Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1910-01-11
LOCAL OIL MEN PART OWNERS
OF IMMENSELY VALUABLE
OIL PROPERTIES.
5000, 600 CORPORATION
FORMED; TWO OWN oNE-FlFTA
Prospeetor Whom They "staked" Lo-
Gates Very Valuable Deposits of As
phaItum, Oil and Minerals in Atha-
basca Country, canada-ls Reward
of Five Years Of Financing.

G. H. Ruth and L. r. Willard, own
ers of the Marshall Oil Company, of
this city, stand to make a fortune each,
and possibly millions out of immense
deposits of asphaltum, oil, and miner
ais on land in Athabasca province,
northwestern Canada, on which they,
with others, have filed and secured
possession
To develop the property, which is
declared rich beyond their widest
hopes. a 100000 corporation was or
ganized Monday in Winnipeg. Messrs
Ruth and Willard, and three other men
Of the states, have one third interest
in this big corporation. The others are
7. w. Taylor, of Minneapolis, state
agent for the Union Central Insurance
Company, of Minnesota; Robert Jones,
president of the Drexel State Bank of
, Chicago: and James Wiser, president
| of the First National Bank, of Fargo,
! \. D. Alfred Won Hammerstein, the
German prospector, who located the de-
posts, after years of prospecting, has
a one-fifth interest in the corporation.
The other owners are Canadians
Have $500 Acres Of Land.
This property, of which the local oil
men own a little more than one fifth,
comprises $500 acres on the Athabasca
river, a navigable stream, about $50 or
! 400 miles north of Edmonton, Alberta
province. The holding includes the
| town site of Fort Mckay, a Canadian
police post. In addition to the immense
deposits of asphaltum, there is in addi-
ton much oil underlying the land. and
the prospecting has shown rich depos-
its Of gold, silver, copper and iron The
fact that there has been oil ON the
property has been announced before,
and the organization of the corporation
in Winnipeg was sent out Monday. A
telegram this morning from G. H. Ruth,
who was in Noyes, Mimi, verifies the
launching of the corporation But this
is the first announcement that has been
made of the ashpaltum deposits, which
tare considered the most valuable of all
the others.
Been After 1t Five Years.
For five years Won Hammerstein,
backed by capital furnished by the
local oil men and their associates in the
states and in Canada, has been pros
pecting for oil in the Athabasca coun-
try. More than two years ago Won
Hammerstein knew of the deposits on
the land Since then those who were
| associated with him have been endeav-
oring to perfect their title to the land
) it being the property of the dominion
and the acquisition of it was by nc
means easy. Eventually the title was
secured, which was but recently, and
now the value of the property and the
plans of its owner are made pub
: lie.
During all this period of years Ruth
? and Willard and the others have beer
e pouring money into the prospecting un-
t til thousands had been sunk in it.
4 Have Flowing Wells Now.
D Most of the holdings are close to Fl
r Mckay, where oil wells are now il
: operation Its owners are coniden
that the development of the propert.
will be easy, with the start alread
made and the prospects of havini
= transportation soon. Contracts hav
already been let for the construction
a of a railroad line from Edmonton t
: Ft. Mckay. Thirty miles of the grad
V Ming have been completed, and the con
e tract calls for the line to be ready 70
operation during 1911. By that tim
the corporation hopes to be able t
have the oil wells in operation and re
c fineries built by the time the railroad
a. completed and ready to haul the pre-
lie duct to Edmonton.
It In fact so confident are the owner
3, of the value of their property that the
s, are contemplating the construction of
s, pipe line from FIT Mckay to Edmond
* ton to carry the product
m The following is the statement mao
l. -
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