The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-12-11
HOTEL LOBBY GLEANlNGS
A GREAT FUTURE FOR THE INDIANA
OIL INDUSTRY.
III. c. Mount Gives Some Interesting
Facts About the FieId-vfsitors
ut the Hotels.

MARK my words: Next spring will see
one of the greatest oil booms in Indiana
that the country has ever known"
The man who uttered this prophecy Is
III. c. Mount. an oil operator from Marion.
and he followed it up with a statement of
the conditions in the oil industry that
showed that he had a substantial basis for
his inspiration.
in the first place." said Mr.. Mount,
Eastern operators from the fields of New
York. Pennsylvania, West Virginia and
Ohio are all fiocking into Indiana. These
Eastern fields have all been drilled out and
there is no further room for development
or prospecting In them. The Indiana field
offers the best prospects of any section
Of the United States. 1t is producing more
oil I'm proportion to the extent of its devel-
opment and the oil Is of a superior quality.
Again. the price OF Indiana oil is adj
vancing steadily and it is a significant fact
that the advances in the price of Indiana
oil are now equal to the advances in the
Eastern fields. Heretofore when an adj
vance has been made it has been on the
ratio OF 5 to 3. That is. when Eastern oil
has been advanced cents Indian oil has
only been given an increase of cents. This
recognition OF the Indiana field marks the
beginning of the big boom. Indiana oil is
now selling at s1.O4 and firmly believe that
by next spring the price will be at leas.
$50.
THE reasons for this advance are OBJ
vious to those who have investigated the
subject. The Standard Oil Company is
now drawing on its surplus at the rate
of 100000 barrels per month. The company
has at present, or is reputed TO have, a
surplus OF 100000 barrels above ground.
AT the rate this surplus is being reduced 1t
reasons for this increased consumption are
the new uses to which oil is being put. New
by-products have been discovered. the
shortage in the coal supply has brought
about a large consumption of oil for fuel
ii is just now coming into demand largely
for illuminating purposes, and the export
trade has largely increased To add to
this the production has fallen off materially
and there Is consequently every reason for
further advances in the price"
Mr.. Mount came to Indiana from New
York ten years ago and he has drilled over
100 wells in the fields about MONTPELIER.
Marion. Alexandria and Muncie. Some of
these wells have been among the largest
producers in the State He now has four
teen producing wells In the Grant county
field and is just finishing putting in a well
near Mt Zion. eight miles north of Mont
pelier
He was one of the first men in the Alex
andria neld. and he has 1--WE wells there
them because of the waste of gas that
would follow, and he of the
greatest sufferers from the law prohibiting
the pumping Of oil wells that also produce
gas The fine for violation OF the law
Is 500 for the first day and $40 for each
succeeding day There are fines against
him now amounting TO s22OOo Along with
other operators he pumped his Alexandria
wells until the law was sustained by the
Supreme Court of Indiana. and then he
decided TO yield TO the inevitable. The
fines against him have never been pressed
Mr. Mount went to Texas a little over
a year ago and acquired leases on 80 O0
acres OF land in the vicinity of San An
tonic He prospected there until last sum-
mer but after sinking $4,000 IN one dry
hole and going through a siege OF Texas
fever which almost killed him. he decided
TO abandon Texas to more optimistic OPP
orators.
There Is lots of oil In Texas" he said
last evening but the development OF the
field is extremely expensive and then
the climate there Is something awful.
wouldn't stay there 10 make a fortune.
was taken sick with the fever last June.
and when was able to get up In August