The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1921-12-11
When Joe Weaver Brought to
POHcd IAN the Money in
the oil World"
special ,o The world.

Special io The World,
PONCA CITY. Dec. iO.--"rhe
first genuine coin OF the realm.
honest -to-God oil money that ever
come TO the PonCa City oil district
was brought hero approximately
ton years ago now. by Joe Weaver.
one OF the trio that now owns all Of
the old Southwestern oil properties
ana u lot OF others. Weaver came
out from Pittsburgh with $4,000
and It looked like all tho money Ia
the world ia us fellows and we fell
heels over head for an opportunity
TO sell out TO Weaver our holdings
IN tho old Southwestern. and some
of the boye got mad because they
thought they had been passed ap
by Joe, and they wouldn't get an
opportunity TO take a slice of his
money"
This is the story that George l..
Miller. OF the i0l Ranch, tells in
connection with tho first real oil
money that ever came TO Ponca
city, and he was one OF the original
six stockholders In the old South
western, which had an extensive
acreage under lease In tho Peck
ham Dilworth district OF this county.
The other five were; John @. Nc
Caskey, l.. II. Wentz. II. w. Mar
land, W. II, McFadden, and jim
McGraw. with the $4,000 that
weaver brought out from Pitts
bnrgh he bought UP for himself.
McCaskey and Wentz. the Interests
Of McGraw. Marland. Miller and
McFaddcn.
II didn't happen 10 he I'm Ponca
city the day that Weaver IT." con-
tinuod George Miller "and when [
heard that the rest OF the boys had
sold out for real money, | got sore
aud charged them with double
crossing me because didn't get
chance TO sell. too. But II developed
mat l was too hasty In my state
inents for Weaver accommodated
me also and took my stock along
with the others"
How Story Is Recalled.
Miller recalls all tho story OF the
sale OF the Southwestern because of
The visit here. this week. OF both
Joseph Weaver OF Eastland, Texas,
aud John q. McCaskey OF Pitts
burgh, Pa, az the guests OF the
third OF the trio. l.. II. Wentz. They
own all Tho stock in the company
now and its worth 5000 per share
The holdings In this country cover
several sections OF proven oil area,
stretching along the public highway
Tor approximately two miles on
odch side of the road. Wentz had
leased It all. back i'm 1911. at the
rate OF ono dollar per quarter acc-
| ton and 10 cents an acre rental
aiter two years, the contracts cover
| ing "A period OF ten years.
] IN thlS connection Wentz himself
/ tells how he paid the second years
| rentals, totaling Sl.400, with sl6.
/ Ihe hrst year rentals at 10 cents a
/ snare, came due the company paid
/ promptly the Sl,4O0, hut the next
/ year the company did not have the
. money and did not know where 10
set II. II happened, however. that
! the farmers had become Dissatisfied
with the contracts, that Wontz had
made with them. and were trying to
break the lease agreements. Wentz
took advantage OF this dlssatisfac-
tion TO offer each farmer Sl6. his
rental at 10 cents an acre. Not a
farmer accepted and the first si6
paid all the rentals that year. The
I offer Of the legal tender held the
leases.
-Four Millions I'm OIL.
I The lauda that Wcntz had leased
were considered too far sotrth for
some time and no drilling was done
for five years. II looked all the time
| that the play was farther north in
| the immediate Dilworth district. 1t
! has developed, however. that Wentz
| had picked tho cream Of the coun.
/ try From these holdings the part-
| ners have taken our $4,000, 900 In
/ oil, including 100000 In pre-
/ miums above tho regular pric, be-
cause OF the high gravity OF the
crude. And they own conider-
able portion OF the land In fee also
and they have built there a casing
head gasoline plant that is making
5000 gallons daily,
A total of six producing sands has
been found in the old Southwestern
properties. The Stalnaker sand at
| $500 feet has been a good producer,
hut the best sand. discovered less
l than two years ago, II at $500 feet.
"A hlgh-grade oil. and evidently
/ plenty of T.. Although practically
| all the acreage has been drilled 10
/ the Stalnaker sand. every location