seaboard all the prin-
cipal oil producing regions. In quiet
way the new company is said to have
already secured possession of several
wells whose flow reaches several thou
sand barrels daily and also n large
amount of territory in the oil regions
which is yet undevcloped, but which is
known to be rich in oil
During May several meetings have
been held at the Auditorium hotel ~
which the plans OF the com
pany havo reached II fair state of
completion. Constructive plans have
been considered. tho nature and Local
tio1 of the territory now in possession
of the company studied. and terminal
points decided upon. The seaboard
ter inal will be at Baltimore.
George b. Cowlan. of Pittsburg, has
been in consultation with the Chicago
parties. and although he claims to
have only confidential knowledge of
the plans of the company, he admitted
that he had been advising its members
in regard to pipc lines, oil territory,
etc, because OF his familiarity with
matters in the oil regions.
"Who are the London and Chicago
parties?" he was asked.
81 can't tell you that; they are we'll
known, however, and have all the
money they need to make the con-
pany successful from the start"
"Do they intend to fight the
Standard Oil?"
ut would DO natural for something
of that sort to occur when one concern
invadcs the territory long monopoiized
by another. The new company has no
fear of tho Standard Oil; it has more
money in sight than the Standard Oil
ever had"
"Is there anything OF the nature OF
o stock-jobbing scheme about the
formation OF the new company?"
"No; the men behind it have too
much money for that. They do not
propose to build a pipe line to be
gobbled up by the Standard Oil people
in two or three years
"Are their plans maturcd?"
Nearly SO, and they are progress
ing ut n good rate. Terminal points
have been decided upon, but | can
give you no information that is
definite. have no connection with
the company. A few small interests
which possessed in the oil fields
have disposed of to this company and
consented to give the members of the
syndicate the benefit of my knowledge
of the oil fields and oil matters in gen
craL'