The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1904-08-02
LOCAL MEN FIND
Oil in INDIANA
SECURE BIG TRACT IN RICH
DELAWARE FIELDS.
Like Others in That District They
Have Found Out What's There Be-
fore Letting Their Good Fortune
Be Known or Giving Others
Chance to Share 1t.

Minneapolis is a good "oil town.
Tho hundreds of miles from the near
est oil fields, at least score of oil
companies have been organized by
Minneapolis capitalists and the foun-
dations for some large fortunes have
been laid. It has not been one con-
tinuous story of success, however, for
nobody can see into the ground and
1t takes money to drill hole to find
out II the oil is there.
When the Texas excitement broke
out early In 1901, Minneapolis felt the
fever to some extent, but the limited
uses of the asphaltum Oil from the
Texas wells soon became apparent
and interest Jagged. Then, too, the
Texas Industry was handicapped from
the start by the horde Of specula tors
simply to line their own pockets.
The more recent discoveries in
Kansas were handled on saner
basis, tho the field was new and
operators there were consequently
subject to Inconvenience and uncer-
tainties.
Hoosiers Were Saving Wood.
All this time, down in Indiana, sue
cessful operators were sinking wells,
striking oil with encouraging regu-
larity and selling their product at a
u
Outside this field, little was heard Of
the Industry for the operators were
IN the OIL business. They were SELL
Ing oil and not stock and the wells
produced oil at rate that put them
IN the same class with the famous and
constant wells of Pennsylvania. The
district used to be the heaviest pro-
Queer of natural gas. Now that the
gas Is being drawn off, the oil is COM
ing up as the gas pressure is reduced
Accustomed to drilling for gas, the
residents Of the locality did not lose
their heads when they found oil, but
began to produce petroleum as philo-
corn or barley. The Standard Oil
company soon had the district COW
cred with fine system Of pipe lines
and as the wells are near the middle
states, refineries and markets, they
never have to shut down because of
over production.
Some Big Fortunes Made.
Fortunes have been made in the
Indiana fields. One 8O-acre tract in
Delaware county produced in May
from eight wells some 10000 bar
rels of Oil that sold at $1.OS a barrel.
In June this company brought in. a
new well which produces 400 barrels
daily. Other larger tracts, but with
not to exceed ten holes pumping, sold
all the way from 1000 to IL, 900 bar
rels at the same price. And yet there
has been no boom and no excitement
tho thousands Of dollars a day have
of the fortunate boosters. They have
Kept their heads, kept. their own
counsel and kept stock of their oil
companies in their own hands.
Minneapolis Men Find Oil.
| ic toll, l.
est Of the Indiana oil fields that sew
! eral Minneapolis gentlemen have &C.
qulred leases to a large tract of oil
land and have quietly proceeded tc
sink several wells. They struck oil
Of course, for their land is in Della
ware county near Muncie, and that
county produces more oil than any
outside of Pennsylvania. The first
we'll was a good one; the second was
better, and promise is good for the
third, now being drilled. Under the
name of the Gopher Oil company, a
corporation has been formed capital
Of 200 acres, which ultimately will
provide room for forty wells. Fifty
barrels q, day is low average for the
! Delaware county wells, but even or
that basis the wealth underlying the
Gopher companys tract is something
I'attractive.
operations are DGlnS puSne0 under
the direction of a practical oil man
Of long experience in the Pennsyl-
vania fields.
To Increase Production.
|. It is the plan to reach high daily
production as soon as possible and in
| order to sink four or five additional
wells at once, a limited amount OF
stock will be placed on the market in
Minneapolis The company has nc
preferred stock, no bonds and nc
debts, so that every dollar invested
does a full hundred cents worth Of
work, and all stockholders share alike
| in the profits. Having carried the
project past the period of uncertainty
and actually struck OIL" the gentle
men already in the company feel that
the opportunity now afforded
| for others to come in with
them will be welcomed by holders OF
idle money Only 10000 shares
of stock par value 81. are now
available for sale. In order to insure
speedy realization, this lot will be sold
at 80, after which there will be nc
more sold. Those seeking further in.
formation should call on or address
the Gopher Oil Company, 504 Lumber
Exchange, Minneapolis.
Does your roof leak? We can stor
LIT. Both phones 37e. w. S. Mott