The Guthrie daily leader. [volume] (Guthrie, Okla.) 1893-1996, 1910-08-22
MILLIONS
PAID FOR
OIL WELLS
OKLAHOMANS LEA " E
NEW YORK WITH BALES
OF THE CRISP"
.DARTLESv|LLE DEAL
THE BIGGEST IN YEARS
Project That Has Been Quietly
Carried on for Several
Months


Special to The Leader.
New York, Aug. 22-Milions OF dol
lars were handed about like so many
pieces of ordinary paper at the Bel
mont hotel and of those recipients
who closed their hands on the yellow
backed currency. or its equivalent in
sleek-looking checks of the seven
figured caliber, or its equivalent in
time lost all interest in the Great
White Ways allurments and hiked
back to Oklahoma as fast as they
could without seeming 70 be impolite.
The cause Of the haste was that oil
wells had been turned into money as
the result of the consummation OF
one OF the biggest deals in oil wells
that had been made in years. 1t was
the perfection of plans made by
Messrs. William S. Porter of San
Francisco and George c. Priestley to
eevelop the oil wells of that portion
Of Oklahoma that is in the radius of
Bartlesville.
The work of obtaining options on
wells In that section has been carried
on secretly for months and received
a further impetus when the Central
Fuel company was organized three
months ago at the Plaza hotel with
William S. Porter as president;
George C.. Priestley, vice president,
and +. S. Heller. attorney for the
Union Trust company of San Francis
CO. as secretary and treasurer.
The capitalization of the company
was placed at $15,000,000. Through
the instrumentality of Mr.. Samuel I'm
termeyer of this city considerable OF
this capital was raised from London
and New York fnanciers.
SanFrancisco interests were secured
By Mr.. Porter who Is now known as
the president of the California Oil
company that is second in size 10 the
Standard Oil company.
The Central Fuel company, at the
close OF the final deals with the oil
well owners from Oklahoma (who
have been as busy as bees proving
their titles behind closed doors at
the Belmont), ratified its organization,
ard is now the owner of 526 produc-
ing wells, covering $4,000 acres OF
what is said to be the second best oil
field In this country and one which
will be able to furnish the commodity
to the world for generations to come
1t Is now only eight years old and
has already outdistanced many other
promising territories.
Mr.. William Porter confirmed the
fact that the oil will be largely used
ss fuel on the Southern Pacific rail
road, and stated that, at the very
least, so per cent OF II would be sold
as fuel oil and that. as 1t is refining
oil, 1t is admirably adapted for that
use. He has already made contrcts
to supply the oil for fuelling the sec
tion of the Union Pacific that runs
from El paso TO New Orleans and
from the Gulf northward to Dallas
Texas.
The oil suitable for use as lubri
cants, gasoline and medicinal purpos
er will be bought up by John w
Gates, who at present has no interes;
| In the Central Fuel company except
as patron, according to Mr. Porte.
Samuel Untermyer, Lehman Bros.
and Goldman Sachs, as well as sever
al other New York bankers. are heayi
lly interested in the new company.
San Francisco stockholders includ'
l.. B. Spreckles. A. B. Spreckles. tEt
sugar kings, l. w Hellman, president
of the Wells Fargo company and the
National Bank; Frank Drum, presi
dent OF the San Francisco Gas ant
Electric company and L, s. Heller.
Among the Oklahoma people intei
ested ~ the company are Messrs. Nv
A. Smith, Leslie Coombs, J. r. JACK
son. John T. Irwin and P. d. McCon
nell, all OF whom we're well owner
at Bartlesyille and on adjacent land