The Salt Lake herald-Republican. [volume] (Salt Lake City, Utah) 1909-1918, 1910-07-24
OIL FIELDS DRAW
EASTERN CAPITAL
MilIionaires Are Making Exam
inatiOnS-CoIorado Men in
San Juan.

half dozen millionaires and repre-
scntativcs OF a number OF New Nork's
leading financial institutions were IN
cIudcd IN n party Of twenty eastern
bankers and brokers which arrived in
Los Angeles the other day upon tour
of inspection OF the California oil fields
their special purpose being to deter
mine for themselves and for those
whom they represent tho worth Of Call
fornfa's oil securities. Another ike
% rty bent upon the same mission Is
due TO leave New York today.
These incidents illustrate the Inter
est that is being taken by eastern capt.
fatists y the oil industry OF the west
Utah and wyoming have oil fields
vclopr cut TO attract a fun share OF
that interest. Capital is quickly re-
Eponsive to the attractions OF a good
OF field.
"A dozen business men Of Denver and
Colorado have put thousands OF dollars
into new and promising hcld opened
in Utah. about 175 miles from Dolores.
colo. me nearest railroad station. while
Chicago capitalists have formed COM
pany with s1.0O0.0o0 capitalization 70
develop the fields around Lander. Wyo.
Other companies are buying large
tracts OF land around Boulder, where
tho activity Or great. 4 tract OF $50
acres was recently sold IN the Big Horn
three wells In operation and promised
rich returns.
-The Utah excitement IS greatest IN
the san Juan fields. IN tho southeastern
part 81 the state Experts state that
the oil is far superior to tho California
product and The specific gravity reports
show an oil that Will bring 81 n barrel
On n crude state In Denver. -Four wells
have been drilled in two months. the
first two only as far as the top layer
OF sand and the others 500 feet deeper
Pipe Line Projected.
"Ofhcr wells are owned by the Gallo
way brothers 81 Norwood. Colo. who
went 20 the lowest sand level or
depth or 1000 feet. There IS only ono
Standard rig on the grounds and Tho
usual appliances for shooting the well,
have not yet been shipped, but will b'
''The wells show oil standing 100 fee'
from the top Tho Standard OIL com
pany has a number OF experts in The
field trying 10 gain possession Of tn,
lands. They have made ella borate re
ports. hut refuse % make them public
The tract is ten miles Ions and twent,
miles wide.
"The oil was found on the north shor,
of the san Juan river. which cuts
canon through the oil fields 800 fee
deep. The more vcnturcsome prospect
ore have seen oil creeping out of the
rocks at dizzy heights. 10 is planned
60 extend pipe lines from Bluff TO Gal
lup. ". NJ. on the Santa Re. n distance
of 100 miles I'm southeasterly di
rcCfiou.
Wust Pay Royalty.
Much u tho land around the field IA
already been Withdrawn nc the sugres
ton or the United States geological sur
vcy. and 10 will have % be filed 81
under tho new laws allowing the gov
eminent 90 get SIS money back az o
cents n barrel instead Of under IN
placer act. as has been the custom 70
years. Had this law been passed be
fore the discovery OF the Midway field
fu California the royalties alone woui
have paid the expenses Of the Who'll
geological survey force for a year.